Introduction. What s new? Methodology. About the firm.

Transcription

1 HNWIs Residency comparison chart Introduction We are pleased to let you have enclosed the Firm s annual HNWIs Residency Comparison Chart. In jurisdictions where the Firm does not maintain a, we did rely on the precious input of trusted crespondent firms. Many took the time to provide detailed extensive comments. May they be hereby wholeheartedly thanked f their precious collabation. While we have used our best effts to ensure that all the gathered infmation contained in the Chart be accurate, we recommend that competent professional advice be sought in any case. What s new? As a result of improved accessibility, several jurisdictions previously penalized by their somewhat remote location have witnessed significant interest from applicants. Countries such as Panama, Bahamas, Thail Malaysia have proven particularly popular with Europeans. F the same reasons, the UAE today considered almost next do by many continues to be a strong draw f citizens of both old wld emerging economies. Programs introduced by Spain, Ptugal, Cyprus Malta providing special residency / tax status granted to non-eu nationals, coupled with potential mid-term citizenship access remained popular, particurlarly amongst citizens from emerging economies. Comparatively, traditional jurisdictions such as the UK, Singape Switzerl continued to lose ground from a strict volume stpoint appear to focus on the UHNWI s crew. While citizens of Switzerl voted (strongly) in fav of maintaining the concept of lump sum taxation, the jurisdiction was penalized by cost facts consequence of the strenghtening of CHF currency. Methodology Highlighting the features of 23 jurisdictions where HNWIs may consider relocating f tax purpose, the present Chart does not constitute an exhaustive list. Rather, it constitutes an eminently subjective selection of the jurisdictions which, in the Firm s opinion, constitute the best all-round propositions f HNWIs relocation. The Firm did select, compile consider the following 22 facts: - General easiness to obtain a Residence Permit - the number of s issued yearly - Requirement to obtain a fiscal quitus from the feign country - Maty ; during application process - Time frame f completion of the issuance of Residence Permit - Requirement to effectively reside in the country - Requirements in respect time spent annually in the jurisdiction ( day-counting ) - Validity of ; of - Annual tax filings - Level of taxation on individuals (income tax, wealth tax, gift tax,, capital gain tax), minimal tax liability/ lump-sum tax - Tax basis (e.g. wldwide income, income remitted to the jurisdiction, income generated in the jurisdiction) - Costs of issuance renewal of - Costs of ongoing substantiation (e.g. cost of 1-bedroom flat) - Location international accessibility - Climate - Political stability - General quality of life - Cultural offering - Security - Cleanliness - Presence of international schools - Presence of internationally recognized financial, legal tax services providers Besides, are only reflected those jurisdictions to which at least one of the Firm s client did relocate over the past three years. Where a way of securing a Residence Permit exists but its practical use was marginal over the same time period, it was not considered altogether. In this respect, the Chart is a true reflection of the Firm s in the field of HNWIs relocation. About the firm M/Advocates of Law is a boutique law firm primarily providing f the needs of successful individuals international families. Headquartered in the UAE but with a proud Swiss heritage, we have a substantial track-recd assisting clients with multi-jurisdictional interests in securing an alternative residence domicile. Bringing together our tax private expertise, along with the broad capabilities of our sister fiduciary firm, we can suppt our clients in all aspects of their immigration. M/Advocates of Law is operated in association with Ali Ibrahim Advocates.

