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Kristian

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#1

I'm Moving To Malta

07-04-2006, 08:23 AM

If any of you guys / girls live in Malta (or know anyone who does), your help would be much appreciated. The immigration process seems like a mine field with conflicting info wherever I look. I will be buying property in Malta and, assumng it is legal to do so, would gladly offer anyone a place to shoot. Hit me up if you can be of help (and I can also give you my personal email) or post here if you just want to offer the odd tip or helpful link(s).

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Theo

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#2

07-04-2006, 09:18 AM

you should check out cyprus too,immigration laws are much better and there's a huge community of british residents. You don't have to buy any property.
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Kristian

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#3

07-04-2006, 10:35 AM

Originally posted by Soul_Rebel

you should check out cyprus too,immigration laws are much better and there's a huge community of british residents. You don't have to buy any property.

Thanks, dude, I will take a look! I was advised about Malta due to their uncommonly low tax rates. However, I'm not getting any straight immigration answers, and I'd ideally like to move within about 3 months. Not sure why I didn't think of cyprus (having been there once and loved it!). Are you based in Cyprus??

Last edited by Kristian; 07-04-2006, 10:37 AM.
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Webby

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#4

07-04-2006, 11:02 AM

Originally posted by Kristian

Thanks, dude, I will take a look! I was advised about Malta due to their uncommonly low tax rates. However, I'm not getting any straight immigration answers, and I'd ideally like to move within about 3 months.

Mmmmm... this is a "playground" Kristian - a place to stay - only. Not a place to run a biz in any conventional sense.

OK.. taxation is a flat rate of 15%.

The basic requirements for permanent residency are

(a) An income of $30K or more per year or alternatively be able to show holdings/bank assets etc to the value of $450K.

(b) Within 12 months of the granting of residency - you need to either buy a home with a min value of $150K or an apartment of a value of $90K or over. OR.. You can rent a property for a min of $5400/per annum.

(c) There is a need to pull in around $18K/year for the principal "resident" and an extra $3K for each additional dependent.

Now.. watch this one... there are definately problems being employed within Malta - and there "may" be problems engaging in a business there.

There is also double taxation agreements in place with the UK - as well as serveral other nations.

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Theo

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#5

07-04-2006, 11:04 AM

i live in cyprus and taxes are lower than any other country in europe. You can retire in cyprus if you meet certain requirements (not related with your age) and do not have to pay any taxes. You won't be allowed to operate any business in cyprus,but you can have business in other countries which is great idea in your case.
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Webby

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#6

07-04-2006, 11:09 AM

Originally posted by Soul_Rebel

i live in cyprus and taxes are lower than any other country in europe. You can retire in cyprus if you meet certain requirements (not related with your age) and do not have to pay any taxes. You won't be allowed to operate any business in cyprus,but you can have business in other countries which is great idea in your case.

Spot on SR! There are better "facilities" there than Malta. It's basically another playground, but without the taxes.

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Kristian

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#7

07-04-2006, 11:18 AM

Webby & Soul_Rebel -- Thanks for the great info!!! Soul_Rebel, it's good to hear you live and work in Cyprus. Webby, you've broken down the Malta immigration requirements more succinctly than anywhere on the web!

OK, a question ... I make my online money promoting other peoples' sites (dating and cams). So the question is, could I incorporate myself as based in another country (for simplicity, UK, for instance), and then simply enter Cyprus as a retiree ... but actually working online and having earnings paid to a UK bank account.

I want to do everything legally, but is this the loophole I need?
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Theo

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#8

07-04-2006, 11:23 AM

Kristian, you can do it,you'll just declare the dividents of that company locally and you'll pay either 0 or a very small tax like 1-1.5%
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Webby

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#9

07-04-2006, 11:31 AM

Originally posted by Kristian

Webby & Soul_Rebel -- Thanks for the great info!!! Soul_Rebel, it's good to hear you live and work in Cyprus. Webby, you've broken down the Malta immigration requirements more succinctly than anywhere on the web!

OK, a question ... I make my online money promoting other peoples' sites (dating and cams). So the question is, could I incorporate myself as based in another country (for simplicity, UK, for instance), and then simply enter Cyprus as a retiree ... but actually working online and having earnings paid to a UK bank account.

I want to do everything legally, but is this the loophole I need?

