Tax residence in Malta | Residency Programmes in Malta and
Malta Income Tax Rates and Thresholds in 2019
Non-resident Tax Rates 2019 - atotaxrates.info
malta tax rates non residents
malta tax rates non residents - win
What are the best countries for Tax Residency and Business Setup for European Digital Nomad
Hi all, I'm originally from Denmark, but have been traveling non-stop for the past 5 years working freelance for a client in the UK and doing a little bit of affiliate marketing. I am no longer a Danish resident (only citizen) and don't have any ties to Denmark. In order to establish a bit more of a permanent base I'm looking for a place to establish tax residency and setup a company. These doesn't necessarily have to be done in the same country as there may be some benefits to establishing residency in one country and setting up a company in another country. I prefer to stay within Asia or Europe (including Eastern Europe) if possible. Below are some of the countries I am considering at the moment, but I am sure there are other, maybe better, options but I don't know enough about this to pick one over the other or to decide on where to incorporate and where to establish residency etc. So, I would love to hear from some of the brilliant people here if you have any thoughts on this? If you have already setup your company / tax residency somewhere I would love to hear about your experience ans tips. Countries I am considering/have heard good things about: - Georgia: I could qualify as a small business individual entrepreneur with 1% tax rate. While the 1% tax rate is very attractive the problem with this is that it is not a corporate structure and doesn't offer the protection that a corporation does. To set up an LLC in Georgia the tax would be 20% I believe, but I think there might be a way to set up tax residency in Georgia and company in another country as I have read that Georgia doesn't tax foreign sourced income? - Bulgaria: I don't know that much about Bulgaria but from what I understand both corporate tax and personal income tax is 10%? Not sure if/how foreign sourced income is taxed. - Cyprus/Malta: Heard these countries mentioned positively, but don't know anything about the tax and residency there. Before all the comments saying that I should talk to an accountant etc. Yes, thank you that is great advise and I certainly will do that before I go any further, but for now I'm just trying to work out the best options and then I will contact local accountants in each of those places to get professional advise. Thanks a lot :)
Hi guys, I have contacted a tax advisory in my country regarding crypto taxation laws in order to confirm certain things, however, I left there with more questions than answers, it seems crypto is highly green area in Malta and I am getting confused daily. I have a substantial amount of crypto invested and I also participated in some day trading in the past year and I am confused, the advisory stated that, a. Crypto to crypto transactions do NOT create a taxable event. b. Only when cashing out to FIAT will you have to pay taxes on the profit. c. Also taxation is based on income tax. Now my confusion is that none of what the advisory said was written on paper, so he could have just been throwing me off or maybe he wasn't even sure what he was talking about, so I'm still somewhat paranoid on this tax thing. Based on the below article on Malta taxation laws can you confirm that what the advisory said is inline? I have pasted the source of the article as well on the bottom of the post for your perusal. Please note: that I have been a resident in Malta for all my life, if that makes any difference, which I assume it does. Thanks a lot in advance.
How and when are coins and tokens taxed in Malta?
Coins The tax treatment of transactions involving coins would be identical to the tax treatment of transactions involving fiat or conventional currency. As such, coins fall outside the scope of income tax and duty, and gains on isolated transfers will not be taxed in Malta. Conversely, where the Coins are transferred as part of a coin exchange business or trade, profits realised from such business would be taxed at the standard Maltese corporate income tax rate of 35%. By the application of structuring options which are available under the Maltese full imputation system, the effective tax rate on such trading income could be reduced to between 5% and nil. The exchange of coins for other cryptocurrencies or for fiat money where such exchange constitutes a supply of services for consideration will not be liable to VAT. Mining would also fall outside of scope of VAT, unless it is carried out against payment of transaction fees. Financial Tokens A return on financial tokens such as payments equivalent to dividends, interest, premiums is treated as income and taxed in the hands of the holder at the applicable rates (progressive capped at 35% where the holder is an individual and standard 35% where the holder is a company) subject to available exemptions. Where the financial token meets the definition of security, essentially, having profit-participating rights, gains derived upon a transfer of such tokens fall within taxable capital gains, to which a number of exemptions apply. Where gains are derived in the nature of trade, such as where the transfer is part of a profit-making undertaking or scheme, they will be treated as trading income and subject to tax at 35% which may be mitigated as aforementioned when dividends are distributed through the application of the Maltese full imputation system. The transfer of a financial token will generally be liable to stamp duty only where it meets the definition of a security at law, and then also subject to available exemptions. The VAT treatment of transactions in financial tokens depends on the return to which they are entitled. If they qualify as securities, relevant exemptions apply. Utility tokens While non-business transfers will not be subject to income tax or duty, profits arising from a trade or business in utility tokens will be treated as trading income and subject to tax at 35%, with the possibility of benefitting from the full imputation system as indicated above. Furthermore, transfers of convertible utility tokens not being financial tokens at the time of issue will be treated as non-taxable until such time as they are converted into financial tokens.From a VAT perspective, transactions in utility tokens would be treated as transactions in vouchers and the issuer will be required to account for VAT on the utility tokens based on its context. Initial Coin Offerings (ICOs) or Token Generation Events The issue or generation of financial tokens will not attract tax and VAT implications in Malta. However, payment for the issue of utility tokens is likely to constitute income derived by the issuer, which ought to be taxed when realised. Generally where the good or service for which the utility token is issued and the corresponding price cannot be clearly identified, no VAT implications arise. Exchanges Income derived by crypto exchanges is considered to be trading income and treated as such. Where the provision of exchange facilities is against a fee, the supply would be VATable unless the DLT asset traded is classified as a currency or security under VAT law. Source: https://home.kpmg/mt/en/home/insights/2019/01/blockchain-tax-guidelines-in-malta.html#:~:text=As%20such%2C%20coins%20fall%20outside,income%20tax%20rate%20of%2035%25.
Where to move in Europe as a EU Citizen and business owner for lower taxes?
