S.L. 123.164 Art. 3Individual savings account.

An individual savings account shall qualify as an ISA if:

(a) the account holder is an individual who is at least eighteen years old, and is ordinarily resident in Malta; and

(b) the account holder:

(i) declares and undertakes in writing to a payor of investment income that the account holder does not hold any other ISAs with any person at the time of application, and that he shall not thereafter open any other ISAs for as long as the ISA with such payor remains open in his name; and

(ii) elects by notice in writing to the payor of investment income pursuant to article 35 of the Act to be paid any such investment income arising from his holding of the ISA without deduction of tax; and

(c) the payor of investment income shall identify the relevant account as an ISA; and

(d) the income from such an individual savings account consists exclusively of:

(i) interest payable to an individual in his own name by a person carrying on the business of banking in accordance with the laws of any European Union or European Economic Area ("EU/EEA") Member State in respect of a sum of money deposited into the individual saving account, and

(ii) interest payable to an individual in his own name by the Government of an EU/EEA Member State or by any agency thereof, by a corporation or authority established by law, or in respect of a public issue by a company, entity or other legal person howsoever constituted and whether resident in Malta or otherwise;

(e) deposits by the individual into the individual savings account and the value of interest-bearing securities credited for the benefit of the individual into such account do not exceed two thousand euro (€2,000) during the year 2015 and one thousand euro (€1,000) in any subsequent year: Provided that any deposits in, or securities credited to, a new ISA in accordance with rule 4 shall not be taken into account for the purpose of determining whether the aforesaid amount of one thousand euro (€1,000) has been exceeded in any one year.