2 EUROPE (1) Ptugal Spain Gibraltar United Kingdom Belgium Marginal minimum stay requirement Favable tax regime f nonhabitual residents Comprehensive tax treaty netwk No capital gain, wealth, gift netwk No minimum investment No capital gain, wealth, gift No taxation on interest savings Good stard of living Competitive tax system Tax incentive schemes Relatively low capital gain tax Facilitated access to all Schengen netwk Accessibility Good education system universities 1 No minimum investment 2 No wealth tax Relatively low to nil gift taxes netwk Ptugal of a min market value of EUR EUR 1 mio in Ptugal (including purchase of shares in companies) Creation of 10 job positions in Ptugal Spain of a min market value of EUR EUR 2 mio in Spanish public debt EUR 1 mio in Spanish enterprises Deposit of a min value of EUR 1 mio with Spanish finance entities Gibraltar agreement Applicant to evidence wealth in excess of USD 3.2 mio 1 mio, 5 mio 10 mio into qualifying UK investments USD 130,000 in Belgium Applicant to dispose of USD 600,000 (sufficient means of subsistence the ability to obtain those means through wk health insurance) s Maty None None None None None No No No No Yes, f non EU/EFTA citizens Presence of applicant during the application Required to undertake fingerprinting Required f initial application Required 2-3 weeks following initial application Required f initial application collection of (e.g. mins, elderly) Time frame f completion of issuance of 3-8 weeks 5-8 weeks 1 month 4-8 weeks 4-6 weeks of Valid f 1 year renewable f up to 2 years residence can be applied f Valid f 1 year renewable f up to 2 years residence can be applied f Granted f an indefinite period but To be endsed by Gibraltar Finance Centre every 3 years Valid f 3 years renewable f 2 years residence can be applied f EU/EFTA citizens: valid f 5 years after 5 years of continuous residency, a permanent residence can be applied f All others: valid f 3 years (limited stay) 5 years (unlimited stay) renewable f same term until permanent is issued In : 7 days in the 1st year 14 days in the subsequent period of 2 years required to qualify f permanent residence In : 1 day each year to qualify f permanent residence to spend me than 183 days in to spend me than 183 days in. 180 days required to qualify f permanent residence In : 183 days is recommendable Costs of 1BDR flat (70m 2 ) Rental: USD 10,000/year Rental: USD 8,500/year Purchase: USD 187,000 Rental: USD 18,000/year Purchase: USD 434,000 Rental: USD 46,700/year Purchase: USD 545,000 Rental: USD 11,500/year Purchase: USD 252,000 (in Brussels) Taxation in a nutshell Annual tax filings: maty f all taxable subjects on their wldwide income; Ptuguese source income Non-habitual residents which are liable on net employment self-employment income from «high value-added activities» at a flat rate of 20%, feign-source income may be exempted, under certain conditions Wealth/net wth tax: none Gift/: 10% stamp duty; spouses, descendants ascendants are exempted Other tax: 0.8% on free transfer of real estate Annual tax filings: none under the special HNWI scheme on their wldwide income; Spanish source income Not applicable to persons benefiting from the special HNWI scheme, except f non-residents where no double taxation is in place Wealth/net wth tax: none Gift/: only if deceased person/giver beneficiaries are resident in Spain f tax purposes inheritance/gift of Spanish assets, none if beneficiary is lineal ascendant/descendent of deceased person/giver in certain communities (e.g. Madrid) Annual tax filings: maty on their wldwide income; Gibraltar source income HNWI who obtain a Categy 2 individual would be liable to income tax on the first USD 102,000 of assessable income would be subject to maximum USD 28,000 tax Wealth/net wth tax: none Annual tax filings: maty Annual tax filings: maty Income tax: tax residents are liable on their wldwide income, on their wldwide income; non-residents are liable on their non-residents are liable only on UK-source income, such as Belgium source income; compensation attributable to UK Income subject to progressive tax wkdays certain UK-source rates (max tax rate of 50% to be investment income increased with local surcharges (average 6%) Special regime available to socalled resident non-domiciled, except f individuals: only UK source property transaction