Good news for European Binance customers. The island nation between Sicily and North Africa is now home to the new Binance exchange. The Prime Minister of Malta personally welcomed the crypto behemoth to the island, and that’s going to be good news for the EU’s wealthy.
Malta is one of the few EU countries that does not assess a property tax. The forever-booming real estate market around the main harbor of the tiny island nation will now be a safe harbor for crypto gains.
Bianace, founded last year in Hong Kong, is planning to open an office in Malta, Chief Executive Officer Zhao Changpeng said in an interview. The company will soon start a “fiat-to-crypto exchange” on the European island nation, and is close to securing a deal with local banks that can provide access to deposits and withdrawals, he said.
This will be good for EU customers whose single currency-system is often bogged down by various local regulations and Malta will welcome them as residents. Foreigners residing in Malta are not subject to income tax on income arising outside Malta which isn’t remitted to a Maltese bank account. Additionally, foreigners in Malta aren’t subject to income tax on any foreign-sourced capital gains, even when they remit these gains to a Maltese bank account “for example capital gains made by buying and selling shares on foreign stock markets.”
Or, you know, when you sell all your crypto and want to spend it on a new home in Malta rather than on capital gains taxes in your home country.