Hi, I live in Sweden and run a one-person company here where the taxes are pretty high (21% corporate and 70% maximum income tax rate). As a programmer, I work remotely already and my income comes from the US. I have therefore considered moving to another European country, gain tax-resident and register my company there instead. I've done some research online for European countries with low taxes and the ones that popped up are the following:
Andorra
Bulgaria
Cyprus
Czech Republic
Estonia
Ireland
Latvia
Lithuania
Luxembourg
Malta
Monaco
Montenegro
Georgia
Netherlands
Poland
Portugal
Switzerland
Out of these countries, the ones that I can think of moving to are:
Andorra
Czech Republic
Estonia
Latvia
Lithuania
Portugal
Poland
Bulgaria
I'd prefer Netherlands, Luxembourg, Switzerland, Monaco or Ireland. But the cost of living there are too high for me at the moment and you seem to need around €250.000 - 500.000 investment for residency.* Anyway, I looked into each of the other countries and here's what I got:
Andorra has a 10% tax rate for both income and corporate income. To form a company, you can apply for a Category B passive residency which requires a deposit of 50,000 EUR bond (refundable) and spending a minimum of 90 days in the country. There’s also a Category D active residency option which requires 15,000 EUR and a minimum of 183 days instead. This category seems to be aimed for people who plan to develop the business within Andorra so I’m not sure I’d qualify. I’m also more of a city person and the 3 hours to the closest airport isn’t ideal. But 90 days a year isn’t too bad and it’s right next to France and Spain. Source: https://www.expatfocus.com/destinations/andorra/guide/visas-residency, https://all-andorra.com/company-formation/, https://andorraguides.com/residency/active/
Czech Republic has Prague which I would love to move to. The corporate tax rate is at 19% while the maximum income tax rate is 53.5%. What I don’t understand is why this country is considered a tax haven in Europe. Sure, the income tax is at 15%, but if you include social, employee and healthcare taxes it’s “just” 20% lower than Sweden. Have I missed something? I did read something about reducing the income tax rate from 15% to 9% by applying a lump sum deduction if you’re self-employed. Still high compared to many countries. Source: https://en.wikipedia.org/wiki/Tax_rates_in_Europe, https://nomadcapitalist.com/2017/07/26/low-tax-countries-living-europe/
Estonia, Latvia and Lithuania are all close to Sweden which is a big plus. Lithuania is also a known start-up hub. Both Latvia and Estonia have 0% tax rate for profits that are reinvested and Estonia’s E-residence program seems to be a popular topic among digital nomads. Despite this, I can’t understand why the Baltics are so frequently mentioned when their effective tax rates are so high (>50%). Source: https://en.wikipedia.org/wiki/Tax_rates_in_Europe
Portugal is a popular tax haven for Swedish retirees. This is due to treaties and the Non-Habitual Resident program where pensions are taxed at 0%. I don't think corporations have the same benefits though since NHR is only applicable for foreign income where the source country has the power to tax you. The US cannot tax me, and neither should Sweden when I move. That leaves Portugal and I couldn't find much info on that. This leads me to believe that Portugal isn’t an ideal or common pick unless you’re a retiree. Source: https://www.globalcitizensolutions.com/nhr-portugal-tax-regime/
I’m hoping someone here can look through my list and see if I have reasoned correctly. Maybe insight from someone who has actually moved to one of the countries? I do plan to contact a tax consultant or something eventually, but I feel like I need to narrow down my list first. * To clarify this is only true for Monaco. For the other countries, I got that number with buying an apartment in mind. Moving to another country is a big commitment and I thought renting would be a bad option if I'm going to live there for several years. But that's what I'm doing in Sweden right now so with some afterthought I shouldn't have ruled out the other countries
I have been thinking about investing in ETF's specifically in Vanguard FTSE All-World UCITS ETF (USD) Accumulating I was thinking about using interactive brokers to do this. I did some research on maltese taxes and found that in Malta, apparently we have capital gains tax: "For any gains arising to the resident investor on the redemption, liquidation or cancellation of securities in a non-resident and consequently non-prescribed fund, to be eligible to be classified as investment income, disposal ought to be affected via the services of an AFI. This would enable the income to be subject to a 15% withholding tax, at the option 23 Chapter 345 of the Laws of Malta 32 of the investor. The 15% withholding tax nevertheless, would not apply in the situation that the disposal comprises a direct transfer to a third party. In the latter scenario, the Maltese resident investor is obliged to declare gains in his tax return, which gain, would consequently be subject to tax at normal rates. Capital gains on the redemption, liquidation or cancellation of units in a foreign UCITS, which are derived by a resident investor, may likewise opt to be subject to a 15% rate of tax deducted at source if such treatment is opted for by the said investor. Nonetheless, the investor ought to affect such a tax deduction via a local AFI. Moreover, the investor could also elect not to have such tax deducted by an AFI. This would consequently require the investor to declare the gain in his income tax return which would render it subject to the normal rates of tax. Here it says that in order to pay 15% (rather than the using the normal rates of tax which are higher) I would need to use a local AFI( authorised financial intermediary ). Does this mean I need to use a local broker or is there something I am missing?
March 2020 Malta has always been a financial centre of the world, home to some of the worlds largest banks, attracted by our low tax rates, financial expertise, and forward thinking legislation. To further Maltese domination in this sector, the government has announced, with great cross party support, the creation of E-Malta.
E-Malta
Malta is entering the world of online governance. E-Malta will be the single complete and comprehensive portal where people can interact with the government of Malta in a wide variety of ways. The purpose of this will be to improve the lives of citizens, enable easier communication, and promote Maltese interests both within Malta and abroad.
Structure
Users of the service will receive a smart identity card, providing the user with a unique id which can be used to digitally sign documents and prove their identity online when using the service. These cards will act as proof of their e-residency of Malta. The cards will last 3 years before a new card has to be ordered. All data in E-Malta will be encrypted with the strongest algorithms and protected using the best practices of today. The data will be stored in three large data centres in Valletta, Mdina, and Rabat. Workers at the centres will be vetted and trained to ensure leaks are impossible. Additionally, with all queries logged and digitally signed by the user, it would be difficult for data to be leaked or the service to be hacked in some other way.
