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Maltas

High Net Worth Individuals (HNWI) Regulations


TheHighNetWorthIndividuals(HNWI)Ruleswerelaunchedtowardstheendof2011aspartofthe revampofthepermanentresidenceregulations.TheaimoftheHNWIrulesisoneofmanysetsof regulationsenactedinabidtoattractpersonstoMalta.UndertheseRules,theaimistoattractnot onlypeoplewhosimplywanttoinvestinpropertyinMaltabutthosewhowouldalsocontributeto thelocaleconomy.Twoseparatesetsofregulationshavebeenenactedwithintherealmofhighnet worth individuals, one which applies to EU nationals (excluding nationals of Malta), EEA nationals and Swiss Nationals and the other set of regulations which applies to NonEU nationals, NonEEA nationalsandNonSwissNationals.Itistheformersetofregulationsthatwillformthescopeofthis article. The regulations require that an individual must prove to the satisfaction of the Commissioner of Inland Revenue that the requirements as laid out in the regulations have been satisfied. These requirementsinclude: 1. The applicant holds a Qualifying Property Holding., which in order to do so the applicant must: a. Own an immovable property in Malta, purchased after the 1st January 2011, for a considerationnolessthan400,000.00;or b. Rents an immovable property in Malta for not less that 20,000.00 annually as lessee; c. The applicant and his/her family members would need to declare that he/she occupiesthequalifyingpropertyashis/herprincipalplaceofresidenceworldwide. Certain criteria may differ for applicants who had already registered under the Residents Scheme Regulations,whowouldliketofallwithintheambitoftheHNWIRules. Anapplicantneednotbetheownerorlesseeofaqualifyingpropertyatthetimeoftheapplication. Such application would still be valid if a copy of the final deed of sale, promise of sale or lease agreementisnotattachedtotheapplicationform.However,individualswhowouldhaveacquired orrentedaQualifyingPropertybythedateofapplicationarerequiredtoattachacertifiedtruecopy oftherelevantcontractwiththeapplicationform. 2. TheapplicantdoesnotbenefitfromeithertheResidenceSchemeRegulationsortheHighly QualifiedPersonsRules. 3. The applicant needs to be an EU citizen (but not a citizen of Malta), a citizen of Iceland, NorwayorLiechtenstein,oracitizenofSwitzerland. 4. The applicant is in receipt of stable and regular resources that are sufficient to maintain himself/herself and his dependents without recourse to the social assistance system in Malta. 5. Theapplicantisinpossessionofavalidtraveldocument. 6. Theapplicantisinpossessionofsicknessinsurancewhichcovershimselfandhisdependents inrespectofallrisksacrossthewholeoftheEUnormallycoveredforMaltesenationals.The

health insurance cover must be procured by a company licensed in Malta or by an internationalreputablehealthinsurancecompany. 7. TheapplicantisnotdomiciledinMaltaanddoesnotintendtoestablishhisdomicileinMalta withinfiveyearsfromthedayoftheapplicationforspecialtaxstatus. 8. Theapplicantmustsatisfythefitandproperpersontest,thatistosay,anindividualmust provetobeofgoodconductandgoodmorals,hasnocriminalrecordordisqualificationsor censorship by professional or regulatory bodies, is not adjudged bankrupt by a competent Courtofauthority,amongstothercriteria. An application for special tax status under these Regulations can only be submitted to the Commissioner of Inland Revenue through the services of an Authorised Registered Mandatory (ARM). An Authorised Registered Mandatory is a person who holds a warrant to practice as an advocate,legalprocurator,hasbeenappointednotarypublic,orholdsawarranttopracticeasan accountant,allinaccordancewiththerelevantlaws.MembersofcertainMalteseinstitutionsmay alsobeappointedasARMs.Alegal personwhichisatleast75%owned (directlyorindirectly)by persons who meet the necessary criteria to be appointed ARMs, may also act as an Authorised Registered Mandatory. The ARM is tasked with submitting the form, and making certain declarationsonbehalfoftheapplicant,suchasthosestatingthattheapplicantisinreceiptofstable andregularresources,thattheapplicantisnot domiciledinMalta,etc.Theacknowledgementor requestformoreinformationoftheapplicationwillbesenttotheApplicantsAuthorisedRegulatory Mandatory. FromthedateofconfirmationofthespecialtaxstatusundertheHNWIRules,anapplicantwillbe subjecttoarateoffifteenpercent(15%)onincomethatisreceivedinMaltafromforeignsources. Theindividualstillretainstherighttorequestaclaimfordoubletaxationrelief,providedthat,the minimum amount of tax payable by such individual is 20,000.00 for any year of assessment, and suchindividualwithdependentsmustpayanadditional2,5000.00foranyyearofassessmentper dependent.Theminimumamountsoftaxpayablearenotrefundable,andtheminimumtaxforthe firstyearwillbepayablebynotlaterthanthetaxreturndateandwillnotbesubjecttoprovisional tax payments. Income arising in Malta from any trade, business, profession or vocation will be subjecttoaflatrateoftaxat35%onalltheincomederivedtherefrom.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

ThearticlewaspublishedonMondaqbyMrJohnA.GauciMaistreK.M.inJuly2012.