Malta address could save O’Brien €300m

The decision by Denis O’Brien to have a residence in Malta makes perfect sense in tax-planning terms according to tax experts, from Ireland's Sunday Business Post Online:

The decision by Denis O’Brien to have a residence in Malta makes perfect sense in tax-planning terms, according to tax experts. In a company filing for technology firm Norkom, O’Brien’s address was listed as Flat 60, Suite F, Tigne Street, Sliema, Malta. The move appears to be tax-related as O’Brien prepares to float his mobile phone company on the New York stock exchange..

O’Brien avoided a €50 million Irish capital gains tax bill by bringing shares he held in Esat with him when he moved from Ireland to Portugal. Having built up his $1.5 billion Digicel shareholding while a resident of Portugal, he would not be in a position to avoid a massive tax bill in Portugal in the same way.

‘‘It is the next logical step for him to base himself somewhere else. It wouldn’t so much be a matter of how much time he spends in Malta, as ensuring that he doesn’t spend too much time in Portugal, if he wanted to avoid getting hit with Portuguese capital gains tax,” one tax expert said.

More from MaltaMedia News