For Citizens
For citizens of Malta, they can visit the portal to gain information on government affairs, update their own information held by the government, and contact government workers directly through calls, chat, and email with any concerns. Additionally, schools, universities, hospitals, and other public institutions will be invited onto the service to provide or link to relevant information. For example, schools in Malta will be able to show test results to students in E-Malta and hospitals will be able to provide doctors notes. Come election time, citizens will also be able to vote through the service. More convenient than going to a ballot box, the service will also be able to allow voters to read as much information about the candidates as they like as they take as much time as the need through the service. This service is also opened to non-citizens of Malta, including both residents in the country and outside the country. These e-residents will be able to access a lot of the same information citizens can. It is expected that journalists will use the service to assist in news reporting and tourists may want to use the service if they need assistance during their travels. Foreign citizens will likely use the service if they do business in Malta.
For Businesses
Any personal accounts can also open businesses for a nominal fee. These accounts allow streamlined access to relevant legislation and show best practices for following this legislation and protecting the rights of consumers. Additionally, businesses will make use of services for company registration, document signing, encrypted-document exchange, online banking, and tax declaration. More services will be added and expanded over the years to come.
Implementation
The project will begin immediately, with the entire portal being iteratively developed over the next few years. Users of the portal will be invited to directly interact with the project, providing feedback where necessary, in order to ensure that the portal is built to be as helpful and useful as possible. Android and Apple apps will be developed alongside the web portal. Maltese citizens gain access to the service for free, with a nominal €1.99 fee for the apps. Residents of Malta gain access to the service for €5 + €50 card fee. Non-residents of Malta have to pay a fee of €10 + €50 card fee. Any citizen can open business accounts for free whilst non-citizens pay €150. In this way, the service will be at least partially self funded.
Expected benefits
By cutting down friction and red tape between the interaction of citizens and their government provided services, it is expected that E-Malta will improve the lives of her users. And, by removing this friction between businesses and the government, we can expect an improvement to the efficiency of companies doing business in Malta, providing a boost to national economy.
Malta - no tax on crypto - EU citizen after 183 days
Could you confirm the following : If you are a EU citizen currently living in Spain or France. If you re planning to move your pimary house (rent a flat for example) in malta, it s meaning that after 183 days, you can cash out your benefits made in crypto without tax on it? herewith, the following Q&A that i found: RESIDENCY 1. Can anyone take up residence in Malta? Yes. 2. What does one have to do to take up residence? An individual must declare his intentions within 3 months from arrival by completing and submitting a form (EU or non EU) at the Immigration Division at the Police Headquarters. 3. Is he obliged to bring in a certain amount of income? The main grounds on which they can apply are economic self-sufficiency, employment and education, unless a particular residence programme is undertaken by the applicant. Economic Self-Sufficiency This criterion requires that such individuals show that they are able to provide for themselves and for their accompanying dependants by being financially stable and not being in need of any financial support from the Maltese government. The current thresholds for EU/EEA nationals are set at a minimum capital of €14,000 or a weekly income of €84.95 for single persons, and at a capital of at least €23,300 or a weekly income of €93.10 for married couples. Employment Residence in Malta may also be applied for on grounds of employment. Alternatively, an individual may opt to set up a business in Malta or opt for self-employment status. 4. Is an EU citizen who takes up residence subject to tax and at what rate? Yes. An individual is normally regarded as being a resident of Malta if during the year his stay exceeded an aggregate of 183 days in one calendar year. The rate of tax is the same as that for Maltese citizens and is based on any income (not capital), which the individual brings into Malta. Foreign residents in Malta are not taxed on their worldwide income. 5. Is there a special scheme for Permanent Residents? Yes. Both EU and non-EU citizens may apply for permanent residency. An individual may obtain a certificate from the Inland Revenue Department, which certificate is issued for an indefinite period as long as certain conditions are satisfied on an annual basis. 6. Does the rate of 15% also apply if the applicant has to pay capital gains tax? No. 7. The 3-year residency exemption still applies? Yes to the following: A) Resident who has the certificate from the Inland Revenue Department in terms of the chosen residency programme. B) Residents who have declared their intention to stay in Malta, whose stay exceed 183 days every year. Cheers !
Best crowdfunding-friendly country to start a campaign (and literally open a company to do so...)
Dear All, I came across so little public info regarding taxes on the official pages of the crowdfunding industry giants - and came to discover in the meantime that it must be some sort of American thing for a company to tell you that they can't provide you with any legal advice at all regarding the best way to use their own services, when it comes to optimizing your own taxes... Problem is that this sort of policy seems to be followed for every single country US-based crowdfunding platforms operate in, which means that info is really scarce about anything related to fiscal optimization when starting a kickstarter. Dear Reddit, maybe you'll have something more to say about it.... (besides, you probably had this discussion already, I am pretty green when it comes to Reddit - if so, please be kind enough to forgive my amateur search skills and thank you in advance for pointing me in the right direction!) Here's the thing. I understand that being a resident somewhere already qualifies me to start a campaign from that place as long as it is on the list of countries where these platforms operate. But fortunately, we also live in a world where alternatives are many and varied when it comes to picking a spot for opening a company. If I were to open a company in a place where a non-resident is actually allowed to run one, which countries would you rank as best in terms of tax rate and exemptions when it comes to actually receiving and using the income of a successful campaign? I can say already that our activity - and our product - will be all about video-gaming (albeit with physical rewards) so if you ladies & gents have some additional clues related to this sector and want to add some input regarding specific I.T. industry rates or bonuses that would stack with the tax environment for certain countries, I am all ears (or eyes, in this case). For personal family reasons that make it easier for me to operate there, any feedback and experience (good or bad) regarding crowdfunding activities in Hong-Kong and Malta would be especially appreciated. Thanks in advance! And Happy New Year to you and all your loved ones! Fish
Dear all, I would like your advice/input on a matter. I am confused by the information available online and understand that what is written in law may not always happen in reality. I am a British citizen and would like to move to Malta with a non-EU partner. From my understanding, my female companion would be legible for a tourist visa without proof of funds/hotel reservations (as the relative of an EU/EEA citizen) and upon arrival in Malta, we would be able to apply for residency permits (I believe this is required for both of us as I would like to be "grandfathered" into residency before Brexit takes place, so that after it happens, I can renew my residency or apply for citizenship instead of having to apply for a student visa/work permit as a non-EU citizen) Does citizenship take 4 or 5 years to acquire? Is it possible to get it without investing a couple hundred thousand into Malta? If we both study during this period of time and renew our residency permits, can we apply for citizenship without ever being employed in the country? I have properties in the US (under an LLC) which are rented out. The income is tax deductible so I do not owe the IRS anything. I understand that there are several types of residency in Malta, and that some would have me pay a flat rate tax, while others would have my worldwide income untaxed if it doesn't touch Malta. The territorial tax residency needs to be renewed yearly instead of every 5 years, meaning that a year after Brexit happens, I would no longer have grounds on which to claim residency in Malta. It's a mess. I want to get Maltese citizenship for me and my girlfriend while we study in Malta and at the same time not pay taxes on the US rental property income. Is this possible or is citizenship only granted to HNWIs anyways? Thanks, SAA
Best crowdfunding-friendly country to start a campaign (and literally open a company to do so...)
