Malta Property News

Malta tax concessions appealing to EU pensioners

Malta has introduced new tax concessions that look likely to increase the number of EU pensioners buying in the country.

The Malta government has announced new taxation dispensations for pensioners. To qualify for the scheme, applicants must be in receipt of a pension that represents the majority of their income and purchase a property for at least ?275,000 on the mainland, or ?250,000 euros on its smaller rural sister island, Gozo.

They also have to pay a one-off registration fee of 2,500 euros.
They will then be taxed at only 15% of any income remitted to Malta, but with a minimum tax bill of 7,500 euros.

Ray Woods, the owner of UK based, said in a press release: "For those looking to make Malta their permanent home, this has always been a painless process requiring a minimum of formality and a very modest income.

With sterling and other currencies at a continuing high against the euro, property prices stable and no council tax or equivalent on Malta, demand has again accelerated – as the prospect of heading for the sun and leaving the doom and gloom behind has grown in appeal. Crime rates in the UK also seem to be a factor. A month or so ago Malta was voted by Yahoo Finance and Castle Insurance Brokers as the top country in which to retire.” said that they received a 15% increase in enquiries from the last year at the recent Place in the Sun show in Birmingham, UK.