gains on income feign income specific investment products, remitted to the UK is subject to gains on transfer of substantial tax, after 7 years, remittance shareholdings (triggering 15% basis charge (GBP 30,000 to GBP to 25%) 3 50,000 depending on the number of years of residence) Wealth/net wth tax: none Wealth/net wth tax: none Gift/: vary between 3% 80% depending of Gift/: gift tax but the region of residence of the with possible exemption; no deceased/don (higher rates in f an estate of Wallonia Brussels), up to a max value GBP 325,000 depending of the region special 40% on any value beyond the rates f gifts with respect to threshold (family owned) businesses 1 In, 183 days is recommendable 2 In, USD 130,000 is recommendable 3 Look-through Taxation may apply as from January 1, 2015 in relation to Trusts, Foundations & listed off-she companies

3 EUROPE (2) Netherls Luxembourg Switzerl Monaco Malta Main Competitive tax system No taxation on feign income Reimbursement of school fees f children tax free Good stard of living No wealth, gift netwk health care AAA rated state Strict banking secrecy f Luxembourg residents Accessibility No need to declare wldwide income assets under annual lump-sum taxation regime No capital gain tax, except on sale of real estate netwk Good education system universities No income, capital gain, wealth local tax No direct, except f assets located in the country No tax on gifts to spouse, ancests descendants No wealth, gift inheritance tax netwk Residence permit: Employment as highly skilled migrant ( blue cardholder) with minimum salary EUR 55,000 contract of at least 12 months applicant to evidence proof of residency domicile in Netherls ability to sustain one s living Investment of a minimum EUR 1.25 mio in the Dutch economy Purchase of residential property having a tenancy agreement Lump sum taxation where available Employment contract f at least 12 months Proof of self employment In case of no professional activity, proof of ability to sustain one s living as well as existence of health insurance Monaco agreement Reference from a bank in Monaco confirming that the applicant has sufficient funds available to live in the Principality Malta (f non EU/EFTA citizens, min. value of EUR 275,000 in Malta/ EUR 220,000 in Gozo/South of Malta) agreement (f non EU/EFTA citizens, annual rental of not less than EUR 9,600 in Malta/EUR 8,375 in Gozo/South of Malta) s None None EU/EFTA citizens: none All others: yes f first time applicants except f retirees above 55 years None None Maty No No No Yes No Presence of applicant during the application Yes Required f initial application f f collection of (e.g. mins, elderly) None, but generally the applicant 16 years of age above None, but generally the applicant Time frame f completion of issuance of 3-5 weeks 1 to few days EU/EFTA citizens: 2-4 weeks All others: 2-4 months EU/EFTA citizens: 7-10 weeks All others: depending on the French Embassy of their country of living 3-4 weeks of Valid f 5 years renewable f up to 5 years EU citizens: granted f an indefinite period EU/EFTA citizens: 5 years (B permit). After 5 years, a permanent residence (C permit with no limit on validity) can be applied f All others: valid f 1 year annual renewal until C permit can be applied f (10 years initial period, based on the canton commune of the legal domicile chosen different additional regulations may apply) Residence permit 1-3: valid f 1 year renewable yearly Residence permit 4-6: valid f 3 years renewable f the same term Residence permit 7 & beyond: valid f 10 years renewable f the same term HNWI permit: granted f an indefinite period Resident permit (maty f holders of HNWI permit): valid f 1 year renewable yearly In : Netherls should be the main centre of interests 6 months De lege: minimum of 180 days per year In : (can be less if special personal situation applies), imptance of the centre of interests criterion in der not to arouse scrutiny from local authities. Authities may ask f evidence of regular De lege: required: 3 months Monaco must be the main home to maintain tax residence status In : 183 days is recommendable to spend me than 183 days in Costs of 1BDR flat (70m 2 ) EUR 15,600/year Purchase: USD 391,000 Rental: EUR 12,000/year Purchase: EUR 420,000 Rental: USD 40,000/year Purchase: USD 800,000 Rental: USD 57,000-80,000/ year