Dear All, I came across so little public info regarding taxes on the official pages of the crowdfunding industry giants - and came to discover in the meantime that it must be some sort of American thing for a company to tell you that they can't provide you with any legal advice at all regarding the best way to use their own services, when it comes to optimizing your own taxes... Problem is that this sort of policy seems to be followed for every single country US-based crowdfunding platforms operate in, which means that info is really scarce about anything related to fiscal optimization when starting a kickstarter. Dear Reddit, maybe you'll have something more to say about it.... (besides, you probably had this discussion already, I am pretty green when it comes to Reddit - if so, please be kind enough to forgive my amateur search skills and thank you in advance for pointing me in the right direction!) Here's the thing. I understand that being a resident somewhere already qualifies me to start a campaign from that place as long as it is on the list of countries where these platforms operate. But fortunately, we also live in a world where alternatives are many and varied when it comes to picking a spot for opening a company. If I were to open a company in a place where a non-resident is actually allowed to run one, which countries would you rank as best in terms of tax rate and exemptions when it comes to actually receiving and using the income of a successful campaign? I can say already that our activity - and our product - will be all about video-gaming (albeit with physical rewards) so if you ladies & gents have some clues and want to add some input regarding specific I.T. industry rates or bonus that would stack or amplify the potential for certain countries, I am all ears (or eyes, in this case). For personal family reasons that make it easier for me to operate there, any feedback and experience (good or bad) regarding crowdfunding activities in Hong-Kong and Malta would be especially appreciated. Thanks in advance! And Happy New Year to you and all your loved ones! Fish
Source: https://bitcointalk.org/index.php?topic=476535.msg5255853 Hello, I am in Japan and have deposited 12.499 million Yen (about USD 122,000) at MtGox from October to December 2013. I currently have 175 BTCs and 13,000 Yen in cash at their exchange. I also have a Premium status account. Please let me know how to proceed. That was most of my retirement money. Hi. My name is xxx and I live in Sweden, Malmö. I am writing for me and for my girlfriend and my dad. We all bought and sold bitcoins a last years and made some money. We have taken out some money when we need to and right now me and my girlfriend was going to buy a house and start a family so we tried to withdraw the money in January. Since the money didn't show up after 4 weeks I tried to contact them but still nothing. I hope that together with you and some others get at least some money back. If you need any proof of the withdrawals or such I can provide some of it. We had in total $49000 on the accounts. we are unsure how to proceed. Help! I have about 90 BTC and no USD in my mtgox account, which I would very much like to receive back at some point. It's only just sinking in that it might all be gone.. I can't believe I waited so long before getting it out somewhere safe, but.. here we are. Hey there, I am interested in being a plaintiff as well. I had about 70k in Mtgox in Dec due to the price explosion in November and attempted to withdraw some funds since I wasn't comfortable having that amount hosted there. I ran into the withdrawal issue back in Dec and opened a support ticket in which I got the run around until they finally officially announced what the problem was. As the moment, I don't have any $$ in Mtgox but around 180 BTC. My stomach has been in knots all week :-( Hello, at the time that the withdrawal stopped I have over $3MM in fiat at Gox. I now have ~5,400 BTC there. It maybe sizeable enough for your attorneys to consider taking on a BTC claim? In any case, if they think that I can sue based on my fiat balance prior to withdrawal suspension, based on the idea that any subsequent trading was essentially fraudulent, well then I would be interested in join the effort. Hi, My name is xxxxxx and I am from California (if that matters). I have about 650 BTC in Gox. I haven't slept in days and haven't been able to tell my wife how much I've lost. I was an early adopter, just mining in my basement, and I can't imagine all of my time and work vanishing like this. Please contact me with what I need to do I am a French citizen. I would like to know how to try and join you in reclaiming my lost funds. I had almost 100.000 EUR in my account. It will be a complete disaster for me if it is stolen. I cannot reasonably afford to lose the funds I have at Mtgox. I currently hold the majority in USD, but also significant amounts of EUR and BTC. I would like to join your action lawsui as co-paintiff. I try to keep this short since you are probably getting tons of PMs. I'm resident of Germany and I'm waiting for ~5700 Euros (~7800 US$) to be withdrawn by MTGOX. I also have about 9 BTCs on my account there. I successfully received a MTGOX-withdrawal of 990 EUR on 2013/12/30, which was ordered on 2013/12/03. I'm a student and this is almost all of my money I have left (I actually have a lot of debt, which I intended to pay back with that money). I'm really panicking right now and not sure what to do!!! I'm in Tokyo as well and I lost ~8 BTC and 500,000 in JPY. Please let me know how your case progresses and whether at any time you think it would be possible to get others involved. I really hope I can get at least some of that money back. I need it. I am very interested in your proposal of suing Mt.Gox to get what is ours. I would need to sue for more than 70000EUR or over 90000USD. The ammount depends