Idolator

If you are a UK resident and you hold a bank account in Malta, it automatically gets reported to HMRC.

But how about vica versa?

If you are a Malta resident and you hold a bank account in the UK, does it get automatically reported to Maltese tax authorities? Do they care? As Malta imposes no tax on foreign income.

Gozit

No, they don't care, as long as you are a British citizen/any other foreign citizenship, not Maltese. As Maltese citizens have all foreign income taxed whilst living in Malta.

Same with the UK... The Maltese account is auto-reported to HMRC because you are a British citizen. If you are a British/EU/EEA/non-EU citizen living in Malta, the reverse does not happen, unless you are a citizen of Malta

Hope this helps

Idolator

Too fast! A little bit slower, please. Thanks for your help.

Gozit

Sorry! Let me try to explain better

Malta has a special taxation scheme to attract EU citizens to come to Malta. EU citizens can have foreign bank accounts, ie in the UK, and they are not taxed by the Maltese authorities. So to answer your question, no, the Maltese IRD will NOT tax any of your UK bank accounts or any assets you have in the UK such as investments/homes etc... Whereas for a Maltese citizen like myself those rules would not apply, and I would be taxed if I had a UK bank account or UK investments.

In the UK however, it is different. In the UK, as long as you're resident, your accounts, foreign or domestic, are reported to HMRC. If you were to move away from the UK, only your UK accounts would be reported to HMRC.

Hope this is a little more descriptive. If you have any other questions about living in Malta please don't be afraid to ask!