Here we have published a list of 61 things to do, try and experience when on holiday in Malta. Being such a small place has its advantages because it takes a short time to go from one place to another. Different people are looking for different things to do when on holiday, and there are a lot of things to do in Malta. Our list has a variety of different things suitable for different people, however, the list is what we consider to be the best entertaining and cultural attractions and things to do, try and experience Malta has to offer.

Exploring Valletta The Capital City
1 Visit the Mediterranean Conference Center.
2 Watch The Malta Experience a great audio visual show in Valletta about Malta.
3 Visit The War Meusum in Valletta
6 Visit Teatru Manoel (Manoel Theatre) in Valletta.
5 Have lunch at Piazza Regina
6 Visit St John’s Cathedral in Valletta.
7 Visit the Upper Barrakka Gardens in Valletta for a fantastic view of the three citties.
8 Visit Lascaris War Rooms, Valletta.
9 Relax at the Valletta Waterfront.

Upper Barrakka Gardens

Mdina The Silent City
11 Take a photo at the main entrance of Mdina.
12 Visit the Mdina Experience a great audio visual show about Mdina.
13 Enter the Mdina Dungeons.
14 Visit the National Museum in Mdina.
15 Visit the Cathedral in Mdina.
16 Have Lunch at Xaghra Palace’s trattoria.
17 Visit the Knights of Malta in Mdina.
18 Experience the view from the Mdina Bastions.
19 Taste Fontanella‘s chocolate cake with a pot of tea in Mdina.

Streets Of Mdina

Other Villages
20 Visit the Mosta Church, famous for having one of the largest domes in the world.
21 Visit the Blue Grotto in Zurrieq.
22 Visit Ghar Dalam, a prehistoric cave.
23 Visit the three cities.
24 Visit Marsaxlokk, the fishing village.
25 Visit the yacht Marina in Ta’Xbiex
26 Visit Tarxien temples.
27 Visit the Ggantija Temples in Gozo.
28 Visit the Hagar Qim Temples.
29 The Hypogeum Temple.
30 Visit the Roman Villa in Rabat.
31 Visit the ‘Blue Lagoon’ in Comino.
32 Visit Bugibba.
33 Experience the nightlife in Paceville

Blue Lagoon Comino

Unique Things to do and experience
34 Go diving in the Maltese waters.
35 Visit Gozo for a day.
36 Ride the now redundant Maltese bus.
37 Ride a traditional Maltese Luzzu in Dwejra Gozo.
38 Take a cruise around the islands.
39 Experience a village ‘festa’ and mingle with the locals
40 Experience a Maltese folk night.
41 Visit Popeye’s Village.
42 Go to the Nadur carnival in Gozo (seasonal).
43 Go around Malta on a Hop on and off the Malta Sightseeing bus.
44 Have a great night out at the Chamber Of Mysteries dinner show in Qormi.

Chamber Of Mysteries Dinner Show

Traditional Food to try.
45 Try Pastizzi, a traditional Maltese pastry.
46 Try the Xbejna, a traditional Gozitan cheese.
47 Try Malta’s local fish Lampuki
48 Try Twistees a local packet snack.
49 Try the Maltese sausage.
50 Try the local beer Cisk.
51 Try Kinnie, a locally produced soft-drink.
52 Try the traditional Maltese loaf bread.
53 Try Local wine.
54 Try Hobz biz-Zejt, Maltese bread with oil, and other seasonings.

Maltese Pastizzi

Shopping
55 Visit the Sunday Markets (Valletta and Marsaxlokk)
56 Go shopping at The Point in Tigne Sliema.

Tigne Point sliema

Swimming
57 Swim at Golden Bay, sandy beach.
58 Swim at Mellieha Bay, sandy beach.
59 Swim at Pretty Bay, sandy beach.
60 Swim at Qawra Point, rocky beach.
61 Swim at Sliema Front, rocky beach.

Mellieha Bay

But it seems some areas of Europe are doing better than others at attracting new buyers and maintaining current property prices, while other locations have seen much sharper drops in their real estate prices.

Malta is a good example of somewhere that has seen sharp prices in recent years, helped by a buoyant domestic market complemented with buyers from overseas looking for second homes and to move to Malta on a permanent basis, which normally entails buying a Malta property. Overall Malta property might have dropped under three per cent in 2008 if recently released bank statistics are to be believed.

And Malta is a classic example of an island that could see property prices fall through the floor as the domestic market quietens down and international buyers from her main tourist market – the UK – stop buying altogether.

But at less than a three per cent drop, the Malta property market has so far avoided the big falls witnessed by some areas of Europe, despite her main market of the UK hiting recession and the value of the British pound dropping in value against the Euro – and it has avoided the price drop by diversifying, and seeing other nationalities move into the void left by the British buyers, notably from Norway and other Scanadanavian countries.

Whether Malta can withstand the pressures of the global economy taking a downturn remains to be seen, but 2009 does depend still largely on the UK economy, which at the moment isn’t looking too promising.

                                                                       Malta Map

The hope of more buyers coming from countries like Norway is high, with some estimates suggesting that Norwegians could buy some 35,000 European properties between them next year, taking up some of the slack from a drop in the number of British and Irish property buyers – how many of those 35,000 buyers would be for Malta isn’t easily answered, and some estate agents fear it will not match the British and Irish demand of recent years.

Looking at a map of Malta, many buyers, whether from the UK,Ireland, Norway or elsewhere tend to head to the north of the island, to areas such as Mellieha and St Paul’s Bay, and with new properties going up over the last couple of years there could be some bargains from real estate developers hoping to improve their cash flow during the 2009 downturn.