of the bitcoin price - not the manipulated Mt.Gox price, but like the Bitcoin price index on coinbase.com. Although it would be best if Mt.Gox let me simply withdraw my more than 170BTC. So many people are angry about Mt.Gox and me too. They act like scamers. I have CSV's, screenshots + multiple records everything for owning 994.90514041 BTC through my mtgox accounts. Hi, I had 100BTC but a friend had $14000 USD on Gox. Can you put me into contact with whomever is organising the class action lawsuit? I had some 125BTC & $1000 on MtGox. I'd prefer to recover the BTC but if not possible, USD is better than nothing. Technically at the last price the total is well above the $10000 limit. Can you count me in? What should I do next? Hey, I'd like to get involved in this as well. Gox has yet to deliver a withdrawal of funds from late last year and currently has all my coins locked up because of their withdrawal lock. Email is below, let me know if you need any other info. Thanks, (originally I tried to withdraw $30,000.00, but Mt.Gox cancelled my withdraw and asked me to change to GBP. Funds never arrived Mt.Gox confirmed they were unable to wire funds, but funds are not re-instated to my account. Mt.Gox admits in the e-mail funds are mine.) I'm interested in joining as a co-P in Japan, I have $200k+ in cash balance (no bitcoins) locked up on their site right now. Let me know how many other co-Ps will be represented and the estimated legal costs. Do we have an update on the status of Mt Gox? They haven't filed for bankruptcy just yet. I'm a verified member so I'm thinking they might resume operations and just send us a check, but I'm interested in others' opinions on that. I found your post just today after the Gox closed the site. I had 10,200 USD with them, which I traded just last week for gox coin. I initially deposited USD from bank account on November 2013, and traded on Gox just about 2 weeks ago, not knowing there was a trouble to withdraw any BTC from them. I do have screen shots from last week from trading and all my history since November 2013. My initial deposits in November have been 8000 USD and 2200 USD, so whatever trading I did in last weeks was for vain since gox did not let any BTC out of the site. Current standing on my account is about 27 BTC and around 2200 USD but since gox coin was never a real BTC, as I just learnt recently, I consider Gox owing me 10200 USD which I initially deposited. I wish to be include in the class action lawsuit, I an non-us (EU) and have lost 50 BTC and 24,600€. I have 93BTC at stake in mtgox. Money used to acquire it was 29k EUR. I would like to join the lawsuit if there is any chance of getting the either the BTC or EURO-equivalent at the price determined at the time of judgement. I want to participate. I have 85 BTC on Mt Gox. Please update me and let me know, which further steps I have to take to participate. I had $28500 in, and purchased 50btc @ $570. So now I have the 49.7btc still in and no fiat. Have been waiting for withdrawal to resume to clean myself of gox forever. I was very lucky, having pulled out the bulk of my btc holdings from gox in mid-January. Please respond if whether I can or can't participate. i too am a Gox victim. I have 69 BTC stuck on Gox. At this stage i would be very reluctant to take such a haircut and convert to USD. Has the lawyer you hired totally ruled out BTC cases? Is he even taking on new cases? I have roughly $100K in my account, so it might be worth it for the lawyer to squeeze me in. I have 50BTC in MTGOX and would be interested in joining. If yes, how large would the fees be? If Mtgox is indeed gone and finished, I would like to know what the status of this suit is and who I can contact regarding it. I had about 111.777 BTC on gox. I have 158 btc on MtGox and would like to take part to your lawsuit. Most of our savings were in bitcoin, and at market rates on other exchanges, I had over $40,000 while my friends had $300,000 to 400,000. I have 154 BTC and 0 USD in MTGOX. I live in Malta but would like to know what my options are for joining your case? I'm a very credible trader who pays his American taxes yearly. I feel so stupid for holding the majority of my BTC exposure on mt gox in hindsight...... I have 301 BTC on mt gox and under $10 USD, my account on gox was a verified account as well. TL;DR: Maybe they were foolish for trusting the community too much, but they didn't deserve what they got.
Question re: registering Malta residency (EU national)
I'm a currently "no registered residence wherever" digital nomad who's considering getting a proper residence somewhere because the details of the legalities of not living anywhere make me a little scared everytime I cross the border to the US. (I'm a EU national) Looking at various countries, I've decided to try Malta (lenient tax rates, etc.). The crux is, I've read in various places that you need to prove you've either bought a house or is renting a place when you apply for the residency, but my preference, as a nomad, would be to not actually have to rent something 12m/y, of course. That said - on the actual "Application for a Registration Certificate" (link), there's no mention whatsoever of this under "7. Documents Required" (on page 3). I'm sure I'm not the only digital nomad who's sought out residency on Malta, so I was hoping somebody here might know what's what? Would it be possible to just crash at a friend's place while going there to apply and use his address for the registration? Or would I somewhere in the process also be asked to show a rental agreement/proof I've bought a house? Any advice whatsoever would be much appreciated! edit: posted about this in Malta as well (where I did get some answers): https://www.reddit.com/malta/comments/526uvs/ordinary_residency_in_malta_proof_of_renting/
Class action suit cancelled. Some personal accounts of funds people lost included...
