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Malta’s Remittance System

For general informational purposes only.
For specific advice, please contact us directly – we will be happy to assist.

www.acumum.com | info@acumum.com | Skype: acumum
Malta’s Remittance System

(c) Acumum | www.acumum.com | info@acumum.com
Malta’s Remittance System

A Malta incorporated company is
considered ordinarily resident and
domiciled in Malta & are subject to
tax on their world-wide income.

(c) Acumum | www.acumum.com | info@acumum.com

3
Malta’s Remittance System

A company which is not incorporated
in Malta but is managed and
controlled in Malta is taxed on a
remittance basis on its foreign sourced
income.

(c) Acumum | www.acumum.com | info@acumum.com

4
Malta’s Remittance System

Companies taxed on a remittance
basis are taxed on:
 Income and capital gains deemed
to arise in Malta
 Income deemed arise outside
Malta and remitted to Malta

(c) Acumum | www.acumum.com | info@acumum.com

5
Malta’s Remittance System

Companies which are not incorporated
in Malta are considered to be resident in
Malta when their
management and control is shifted to
Malta.

(c) Acumum | www.acumum.com | info@acumum.com

6
What is Not Subject to Tax?

(c) Acumum | www.acumum.com | info@acumum.com
What is Not Subject to Tax?

Companies subject to the remittance basis
are not taxed on:
 Income arising outside of Malta & which
is not remitted to Malta
 Capital gains arising outside of Malta

This provides for significant tax structuring and
minimisation opportunities
(c) Acumum | www.acumum.com | info@acumum.com

8
What is Not Subject to Tax?
All Foreign Income
Remitted to Malta
• Access to Malta tax
refund system
• Access to Treaty
network
• Use of Participation
Exemption
• Does not trigger tax
at point of transfer
• Access to EU
directives if resident
in other EU state

No Foreign Income
Remitted to Malta
•
•

•

No tax levied in
Malta
Income can be
remitted elsewhere
i.e. offshore bank
account
Significant tax
benefits can occur

Part Foreign Income
Remitted to Malta
•
•

Malta tax levied on
portion remitted to
Malta
Access to Malta
refund system, treaty
network on Malta
remitted income

Note: that whilst most treaties that Malta has entered into agree that residence is
dependent upon the place where effective control and management is exercised, a few
treaties have specifically limited benefits arising under Malta’s remittance system

(c) Acumum | www.acumum.com | info@acumum.com

9
What is Not Subject to Tax?

Malta Incorporated
Companies

Considered
resident &
domiciled in
Malta

Taxed on
worldwide
profits

Other Forms of
Organisation:
General / Limited
Partnerships

Resident where
management &
control located

Tax treaty
access

Companies
Resident in
Malta

Incorporated
outside of Malta,
but managed and
controlled in Malta

Resident, but not
domiciled – taxed
on remittance
basis*

*Taxed only if income is received in Malta. Not considered received in Malta if income
is received in a foreign bank account.
(c) Acumum | www.acumum.com | info@acumum.com

10
What is Effective Management Control?

(c) Acumum | www.acumum.com | info@acumum.com
What is Effective Management Control?

Place where key management
& commercial decisions are made
Evidence of following can be used to prove:
 Directors are resident in Malta
 Head office is located in Malta
 Minutes of the board meeting show that most important
decisions were taken in Malta
 Management decisions were taken in Malta
Note: None of the above factors are conclusive proof.

(c) Acumum| www.acumum.com | info@acumum.com

12
What is Effective Management Control?

Place where key management
& commercial decisions are made
Evidence of following can be used to prove:
 Company operates a Maltese bank account
 Financial Statements are audited by a Maltese auditor
 Operating an office / having employees in Malta

Note: None of the above factors are conclusive proof.

(c) Acumum | www.acumum.com | info@acumum.com

13
Acumum Services

can assist and provide you
with the said services.

(c) Acumum | www.acumum.com | info@acumum.com

14
About Acumum – Legal & Advisory

(c) Acumum | www.acumum.com | info@acumum.com
About Acumum Services Group

A legal, corporate and professional services firm,
Acumum – Legal & Advisory is centrally located and
managed in the tax efficient EU Jurisdiction of Malta.

(c) Acumum | www.acumum.com | info@acumum.com

16
About Acumum Services Group

Employing Maltese, UK and international lawyers, with onlocation, multi-jurisdictional experience. Engaged by
companies, private individuals and service providers, we
provide proactive, problem resolving solutions in a cost
effective manner - allowing you to concentrate on growing
your business and achieving your goals.

