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Italy removes Malta, Cyprus from fiscal 'black list' on residential convenience
Malta, together with Cyprus and South Korea have been removed from the Italian 'black list' as states considered to be 'convenient for 'fiscal evasion and residence registration.
30 July 2010, 12:00am
Karl Stagno-Navarra
Karl Stagno-Navarra
In an amendment to tax law, the Italian ministry for the economy announced that Malta and Cyprus - now full member states of the EU - have been struck off the 'fiscal paradise' black listing, and have been upgraded to ordinary fiscal status, meaning that an Italian or Maltese or Cypriot investor can move residence and fall under one fiscal regime rather than two.
Meanwhile, the amendment has kept out once again the Grand-Duchy of Luxembourg, and the independent enclave of San Marino which according to the Italian ministry for the economy are still States of 'fiscal convenience'.
