By being a full EU member state, Malta offers an attractive trusts regime through its legislation which allows for the creation of domestic trusts and the recognition of foreign law trusts. This is a very flexible vehicle for asset protection and management.
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Income from trusts in Malta are under Maltese tax law also to be taxed in the country, provided that at least one of the trustees is a Maltese tax resident. Furthermore, the Maltese law provides the option for a licensed trustee to have the trust treated as a company.
The election to be treated as a company is possible where:
After the election has been made, it is irrevocable, and the trust will be treated as a company and taxed at the normal corporate income tax rate of 35%. Tax credits and double taxation relief on income and tax from overseas are applicable just like regular companies.
Maltese tax legislation on trusts also deems income to be taxable in the hands of the beneficiaries opposed to the trustees. The trustee of a trust would therefore be wholly transparent for Maltese tax purposes. This happens when:
Any transfers by a beneficiary of his or her beneficial interest would be charged no tax on in Malta when:
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