Recognised Overseas Pension Schemes

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The strength of Malta’s reputation as a financial services jurisdiction has been further reinforced by the fact that retirement schemes established in Malta and regulated by the Malta Financial Services Authority may be recognised by Her Majesty’s Revenue and Customs in the U.K. as Qualifying Recognised Overseas Pension Schemes.

At the end of February 2010, the MFSA issued the first registrations for Retirement Scheme Administrators and Retirement Schemes under the Special Funds (Regulation) Act.

The main advantage of establishing a QROPS in Malta is its stable and favourable tax regime. The income (other than income from immovable property situated in Malta) of a retirement scheme or fund that is licensed, registered or otherwise authorised under the Act, including capital gains, is exempt from tax under the Malta Income Tax Act. Such favourable tax treatment is enhanced by Malta’s full imputation tax system and provision for tax refunds, allowing for further efficient tax planning.

Tumas Developments is a company that specialises in offering residential-lifestyle choices of the highest standard. It currently offers three standard-setting projects, namely award winning Portomaso in St Julian’s, situated in central Malta; Tas-Sellum Residence Mellieha, in the north of the island; and Ta Monita Residence Marsascala, south of the island. All these three projects are Special Designated Areas, where non-Maltese purchasers, may buy property with the same rights as Maltese citizens : one does not require a permit from the Maltese Government; one may purchase more than one property in the name of an individual/s, a Company or a Trust; and one is permitted to rent out the property.

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