Source: https://bitcointalk.org/index.php?topic=476535.msg5255853 FINAL UPDATE I'm sure that everyone is aware that MtGox declared bankruptcy yesterday. As such, our lawsuit is off and we, like everyone, will be filing a claim in bankruptcy court. Words cannot express my (our) disappointment in this whole debacle. Over the last week I have spoken to people from all around the world, many of whom are now facing financial catastrophe - and it is heartbreaking. It is especially disheartening given the noble endeavor we had set out to achieve. To create a financial system based on open source principals that would level the playing field for people around the world and liberate them from the various corrupt central banks sabotaging their success and financial freedom. Yet here we are, betrayed by a trust system similar to what we sought to avoid. Ultimately, I still believe in cryptocurrency technology and how it will revolutionize the financial world; but it is clear that still has a lot of growing up to do - both the protocol and the service ecosystem. As a testament to the REAL PEOPLE who've been left in the wake of this lesson, I'd like to share with you a small sample of the personal messages I received (personal information removed). Hello, I am in Japan and have deposited 12.499 million Yen (about USD 122,000) at MtGox from October to December 2013. I currently have 175 BTCs and 13,000 Yen in cash at their exchange. I also have a Premium status account. Please let me know how to proceed. That was most of my retirement money. Hi. My name is xxx and I live in Sweden, Malmö. I am writing for me and for my girlfriend and my dad. We all bought and sold bitcoins a last years and made some money. We have taken out some money when we need to and right now me and my girlfriend was going to buy a house and start a family so we tried to withdraw the money in January. Since the money didn't show up after 4 weeks I tried to contact them but still nothing. I hope that together with you and some others get at least some money back. If you need any proof of the withdrawals or such I can provide some of it. We had in total $49000 on the accounts. we are unsure how to proceed. Help! I have about 90 BTC and no USD in my mtgox account, which I would very much like to receive back at some point. It's only just sinking in that it might all be gone.. I can't believe I waited so long before getting it out somewhere safe, but.. here we are. Hey there, I am interested in being a plaintiff as well. I had about 70k in Mtgox in Dec due to the price explosion in November and attempted to withdraw some funds since I wasn't comfortable having that amount hosted there. I ran into the withdrawal issue back in Dec and opened a support ticket in which I got the run around until they finally officially announced what the problem was. As the moment, I don't have any $$ in Mtgox but around 180 BTC. My stomach has been in knots all week :-( Hello, at the time that the withdrawal stopped I have over $3MM in fiat at Gox. I now have ~5,400 BTC there. It maybe sizeable enough for your attorneys to consider taking on a BTC claim? In any case, if they think that I can sue based on my fiat balance prior to withdrawal suspension, based on the idea that any subsequent trading was essentially fraudulent, well then I would be interested in join the effort. Hi, My name is xxxxxx and I am from California (if that matters). I have about 650 BTC in Gox. I haven't slept in days and haven't been able to tell my wife how much I've lost. I was an early adopter, just mining in my basement, and I can't imagine all of my time and work vanishing like this. Please contact me with what I need to do I am a French citizen. I would like to know how to try and join you in reclaiming my lost funds. I had almost 100.000 EUR in my account. It will be a complete disaster for me if it is stolen. I cannot reasonably afford to lose the funds I have at Mtgox. I currently hold the majority in USD, but also significant amounts of EUR and BTC. I would like to join your action lawsui as co-paintiff. I try to keep this short since you are probably getting tons of PMs. I'm resident of Germany and I'm waiting for ~5700 Euros (~7800 US$) to be withdrawn by MTGOX. I also have about 9 BTCs on my account there. I successfully received a MTGOX-withdrawal of 990 EUR on 2013/12/30, which was ordered on 2013/12/03. I'm a student and this is almost all of my money I have left (I actually have a lot of debt, which I intended to pay back with that money). I'm really panicking right now and not sure what to do!!! I'm in Tokyo as well and I lost ~8 BTC and 500,000 in JPY. Please let me know how your case progresses and whether at any time you think it would be possible to get others involved. I really hope I can get at least some of that money back. I need it. I am very interested in your proposal of suing Mt.Gox to get what is ours. I would need to sue for more than 70000EUR or over 90000USD. The ammount depends of the bitcoin price - not the manipulated Mt.Gox price, but like the Bitcoin price index on coinbase.com. Although it would be best if Mt.Gox let me simply withdraw my more than 170BTC. So many people are angry about Mt.Gox and me too. They act like scamers. I have CSV's, screenshots + multiple records everything for owning 994.90514041 BTC through my mtgox accounts. Hi, I had 100BTC but a friend had $14000 USD on Gox. Can you put me into contact with whomever is organising the class action lawsuit? I had some 125BTC & $1000 on MtGox. I'd prefer to recover the BTC but if not possible, USD is better than nothing. Technically at the last price the total is well above the $10000 limit. Can you count me in? What should I do next? Hey, I'd like to get involved in this as well. Gox has yet to deliver a withdrawal of funds from late last year and currently has all my coins locked up because of their withdrawal lock. Email is below, let me know if you need any other info. Thanks, (originally I tried to withdraw $30,000.00, but Mt.Gox cancelled my withdraw and asked me to change to GBP. Funds never arrived Mt.Gox confirmed they were unable to wire funds, but funds are not re-instated to my account. Mt.Gox admits in the e-mail funds are mine.) I'm interested in joining as a co-P in Japan, I have $200k+ in cash balance (no bitcoins) locked up on their site right now. Let me know how many other co-Ps will be represented and the estimated legal costs. Do we have an update on the status of Mt Gox? They haven't filed for bankruptcy just yet. I'm a verified member so I'm thinking they might resume operations and just send us a check, but I'm interested in others' opinions on that. I found your post just today after the Gox closed the site. I had 10,200 USD with them, which I traded just last week for gox coin. I initially deposited USD from bank account on November 2013, and traded on Gox just about 2 weeks ago, not knowing there was a trouble to withdraw any BTC from them. I do have screen shots from last week from trading and all my history since November 2013. My initial deposits in November have been 8000 USD and 2200 USD, so whatever trading I did in last weeks was for vain since gox did not let any BTC out of the site. Current standing on my account is about 27 BTC and around 2200 USD but since gox coin was never a real BTC, as I just learnt recently, I consider Gox owing me 10200 USD which I initially deposited. I wish to be include in the class action lawsuit, I an non-us (EU) and have lost 50 BTC and 24,600€. I have 93BTC at stake in mtgox. Money used to acquire it was 29k EUR. I would like to join the lawsuit if there is any chance of getting the either the BTC or EURO-equivalent at the price determined at the time of judgement. I want to participate. I have 85 BTC on Mt Gox. Please update me and let me know, which further steps I have to take to participate. I had $28500 in, and purchased 50btc @ $570. So now I have the 49.7btc still in and no fiat. Have been waiting for withdrawal to resume to clean myself of gox forever. I was very lucky, having pulled out the bulk of my btc holdings from gox in mid-January. Please respond if whether I can or can't participate. i too am a Gox victim. I have 69 BTC stuck on Gox. At this stage i would be very reluctant to take such a haircut and convert to USD. Has the lawyer you hired totally ruled out BTC cases? Is he even taking on new cases? I have roughly $100K in my account, so it might be worth it for the lawyer to squeeze me in. I have 50BTC in MTGOX and would be interested in joining. If yes, how large would the fees be? If Mtgox is indeed gone and finished, I would like to know what the status of this suit is and who I can contact regarding it. I had about 111.777 BTC on gox. I have 158 btc on MtGox and would like to take part to your lawsuit. Most of our savings were in bitcoin, and at market rates on other exchanges, I had over $40,000 while my friends had $300,000 to 400,000. I have 154 BTC and 0 USD in MTGOX. I live in Malta but would like to know what my options are for joining your case? I'm a very credible trader who pays his American taxes yearly. I feel so stupid for holding the majority of my BTC exposure on mt gox in hindsight...... I have 301 BTC on mt gox and under $10 USD, my account on gox was a verified account as well.
