Registration of a yacht under the Commercial Yacht Registry carries certain benefits, such as zero tax levied on any income derived from the use of such Commercial Yacht or total exemption from payment of VAT on the value of the yacht, provided that such yacht is used for commercial purposes (chartering) on the high seas.
The Malta Flag is today a flag of confidence, a flag of choice. Its good standing is evidenced both by the number of ship owning and ship management companies of repute which register their ships in Malta.
The registration of a vessel on the Maltese Register no longer necessitates the incorporation of a shipping company in Malta. Foreign corporates (referred to as an international owner or charterer) complying with requirements may also register a vessel in Malta.
The tax system in Malta is favourable to say the least. There is no tax on donation, no wealth tax, inheritance tax or estate and gift tax.
The United Nations Pension Program is for individuals who are in receipt of a UN pension or a Widow’s/Widower’s Benefit. They must receive at least 40% of such pension in Malta. acquiring a property for not less than €275,000 or renting property for not less than €9,600 per annum. If the property is in the…
Citizens of all EU member states do not require any permit to buy their primary residence in Malta. However they do require a permit if they wish to buy immovable property in Malta as a secondary residence, unless they have not resided in Malta for at least five years before the date of purchase.
The Global Residence Program grants a special tax status to Non-EU nationals in receipt of stable and regular resources. A 15% tax is chargeable in respect of foreign income if received in Malta, with the possibility of claiming double tax relief.
Maltese legislation provides for four types of relief from double taxation of foreign source income: Treaty Relief, Commonwealth Relief, Unilateral Relief, Flat Rate Foreign Tax Credit (FRFTC).
The Maltese VAT Act is based on the VAT Directives of the European Union. Value added tax is levied on the supply of goods and services in Malta.