And it’s not just the property market in Malta that is hoping for a good 2009. The holidays industry has seen a good revival over the last three years, with the number of holidays in Malta being sold increasing each year, and cruise ship passenger number arrivals hitting record numbers too – over 500,000 for 2008.

The Malta holidays market reversed a steady decline in her fortunes three years ago when low cost airlines started flying to Malta’s Luqa Airport. One major holiday company had even considered dropping Malta altogether as a holiday destination for British tourists, but the low cost flights to Malta has seen the Malta holiday industry revitalised. Without the low cost airlines moving in Malta would almost certainly be a niche tourist market now.

But there could be something that will hit both the holidays and real estate markets in 2009 which the island has no control over – the strength of the Euro – which the island now uses – and the British Pound. In spite of the property and holiday markets diversifying and attracting new markets the British market is still by far Malta’s biggest. The Pound has dropped sharply against the Euro, and British tourists might be tempted to try holiday destinations such as Turkey which is outside the Eurozone in 2009 as it will offer good value for money.

There’s a lot of factors which will determine if 2009 is good for Malta, the island will be hoping the dice roll favourably!

Article Source: http://www.articlesbase.com/real-estate-articles/new-markets-help-malta-property-684924.html

About the Author

For a range of properties for sale in Malta visit http://www.maltaproperty.info

Airport - Malta International Airport is located 10kms away from Valletta between the villages of Luqa and Gudja. Air Malta is the Malta’s National Airline. You can check departure and arrival schedules from your Malta hotel room by calling (+356)21229990 or (+356)21690890.

Car Rentals – there are coaches, mini vans and chauffer-driven cars which, can pick you up from any hotels in Malta. William’s Garage is located at Triq il-Port Ruman Qawra, and Zarb Coaches at Zarb Garage Gharghur Road, Malta. These two companies will provide you your land transport needs the moment you walk out of that room in your Malta hotel.

Public Transport - the best way to get around in Malta is through the public transport, which is a bus. The main bus terminal in Malta is located Valletta, just outside the City Gate. An express bus service links the principal resorts with Sliema, Marsaxlokk, Mdina, the three cities having sandy beaches which is perfect for your Malta holidays. In towns and villages, the bus terminal is usually found in or near the plaza. You can go to every part of the Island as the buses passes through it and the same will return you to accommodation in Malta.

Ferry Service – Cars and passengers take the ferry service in going to Malta to Gozo or the other way around. This roll-on roll-off ferry has regular trips and schedules and is operated by the Gozo Channel Company. The ferry trip from one island to another is about 30 minutes. In going to Canimo, the smallest of the three main islands, ferries can be taken form Cirkewwa.

Taxi – In Malta, the white taxi service has the privilege of picking up passengers from anywhere, except bus-stops. Taxi services from the Malta International Airport to all localities in Malta including to hotels in Malta are based on a fixed tariff. There is no meter in Malta that is why it is advised that you ask and agree for the fare before boarding a taxi.

Malta is relatively a small place and you might want to try renting a car or a bike to go to tourist destinations near your Malta hotel. When driving however, you must take note that you must drive on the left side of the road, to avoid accidents it is better to go on foot.

Article Source: http://www.articlesbase.com/hotels-articles/transportation-in-malta-1525659.html

About the Author

Are you planning for holidays in Malta? Visit Imaginamalta.com for hotels in Malta as well as car hire in Malta at reasonable prices.

About Malta

Malta is located in the core of Mediterranean that is pretty closer to yet another beautiful city Sicily! Malta is group of small islands interconnected with water routes. The two main islands Malta and Gozo are the liveliest places here. Malta is one of the ancient cities that has witness several cultures like Romans, Egyptians, Arabs, British, the present Malta has perfectly blended all the cultures to have unique Malta lifestyles.

Things to Do at Malta

Whether you are an adventure lover or an artist, Malta offers something for everyone!

Learning: Ancient monuments, museums, galleries, paintings, scriptures and much more are the perfect do’s for the people who want to learn while tour. The rich history of the place can still be felt in the ruins of the place!

Adventures: The sea beaches of Malta are great! Beaches are very glazy and neat. You can play beach games, swim, snorkel, and play many more water sports. Or, try out a yacht tour in the Mediterranean or if you are speed lover then do have an experience of motor boat or wave runner in the Mediterranean.

Music and Food: Malta has a world-class and great variety taste for cuisine and music. You must try out the delicious foods and beverages of the Malta. Also, if you did not danced on the tunes of Malta music, then your tour is pretty incomplete. Do not miss out a musical bonfire with a tasty drink that is exclusively at Malta.

Shopping: Whenever you tour to Malta, it’s for sure that you will be come back bare hands! At Malta, you get loads of artistic products like sculptures, toys, memento’s and much more. Try out the local dress and accessories. If you are shopping lover and want to collect away some memory with yourself then must explore every nook and corner of Malta streets!

Malta tourism: Now everything is at Wallet Friendly!

With the support of local authorities and blooming tourism at the place, Malta excursions are pretty affordable now. Several flights, yacht charters and accommodation packages options have made things simpler for people! Therefore, if you want to make your tour to Malta longer and pleasurable, all you need to choose from one of the offered tour packages suiting to your needs.

Thinking which offer or package can make your Malta tour better? Do not think but try out maltatravelnet.com, the best guide to Malta tours providing the best info for malta accommodation, trips to Malta and lots more! Make your tour a moment that lives in your mind forever.

