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Money matters

IHT

No, really... it does!
But does it matter more in Malta than at home?

NO ADVERTISING - financial services adverts belong in our classifieds section. Get-rich-quick schemes belong in the trash.

IHT

Postby pjr » Thu 10 Dec 2009 21:11 GMT

Hi Everyone,

Can anyone tell me if Malta has Inheritance Tax? and if the answer, unhappily, is 'yes' - how much is it?

PJ
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Postby stuartd1 » Fri 11 Dec 2009 02:07 GMT

Allegedly not. If you ggogle "Malta Gozo Inheritance tax" you get a bunch of sites saying their isn't, mostly estate agents!
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Postby gozomark » Fri 11 Dec 2009 06:13 GMT

There is no inheritance tax as such, but there is a transfer tax on Maltese property of 5% and shares held in Malta of 2%. There is nothing to pay in Malta on assets held outside of Malta.

If I remember correctly, on death of a spouse, half the transfer tax is payable.
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Postby johnofessex » Fri 11 Dec 2009 20:22 GMT

Relatedly, if I may, if one is a non-Maltese citizen resident in Malta, is it necessary or desirable to make a Maltese will?
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Postby gozomark » Sat 12 Dec 2009 01:41 GMT

if one is a non-Maltese citizen resident in Malta, is it necessary or desirable to make a Maltese will?

There is no legal requirement. Desirable if you have assets in Malta, which in most cases means if you own a property here. Its a simple (and cheap) process to do with a local notary.
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Postby johnofessex » Sat 12 Dec 2009 19:19 GMT

Thank you!
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Postby gozomark » Sat 12 Dec 2009 19:41 GMT

Pleasure.

If you have an existing UK will you can get a codicil written in Malta to cover your Malta-based assets.
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Postby pjr » Sun 13 Dec 2009 20:49 GMT

Thanks everyone, thats some good news, anyway.

PJ
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