(c) Acumum | www.acumum.com | info@acumum.com

17
About Acumum Services Group

Tax Structuring – Personal & Corporate
Intellectual Property - IP holding
companies & royalty routing
Corporate Formation & services
Private Client
Financial Services - Funds
Trusts & Estate Planning
Aviation
Maritime & Yachts
International Private & Public Law
Industry Support - LPO

(c) Acumum | www.acumum.com | info@acumum.com

18
About Acumum Services Group

As your trusted partner, the work that we undertake
is always personalised – focused upon achieving our
clients’ aims, understanding your industry specific
requirement, whilst always being cost effective.

(c) Acumum | www.acumum.com | info@acumum.com

19
Acumum’s Managing Partner

(c) Acumum | www.acumum.com | info@acumum.com
Acumum’s Managing Partner

Geraldine Noel, Barrister
B.A(Hons)(Oxon), Pg Dip, LLM (Fordham)
Managing Partner; Leading Lawyer
Acumum’s services and operations are overseen by its Managing
Partner, Geraldine Noel, a UK barrister, registered in Malta.
Geraldine a native of England, a US permanent resident & CARICOM rights holder; has
substantial international experience, having worked in the US, Switzerland and the
Cayman Islands over a 20 year career, providing legal, tax and corporate services to multinational financial, insurance and technology corporations.
Geraldine began her legal career way back in 1990, managing Barristers’ Chambers in the
UK – multi-million £ law firms; understands the administrative and organisational
requirements of managing multiple clients, attorneys and other service professionals.

(c) Acumum | www.acumum.com | info@acumum.com

21
Acumum’s Managing Partner
It is Geraldine’s vision that the Acumum Services Group be a provider of excellence,
providing relevant and business focused services to its clients.

Memberships
 Bar Council of England & Wales since 2002
 American Bar Association, Associate Member since 2001
 Chamber of Advocates, Malta
 Chartered Institute of Taxation
 International Bar Association
 Society of Trust and Estate Practitioners

Direct E: gnoel@acumum.com
Direct T: +356 27781700 extn 2 | LinkedIn: mt.linkedin.com/in/noelgeraldine

(c) Acumum | www.acumum.com | info@acumum.com

22
For more information about legal, tax, corporate
or intellectual property services in Malta, please contact us:
Skype ID: acumum | E: info@acumum.com | www.acumum.com

