Close

Tax on money earned from another country sent to Malta

Hi all,

I am non-EU citizen wishing to reside in Malta. I have my income from outside of Malta paying to my bank account also outside of Malta. I'd like to spend that money in Malta and my question is:
- Is my income outside of Malta taxable if I become resident tax payer in Malta.
- If not, and I send money from my bank account outside of Malta to my bank account in Malta, is it considered as my taxable income in Malta?

Thanks.

You will be liable to tax on income remitted to Malta from elsewhere unless it is from capital.
Some countries have double taxation agreements with Malta so that you can set tax already paid against what is due.

If you withdraw cash in Malta from that foreign based bank account, that is also considered remitted to Malta and thus taxable.

You can of course incorporate offshore and only withdraw the money you need to cover expenses (yes, i know that this company might be considered Maltese resident, but I think it is unlikely they will challenge that). It is expected that non domiciled residents have an offshore company.

oddis71 :

...

You can of course incorporate offshore and only withdraw the money you need to cover expenses (yes, i know that this company might be considered Maltese resident, but I think it is unlikely they will challenge that). It is expected that non domiciled residents have an offshore company.

@oddis71: How can an offshore company be considered Maltese resident just because company owner is residing in Malta while business is done and income is generated outside of Malta?

If you are a director and Maltese resident, company can be regarded as Maltese resident because it is run and managed from Malta. But as I said, it is not likely they will challenge that.

New topic

Expatriate health insurance in Malta

Free advice and quotation service to choose an expat health insurance in Malta

Moving to Malta

Find tips from professionals about moving to Malta

Travel insurance in Malta

Enjoy stress-free travel to Malta

Flights to Malta

Find the best prices for your flight tickets to Malta