How to Reduce Taxes for Investors & Crypto Investors_7
You don't have to pay a million euros for a passport to move to Malta. It is enough to obtain a residence permit in the status of a "digital nomad" (Digital Nomad), for which to lease a property, acquire health insurance and demonstrate a stable income of about 3,000 euros per month.
Or become a member of the Maltese permanent residence program (with a total cost of about 150,000 euros for 5 years).
Digital Nomads are freelancers working for foreign companies or business owners (companies) registered overseas and serving clients outside Malta. A residence permit is issued for a period of 1 year (with the right to renew). Their owners are exempt from taxes on off-island income.
Holders of permanent residence have the opportunity to become tax residents of Malta HNWI. Briefly about the advantages of HNWI:
- income from foreign sources transferred to Malta is taxed at a special flat rate of 15%. The minimum personal tax liability is € 25,000 for the primary holder and an additional € 5,000 for each dependent. HNWI residents are entitled to benefit from double taxation treaties;
- - non-domiciled residents of Malta are taxed on a remittance basis. In other words, there is no tax on income from foreign sources that is not transferred to Malta. Capital gains received outside Malta are also not taxed in Malta, but regardless of whether these incomes are transferred to Malta or not.
Persons who are in Malta and do not consider Malta their permanent home are considered non-domiciled in Malta. Moreover:
- domicile does not depend on nationality;
- domicile does not depend on the place of birth of a person;
- domicile is acquired at birth, usually as the domicile of the parents;
- domicile by birth can be changed to domicile of your choice.
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