The Mediterranean island of Malta has become an attractive destination for tax-free investments. Not only this, but the property market is dynamic and South Africans looking to purchase property are advised to consider Malta as there are lucrative opportunities in the buy to rent market.
“There are no council taxes, low rental taxation, and high demand for rental properties in Malta. There is also no charge for garbage removal or sewage and anyone can own a property in Malta, even without residency.”
This is according to Malta resident and investment advisor, Merle Whale, who is currently visiting South Africa to host investment and relocation seminars.
“If you purchase a property in Malta for an investment there is no death tax, only a small death duty of 5% on immovable property; with buy to rent, there is only a 15% tax on that income in Malta; there is no council tax and insurance is low. English is widely spoken on the islands, and contracts are in English.”
“I am seeing significant numbers of South Africans buying property in Malta and comfortably living off the money they invested. Some are selling their primary homes in South Africa, investing in a Maltese property and living off the rental income, while renting another property locally.”
And it is not just the property that makes Malta an attractive destination for investment and retirement. “There is no death tax in Malta and Malta residents are afforded protection from double taxation within a network of taxation treaties,” Whale explains.
Whale is South African, but has lived in Malta for 10 years, sharing her residency experience and advice with other South Africans considering retirement, relocation or investment in the island nation.
“Non-citizens living in Malta are taxed only on their Maltese source of income and capital gains, and not on their total global income. Foreign source capital gains are not taxed even if remitted to Malta.”
Malta has positioned itself to take advantage of the global retirement market, as well as the investment market wanting to diversify assets. There are a variety of residency programmes, from the Malta Retirement Programme; Ordinary, Long Term and Temporary Residence; a Global Residence Programme; and a Highly Qualified Persons Programme.
“Malta offers an enviable lifestyle with some of the best residency schemes and citizenship by investment programmes, in Europe – and without additional hidden costs,” Whale explains.
“Because the island is so small, there are big drives for key business focuses around tourism, financial services, fund management and the aviation industry. iGaming is also big business in Malta; it’s also attractive for pharmaceuticals as it is easier for them to register product here within the EU; and Malta also boasts the largest registration of pleasure boats in the Mediterranean.”
“And with Brexit, Malta is giving all British citizens a 10-year Visa. No other country within the EU has done that.”
Whale will be conducting a series of seminars across SA to discuss the Malta investment options. BOOKING is essential:
JOHANNESBURG: 10 March 2020, 2.30pm & 6pm, Balalaika Hotel.
DURBAN: 12 March 2020, 2.30pm & 6pm, The Oyster Box.
CAPE TOWN: 16 March 2020, 2.30pm & 6pm; Belmond Mount Nelson Hotel.
Limited pre-booked one-on-one consultations are available after each session.
For more information visit: maltalifestyle.co.za
HP Recharges Hybrid Work At GITEX Africa
Credit Scores: How And Why You Should Keep Them In Check
Practical Tips For Surviving The Interest Rate Storm
Revolutionising Literacy: How A South African NPO Is Using Technology To Encourage And Enable Teens And Young Adults To Read And Write
Economists Predict Moderate Interest Rate Hike After Consumer Inflation Drop
Research Survey Findings Show That SA Entrepreneurs Are Good At Grabbing Opportunities
Interest Rate Hikes And Home Insurance: How To Navigate The Changes
The Inaugural Tourism Investment Forum Africa Is A Unique Opportunity For The Northern Cape
Small Businesses Can Make A Big Impact On The Environment
How Insurers Are Leveraging Tech To Meet Customer Demands
Six Trends Shaping The Future Of Work
Skip Winter By Teaching Abroad