Multi-millionaire Irish mobile phone entrepreneur, Denis O'Brien, is to take up residence in Malta, BusinessWorld reported. Under Maltese law, there is no tax on assets or income not brought into the jurisdiction.
The move comes as Mr O'Brien is preparing for the flotation of his Caribbean telecoms company, Digicel, on the New York Stock Exchange, a deal that could net him up to E1.5 billion.
BusinessWorld said that a spokesman for Mr O'Brien said he had no comment to make on the use of the new address. Mr O'Brien has homes in Portugal, Dublin and Thomastown, Co Kilkenny.
Mr O'Brien moved his tax residency to Portugal in the period prior to the sale of his Irish business, Esat Telecom, to BT in 2000, which netted him more than E300 million but on which he did not pay capital gains tax, according to BusinessWorld. At the time a provision in the tax treaty between Portugal and Ireland meant he could not be levied with Irish capital gains tax.
BusinessWorld added that in a filing to the Companies Registration Office in March, giving notice that he had taken up a directorship of a technology company, the Norkom Group, Mr O'Brien's "residential address" was given as Flat 6/60, Suite F, Tigne Street, Sliema, Malta. According to international tax consultants Henley & Partners, Malta "is one of the most attractive locations in Europe for tax-advantaged private residence. There is no tax on worldwide income or assets, so the permanent resident's global income, when kept outside Malta, is not taxed in any way."
To qualify, persons have to buy or rent a property with a certain minimum value, and visit Malta at least once in the first 12 months of holding the status.
© Copyright 2006 - MaltaMedia Online Network
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