I am relocating to Malta and getting ordinary residency. I am setting up a Malta LTD - UK Holding combination, so to benefit from the 6/7 tax refund.
My question though, is about moving the income from the company, to my personal maltese bank account. I would like to know if I got it right:
I will pay myself as, for example, a consultant for my Maltese company. So I would receive, for example, 20000EUR in my personal bank account. On which I would pay: 25%, and subtract 2725EUR = 2725EUR tax to pay on my personal income. (https://ird.gov.mt/services/taxrates.aspx)
My question is: by getting ordinary self-sufficient residency, I would open a bank account to my name and simply receive the 20000EUR (for example) on there. And the pay taxes on them. And that is it? I wouldn’t need to pay for anything else, like retirement system, social security, etc. Only the income as specified at: https://ird.gov.mt/services/taxrates.aspx ?
Thanks for reading