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By ATM using Halifax Clarity Card

Look into HSBC we have both English and Maltese a/c and seems to be a good way

Hi GeorgeinGozo
Never heard of the clarity card, is it similar to a credit or debit card,is there a service fee on this card? What are the charges for withdrawals.
Thanks
JTJ

It's a credit card with noloading for overseas transactions,  no annual fee

i think fair fx do a similar thing where you can load a card up in the UK in Euros and spend it here like a credit card - atms and shops etc.

the hsbc global bank account mechanism (conditons applied) used to be good but they charge the same as everyone else now.

sometimes its better to use a currency exchange company such as torfx fairfx moneycorp wit one off transctions or regular monthly ones - or if you can bring sterling cash local shops are offering better rates than the banks

George - re Clarity card info, thank you for link, excellent site. However, anyone accessing this info, note that the APR of the Clarity card is 17.9 not 12.9 as stated in their comparison. Still a very competitive card though.

Prepaid Euro Debit Card.  iceplc.com No charges.

Ps bear in mind that however you bring income into Malta,  it has to be declared to the taxman if you are resident

the key word is "income" ie wages, pensions both private and state etc  - not capital

Western Union also Have a business Solutions side that could also work on Monthly Transactions.  You can also set Spot rates and fixed rates aswell. (Travelex are now owned by WU)

Julian

If moving permanently I agree but if visiting then anyway one chooses. I have opened an HSBC account in UK, will declare myself a non UK tax payer get HSBC to transfer our accounts to branch in Victoria and declare all my income. I believe that anyone permanently living in another country should contribute, quite apart from the illegality of any deliberate avoidance.
I go back to UK for 3 months to terminate our affairs there then back again for good. 'Parting is such sweet sorrow' :-)

Haha... Mik it seems you have grasped the Maltese way already

Just thinking on about this regarding tax. My understanding is (and I have done some research) I can split our incomes between UK & Malta. What income I bring into Malta, via HSBC and not taxed at source in UK, I declare and pay Malta Tax at the relevant rate.
What incomes I leave in our UK accounts and choose to declare to UK for tax purposes at source and NOT bring in to Malta, remains our capital outside Malta and not subject to Malta taxation.
I am right aren't I? Please say yes!!

Yes

redmik wrote:

Just thinking on about this regarding tax. My understanding is (and I have done some research) I can split our incomes between UK & Malta. What income I bring into Malta, via HSBC and not taxed at source in UK, I declare and pay Malta Tax at the relevant rate.
What incomes I leave in our UK accounts and choose to declare to UK for tax purposes at source and NOT bring in to Malta, remains our capital outside Malta and not subject to Malta taxation.
I am right aren't I? Please say yes!!

This is from HMC regarding residency and tax -

Remittance basis
This is an alternative basis of taxation which you can use only if you are resident in the UK but not domiciled in the UK, or if you are resident but not ordinarily resident in the UK.
If you use the remittance basis, your foreign income and foreign chargeable gains (where you are a non-UK domiciled individual) are subject to UK Income Tax or Capital Gains Tax only when remitted to the UK.
Resident
There is currently no legal definition of residence for tax purposes. The current rules are based on a mixture of legislation and case law. Residence, in part, depends on the amount of time an individual spends in the UK. However, other non-time factors can be significant, such as accommodation, family, economic interests and social ties. The booklet Residence, Domicile and the Remittance Basis (HMRC6) gives more detail.

So I guess you can do as you say but do you have to let the Maltese tax people know?

Terry

Thanks folks

tax avoidance is legal (and i mean legal avoidance such as moving your capital around and using ones tax allowances to their maximum effect not what the likes of Jimmy Carr and top celebs have been doing) but evasion is not.

toonarmy9752 wrote:

tax avoidance is legal (and i mean legal avoidance such as moving your capital around and using ones tax allowances to their maximum effect not what the likes of Jimmy Carr and top celebs have been doing) but evasion is not.

Agreed and I wouldn't do anything illegal.

You only have to report to the Malta taxman income you bring into Malta, or earn in Malta. Tax already paid on this should be offsettable using the double taxation treaty (assuming one exists between Malta and the country concerned - there is one Malta/UK).


There is no tax in Malta for foreigners bringing in capital or capital gains.

toonarmy9752 wrote:

tax avoidance is legal (and i mean legal avoidance such as moving your capital around and using ones tax allowances to their maximum effect not what the likes of Jimmy Carr and top celebs have been doing) but evasion is not.

what Jimmy Carr did was legal as it hadn't been declared illegal - if its declared illegal its no longer tax avoidance but evasion.

Ok - heavily criticised and he pulled out of the scheme through embarassment did he not?

oh absolutely - he pulled out the scheme because he accepted it was morally wrong, and was probably advised it was going to be declared illegal as well.

Red pm me your UK number as I should be able to save you some money on the Transfer of capital from UK to Malta and also without any Charges.

Julian

we will see you wednesaday or thursday ok scoobs

When I am traveling to any EU Country - I transfer money to my Caxton FX Euro Visa card. No ATM Charges in EU and the money loaded on the card is always in Euro but you will be charged if used in UK.

its more difficult when you are here permanently

Cool Toon, See you then, Coffee on me

Permanent transfers into Bank account in Malta is what i can help with, Holiday Money is probably better with these preloaded cards.

coffee??? your working not me ....LOL good result altho a little lucky.....

great result for you guys.. 6 pointer mate with Chelsea Beating Sunderland

And.............Thatcher's dead

the biggy this week and pride is at stake.....

redmik wrote:

And.............Thatcher's dead

Hey Frank !

AKA

just to get this back on topic - has anyone else here used other methods of transferring gbp to euro here...have you found it reliable safe and worthwhile...? and what were the costs involved if any....thanks

tearnet wrote:

redmik wrote:

And.............Thatcher's dead

Hey Frank !

AKA

transferwise.com/u/20e7JTJ]Moving to Malta April 11th, would be gratefull for any info on the best way to finance my stay in Malta from a UK bank acc to try and avoid all the usual bank charges when withdrawing money while abroad.
JTJ