Purchase: USD 3,400,000-5,400,000 Rental: USD 14,030/year Purchase: f the equivalent of the real estate investment min market value Taxation in a nutshell Annual tax filings: maty Income Tax: residents are liable on their wldwide income; non-residents are liable on specific Netherls source income. Income taxed between 30% 52% depending of the box income. Tax free payment of 30% f highly skilled migrants f feign income, with exemptions on Dutch companies real estate Wealth/net wth tax: none Gift/: 10-40%, only if deceased person/giver is a resident in Netherls Annual tax filings: maty on their wldwide income; non-residents are liable only on Luxembourg source income. Income taxed at progressive rates up to 40% (excluding additional contribution). Capital gain tax: sht-term capital gains subject to progressives rates. Long-term gains (6 months holding period) on substantial participation (me than 10%) partially exempt under certain conditions. Capital gains on non-substantial shareholdings (10% less) other securities tax-free only if they are realized me than six months after acquisition Wealth/net wth tax: none Gift/: if deceased person resident in Luxembourg on the entire net estate (exemptions available) on Luxembourg real estate f non-luxembourg resident deceased. Rates from 0% to 48%. 0% rate to heirs In direct line spouse. Gift donations taxed only if required to be registered with the Administration de l Enregistrement. Rates range from 1.8% to 14.4%, depending on the relationship between the don the done Annual tax filings: maty Income tax: levied at federal, cantonal municipal level 4. Rates f federal tax are progressive up to 11.5%. Cantonal municipal tax rates vary Residents are liable on their wldwide income; non-residents are liable only on Swiss source income Not applicable to HNWI eligible f lump-sum taxation, except on sale of real estate Wealth/net wth tax: levied at the cantonal municipal level Gift/: based on the canton of the domicile chosen, not applicable f all cantons Annual tax filings: none Income Tax: none (French citizens are taxed in France) (French citizens are taxed in France) Wealth/net wth tax: none Gift/: on Monaco assets only: 0 to 16% on Monaco assets (Spouse, ancests descendants exempted, Brothers Sisters 8%; uncle, aunts, nephews, nieces 10%; unrelated parties 16%) Annual tax filings: maty Income tax: persons dinarily resident domiciled in Malta are subject to tax on their wldwide income chargeable capital gains Persons who are either not dinarily resident in Malta not domiciled in Malta are subject to tax only on Maltesesource income on feign income that is remitted to received in Malta. Min. tax liability f non-eu/ EFTA citizens: USD 31,000, 15% on any income remitted to Malta from feign source; 35% on any income arising in Malta f feign capital gains whether not remitted to Malta; flat rate 12% otherwise Wealth/net wth tax: none 4 Tax rate will vary from commune to commune. The top rate, inclusive of federal, cantonal/communal tax is approximately 35% (Zug) 45% (Geneva)

4 EUROPE (3) Hungary Greece Bulgaria Latvia Cyprus No minimum investment No capital gain under certain circumstances No wealth, gift inheritance tax netwk netwk Low capital gain, gift No wealth tax Deductions allowances netwk All feign income exempted even if remitted to Latvia No capital gain, wealth, gift Scheduled to join Schengen by 2016 netwk EUR 120,000 in a governmental invest residency bond program (returned to the invest after 5 years with no accrued interest) Greece of a min market value of EUR 250,000 agreement of at least 10 years with a min total contract value of EUR 250,000 Subscribe to a 10 year lease of hotel accommodation furnished tourist accommodations (houses) in tourist accommodation complexes with a min total value of EUR 250,000 EUR 180,000 in Bulgaria Applicant to dispose of EUR 1 mio EUR 511,292 in a governmental bond ptfolio (returned to the invest after 5 years with no accrued interest) Constitution of a company (including purchase of shares in companies of a min market value of USD 39,312 Latvia of a min market value of USD 280,800 investment in a Latvia credit institution of a min value of USD 314,496 plus payment of USD 28,080 in the state budget Purchase of state securities of a minimum value of USD 280,800 plus payment of USD 28,080 in state budget