[WATCH] 7.5% registration scheme for undeclared assets held overseas

Asset registration scheme launched • Video by Ray Attard

Finance Minister Edward Scicluna has announced a voluntary, asset registration scheme for Maltese nationals holding bank accounts and other assets abroad.

Maltese nationals who hold monies in offshore accounts or in other European Economic Area domiciles, Switzerland included, are receiving notifications from their banks that they have to declare any information they hold on those accounts to the tax authorities of their home countries.

The registration fee will be 7.5% on the value of assets being registered, and 5% if these assets are repatriated to Malta.

From now on, Maltese fiscal regulators will hold information on these foreign bank accounts.

Scicluna said it was only fair that government allows holders of these bank accounts to register their assets held abroad or in Malta - accounts, property, and shares - voluntarily.

In December 2013, Malta signed the United States' FATCA agreement (Foreign Account Tax Compliance Act) on exchange of information in international tax compliance, which provides mutual assistance in tax matters.