Article Source: http://www.articlesbase.com/destinations-articles/an-ultimate-malta-guide-557894.html

About the Author

Thinking which offer or package can make your Malta tour better? Do not think but try out maltatravelnet.com, the best guide to Malta tours providing the best info for malta accommodation, trips to Malta and lots more! Make your tour a moment that lives in your mind forever.

To attract more tourists to visit the charming nation of Malta, Air Malta- its flagship carrier offers the best discounts for your cheap holidays Malta. Packages for cheap holidays in Malta include very affordable flight rates from Air Malta. Malta can now be accessed from numerous direct flights from major European cities like Paris, London, Athens, Dublin, Berlin and Rome; British tourists specifically can get to Malta through four different airports in London. There are also direct flights for African and Middle East cities like Casablanca and Tripoli.

There two major airports in Malta that guests can use as port of entry; both are very accessible to the capital of Malta, Valetta. With this proximity to the town center, guests will never feel tired before going to their respective resorts unlike in other destinations. Cheap holidays Malta offers more discounts for children under the age of eleven and infants under the age of 23 months for travelers who wants to travel as one big family. Air tickets are cheaper if you choose to book online and ahead of time, much more AirMalta is affiliated with some hotels that you can stay for a more affordable price.

With cheaper flights to Malta, Cheap holidays for you and your family is never a fantasy. So, start checking online travel agencies for the best offer that you can get for that cheap holidays that you truly deserve.

Article Source: http://www.articlesbase.com/flights-articles/cheap-flights-to-malta-2119177.html

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—

Tarun – Passionate Traveler

Excellent Travel and City Break Deals Cheap Flights Malta

Excellent Flight Tickets and Airline Deals Tickets To World Flight Tickets

Tip 1: Visit the Museum Archaeology which is located in Valleta which contains a very rich collection of artifacts.

Tip 2: Just a few blocks away from most hotels in Malta, you can locate the War Museum at Fort St. Elmo. The capital also possesses the impressive Grand Master’s Palace and St. John’s Co-cathedral.

Tip 3: With over 7,000 years of rich history, the sites to visit outside your Malta hotel room are endless. Plan well and budget your time to visit the Megalithic Temples including Ggantija which is the oldest freestanding temple in the world, the underground St Paul’s and St. Agatha’s catacombs, The Knights of St. John’s significant sites, such as Fort St Angelo and Fort Rinella, which is home to the world’s largest canon. WWII significant sites, such as the Mgarr war shelter, Mtarfa ex-British military buildings, The Armoury and the Maritime Museum in Vittoriosa, should be on top of your list to complete a grand maltese holiday.

Tip 4: Just few minutes away from hotels in Malta is the Museum of Roman Antiquities which is commonly called “The Roman Villa” and various catacombs found in Rabat. In your maltese holidays, the Cathedral and its museum are not to be missed, as well as the torturous Mdina dungeons and the Mdina Experience. You will bring to your own homes the memories of romantic stroll like no other, wandering the lamp lit streets of Mdina at night. Take out to your accommodation in Malta the renowned chocolate cake at Fontanella Tea rooms, situated right on the bastion.

Tip 5: Malta holidays are also best for those who love art. You visit the impressive artistic collection at the National Museum of Fine Arts, see the Caravaggio’s Beheading of St. John at St. John’s co-Cathedral. Then you can visit medieval Palazzo Falzon, which houses a large collection of antiques, in Mdina. Even your Malta hotel houses contemporary art work, you can walk around the exhibits at the St John’s Cavalier Art Centre to see more works.

Tip 6: For the young and bold who choose to get out than stay in Malta Hotels, there are passionate carnival and open-air concerts. You should have it on your list to visit the Nadur carnival in Gozo and the parade in Valletta. The whole family will enjoy activity and fun parks, which include the old film set of Popeye Village. Do not forget to visit the three cities in Cottonera, have an evening walk on the Sliema or Bugibba promenade and visit the fortified Citadel in Gozo. After the end of the day, rest your body in your Malta hotel to recharge for the next day’s adventure.

Article Source: http://www.articlesbase.com/hotels-articles/top-malta-tourists-sites-1520344.html

About the Author

Visit and enjoy the unforgettable Malta excursions with beach, valley and luxurious hotels. Browse the site Imaginamalta.com and book the hotels in Malta of your choice.

Malta , sitting in the heart of the Mediterranean Sea , is actually the largest island (122 sq. miles, about 195 sq. km) of an archipelago of 6 islands, of which only 3 are inhabited. The total population is about 350,000, making it the most densely populated European Union nation. Being a Mediterranean isle it is naturally sun-drenched, thus becoming a tourist haven for sun-loving northern Europeans.

When speaking of its historical background it is almost endless. It is mentioned in Ancient History, Biblical History ( St. Paul ‘s shipwreck), Crusader History, and boasts of everything in between – from pirates to the modern-day Order of St. John.

Because Malta has excellent harbors and has been located in the center of world power, maritime, shipping lanes, she has always been dominated by the world power of its day – Phoenicians, Greeks, Romans, etc. Even British maritime power controlled Malta for a period, but finally Malta received her independence in 1964, was declared a Republic in 1974, and entered the European Union in May 2004. Therefore, today, Malta is an English speaking country, and is one of the newer members of the European Union with the Euro as its currency.

Though Malta is free of currency controls, has a stable banking system, and you can open accounts quite easily in various currencies, it cannot be considered a sound offshore financial center. Why? Offshore corporations expect their banking operations to be private, but Malta has seen fit not to be a provider of this privacy service.

