Lol

I think luckyjimm is on to something.

Is Bonomo gonna dump his US citizenship?

[cross posted]

New Residency Scheme Announced for wealthy non-EU citizens. It has more strict requirements than the previous scheme.

Just got the info from my accountant. You can PM me for his contact details if you want a recommendation for a knowledgeable guy with very fair rates.

-----------

A high net worth individuals’ scheme was launched by Finance Minister Tonio Fenech this morning to replace the permanent residence scheme, which was suspended abruptly at the beginning of the year. Mr Fenech said the new scheme will not attract people to come here simply to buy property but people who would also contribute to the local economy.
Under the new rules, the property bought by foreigners had to be worth a minimum of €400,000, up from the previous minimum of €116,000. Moreover, people buying property under the new scheme had to spend a minimum of 90 days per year living in Malta. Mr Mario Borg, from the Inland Revenue Department, explained that there were going to be two sets of rules, one for EU nationals and one for third country nationals.
EU nationals
· These had to spend a minimum of €400,000 on the purchase of property or €20,000 a year in rent;
· They had to have health insurance recognised across Europe;
· Pay an application fee of €6,000 to cover fees the government will be incurring through a sub-contracted international firm to do the 'fit and proper' test to check whether the applicant is 'desirable';
· The application forms can only be submitted by Maltese warrant holders registered with the Inland Revenue Department as authorised people;
· EU Nationals had to reside in Malta for a minimum of 90 days per year;
· Pay 15 per cent tax on foreign income and normal tax on any local income;
· The minimum tax payable was €20,000 a year and €2,500 tax per dependant.
Non-EU residents
· These also had to keep renewing their visa every three months or enter into a contract with the government with a financial bond of €500,000 and €150,000 per dependent, to effectively purchase permanent residency after five years, when the money will become the government's;
· Their minimum tax payment will be € 25,000 a year;
Existing Permanent Residents, Mr Borg said, will not lose their status unless they sold their property.

------

I went this summer and would agree with that. All I would add is that it is a very small island and they are genetically unable to drive.

hahahahahaha

He always did enjoy Malta-entry.

Free Tax... Goto love Malta

Correct, still would file a tax return though with zero taxable income.

So you think my buddy who was born in the USA and still has a passport, but has lived in Australia, pretty much his whole life and has worked in Australia for the last 24 years but never paid a cent to the US govt, owes them tax?

He visits regularly and has never heard a whisper from them about it.

Good luck to Mr. Bonomo, seems like a solid choice.

If he`s employed in Oz then he pays taxes there instead of to the US. Since there`s a double taxation treaty that fulfills his tax obligation. The US has an extremely low tax rate compared to other first world countries, despite the claims of its citizens, which helps to explain its massive and hopeless deficit. So if you get a job in another first world country as an American then you probably don`t owe anything extra to the US gov`t.

However, if an American moves to a tax haven where their income is not taxed, such as is the case for gamblers in the UK or Malta, for example, then they should still owe tax on most of their earnings to the US government. This is my understanding of the situation anyways, but I am not an expert or an American. If I was, I definitely would not be paying any taxes on poker winnings ever again out of principle due to them trying to destroy online poker.

Your friend won't owe taxes, but that is what they are doing to canadians now. irs is requiring canadian banks to report all accounts held by US citizens. maybe they'll crack down on aussies next.

https://www.theglobeandmail.com/news...rticle2171697/

You don't even know what he did and you wrote this manifeso berating him? Justin was a major scapegoat for the sites who wanted to crack down at the time when it was ambiguously against the rules. If everyone were like Justin, poker would've never had a bad word said against it.

No worries, he has steering wheels in all four seats.

Except for all the bad words people said about poker relating to Justin.

In reply to gobbo, Justin definitely deserves a second chance but what he did was pretty unethical and I think justly deserved the criticism he got.

gold