OK.. Goes like this. You must be a resident of another country (Cyprus/Malta/wherever) and "non resident" in the UK.

The one country you don't stuff your net earnings into is your "home country" - ie the one you are no longer a resident of.

If you do in fact stuff your biz earnings into the UK - there will undoubtedly be problems with taxation and this will need to be paid.

A common scenario to kill that problem is simply have a foreign corp - preferably in an area of no or little taxation and then have a corp bank account (wherever is most convenient), but again, not in your "home country".

In effect, you are taking the full advantages of being "non resident" in your home country and paying minimum or no taxation on your business activities - and eg.. living in Cyprus tax free or Malta with a flat taxation rate of 15% - and that 15% applies only the the funds drawn into Malta.

A place to look for a corp which may be suitable is Gibraltar, but Soul may have a better clue from the Cypus end (not sure of the specifics of living there and operating a corp).

XXX TLD's - Another mosquito to swat.
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#10

07-04-2006, 11:34 AM

Originally posted by Soul_Rebel

Kristian, you can do it,you'll just declare the dividents of that company locally and you'll pay either 0 or a very small tax like 1-1.5%

This a Cyprus-based corp - and bank account Soul?

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#11

07-04-2006, 11:39 AM

Malta Girls are HOOOOOOOOOOOOOT

;)

"Unhappy with the riches 'cause you're piss poor morally."

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Kristian

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#12

07-04-2006, 11:41 AM

Originally posted by Webby

OK.. Goes like this. You must be a resident of another country (Cyprus/Malta/wherever) and "non resident" in the UK.

The one country you don't stuff your net earnings into is your "home country" - ie the one you are no longer a resident of.

If you do in fact stuff your biz earnings into the UK - there will undoubtedly be problems with taxation and this will need to be paid.

A common scenario to kill that problem is simply have a foreign corp - preferably in an area of no or little taxation and then have a corp bank account (wherever is most convenient), but again, not in your "home country".

In effect, you are taking the full advantages of being "non resident" in your home country and paying minimum or no taxation on your business activities - and eg.. living in Cyprus tax free or Malta with a flat taxation rate of 15% - and that 15% applies only the the funds drawn into Malta.

A place to look for a corp which may be suitable is Gibraltar, but Soul may have a better clue from the Cypus end (not sure of the specifics of living there and operating a corp).

I understand ... in think. I could incorporate in Jersey, for instance, and become resident of Malta or Cyprus and pay local income tax only on money brought into the coutry (malta or cyprus). Malta, I know, does not tax on money brought in for investment, only on the income generated by the investment). Cyprus actually seems a little harder to get into than Malta (but I am probably just not understanding everything). As far as I can tell, I'd need to officially retire to Cyprus, and receive money from my limited company based, for instance, in Jersey.

However!! ... where I get more confused is am I allowed to work online as a retiree in Cyprus, earning money for that limited company based in Jersey.

I have brain ache.

Last edited by Kristian; 07-04-2006, 11:42 AM.
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s9ann0

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#13

07-04-2006, 11:44 AM

my friend cheryl just moved there.. because they are in the EU now I don't think you have to apply for anything you just go there
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Webby

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#14

07-04-2006, 11:47 AM

Originally posted by Kristian

I understand ... in think. I could incorporate in Jersey, for instance, and become resident of Malta or Cyprus and pay local income tax only on money brought into the coutry (malta or cyprus). Malta, I know, does not tax on money brought in for investment, only on the income generated by the investment). Cyprus actually seems a little harder to get into than Malta (but I am probably just not understanding everything). As far as I can tell, I'd need to officially retire to Cyprus, and receive money from my limited company based, for instance, in Jersey.

However!! ... where I get more confused is am I allowed to work online as a retiree in Cyprus, earning money for that limited company based in Jersey.

I have brain ache.

You got it!!

Basically the vital bit is to "cut off" from your home country. Mixing "home country" and "foreign residency" can be a messy problem.

But... If Soul is still around, he may have better clues on what Cyprus has to offer. I smell he knows some useful stuff as regards "retiring" there - and possibly having your main corp there

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#15

07-04-2006, 11:48 AM

Originally posted by spanno

because they are in the EU now I don't think you have to apply for anything you just go there

Damn.. forgot that!!! Neat!