Regardless of the banking privacy issue, many European tax exiles are still investigating Malta as a possible long-term residence. Since Malta is considered European, is relatively affordable place to retire, and is a sun-drenched haven, it has caught the attention of quite a number of potential retirees.

When speaking of housing, the cost of a studio apartment in Monaco could probably buy you a delightful house with a pool in Malta . Surely, this gives Malta an appealing touch. Also, Malta being a member of the European Union is very important to many European exiles, whereas Andorra and Monaco , though excellent retirement havens, are not EU members. An additional drawing card for Malta is it does not have minimum stay requirements for official residents.

Though it must be considered that Malta is not tax free, she does offer some enticing tax incentives. An immigrant can effectively cap their tax at €4,192 (about $US 5,700) per year. Those who apply under the Maltese Retirement Program (Residents Scheme Regulations, 2004) and can satisfy a few other conditions will be given a certificate issued by the Maltese Commissioner of Inland Revenue. This certificate has two purposes: First, it acts as a Malta Permanent Residence Permit when issued in terms of Article 7 of the Immigration Act. Secondly, it grants a special Maltese tax status, which entitles the new Resident considerable income tax benefits.

When Residents receive this special tax status they must pay a flat rate of 15% on their local Maltese income (including capital gains) and on their foreign income remitted to Malta . There is a minimum tax of €4,192 (about $5,700) as mentioned above. On the positive side, foreign source income not remitted to Malta , that is the Resident’s entire worldwide income, be it earned, unearned, capital gains, etc. is not taxable.

Moreover, this particular tax incentive becomes more attractive. Why? Persons granted this type of Malta Residence Certificate can also claim “double taxation relief” in respect of tax paid outside Malta on any income remitted to Malta , which is subject to tax in Malta . Applying this particular tax benefit becomes increasingly available, in that Malta is participating in an increasing network of double taxation treaties.

Who is eligible to apply for Maltese residency? Any non-Maltese citizen, whether they are or not an EU citizen, may apply for the Residence Certificate by providing documentary evidence that they:

1. Can bring into Malta an annual income of not less than €13,950 (about $US 18,900) in this respect and a further €2,300 (about $US 3,700) for each dependent, and

2. Have either an annual income of not less than €23,000 (about $US 31,300) arising from outside Malta or have in his possession a capital amount of not less than €349,000 (about $US 475,000), and

3. Will take up residence within one year of being an approved Resident…

Therefore, by law, within one year of receiving residency approval, the individual must purchase or rent a home in Malta . If a residence is bought, it should cost at least €69,000 (about $US 93,800) for a flat, or at least €116,000 (about $US 155,000) if it is a house. If the applicant decides to rent instead of buying, the rent paid must be at least € 4,150 (about $US 5,600) per annum.

The bottom-line: If you are considering changing your residency in order to free yourself from burdensome taxation, Malta , certainly, is a most interesting place to live and has a lot to offer.

By Jack Godwyn REWRITE#11 Malta —A Med.Tax-Haven Isle – Within The EU

Article Source: http://www.articlesbase.com/personal-finance-articles/malta-a-mediterranean-tax-haven-isle-within-the-european-union-4573774.html

About the Author

Writer Jack Godwyn is acknowledged as a leading writer on offshore banking and asset protection matters. He has written many articles covering freedom, wealth protection and privacy issues.

With this in mind, an individual foreign national is not able as a general rule to buy commercial or industrial real estate in Malta. There are some instances in which a foreign national will join with citizens of Malta to form a joint legal venture — usually in the form of a limited liability company — to by non-residential real estate. It is important to keep in mind that this type of arrangement does require approval from different governmental agencies in Malta.

Even for EU member state nationals (Malta is now a part of the European Union) the ability to own real estate in the country is limited at this point in time. There is some natural and necessary movement to relax different real estate laws in regard to foreign nationals in the future to bring Malta more inline with the open market concept that is the centerpiece of EU membership.

Investment Property in Malta

As has been set forth previously, there are some pretty stark limitations on what type of real estate a foreign national can purchase in Malta. With this in mind, the opportunities for investment in real estate — beyond the ownership of a primary residence or a holiday home — by a foreign national are limited.

Again, and as was discussed, there are some instances in which a foreign national will join together with citizens of Malta, to develop a legal entity that will take possession of real estate in that country for investment purposes. Even with this noted, the number of foreign nationals who are involved in such a venture is not significant due to the hurdles that must be surmounted in order to win governmental approval and authorization to purchase real estate beyond a residence.

There may be some relaxation in the laws governing investing in real estate by foreign nationals who are from European Union nations in the future. Of course, the concept behind the EU is to allow for a free economic flow between member nations. Thus, with Malta now a part of the EU, it is likely that there will be changes in its real estate laws as they same pertain to investment in different types of real estate in the country by citizens from other European Union nations.

Residential Property in Malta

Generally speaking, it is only residential real estate that can be purchased at this time by foreign nationals in Malta. Although Malta has joined the European Union, where there can be found a broader ability of foreign nationals who are from EU member countries to by real estate within the EU, this barrier has not been fully surmounted in Malta.

The primary reason that there is a heavier restriction on foreign investment in real estate arises from the fact that there is, indeed, only a limited amount of real property available to sale within the borders of that country. Unlike many other nations, that still have undeveloped frontiers and a significant amount of space still available for development, such is not the case with Malta.

A foreign national, with relative ease, can make the purchase of one piece of residential real estate — either to be used as a private and personal residence or as a holiday home. This will be discussed in greater detail shortly.