Looking for information about au pair in Malta (as a host family)
Hello everyone Does anyone here have any experience with the regulations around hosting an au pair in Malta? Specifically one from outside of Europe, who will need some kind of visum to stay in Malta? We're thinking of inviting a girl from Colombia to stay with us (family with 2 kids under 3 years old) for approximately 1 year. Since I'm not finding a lot of info about it, is this au pair thing not so common in Malta? Now, what kind of visum would be required for a non-EU au pair to be able to stay in Malta? Tourist visum is out of the question as it only allows entry for 90 days. Ordinary Residence only applies to people coming to Malta from the EU. Does that mean the au pair needs to apply for a permanent residence in Malta? Or are there any other visa options not listed on the gov.mt website, probably not? As for employment, I've been doing some research and according to the website of GVZH advocates, au pairs don't need a working permit, which means (I think) we don't need to officially employ her? Would that assumption be correct? From the site directly:
The following categories of employees do not need to apply for a work permit in order to reside and work in Malta: employees who will not normally or habitually be carrying out work in Malta, such as seasonal workers or au pairs.
An au pair would receive room and board + an allowance and maybe some other benefits (use of car, English classes, etc.). I have a hard time finding anything about how this type of remuneration would be looked at regarding taxes, etc. Assuming she will be a permanent resident but without official employment, is it correct that the au pair will need to file a tax return in Malta, but since the amount earned is under 8500 euro yearly, the tax rate is 0% and no taxes need to be paid? Just as a bonus question: do we get to offset this cost somewhere in our tax returns? Any input concerning any of these points (or things I might not have thought about yet) are welcome! Thanks for reading this far!
Final update on that class action suit opened against Gox
Source: https://bitcointalk.org/index.php?topic=476535.msg5255853 FINAL UPDATE I'm sure that everyone is aware that MtGox declared bankruptcy yesterday. As such, our lawsuit is off and we, like everyone, will be filing a claim in bankruptcy court. Words cannot express my (our) disappointment in this whole debacle. Over the last week I have spoken to people from all around the world, many of whom are now facing financial catastrophe - and it is heartbreaking. It is especially disheartening given the noble endeavor we had set out to achieve. To create a financial system based on open source principals that would level the playing field for people around the world and liberate them from the various corrupt central banks sabotaging their success and financial freedom. Yet here we are, betrayed by a trust system similar to what we sought to avoid. Ultimately, I still believe in cryptocurrency technology and how it will revolutionize the financial world; but it is clear that still has a lot of growing up to do - both the protocol and the service ecosystem. As a testament to the REAL PEOPLE who've been left in the wake of this lesson, I'd like to share with you a small sample of the personal messages I received (personal information removed). Hello, I am in Japan and have deposited 12.499 million Yen (about USD 122,000) at MtGox from October to December 2013. I currently have 175 BTCs and 13,000 Yen in cash at their exchange. I also have a Premium status account. Please let me know how to proceed. That was most of my retirement money. Hi. My name is xxx and I live in Sweden, Malmö. I am writing for me and for my girlfriend and my dad. We all bought and sold bitcoins a last years and made some money. We have taken out some money when we need to and right now me and my girlfriend was going to buy a house and start a family so we tried to withdraw the money in January. Since the money didn't show up after 4 weeks I tried to contact them but still nothing. I hope that together with you and some others get at least some money back. If you need any proof of the withdrawals or such I can provide some of it. We had in total $49000 on the accounts. we are unsure how to proceed. Help! I have about 90 BTC and no USD in my mtgox account, which I would very much like to receive back at some point. It's only just sinking in that it might all be gone.. I can't believe I waited so long before getting it out somewhere safe, but.. here we are. Hey there, I am interested in being a plaintiff as well. I had about 70k in Mtgox in Dec due to the price explosion in November and attempted to withdraw some funds since I wasn't comfortable having that amount hosted there. I ran into the withdrawal issue back in Dec and opened a support ticket in which I got the run around until they finally officially announced what the problem was. As the moment, I don't have any $$ in Mtgox but around 180 BTC. My stomach has been in knots all week :-( Hello, at the time that the withdrawal stopped I have over $3MM in fiat at Gox. I now have ~5,400 BTC there. It maybe sizeable enough for your attorneys to consider taking on a BTC claim? In any case, if they think that I can sue based on my fiat balance prior to withdrawal suspension, based on the idea that any subsequent trading was essentially fraudulent, well then I would be interested in join the effort. Hi, My name is xxxxxx and I am from California (if that matters). I have about 650 BTC in Gox. I haven't slept in days and haven't been able to tell my wife how much I've lost. I was an early adopter, just mining in my basement, and I can't imagine all of my time and work vanishing like this. Please contact me with what I need to do I am a French citizen. I would like to know how to try and join you in reclaiming my lost funds. I had almost 100.000 EUR in my account. It will be a complete disaster for me if it is stolen. I cannot reasonably afford to lose the funds I have at Mtgox. I currently hold the majority in USD, but also significant amounts of EUR and BTC. I would like to join your action lawsui as co-paintiff. I try to keep this short since you are probably getting tons of PMs. I'm resident of Germany and I'm waiting for ~5700 Euros (~7800 US$) to be withdrawn by MTGOX. I also have about 9 BTCs on my account there. I successfully received a MTGOX-withdrawal of 990 EUR on 2013/12/30, which was ordered on 2013/12/03. I'm a student and this is almost all of my money I have left (I actually have a lot of debt, which I intended to pay back with that money). I'm really panicking right now and not sure what to do!!! I'm in Tokyo as well and I lost ~8 BTC and 500,000 in JPY. Please let me know how your case progresses and whether at any time you think it would be possible to get others involved. I really hope I can get at least some of that money back. I need it. I am very interested in your proposal of suing Mt.Gox to get what is ours. I