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  1. Wealth
March 14, 2011

Malta to entice wealth managers with 15% tax rate

By Spear's

As part of a drive to attract new business talent to the island, the Maltese government is shortly to announce a new flat tax rate of 15% for professionals working in the financial services industry

As part of a drive to attract new business talent to the island, the Maltese government is shortly to announce a new flat tax rate of 15% for professionals working in the financial services industry.

According to the new legislation, financial services professionals working in Malta will be taxed at 15% for a period of 5 years, after which they will be taxed at the standard rate, depending on their income.

Professor Joe Bannister, Chairman of Malta’s Financial Services Authority, said that the Mediterranean island, situated 58 miles south of Sicily, needs to ‘import knowledge in order to be able to increase the capacity’ of the financial services industry.

Presently, individuals who earn less than €8,500 per year pay no income tax in Malta; financial services professionals, who are likely to earn over €19,501 and will thus be in the highest tax brand, will find their income tax rise to 35% after 5 years.

The new flat tax rate will apply to financial services professionals with an income between EUR70,000 and EUR5m and is expected to be announced within the next few weeks.

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