Many Europeans have purchased larger homes in Malta that have become favored second residences, holiday homes. A foreign national can stay within Malta for a period of up to three months at a stretch with no tax consequences or special filing requirements. A foreign national can spend between three to six months in consecutive succession in Malta with permission of the government. Generally, there will be no additional tax consequences on a foreign national in Malta until that person remains in country for a period beyond six months .

Residential Real Estate – Apartments in Malta

Upscale apartments remain attractive choices for foreign nationals looking to purchase real estate in Malta. As will be discussed shortly, a foreign national can make the purchase of residential real estate in Malta provided the property is valued at $50,000 MLT (the Maltese national currency) as is to be used only as private primary residence or as a holiday home by the purchaser.

These apartments — high end apartments — are in significant demand by foreign nationals at this point in time. These people, who enjoy spending part of the year in Malta (with its idyllic climate and easy lifestyle) are attracted to these apartments .

Holiday Property in Maltese Holiday Resorts

With its nearly perfect climate the entire year around, Malta has long been a favored travel destination for men and women from different countries around the world. The trend has continued unabated into the present day and age.

As a consequence, there is a growing number of foreign nationals who are interested in finding real estate to purchase in that country for holiday or vacation purposes. Indeed, as will be discussed shortly, there are general limitations on the ability of a foreign national to purchase real estate in Malta, generally restricting these men and women to being able to purchase one piece of residential property that can be used as a holiday home or as a permanent residence .

Specific Steps to Buying a Property in Malta

Despite the fact that the real estate purchase process in Malta is a relatively easy process, there are some definite restrictions that apply to foreign nationals who are interested in purchasing real estate in Malta.

Generally speaking, a foreign national can purchase a residence in Malta that is going to be used either as a holiday home or a that purchaser’s primary residence into the future. In addition to this general restriction, there are some more specific requirements when it comes to a foreign national investing in real estate in Malta.

First of all, the value of the real estate that is being purchased must not be less than 50,000 MLT (the national currency in Malta). Second, all of the funds that are used to purchase this real estate must be derived from outside of the country. Third, the real estate that is purchased cannot be rented out to anyone else. This includes property that is purchased for occupancy as a holiday home during only part of the year. Unlike in many other countries around the world, a foreign national buying such a residence in Malta cannot lease out the property to someone else when it is not in use by the purchaser and owner. There is one interesting exception to this prohibition. The owner of a residence with a pool can, in fact, lease or rent out the property to someone else when he or she is not utilizing the property for his or her personal benefit.

Finally, on resale, a foreign national can repatriate the funds generated from the sale to his or her own country of origin.

Once these restrictions are appreciated and understood, the actual process of buying and selling real estate in Latvia is simple. The initial phase involves the execution of a contract for sale. At this time, the buyer is obliged to post a deposit that normally is in the amount of 10% of the overall purchase price of the real estate.

The preliminary agreement normally is valid for a period of three months. During this time period, the purchaser will obtain financing and the seller will make sure that there are no defects associated with the title that will prevent a clear conveyance of the property to the purchaser when the sale is concluded.

The final contract ultimately is entered into between the parties. It is at this time that the buyer pays the remaining balance due and owing on the property. Additionally, it is at this juncture that the buyer will take physical possession of the real estate.

There is some effort in Malta at the present time to relax at least to some degree (and most likely for residents of other EU member nations) the real estate laws in that country. Most of the proposals that are being considered center on allowing foreign nationals a bit broader usage with their residential property. For example, there are proposed laws being considered that would allow a person who owns a holiday home or residence in Malta the ability to rent or lease that property to someone else during those times of the year when the owner is not personally utilizing the real estate in question. Again, any such changes more than likely will be targeted towards citizens from EU member nations

Property Abroad always recommends using a Solicitor or Lawyer.

Article Source: http://www.articlesbase.com/real-estate-articles/property-in-malta-guide-to-buying-a-property-in-malta-263313.html

About the Author

Property Abroad’s directory Les Calvert writes interesting and useful articles on all subjects dealing with overseas investment property and buying property in Malta. Visit their website to view their properties for sale in Malta and other useful information on buying property abroad.

Fund managers don’t like surprises. And it is this aversion to anything unknown that has caused the more “traditional” financial centres like London, Luxembourg, Ireland and Switzerland to boom as financial centres towards which fund managers have gravitated and established themselves over the past 20-odd years.  However there is nothing quite like a financial crisis and increased tax burdens in many of these European financial centres to provoke fresh thinking and new solutions to address these challenges.

Enter Malta. An island sovereign state situated just 93 km south of Italy, a full Member State of the European Union since 2004 and part of the Eurozone since 2008. The island’s ambitions to establish itself as a leading financial centre of excellence find their origin in the early 1990s at which time volumes of financial legislation were enacted to build what is now the backbone of a modern, forward-looking and robust legal system which is fully compliant with EU Directives and Regulations. Indeed as an EU Member State, Malta actively participates at every level of the EU’s institutions to contribute towards the on-going development of the European legislative and regulatory landscape and ensure that the island’s booming financial services sector is permitted to grow within a legal framework intended to create opportunity, rather than stifle it.

The Malta Financial Services Authority (MFSA) is the single super-regulator of all financial services and was formally established in 2001, effectively merging the regulatory and supervisory functions formerly conducted by the Malta Financial Services Centre, the Central Bank of Malta and the Malta Stock Exchange. Its regulatory remit spans across the financial sector including banking, investment services, hedge fund regulation and insurance.  The Registry of Companies and the Listing Authority are also housed within the MFSA premises, bringing all the key regulatory organs under one roof, thereby improving communication between them.