Cyprus of a min market value of EUR 300,000 (plus VAT) evidence of payment f at least EUR (not including VAT) Applicant to maintain a personal bank account in Cyprus (EUR 30,000 blocked f 3 years) Applicant to evidence annual income of EUR 30,000 (plus an additional EUR 5,000 f each dependant person under the age of 18) s Maty None None None None One (irrespective of value of real estate investment) No No No No, with possible exceptions None Presence of applicant during the application Required f initial application (possible through consulate abroad) Required f collection of applicant s pre-approved residency visa; another visit is required f main applicant applying f dependants Required f visa processing collection of (e.g. mins, elderly) None, but generally the applicant None, but generally the applicant Time frame f completion of issuance of 2 weeks 4-6 weeks 6-9 months 2-3 months 2 months of 5 years renewable f up to 8 years (if the applicant does not apply f citizenship after the initial 5 year term) Non EU/EFTA citizens: up to 5 years renewable up to 5 years 5 years renewable f up to 5 years (if the applicant does not apply f citizenship after the initial 5 year term) Valid f 5 years to be registered yearly residence can be applied f Granted f an indefinite period but subject the holder visiting Cyprus at least once every 2 years renewable after 5 years to spend me than 183 days in In : recommendable not to spend me than 60 days every 3 months in another jurisdiction to spend me than 183 days in to spend me than 183 days in In : 1 day every two years + recommendable not to spend me than 183 days in another jurisdiction Average costs of 1BDR flat (70m 2 ) Rental: USD 5,500/year Purchase: USD 235,200 Rental: USD 11,000/year Purchase: USD 133,000 A 2BDR villa (100 sq.m 2 ) in the capital can currently be bought f the equivalent of the real estate investment min market value Rental: USD 4,750/year Purchase: USD 98,500 Rental: USD 8,400/year Purchase: USD 170,000 Rental: USD 9,500/year Purchase: USD 206,220 A 3BDR flat (150 sq.m 2 ) flat in the capital can currently be bought f the equivalent of the real estate investment min market value Taxation in a nutshell Annual tax filings: maty on their wldwide income; non-residents are liable only on Hungarian source income; income subject to 16% (under special circumstances) Wealth/net wth tax: none in the case of close relatives surviving spouse Annual tax filings: maty but only f property tax income tax in the case there is rental income from tenanted properties on their wldwide income; Greek source income; income taxed as follow: 20% on income from dividends shares royalties; 15% interest income from deposits; 11% on rental income up to EUR 12,000 33% thereinafter Capital gain tax: 15% with some exemptions Wealth/net wth tax: none Gift/: tax rate 0% to 10% depending on the proximity of relatives to the deceased the value of asset inherited Annual tax filings: maty on their wldwide income; Bulgarian source income; 10% on income generated in Bulgaria (non-resident individuals special regime); 10% on wldwide income if applicant physically resides in Bulgaria f me than 183 days within 12 consecutive months conducts business in Bulgaria Dividends: none Capital gain tax: capital gains arising from the sale of real property generally are taxable (but certain exemption may apply) Wealth/net wth tax: none Gift/: 0.4% to 6.6% levied at the municipal level Annual tax filings: maty Income tax: income tax: residents are liable on their wldwide income; non-residents are liable only on Latvia source income Current rate is 23% (reduced to 22% from 2016) except f capital income subject to reduced rates Capital gain tax: taxed as revenue gains; 2% on sale of the property real estate company shares Wealth/net wth tax: none Gift/: No inheritance tax except f royalties received by legal success of the deceased person which are taxable as personal income (15%); gift above USD 1,500 are subject to 15% tax if received from non-relatives Annual tax filings: maty on their wldwide income; Cyprus source income. Income taxed at progressive rates up to 35%. min. tax liability f non EU/EFTA citizens: EUR 19,500, except gains arising from the sale of real property located in Cyprus shares in companies owning Cypriot real estate (20%) Wealth/net wth tax: none

