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Money matters

Drawing money from a cash point

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

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Drawing money from a cash point

Postby KeithBarry » Wed 2 Feb 2011 10:29 GMT

Hello there,
I think I have some understanding of the idea that one won't get taxed on capital one brings into Malta but if one imports regular income then you will get taxed. I'm referring to a person who, for instance wants to live in Malta for i) up to six months and ii) more than six months.
What I can't understand is why one can't simply use a hole in the wall cash machine and draw on funds which one has deposited in the UK.
Have I missed something?

k
I am interested in living on Malta or Gozo in the fairly near future and would like to make contacts as a prelude to this.
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Postby gozomark » Wed 2 Feb 2011 11:21 GMT

Drawing money from an ATM is still bringing money into the country from abroad if the source of the funds is overseas, which it is in the case you outline.
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Money from a cash point

Postby KeithBarry » Wed 2 Feb 2011 11:25 GMT

So somebody would check how much and how often one uses a cash point? Surely that doesn't apply to holiday makers?

k :shock:
I am interested in living on Malta or Gozo in the fairly near future and would like to make contacts as a prelude to this.
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Postby gozomark » Wed 2 Feb 2011 11:55 GMT

Tourists don't pay tax on money they bring in. Residents do, on declared income - if you don't declare it, you run the risk of being caught

"So somebody would check how much and how often one uses a cash point?" unlikely, but it would be illegal not to report it.
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Postby KeithBarry » Wed 2 Feb 2011 12:00 GMT

Thanks, but am I right in assuming that if I lived in Malta for 6 months or less I would be able to use a cash point without having to worry?

k
I am interested in living on Malta or Gozo in the fairly near future and would like to make contacts as a prelude to this.
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Postby gozomark » Wed 2 Feb 2011 12:02 GMT

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