The turning point

Malta’s EU membership in 2004 has been the single most significant milestone in placing the jurisdiction on the same “map” as other major European financial centres, namely London, Ireland and Luxembourg. On the basis of this development stakeholders seeking the benefits of EU harmonisation in the financial services field were able to look at the Maltese option which, when considered in the light of the island’s attractive fiscal framework, a network of almost 60 double taxation agreements, availability of the highest standards of professional support and personnel, and the fact that all business is carried out in English, collectively provide an offering which cannot be discounted or discarded before serious consideration.

Then there are the lifestyle-related considerations including the warm climate and the low crime rate, making it a very safe place to live. Furthermore, the island’s strong work ethic provides managers and other employers with a pleasant surprise, contrasting sharply with the stereotypical Mediterranean attitude towards work generally. Of course much of this work ethic is attributed to the legacy of Malta’s 164 years under British rule, between 1800 and 1964.

Time to strike

All of these factors have caused Malta to gain ground as the jurisdiction of choice for fund managers and it looks like this trend will continue to pick up momentum in the years to come. Whilst EU-wide growth figures in the fourth quarter of 2010 failed to meet the expected performance levels and the whole of Europe currently sits on the verge of a much speculated “double dip” recession, Malta has experienced a real economic boom, with a tangible increase in the number of fund managers deciding to move their operations to Malta in 2010.

According to MFSA figures there were 48 fund managers licensed in Malta in November 2010 and indications suggest that the number of fund management licences issued in 2010 is likely to be exceeded in 2011. This growth potential is further galvanised by the fact that some of the heavyweight service providers are beginning to establish a degree of presence on the island- Deutsche Bank has been licensed to act as a custodian in December 2010 and there is much talk of the possibility that BNY Mellon and State Street will follow suit imminently.  The demand for more Malta-based custodians is evidently on the increase and it is inevitable that the upward curve in Malta-registered funds will provide further opportunities for players in this space.

It is not only the quantity of Malta licensed managers that have increased but also the quality of such applicants which has been notable. Quality is indeed the thrust of the island’s current efforts across the financial services industry and whilst the MFSA applies a very welcome “open door policy” providing licensees and prospective licensees quick and easy access to the regulators, the rigorousness of the Authority’s compliance visits ensures that licensees maintain the highest standards of practice in conducting their business from Malta. The emphasis on quality also permeates the working relationships developed with professional advisors entrusted to structure, implement and support the regulated entities and the high levels of educated personnel available from amongst the islands 400,000 inhabitants and the increasing number of experienced expats moving to Malta from other financial services centre.

Interestingly, in a recently published survey circulated amongst UK-based fund managers[1] focussing on alternative jurisdictions to Ireland and Luxembourg for fund-management, fund servicing and fund domiciliation, Malta fared as the best known Mediterranean fund domicile, with managers looking to use Malta either as a base for their funds or as a place to open an office, or both.

With specific reference to manager migration, 62% of the managers interviewed indicated that they may move their operations out of the UK and, of those, 23% indicated that the move would be made by the end of 2012. The reasons for relocation were unsurprising, making specific reference to increased taxation, AIFM Directive pressures, proximity to investors and remuneration-related pressures, as the main motivators, in that order of priority.

In the context of this trend, Malta’s proposal to introduce a flat personal tax rate of 15% on income to attract foreign specialized workers couldn’t come at a better time to help attract significant new talent to fill specialized positions in the industry. This development is expected to be implemented in the first half of 2011 and is waited with much anxiety by stakeholders. Unofficial indications also suggest that income in excess of Eur 5 million will be exempt from Malta tax, however all of these details will only be certain once the relative legislative instruments are implemented and given the force of law.

The message from all of this seems adequately clear: Malta is open for business and the time has never been riper for fund managers to strike. This island state has sufficiently proven that it possesses all the critical components required to secure itself as a centre of excellence for financial services within the EU.

[1]International Fund Investment- The future of manager migration, fund servicing and domiciliation in the Mediterranean: The alternative to Ireland & Luxembourg? October 2010 www.financemalta.org/common/file_provider.aspx?id=634243718434286250

Article Source: http://www.articlesbase.com/law-articles/the-malta-option-is-in-the-money-4390691.html

About the Author

Dr. Andrew J. Zammit is Managing Partner of Zammit & Associates- Advocates in Malta and heads its Corporate Finance, Financial Services and Mergers & Acquisitions practice. He is also Director and Head of Legal of the CSB Group and may be contacted on ajz@zammit-law.com or on andrew.zammit@csbgroup.com

Persons ordinarily resident and domiciled in Malta (including companies incorporated in Malta) are chargeable to tax in Malta on a worldwide basis in terms of the Income Tax Act, Chapter 123 of the laws of Malta (the ‘ITA’).[1]

On the other hand, persons not ordinarily resident and domiciled in Malta (including persons resident but not ordinarily resident or domiciled in Malta such as companies incorporated outside Malta but managed and controlled from Malta) are chargeable to tax in Malta on Malta source income and gains and foreign source income (not gains) which is received in Malta.

In turn, royalties derived by a taxpayer from patents would represent chargeable income in terms of the ITA, irrespective as to whether such royalties represent passive income or, alternatively, active income derived from a trade or business.

Accordingly, royalties accruing to a person ordinarily resident and domiciled in Malta would be subject to tax in Malta – regardless of the source of such royalties. However, should non-Malta source royalties accrue to a person who is not both ordinarily resident and domiciled in Malta, such royalties would not be chargeable to tax in Malta except to the extent that they are received in Malta.

