Cap. 123 Art. 6Investment Services and Insurance Expatriate.

(1) For the purposes of this article, an "investment services expatriate" shall mean any individual who is an employee of, or provides services to, an investment services company which holds an investment services licence issued under article 6 of the

Investment Services Act or a company which is recognised by the relevant competent authority for the purposes of article 9A of that said Act, and whose activities solely comprise the provision of management, administration, safekeeping or investment advice to collective investment schemes as defined in the aforesaid Act, and an ''insurance expatriate'' shall mean any individual who is an employee of, or provides services to, an insurance company as defined in sub-article (4), and either:

(a) is not ordinarily resident and not domiciled in Malta; or

(b) was not resident in Malta for a minimum period of three years immediately preceding the year in which he commences such employment with or provides services to any investment services company or insurance company as aforesaid and provided that during the said three years such individual has been engaged on a full time basis in a similar position outside Malta.

(2) An investment services expatriate or insurance expatriate, for the period from the year preceding the first year of assessment in which he is first liable to tax under the provisions of this Act up to and including the year preceding the tenth year of assessment, may opt not to be liable to tax on income relating to the following expenditure incurred for the benefit of the investment services expatriate or insurance expatriate or his immediate family by the investment services company or insurance company of which he is an employee or to which he provides investment or insurance services:

(a) removal costs in respect of relocation to or from Malta;

(b) accommodation expenses incurred in Malta;

(c) travel costs in respect of visits by the investment services expatriate or insurance expatriate and his immediate family to or from Malta;

(d) provision of a car for the use of the investment services expatriate or insurance expatriate in Malta;

(e) a subvention of not more than six hundred euro (600) per calendar month;

(f) medical expenses and medical insurance; and

(g) school fees in respect of the children of the investment services expatriate or insurance expatriate.

(3) An investment services expatriate or insurance expatriate shall be treated as not resident in Malta for the purposes of article 12(1)(c).

(4) For the purposes of this article, an ''insurance company'' shall mean a company authorised under article 7 of the Insurance Business Act, an insurance manager as defined in article 2 of the Insurance Distribution Act and a company carrying on the business of insurance broking under article 12 of the Insurance Distribution Act.