An article in the UK’s Times newspaper flagged how several Britons are relocating to Malta for tax-related reasons. The report said interest in relocating to Malta has risen since the UK’s Labour government abolished the nom-dom status, which had allowed UK residents domiciled outside the country to benefit from favourable tax treatment. It highlighted schemes like the Malta Global Residence Programme, which offers Britons and other non-EU nationals a flat 15% tax rate on any income, including pensions, remitted to Malta. With tax-free gains from overseas assets, no inheritance, wealth, estate or capital gains tax, and access to Malta’s state healthcare, the scheme was described as particularly attractive. Tax advisor Jamie Favell told the Times that their wealthy clients have grown very unsettled at the UK’s changing tax landscape and many are considering leaving the country.