2. Malta Tax Exemption

Whilst royalties represent chargeable income in terms of the ITA as aforesaid, an exemption from Malta tax was recently introduced and is available in respect of all royalties derived by a person that owns and grants rights to use a qualifying patent.

The tax exemption was introduced with a view to assisting creative research and development resulting in the registration of patents and, additionally, in order to encourage researchers to exploit intellectual property through the licensing of patent rights. As such, the Malta tax exemption applies regardless of the place or places where any relevant research and development resulting in the qualifying patent may have been undertaken.

Accordingly, by virtue of the said tax exemption, royalties accruing to any person (including a company) who owns a qualifying patent would, at that person’s option, be wholly exempt from tax in Malta if such royalties are receivable by way of consideration for the grant by that person of a licence to an enterprise to exercise rights under the qualifying patent in the course, directly or indirectly, of a productive economic activity undertaken by that enterprise – such as manufacturing, software development or data processing.

However, an individual in receipt of royalties from a qualifying patent would only be entitled to the Malta tax exemption should s/he have been involved, alone or otherwise, in the research, planning, processing, experimenting, testing, devising, designing, developing or other similar activity leading to the relevant invention which is the subject of the said qualifying patent. The Malta tax exemption is accordingly unavailable in respect of royalties derived by an individual from an otherwise qualifying patent but which was acquired by that individual who was not, therefore, involved as required in the development of the patented invention.

No such restriction applies in respect of royalties derived by any other person (not being an individual). As a result, royalties accruing to a company (or other body or persons) may be exempted from tax in Malta, at the option of the company, even if such royalties are receivable merely pursuant to the acquisition of the qualifying patent and the grant of a license to an enterprise to exercise rights thereunder in the course of a productive economic activity.

The enterprise acquiring rights to exploit a qualifying patent may be independent or affiliated to the licensor. However, if the licensor and licensee are affiliated enterprises[2], the licensor would only be entitled to the benefits of the Malta tax exemption if the amount of royalties receivable under the relevant license would not exceed the amount that would have been paid at arm’s length between independent enterprises and, additionally, provided that the affiliated licensee would be directly involved in the required productive economic activity.

2.1 Qualifying Patents

Qualifying patents comprise patents registered in Malta or elsewhere. However royalties derived from a patent registered outside Malta would be eligible for exemption if the invention which is the subject of the relevant patent is patentable under applicable Maltese law[3] or is the result of fundamental research[4] or industrial research[5] or experimental development.[6]

2.2 Formalities

The benefits of the Malta tax exemption are available only pursuant to receipt of confirmation from Malta Enterprise[7] that royalties which may accrue in terms of a given license agreement (granting rights of use over a patent) would qualify for the said exemption. Such confirmation would be obtained in the form of a certificate pursuant to the submission of a prescribed application to Malta Enterprise for consideration together with all required supporting documentation.[8]

2.3 Dividends

In addition to the aforesaid, should any tax exempt royalty income accrue to a company, the Malta tax exemption would be preserved at the level of that company’s shareholders insofar as no Malta tax would be levied or withheld upon the onward distribution of the underlying exempt royalties by the company in favour of its shareholders. The Malta tax exemption is, in fact, specifically preserved through successive dividend distributions even when the relevant royalty income is finally distributed to individual shareholders.

3. Tax Deductions

Expenses incurred by a taxpayer wholly and exclusively in the production of income would represent deductible expenses for domestic tax purposes. Accordingly, insofar as expenses are deductible if they are incurred in the production of the income, capital expenses and pre-income earning expenses incurred in setting up a source of income are, as a rule, not deductible except by virtue of specific exceptions allowing deductibility.

In this respect, the ITA specifically allows the deductibility of capital and pre-income earning expenses incurred by a taxpayer engaged in business on patents and patent rights for the use and benefit of the said business. Accordingly, costs incurred in acquiring patents rights (being capital in nature) and costs incurred in developing and then patenting an invention (typically incurred prior to the production of income) would represent deductible expenses for domestic tax purposes.

Capital expenses incurred on patents and patent rights must be spread over the life of the said patents or patent rights in a reasonable manner to the satisfaction of the local tax authorities. It is understood that the spread of such expenditure should be in equal annual instalments over the lifetime of the patent or patent rights. However, current expenditure incurred in developing and then patenting an invention (including, in practice, costs of materials, overheads, wages and registration fees) would be deductible as and when incurred.

At any rate, capital and current expenditure incurred on patents and patent rights would be deductible against income derived from such patents or patent rights. As a result, a person incurring and deducting such expenditure would not also be entitled to benefit from the Malta tax exemption described in Section 2 above and which may otherwise be available in respect of royalty income receivable from patents.

3.1 Patents as Capital Asset

Insofar as capital and current expenditure on patents and patent rights would be deductible by taxpayers carrying on a business and, additionally, if the expenditure was incurred for the purposes of that business, a person acquiring a patent to hold the same as a capital asset and to earn income therefrom, pursuant to the grant of one or more licenses to use the patent, would not be entitled to deduct the acquisition cost of the patent from royalty income receivable (although that income may be exempt as aforesaid).

However, the said patent would represent a chargeable asset for the purposes of Malta tax on capital gains levied under the ITA. Accordingly, Malta tax would be chargeable upon the disposal of any such patent which was held as a capital asset. The amount of tax payable would be computed by the deduction of the acquisition cost of the patent from the consideration received from the transferee pursuant to the disposal thereof. As a result, whilst the acquisition cost of the patent would not be allowable as a deduction against royalty income received from the patent, that acquisition cost would eventually be deducted from the consideration received pursuant to the disposal of the patent in order to compute the extent of chargeable gains derived as a result.

