Moving to Malta, what tax would I have to pay as non-dom?

Hi - my understanding is that the tax you pay on remitted income can be netted off your tax return in your home country via the double taxation agreement.

But the whole point of this is to live in Malta for at least 3-6 months. I will have to withdraw money from ATM for sure to survive.

Also, home country might become Cayman Islands. They have double taxation agreements?

It’s actually a very complex field.  My understanding is that there’s a €5,000 per annum minimum tax for those who are self sufficient.

I’d recommend that you book 1x hour with a tax specialist like John Huber & Associates.  That would be a good investment.

As the UK are not in the EU it may not be so easy to move here now as you will be a TCN.

I have European Union Passport not just UK.

AndyB74 wrote:

It’s actually a very complex field.  My understanding is that there’s a €5,000 per annum minimum tax for those who are self sufficient.

I’d recommend that you book 1x hour with a tax specialist like John Huber & Associates.  That would be a good investment.

There is not a minimum €5000 tax for all those who are self sufficient, only if your worldwide income is in excess of €35,000pa.
But, yes, your suggestion of a talk with John Huber is a good idea. Well known and recommended within the expat community.

Thanks for the correction.  Yes, do get some tax advice - it’s complicated.

It depends on many factors including where you are from ultimately.

Yes there is a minimum tax to be paid as mentioned
Not remitted here simply means money left in a foreign account
You can though bring capital expenditure funding here tax free as well - used to buy assets like cars, houses etc.
Money earned from sales in foreign shares is also tax free even if remitted

You need to speak with a pro for sure.

The system is benneficial if say you get income from foreign sources - but you can't really do the work while based here since then the income is locally generated strictly speaking - you then remit what you need and pay taxes on that, presumably less than your foreign income and so with a high enough income it works in your benefit.

If you are self sufficient and have a worldwide income of less than €35,000pa there is NOT a minimum tax amount.
I have submitted 8 annual tax returns and not once been asked to pay any tax as I am below that threshold and ensure we remit no more than the personal allowance each to Malta.

F0xgl0ve wrote:

If you are self sufficient and have a worldwide income of less than €35,000pa there is NOT a minimum tax amount. .

Think you are repeating yourself, I already referred back to your earlier comment for the details.

volcane wrote:

F0xgl0ve wrote:

If you are self sufficient and have a worldwide income of less than €35,000pa there is NOT a minimum tax amount. .

Think you are repeating yourself, I already referred back to your earlier comment for the details.

As your post did not quote my comment, I assume you were referring to post #4 by Andy who thought that there was a minimum of €5000 tax

F0xgl0ve wrote:

If you are self sufficient and have a worldwide income of less than €35,000pa there is NOT a minimum tax amount.
I have submitted 8 annual tax returns and not once been asked to pay any tax as I am below that threshold and ensure we remit no more than the personal allowance each to Malta.

Wait a minute, did I misunderstand or do you mean to say that you can remite upto 35000 euros before being taxed?

Because if that is the case, what if  a person has a worldwide income from foreign sources at 80000 euros and are only remitting 30000 euros into Malta per year? Is that possible? Or I have go this all wrong?

MikeGreo wrote:

F0xgl0ve wrote:

If you are self sufficient and have a worldwide income of less than €35,000pa there is NOT a minimum tax amount.
I have submitted 8 annual tax returns and not once been asked to pay any tax as I am below that threshold and ensure we remit no more than the personal allowance each to Malta.

Wait a minute, did I misunderstand or do you mean to say that you can remite upto 35000 euros before being taxed?

Because if that is the case, what if  a person has a worldwide income from foreign sources at 80000 euros and are only remitting 30000 euros into Malta per year? Is that possible? Or I have go this all wrong?

If you are self sufficient and have a worldwide income of less than €35,000pa then you pay taxes in the normal way on monies remmited to Malta other than from capital. If your worldwide income is more than £35,000pa then there is a minimum tax payment of €5,000 but am not sure whether the normal rates then apply to remitted amounts in addition. The details are listed on the Revenue's website.

The 5k is the minimum so once your self assessment taxes and so (excluding stamp duties and other taxes on house purchases) come up to 5k those go up from there. It’s not in addition to the 5k basically