HSBC Stockbrokers (Malta) Ltd are offering residents incentives on the group's fund management and life assurance services if they register funds brought back to the island under the government's Investment Repatriation Scheme with the firm before November 15.
According to the Malta Independent, HSBC Fund Management will offer residents a 50% reduction on their fee for the International Bond Fund in addition to waiving fees on the five sub-funds within the HSBC International Funds SICAV plc. Also, HSBC Life Assurance is offering a 3% increased allocation rate on wealth management plans.
Under the the IRS programme, those who have invested overseas without the obligatory permits as laid down in the Exchange Control Act, including investors who have not paid the appropriate taxes under the Income Tax Act, will have the opportunity to bring their financial and tax affairs in order without facing a penalty when they register any assets with a designated agent, though a registration fee equalling 5% of their market value will be levied.
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