Anyone living in / trading from Malta?

This is a discussion on Anyone living in / trading from Malta? within the Meetups forums, part of the Trading Career category; Originally Posted by S+Rtrader I made a mistake when I wrote that my internet connection costs €500/mo. Left one zero ...

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Old Nov 6, 2016, 4:03am   #17
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Quote:
Originally Posted by S+Rtrader View Post
I made a mistake when I wrote that my internet connection costs €500/mo. Left one zero out! My line costs €5,000/mo or €60,000/year. I have a dedicated symmetrical line (fibre optics) with ultra low latency and 24 hr technical support. It does work exceedingly well. Sorry about that!

5k a month for internet connection?!
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Old Nov 6, 2016, 4:36am   #18
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Originally Posted by S+Rtrader View Post
I'm a full time trader. My trading became systematic profitable 5 years ago. I was living in Europe, at a high tax jurisdiction, paying 30% tax on my trading profits. I day trade one European market (bond futures) and swing trade 3 other markets (1/2 trades a week on each, also futures - one is a currency, the other a metal and the third an index tracker). I moved to MALTA two years ago with my wife. We're in our early 50's.
- I spend about €150,000/year in our living expenses - initially we rented out a 3- bedroom flat at PORTOMASO MARINA (€4,000/mo) and now we bought one (€1.5M);
- My profits allow me to buy more than one of these flats every year. I don't. I save it;
- We keep a motor cruiser right at the marina and it takes less than 5 min to leave the flat and hop in. The boat costs €60,000/yr in diesel/berthing/maintenance/insurance, etc. We ride 150 hrs/year. Costs €400,000 and is 40- ft long;
- We ride the boat at least 3 times a week, one of which we go to Gozo and spend the night at the Kempinsky - another world class hotel with superb food, but there's plenty of superb restaurants every where;
- Every now and then we rent a sail yacht 50 to 60- ft and we go to Italy. Last summer we spent 3 weeks touring a few Greek islands in one;
- We have a 300 mb fiber optics connection which works superbly well. It is expensive, about €500/mo, but I have direct connections with a) the trading software server in the US and b) the data server also in the US (I use a separate software-data combo). also I download about 20,000 Gb/mo;
- Next to our apartment complex we have the world class HILTON with a superb health club and 3 pools, one of which is enormous and filled with salt water right next to the sea;
- At the apartment complex we have world class restaurants - Japanese, Italian, Brazilian, etc;
- Also next to the apartment complex we have a world class, expensive, exclusive shopping centre, at the PORTOMASO TOWER;
- Malta is super safe and people are very nice, nothing to do with the people form London or Paris or any other large city, especially German cities where people are also not nice at all. And I'm not surprised since everyone is running the rat race;
- We have branches of world class banks - British, German, Austrian,etc;
- Our airport has direct flights to most major European cities. We often go to Berlin for a night out at the Philarmonie, Paris for a Ballet at L'Opera Garnier, London to the Covent Garden and Royal Festival Hall or shopping in Madrid, Barcelona, etc;
- Don't have a car. Don't need one! In Psain,at the Jarama circuit you can "practice" in a racing car ... I did that ... but am not into cars at all, much prefer boats! My dad was a god yachtsman and I spent many days at sea with him. We had a variety of boats in South Africa - a sky boat, a small sail yacht and two dingies - Snipe and Flying Dutchman. so for me sailing is second nature almost!
- You can speak English all day long with almost every one. I now speak Italian. Lovely language!
- There's NO TAX on profits. NONE whatsoever. I can even own and be the managing director of a BVI IBC if I want to. You can own, benefit, control, etc, etc, foundations, trusts, ltd companies, etc anywhere in the offshore world. You can set up a foundation to be a vehicle for your retirement fund and receive payments tax free since those will be donations or loans.
MALTA is a lot cheaper than MONACO and offers all the same facilities, benefits at a fraction of the cost, about 1/10. I know I went there. Our flat in Malta costs at least €15M in Monaco and berthing is at least 5 times more, and so on.
If you want to know more about Malta ask me. Please don't ask me if your pension is taxed in Malta. I don't know. And don't want to know.
For visuals on where we live go here:
https://www.google.com/search?q=imag...w=1021&bih=857
Right next to the Marina, the Hilton:
https://www.google.com/search?q=imag...s+hilton+malta
I'm a citizen of Portugal, born in Mozambique (Portuguese East Africa), educated in South Africa (high school), university studies in Chicago (BA), New York (MA) and London (MBA, PgDip). Lived and worked in London for almost 20 years.
Best wishes.
Do you have photo's of your boat please?
Leave the boat name off for obvious reasons.

Great set up you have there.
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Old Nov 6, 2016, 4:49am   #19
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Sounds like a criminal banker from the city or a martingale trader/punter .
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Old Mar 21, 2017, 11:05pm   #20
 
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Quote:
Originally Posted by S+Rtrader View Post
I'm a full time trader.
[...]
- There's NO TAX on profits. NONE whatsoever.
[...]
If you want to know more about Malta ask me.
Thank you for your detailed post.
Could you please tell me what you can say to following post:

Dear Inland Revenue,
I understand that non-domiciled foreign holders of a permanent residency permit in Malta are taxable on a remittance basis only.
Question: Is trading income from trading US equities through a US broker considered foreign-sourced income?
Qualifications:
The exchanges, the securities, the broker and the gains are located abroad
The person doing the trading is located in Malta
Your help is greatly appreciated.
Thank you.

I finally received the answer from the Malta Inland Revenue Department:
“Any trading income that is made while one is residing physically in Malta is considered as income arising in Malta and taxable in Malta
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Old Mar 21, 2017, 11:16pm   #21
 
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http://www.trade2win.com/boards/home...ed-income.html
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Old Mar 25, 2017, 2:10pm   #22
 
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Investing in income-producing financial instruments (stocks, bonds, funds,...) is not taxed if the source is outside of Malta. To be still considered as "private wealth management" one should not buy/sell too often. That is safe.

What S+Rtrader is doing is really trading. This could be considered as running a business. But I assume he got expert advice, that he can carry on his activity in Malta without paying taxes. It always depends on the individual circumstances.

I am an "investor" (not a trader) staying in Malta for 8 years. Started really small (e.g. 230€ rent a month for a flat), but my investments paid off and I hope will still pay off.
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