would need to sue for more than 70000EUR or over 90000USD. The ammount depends of the bitcoin price - not the manipulated Mt.Gox price, but like the Bitcoin price index on coinbase.com. Although it would be best if Mt.Gox let me simply withdraw my more than 170BTC. So many people are angry about Mt.Gox and me too. They act like scamers. I have CSV's, screenshots + multiple records everything for owning 994.90514041 BTC through my mtgox accounts. Hi, I had 100BTC but a friend had $14000 USD on Gox. Can you put me into contact with whomever is organising the class action lawsuit? I had some 125BTC & $1000 on MtGox. I'd prefer to recover the BTC but if not possible, USD is better than nothing. Technically at the last price the total is well above the $10000 limit. Can you count me in? What should I do next? Hey, I'd like to get involved in this as well. Gox has yet to deliver a withdrawal of funds from late last year and currently has all my coins locked up because of their withdrawal lock. Email is below, let me know if you need any other info. Thanks, (originally I tried to withdraw $30,000.00, but Mt.Gox cancelled my withdraw and asked me to change to GBP. Funds never arrived Mt.Gox confirmed they were unable to wire funds, but funds are not re-instated to my account. Mt.Gox admits in the e-mail funds are mine.) I'm interested in joining as a co-P in Japan, I have $200k+ in cash balance (no bitcoins) locked up on their site right now. Let me know how many other co-Ps will be represented and the estimated legal costs. Do we have an update on the status of Mt Gox? They haven't filed for bankruptcy just yet. I'm a verified member so I'm thinking they might resume operations and just send us a check, but I'm interested in others' opinions on that. I found your post just today after the Gox closed the site. I had 10,200 USD with them, which I traded just last week for gox coin. I initially deposited USD from bank account on November 2013, and traded on Gox just about 2 weeks ago, not knowing there was a trouble to withdraw any BTC from them. I do have screen shots from last week from trading and all my history since November 2013. My initial deposits in November have been 8000 USD and 2200 USD, so whatever trading I did in last weeks was for vain since gox did not let any BTC out of the site. Current standing on my account is about 27 BTC and around 2200 USD but since gox coin was never a real BTC, as I just learnt recently, I consider Gox owing me 10200 USD which I initially deposited. I wish to be include in the class action lawsuit, I an non-us (EU) and have lost 50 BTC and 24,600€. I have 93BTC at stake in mtgox. Money used to acquire it was 29k EUR. I would like to join the lawsuit if there is any chance of getting the either the BTC or EURO-equivalent at the price determined at the time of judgement. I want to participate. I have 85 BTC on Mt Gox. Please update me and let me know, which further steps I have to take to participate. I had $28500 in, and purchased 50btc @ $570. So now I have the 49.7btc still in and no fiat. Have been waiting for withdrawal to resume to clean myself of gox forever. I was very lucky, having pulled out the bulk of my btc holdings from gox in mid-January. Please respond if whether I can or can't participate. i too am a Gox victim. I have 69 BTC stuck on Gox. At this stage i would be very reluctant to take such a haircut and convert to USD. Has the lawyer you hired totally ruled out BTC cases? Is he even taking on new cases? I have roughly $100K in my account, so it might be worth it for the lawyer to squeeze me in. I have 50BTC in MTGOX and would be interested in joining. If yes, how large would the fees be? If Mtgox is indeed gone and finished, I would like to know what the status of this suit is and who I can contact regarding it. I had about 111.777 BTC on gox. I have 158 btc on MtGox and would like to take part to your lawsuit. Most of our savings were in bitcoin, and at market rates on other exchanges, I had over $40,000 while my friends had $300,000 to 400,000. I have 154 BTC and 0 USD in MTGOX. I live in Malta but would like to know what my options are for joining your case? I'm a very credible trader who pays his American taxes yearly. I feel so stupid for holding the majority of my BTC exposure on mt gox in hindsight...... I have 301 BTC on mt gox and under $10 USD, my account on gox was a verified account as well.
A flat tax rate of 15% is charged on foreign income remitted to Malta while income which arises in Malta is taxed at a flat tax rate of 35%. In addition, a minimum annual tax of EUR 15,000 is payable (versus the EUR 25,000 for the main applicant and EUR 5,000 for each dependent under the HNWI residence scheme). There are tax brackets in Malta and the top bracket pays 35% of their above-threshold income. For our purposes, the most interesting aspect of the tax system are Malta’s tax rates on foreign residents of Malta. Single Rates; 0: 9,100: 0%: 0 : 9,101: 14,500: 15%: 1,365 : 14,501: 19,500: 25%: 2,815 : 19,501: 60,000: 25%: 2,725 : 60,001: and over: 35%: 8,725 : Married Rates; 0 Income tax rates in Malta now updated with 2018 official rates. These tax categories apply to single, married, parent, divorced, separated and widowed persons. The Income tax rates and personal allowances in Malta are updated annually with new tax tables published for Resident and Non-resident taxpayers. The Tax tables below include the tax rates, thresholds and allowances included in the Malta Tax Calculator 2019. From 2018-19 the 32.5% ceiling has been lifted from $87,000 to $90,000. The 2018-19 financial year is from 1 July 2018 to 30 June 2019. Non-residents Tax Rates 2018-19. Taxable income. Tax on this income (new scale) $0 – $90,000. 32.5c for each $1. $90,001 – $180,000. $29,250 + 37c for each $1 over $90,000. They will be taxed as residents but not domiciled companies. Non- resident companies making profits in the country will be applied the same dividend tax as resident companies. Maltese non-resident companies distributing dividends to its shareholders may also apply for tax refunds. The dividend tax rates in Malta. The corporate tax rate in Malta The Global Residence Programme is aimed at attracting more third country national individuals in taking up residence in Malta without taking up employment in Malta, with foreign-source income remitted to Malta by the beneficiary or its dependants being taxed at a flat rate of 15%, subject to a minimum tax of EUR 15,000 per annum. Tax Rates for Non Residents The following tables should be used by taxpayers not residing in Malta for computing the amount of tax on their chargeable income in the respective basis year. Tax Rates - 2008 A person who is a Malta tax resident but not domiciled in Malta for tax purposes is charged the standard progressive rate of tax on any income arising in Malta. However, on any income arising outside Malta received in (i.e. remitted to) Malta is a fixed tax rate of 15%.
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