If you are approaching your retiring age, you must be thinking of spending your post-retirement days in comfort. Of course, there are many ways to spend your retirement days but what you want is an easy life with minimum expenses. The biggest cities and countries of the world, unfortunately, do not offer what a retired person would consider an ideal post-retirement life. However, you will be happy to know that Malta retirement program is definitely something that will compel you to live in this country after you have stopped working and want to relax in the later years of life.
Malta Retirement Program – A Basic Understanding
The first thing you have to know is that the program benefits in both directions i.e. it offers you some great tax benefits and it gives Maltese government a great chance to earn some revenue from expats living in its country. For you to qualify for the retirement program, you must not be permanent resident of Malta or someone who is domiciled in this land. You can either be Swiss, EEA, or EU national to take advantage of this program. Once you have earned the “clear” status on your qualification for the program, you can enjoy paying taxes at a flat rate of only 15% of your income.
The income, in this particular case, is the pension that you are making from the country of your work. Do keep in mind that you cannot have a full-time job as a regular employee while you reside in Malta and take advantage of the program. However, you can definitely serve as a non-executive member of a company. You cannot take advantage of the program if you own a business in the country. You must know, though, that some part of your income can be from a regular job in Malta too. If you do have an income source in the country, the tax rate will be 35%.