The Government of Malta has in June 2014 launched the Asset Registration Programme. This will provide individuals with the possibility to register any undeclared assets. Such assets can be situated both in Malta and overseas. Such individuals will be required to effect a payment of 7.5% of the value of the assets, while a 5% rate applies in the case of foreign assets which are repatriated.
Registration of such undeclared assets can only be done through a registered agent, which is appointed by the Central Bank of Malta. Submission of original documentation is required. Such documentation must confirm that the applicant was the beneficial owner of the assets on the applicable date.
In terms of the EU Savings Directive, Malta’s FATCA with the US and other Tax Information Exchange Agreements with offshore centers, the Government of Malta has greater powers and tools to obtain information on undeclared assets.