Malta Office
+356 2778 1700

23

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Malta’s Remittance System

  • 1. Malta’s Remittance System For general informational purposes only. For specific advice, please contact us directly – we will be happy to assist. www.acumum.com | info@acumum.com | Skype: acumum
  • 2. Malta’s Remittance System (c) Acumum | www.acumum.com | info@acumum.com
  • 3. Malta’s Remittance System A Malta incorporated company is considered ordinarily resident and domiciled in Malta & are subject to tax on their world-wide income. (c) Acumum | www.acumum.com | info@acumum.com 3
  • 4. Malta’s Remittance System A company which is not incorporated in Malta but is managed and controlled in Malta is taxed on a remittance basis on its foreign sourced income. (c) Acumum | www.acumum.com | info@acumum.com 4
  • 5. Malta’s Remittance System Companies taxed on a remittance basis are taxed on:  Income and capital gains deemed to arise in Malta  Income deemed arise outside Malta and remitted to Malta (c) Acumum | www.acumum.com | info@acumum.com 5
  • 6. Malta’s Remittance System Companies which are not incorporated in Malta are considered to be resident in Malta when their management and control is shifted to Malta. (c) Acumum | www.acumum.com | info@acumum.com 6
  • 7. What is Not Subject to Tax? (c) Acumum | www.acumum.com | info@acumum.com
  • 8. What is Not Subject to Tax? Companies subject to the remittance basis are not taxed on:  Income arising outside of Malta & which is not remitted to Malta  Capital gains arising outside of Malta This provides for significant tax structuring and minimisation opportunities (c) Acumum | www.acumum.com | info@acumum.com 8
  • 9. What is Not Subject to Tax? All Foreign Income Remitted to Malta • Access to Malta tax refund system • Access to Treaty network • Use of Participation Exemption • Does not trigger tax at point of transfer • Access to EU directives if resident in other EU state No Foreign Income Remitted to Malta • • • No tax levied in Malta Income can be remitted elsewhere i.e. offshore bank account Significant tax benefits can occur Part Foreign Income Remitted to Malta • • Malta tax levied on portion remitted to Malta Access to Malta refund system, treaty network on Malta remitted income Note: that whilst most treaties that Malta has entered into agree that residence is dependent upon the place where effective control and management is exercised, a few treaties have specifically limited benefits arising under Malta’s remittance system (c) Acumum | www.acumum.com | info@acumum.com 9
  • 10. What is Not Subject to Tax? Malta Incorporated Companies Considered resident & domiciled in Malta Taxed on worldwide profits Other Forms of Organisation: General / Limited Partnerships Resident where management & control located Tax treaty access Companies Resident in Malta Incorporated outside of Malta, but managed and controlled in Malta Resident, but not domiciled – taxed on remittance basis* *Taxed only if income is received in Malta. Not considered received in Malta if income is received in a foreign bank account. (c) Acumum | www.acumum.com | info@acumum.com 10
  • 11. What is Effective Management Control? (c) Acumum | www.acumum.com | info@acumum.com
  • 12. What is Effective Management Control? Place where key management & commercial decisions are made Evidence of following can be used to prove:  Directors are resident in Malta  Head office is located in Malta  Minutes of the board meeting show that most important decisions were taken in Malta  Management decisions were taken in Malta Note: None of the above factors are conclusive proof. (c) Acumum| www.acumum.com | info@acumum.com 12
  • 13. What is Effective Management Control? Place where key management & commercial decisions are made Evidence of following can be used to prove:  Company operates a Maltese bank account  Financial Statements are audited by a Maltese auditor  Operating an office / having employees in Malta Note: None of the above factors are conclusive proof. (c) Acumum | www.acumum.com | info@acumum.com 13
  • 14. Acumum Services can assist and provide you with the said services. (c) Acumum | www.acumum.com | info@acumum.com 14
  • 15. About Acumum – Legal & Advisory (c) Acumum | www.acumum.com | info@acumum.com
  • 16. About Acumum Services Group A legal, corporate and professional services firm, Acumum – Legal & Advisory is centrally located and managed in the tax efficient EU Jurisdiction of Malta. (c) Acumum | www.acumum.com | info@acumum.com 16
  • 17. About Acumum Services Group Employing Maltese, UK and international lawyers, with onlocation, multi-jurisdictional experience. Engaged by companies, private individuals and service providers, we provide proactive, problem resolving solutions in a cost effective manner - allowing you to concentrate on growing your business and achieving your goals. (c) Acumum | www.acumum.com | info@acumum.com 17
  • 18. About Acumum Services Group Tax Structuring – Personal & Corporate Intellectual Property - IP holding companies & royalty routing Corporate Formation & services Private Client Financial Services - Funds Trusts & Estate Planning Aviation Maritime & Yachts International Private & Public Law Industry Support - LPO (c) Acumum | www.acumum.com | info@acumum.com 18
  • 19. About Acumum Services Group As your trusted partner, the work that we undertake is always personalised – focused upon achieving our clients’ aims, understanding your industry specific requirement, whilst always being cost effective. (c) Acumum | www.acumum.com | info@acumum.com 19
  • 20. Acumum’s Managing Partner (c) Acumum | www.acumum.com | info@acumum.com
  • 21. Acumum’s Managing Partner Geraldine Noel, Barrister B.A(Hons)(Oxon), Pg Dip, LLM (Fordham) Managing Partner; Leading Lawyer Acumum’s services and operations are overseen by its Managing Partner, Geraldine Noel, a UK barrister, registered in Malta. Geraldine a native of England, a US permanent resident & CARICOM rights holder; has substantial international experience, having worked in the US, Switzerland and the Cayman Islands over a 20 year career, providing legal, tax and corporate services to multinational financial, insurance and technology corporations. Geraldine began her legal career way back in 1990, managing Barristers’ Chambers in the UK – multi-million £ law firms; understands the administrative and organisational requirements of managing multiple clients, attorneys and other service professionals. (c) Acumum | www.acumum.com | info@acumum.com 21
  • 22. Acumum’s Managing Partner It is Geraldine’s vision that the Acumum Services Group be a provider of excellence, providing relevant and business focused services to its clients. Memberships  Bar Council of England & Wales since 2002  American Bar Association, Associate Member since 2001  Chamber of Advocates, Malta  Chartered Institute of Taxation  International Bar Association  Society of Trust and Estate Practitioners Direct E: gnoel@acumum.com Direct T: +356 27781700 extn 2 | LinkedIn: mt.linkedin.com/in/noelgeraldine (c) Acumum | www.acumum.com | info@acumum.com 22
  • 23. For more information about legal, tax, corporate or intellectual property services in Malta, please contact us: Skype ID: acumum | E: info@acumum.com | www.acumum.com Malta Office +356 2778 1700 23