5 REST OF THE WORLD (1) UAE Mauritius Thail Singape Total exemption from income, wealth, gift netwk Accessibility health care Secure No capital gains, wealth, gift netwk Good stard of living No wealth, gift health care Tropical climate All feign sourced income of individuals (except that received through partnership in Singape) is tax exempted even if remitted to Singape No capital gain, wealth, gift netwk health care Constitution of a company Dubai of a min market value of USD 360,000 Occupation permit (invest, professional self-employed) Transfer of bank account (annual amount of USD 40,000 initial transfer) Real estate investment of a min market value of USD 500,000 in Mauritius through Integrated Rest (IRS) Real Estate (RES) Scheme Employment Visa: through company registered in Thail with a min capital of at least THB 2 mio Investment of a minimum of THB 10 mio in: Real estate Balance on bank account maintained locally Government state-run-company bonds combination of the above Retirement Visa (non-immigrant O ): Feigners above 50 yo with a minimum of THB 800,000 got at least 3 months on a bank account maintained locally Transfer of retirement income of at least THB 65,000 monthly to Thail Investment through the Global Invest Programme ( GIP ) of a min value of USD 2.5 mio in a new existing feign business operation engaged in one me specified industries Investment of a min value USD 2.5 mio in an approved GIP fund that invests in Singape-based companies Applicant to produce 3-year audited financial statement of his/her company, f the company to have an annual turnover of at least SGD 50 mio s None None Annual quota of 100 people per nationality None Maty No Required f initial application of occupation permit f permanent residence visa obtained through the acquisition of property real estate Yes Yes Presence of applicant during the application f initial application Required f visa processing collection of Required f occupation retired noncitizens permits Others: not required Yes Required f otherwise (e.g. mins, elderly) None, but Residence Permit may be issued f shter period f applicant aged resp. over years old 16 years of age above should be 14 years old above Time frame f completion of issuance of 3 weeks (plus 4-6 weeks f the constitution of the company/acquisition registration of real estate) Occupation retired non-citizens. 2-3 weeks Other: 2 months 2-3 months 4-6 months f in principle approval; some applications may take a longer time to process of Valid up to 3 years renewable f up to 3 years Occupation permit: valid up to 3 years renewable Retired non-citizens: valid up to 3 years renewable. After 3 years, a permanent residence can be applied f Residence permit: valid until permit holder sells his/her IRS RES Permanent residence: valid f 10 years renewable Valid f initial 6 months renewable f up to 1 year After 3 years, a permanent residence can be applied f Valid up to 5 years renewable subject to compliance with certain specified conditions In : 1 day every 6 months + recommendable not to spend me than 183 days in to spend me than 183 days in to spend me than 183 days in De lege: required (no specific period) In : the 183 days period is f the purpose of determining whether one is a tax resident, not to determine residency Average costs of 1Bdr flat (70m 2 ) Rental: USD 12,000-25,000/year Purchase: USD 300,000 Rental: USD 4,500/year Purchase: USD 227,500 A villa (500sq.m 2 ) in Pt Louis can currently be bought f USD 350,000 Rental: USD 22,000/year Purchase: USD 250,000 Rental: USD 30,000/year Purchase: USD 1,100,000 Taxation in a nutshell Annual tax filings: none Income tax: none Wealth/net wth tax: none Annual tax filings: maty on their wldwide income; non-residents are liable only on Mauritius source income; income taxed at 15% Wealth/net wth tax: none Annual tax filings: maty Income Tax: residents non-residents are liable on their Thail source income. Residents liable only if income brought into Thail in the year derived (after exempt). Income taxed at progressive rates up to 35% Annual tax filings: maty with certain exception on income accrued in derived from Singape. Feignsource income received deemed received in Singape by a resident is exempt (except income received from partnership in Singape); nonresidents are liable only on Singape source income Income taxed up to 20% on income generated in Singape; none on feign income even if remitted to Singape Wealth/net wth tax: none Capital gain tax: taxed at stard income tax rate Wealth/net wth tax: none