4. Interest & Royalties Directive and Treaties

Maltese limited liability companies are entitled to the benefits of the EC Interest and Royalties Directive[9] and, accordingly, royalties derived from associated companies in other Member States should not suffer withholding tax in the source state.

In this respect, whilst the provisions of the said Directive have been transposed into domestic law, Malta grants a unilateral exemption on outbound royalties payable to a non-resident (whether the recipient of the royalties is resident in a EU Member State or otherwise). In fact, Malta does not levy or withhold tax on any outbound royalties payable to a non-resident except where such royalties are effectively connected with a permanent establishment through which the non-resident carries on business in Malta and provided that the non-resident is not owned or controlled by, directly or indirectly, nor acts on behalf of an individual or individuals who are ordinarily resident and domiciled in Malta.

Malta also has a large and expanding double tax treaty network with 58 treaties currently in force. Whilst Malta’s treaties are based on the OECD Model, a limited right to tax outbound royalties is reserved to the country of source in many of Malta’s treaties. The maximum withholding rate is typically 10%.

5. Conclusion

In light of the domestic tax considerations highlighted above and Malta’s generally favourable effective tax rates and furthermore, in view of additional non-tax considerations including Malta’s comparatively low establishment and operating costs, strategic location at the centre of the Mediterranean and hard working professional tradition (with English being a national language), Malta should represent an increasingly attractive jurisdiction for enterprises undertaking research and development or seeking to relocate income generating patents or such other assets.

Dr. Robert Taylor East is an associate at Zammit & Associates – Advocates and heads its Tax practice. He may be contacted on rte@zammit-law.com

[1] Companies are liable to tax in Malta at the flat rate of 35% whilst individuals pay tax in Malta at progressive rates (35% being the maximum marginal rate).

[2] Two enterprises would be affiliated in terms of the relevant rules regulating the Malta tax exemption when:

• § one enterprise holds a majority of the shareholders’ or members’ voting rights in the another; or
• § one enterprise is entitled to appoint or remove a majority of the administrative, management or supervisory body of the other; or
• § a contract between the enterprises, or a provision in the memorandum or articles of association of one of the enterprises, enables one to exercise a dominant influence over the other; or
• § one enterprise is able, by agreement, to exercise sole control over a majority of shareholders’ or members’ voting rights in the other.

[3] Patents and Designs Act, Chapter 417 of the laws of Malta.

[4] Fundamental research is defined in the relevant domestic rules as constituting experimental or theoretical work undertaken primarily to acquire new knowledge of the underlying foundations of phenomena and observable facts, without any direct practical application or use in view.

[5] Industrial research is defined in the relevant domestic rules as involving planned research or critical investigation aimed at the acquisition of new knowledge and skills for developing new products, processes or services or for bringing about a significant improvement in existing products, processes or services. Such research also comprises the creation of components of complex systems, which is necessary for the industrial research, notably for generic technology validation.

[6] Experimental development involves acquiring, combining, shaping and using existing scientific, technological, business and other relevant knowledge and skills for the purpose of producing plans and arrangements or designs for new, altered or improved products, processes or services. Such development may also include other activities aiming at the conceptual definition, planning and documentation of new products, processes and services. The activities may comprise producing drafts, drawings, plans and other documentation, provided that they are not intended for commercial use. The development of commercially usable prototypes and pilot projects is also included in the definition of ‘experimental development’ where the prototype is necessarily the final commercial product and where it is too expensive to produce for it to be used only for demonstration and validation purposes (in case of a subsequent commercial use of demonstration or pilot projects, any revenue generated from such use must be deducted from the eligible costs). The experimental production and testing of products, processes and services are also eligible, provided that these cannot be used or transformed to be used in industrial applications or commercially. Experimental development does not include the routine or periodic changes made to products, production lines, manufacturing processes, existing services and other operations in progress, even if such changes may represent improvements.

[7] Malta Enterprise is the domestic agency responsible for the promotion of foreign investment and industrial development in Malta.

[8] The said certificate would be valid for a period not exceeding three years. However, upon the lapse of three years, an application for renewal may be submitted to Malta Enterprise for consideration.

[9] Council Directive of 3 June 2003 on a common system of taxation applicable to interest and royalty payments made between associated companies of different Member States (2003/49/EC).

Article Source: http://www.articlesbase.com/patents-articles/malta-tax-treatment-of-royalties-derived-from-patents-4821219.html

About the Author

Dr. Robert Taylor East graduated as a Doctor of Laws from the University of Malta in 2002 and was subsequently awarded a Master of Laws degree in Tax and Corporate Law from Queen Mary, University of London in 2003. He returned to Malta and joined the tax & corporate services department of a big four audit firm in Malta where he gained valuable technical and practical experience in local and international tax and estate planning and tax-driven corporate structuring. Robert was admitted to the Bar in Malta in 2004.

He then joined the financial services division of a boutique local law firm and was instrumental in its growth as a financial services provider specialised in tax, corporate and trusts and estate planning and in the implementation and ongoing administration of any tax driven corporate or other structures. He joined Zammit & Associates – Advocates in 2010. His principal practice areas comprise international taxation, financial services regulation, corporate law and trusts & estate planning.

Robert is a member of the Malta Institute of Financial Services Practitioners and the Malta Institute of Taxation. He is also duly certified by The Institute of Financial Services Practitioners in Malta as a Trust Law and Administration practitioner. He also lectures on the fiscal aspects of trusts at the Malta Institute of Taxation.