Nationals (Amendment) Rules, 2012

L.N. 42 of 2012

INCOME TAX ACT

(CAP. 123)

High Net Worth Individuals - Non-EU/Non-EEA/Non-Swiss

Nationals (Amendment) Rules, 2012

IN exercise of the powers conferred by articles 56(23) and 96 of

the Income Tax Act, the Minister of Finance, the Economy and

Investment has made the following rules

(1) The title of these rules is the High Net Worth

Individuals - Non-EU/Non-EEA/Non-Swiss Nationals (Amendment)

Rules, 2012, and these rules shall be read and construed as one with

the High Net Worth Individuals - Non-EU/Non-EEA/Non-Swiss

Nationals Rules, hereinafter referred to as "the principal rules".

(2) These rules shall be deemed to have come into force on 1st

January, 2011.

Rule 2 of the principal rules shall be amended as follows

(a)

in the definition "authorised mandatory", for the

words "a person who is a member of the Malta Institute of

Management;" there shall be substituted the words "a person

who is a member of the Malta Institute of Accountants or a

person who is a member of the Institute of Management:", and

immediately thereafter there shall be added the following new

proviso

"Provided that a person that is not an individual,

having at least 75% (directly or indirectly) of its

shareholders, partners or other members, as the case may

be, who are persons in possession of the above-mentioned

warrants or being a member of the above-mentioned

institutes, shall also be considered to be an authorised

mandatory;";

(b) in the definition "qualifying owned property", for

the words "after 14 September 2011" there shall be substituted

the words "after 1 January 2011"; and

(c)

in the definition "qualifying rented property" for the

words "per annum;" there shall be substituted the words "per

annum:", and immediately thereafter there shall be added the

following new proviso

"Provided that, for the purposes of this definition,

the Commissioner shall have discretion, upon good cause

being shown, to treat a property covered by a lease

agreement entered into prior to 14 September 2011 for an

amount of not less than €4,150 per annum, by a person

who filed an application under the Residents Scheme

Regulations which was duly received and acknowledged

by the Commissioner before 14 September 2011, as a

leased property by an applicant as aforesaid if a copy of the

relative lease agreement, attested by a notary or advocate,

is deposited with the Commissioner by not later than 31

March 2012;".

In sub-rule (1) of rule 3 of the principal rules, for the words Amends rule 3

"An individual, as duly represented" there shall be substituted the of

rules.

words "An individual who is not a long-term resident, as duly

represented".

Rule 4 of the principal rules shall be amended as follows

Amends rule 4

of the principal

rules.

(a)

paragraph (b) thereof shall be substituted by the

following new paragraph

"(b) in the case of a person who declares that he

does not intend to become a long-term resident, he does

not spend more than nine months in Malta in any calendar

year;";

(b) paragraphs (c) to (j) thereof shall be renumbered as

paragraphs (d) to (k) respectively; and

(c)

immediately after paragraph (b) thereof, there shall

be added the following new paragraph

"(c) in the case of a person who declares that he

intends to become a long-term resident, he is a party to a

qualifying contract;".

Sub-rule (1) of rule 6 of the principal rules shall be Amends rule 6

of the principal

amended as follows

rules.

(a)

paragraph (e) thereof shall be substituted by the

following new paragraph

"(e) if such person had declared that he does not

intend to become a long-term resident and spends more

than nine months in Malta in a calendar year;";

(b)

paragraph (g) thereof shall be deleted;

(c)

paragraph (f) thereof shall be renumbered as

paragraph (g);

(d) immediately after paragraph (e) thereof, there shall

be added the following new paragraph

"(f) if such person had declared that he intended

to become a long-term resident, is granted long-term

residency status and ceases to be a party to the qualifying

contract;"; and

(e) in paragraph (i) thereof the words "and fails

to provide documentary proof to this effect" shall be

deleted.

€0.36