A new agreement between Malta and Ireland is set to have a positive impact for overseas property investors and those seeking to trade between the two countries. Malta and Ireland have signed a convention on double taxation which aims to avoid double taxation and to prevent fiscal evasion. It is expected to have a positive impact on commercial activities between the two countries.
Malta’s Foreign Affairs Minister Tonio Borg said that the signing was an important development in bilateral relations with Ireland and one which would further consolidate Malta’s network of tax agreements already in place with other European countries.
Malta’s entry into the euro zone in 2008 has strengthened its appeal to international investors and secured ever greater economic stability. Malta has been commended by the EU and IMF for its consistent and prudent economic and structural reforms in recent years.
The island gives international firms an excellent services and communications infrastructure and offers the benefits of an exemplary regulatory environment plus a network of double taxation agreements. Malta now has double taxation agreements with some 50 countries.
Malta has a lot to offer; a stable Government, good tax system, excellent infrastructure, a skilled workforce of English speaking locals and an enviable lifestyle together with a clement climate.
These are the reasons that businesses are coming to the island, tourism is increasing and why people are looking to the island to live.
Take for instance, David Prizeman, who was originally from Dublin and first visited Malta in 1990. It was to be the start of a long standing love affair with the island, that 10 years later led him to make his first property investment on the island.
Now permanently based in Malta, David has invested in a property at Tigne Point, which is part of a 450 million Euro brown field regeneration programme offering panoramic views over the capital Valletta. Tigne Point is a premier lifestyle development combining residential, commercial and leisure facilities all within a 30 acre pedestrian car free zone.
David said, “Tigne Point caught my attention because a regeneration programme of this magnitude, in such a sought after location, ticked all of the boxes for my investment requirements. Knowing Malta as I now do, I would compare Tigne Point to Ballsbridge in Dublin, an area renowned for good capital appreciation and superb letting potential.”
James Vassallo Senior Sales Manager for Tigne Point Marketing Ltd said, “Malta is unquestionably becoming far more cosmopolitan than it has ever been before. We regularly receive up to 1.2 million tourists per year and this figure is growing as Malta continues to attract discerning tourists, investors and new businesses from overseas. Developments such as Tigne Point further enhance Malta’s reputation as a second home destination where quality of life and convenience take centre stage. Malta is attracting a whole new wave of international property buyers drawn by the unique lifestyle of the islands.”
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