6 REST OF THE WORLD (2) Malaysia Hong Kong Panama Bahamas No wealth, gift health care Tropical climate No wealth, gift netwk health care International Financial Centre All feign income is exempted even if remitted to Panama No wealth, gift netwk health care Total exemption from income, wealth, gift Good stard of living Employment Visa: demonstrate applicant possesses high skils (health medical, spts, science, technology, banking finance) Employment f minimum period of 3 years Investment Visa: Applicant to maintain a personal bank account locally with a minimum balance of USD 2 mio (blocked f 5 years) Investment through the Malaysia My Second Home Program ( MM2H ) f applicants 50 years old above: min value of MYR 10,000 from Government Private Approved Pensions Funds monthly salary of MYR 10,000 MYR 150,000 fixed deposit 5 bank liquid assets of minimum MYR 350,000 f applicants below 50 years old: monthly salary of MYRE 10,000 MYR 300,000 fixed deposit 6 bank liquid assets of minimum MYR 500,000 Real Estate Investment through MM2H of a minimum MYR 1 mio Entrepreneur Visa: demonstrate the business is of substantial benefit to Hong Kong economy Employment Visa: demonstrate applicant possesses a special skill, knowledge experience which are of value to not readily available in Hong Kong Constitution of a Panamanian company Opening a bank account (initial amount of USD 10,000) in Panama Bahamas of a min market value of USD 500,000 Business investment of a min market value of USD 500,000 s Maty None None None None Yes No No No Presence of applicant during the application Yes No Required f initial application (5 days stay in Panama) (e.g. mins, elderly) should should should should Time frame f completion of issuance of 2-3 months Entrepreneur Visa: 3-6 months Employment Visa: 4-6 weeks Permanent Residency: 4-6 weeks 6 months Annual : 2-3 months Permanent : 6-12 months of Valid f initial 6 months renewable f up to 10 years After 10 years, a permanent residence can be applied f Valid f initial stay f 2 years renewable twice f up to 6 years of continuous residence After 7 years, a permanent residence can be applied f The residency is valid f a lifetime ID card to be renewed every 10 years Annual : valid f 1 year renewable f periods of 1 year Permanent : permanent to spend me than 183 days in In : Thail should be main centre of interests to spend me than 183 days in to spend me than 183 days in another jurisdiction Average costs of 1Bdr flat (70m 2 ) Rental: USD 12,100/year Purchase: USD 250,000 Rental: USD 41,500/year Purchase: USD 1.5 mio - 3 mio Rental: USD 12,000-15,000/year Purchase: USD 154, ,000 Rental: USD 47,000/year Purchase: USD 335,500 Taxation in a nutshell Annual tax filings: maty Income Tax: resident non-resident liable on income derived from Malaysia. Feign-source income exempt. Resident taxed at progressive rates up to 25%; non-resident taxed at a flat rate of 25% Capital gain tax: exempt, except f gains derived from disposal of real property (flat rate of 30%) alienation of shares in real property company Wealth/net wth tax: none Annual tax filings: maty Income Tax: individuals earning income arising in is derived from a Hong Kong office Hong Kong employment, from services rendered in Hong Kong during visits of me than 60 days in any tax year, are subject to salaries tax. Interest income exempt Rates are as follow: Salary Tax: progressive rates up to 17 % Profit Tax: 16.5% f onshe profits; 0% f offshe profits Property Tax: 15% Capital gains tax: none Wealth/net wth tax: none Annual tax filings: maty if income derived from business activity in Panama Income tax: both residents nonresidents are liable on their Panama-source income only. Income taxed up to 25% on any income arising in Panama exceeding USD 50,000 Capital gain tax: 10% Wealth/net wth tax: none Annual tax filings: none under the special HNWI scheme Income tax: none Wealth/net wth tax: none 5 After one year, MYR 50,000 MM2H fixed deposit can be withdrawn with proof of any purchase of property, car, medical education expenses 6 After one year, MYR 150,000 MM2H fixed deposit can be withdrawn with proof of any purchase of property, car, medical education expenses