Anjelica Camilleri de Marco, partner at Camilleri de Marco & Zahra Advocates, is now able to represent the firm’s clients for the purposes of applications to qualify under the ‘High Net Worth Individuals – EU/EEA/Swiss Nationals Rules’ and the ‘High Net Worth Individuals – Non-EU/ Non-EEA/Non-Swiss Nationals Rules’ issued on 15 September 2011 by the Minister of Finance, the Economy and Investment.
The HNWI Rules require applications for such special tax status to be made through the services of an authorised registered mandatory registered as such with the Inland Revenue Department.
Anjelica Camilleri de Marco is now able to serve as the sole channel of communication between the Commissioner of Inland Revenue and the applicant.
Persons qualifying under the HNWI Rules shall be subject to Maltese tax on foreign income (which excludes foreign capital gains) that is remitted to Malta at a reduced rate of 15%, with the possibility to claim double tax relief. Malta source income will be generally taxed at 35%.
In the case of EU, EEA or Swiss nationals, the minimum annual tax is €20,000 plus an additional annual tax of €2,500 for every dependent living with the individual. In the case of other nationals, the respective minimum amounts are €25,000 and €5,000.
Click here to read more about the High Net Worth Individual Rules.