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Kristian

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#16

07-04-2006, 12:04 PM

Originally posted by Webby

You got it!!

Basically the vital bit is to "cut off" from your home country. Mixing "home country" and "foreign residency" can be a messy problem.

But... If Soul is still around, he may have better clues on what Cyprus has to offer. I smell he knows some useful stuff as regards "retiring" there - and possibly having your main corp there

I've just sent him an email, so fingers crossed! Thanks for your info - even if I am now crunching paracetamol!!
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#17

07-04-2006, 12:08 PM

Originally posted by spanno

my friend cheryl just moved there.. because they are in the EU now I don't think you have to apply for anything you just go there

I always thought this was the case, but it seems that Malta and Cyprus (at least) still have some entry requirements, even for EU citizens. Malta seems easier, but I will hold out to see about Cyprus. Knowing a big sponsor program operates there makes me more interested in setting up there myself.
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#18

07-04-2006, 12:11 PM

Originally posted by Kristian

I've just sent him an email, so fingers crossed! Thanks for your info - even if I am now crunching paracetamol!!

hehe... Good luck Kristian!

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#19

07-04-2006, 12:19 PM

we dont operate from cyprus, but there are a lot of adult co. they do. When you retire to this island you basically not allowed to perform any business activities locally. This doesnt affect your status outside it. You can declare the dividends of any co. you have outside cyprus and pay almost 0 taxes. Now, the requirements for such retirement are not so hard ones to reach, but not anyone can do it. It's like a filtering process based on financial status and your ability to actually buy or rent a house in island, spend some money etc. It's very friendly to british citizens, they are the ones with most priviledges here. To be honest I don't know all the info regarding malta, but i was there last week and its much smaller place that pretty much limit your activities, entertainment, international flights etc
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Kristian

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#20

07-04-2006, 12:27 PM

Originally posted by Soul_Rebel

we dont operate from cyprus, but there are a lot of adult co. they do. When you retire to this island you basically not allowed to perform any business activities locally. This doesnt affect your status outside it. You can declare the dividends of any co. you have outside cyprus and pay almost 0 taxes. Now, the requirements for such retirement are not so hard ones to reach, but not anyone can do it. It's like a filtering process based on financial status and your ability to actually buy or rent a house in island, spend some money etc. It's very friendly to british citizens, they are the ones with most priviledges here. To be honest I don't know all the info regarding malta, but i was there last week and its much smaller place that pretty much limit your activities, entertainment, international flights etc

Great stuff, thanks dude! Have hit you up on ICQ but will ask something here too. If I'm retired (officially) would I be allowed to work online as I am now, getting paid by sponsors to my company, and then receiving dividends?

Last edited by Kristian; 07-04-2006, 12:28 PM.
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Theo

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#21

07-04-2006, 12:30 PM

yes of course,you'll just need to own a non-cyprus corp. for that.
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Kristian

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#22

07-04-2006, 12:33 PM

Originally posted by Soul_Rebel

yes of course,you'll just need to own a non-cyprus corp. for that.

Thanks dude ... that helps a lot. I will look into this more now I know have a better understanding of everything.
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#23

07-04-2006, 12:37 PM

Totally nothing to do with your plans Kristian, but just a thought.

You have a passport/background where, if you so wished, go and live on a Caribbean island and have a corp formed there and a bank account - and never see one tax form in your life

As an "employee" of your corp, you also have full rights to work in that corp and can come and go as you please without problems and there is no taxation on your earnings or corporate taxation applicable.

Had a good time there and still got "interests" there yet.

Just a thought

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Kristian

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#24

07-04-2006, 01:14 PM

Originally posted by Webby

Totally nothing to do with your plans Kristian, but just a thought.

You have a passport/background where, if you so wished, go and live on a Caribbean island and have a corp formed there and a bank account - and never see one tax form in your life

As an "employee" of your corp, you also have full rights to work in that corp and can come and go as you please without problems and there is no taxation on your earnings or corporate taxation applicable.

Had a good time there and still got "interests" there yet.

Just a thought

Hey Webby this sounds interesting ... you seem to know a lot about all this stuff. Could you explain some more or maybe hit me up when you are free for a chat? icq : 214529549 I should be back online in about an hour but, if I miss you, feel free to hit me up whenever you like.
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