Private pension products available in Malta are governed by rules established by the Malta Financial Services Authority (MFSA). We have prepared a summary of the current rules & tax measure incentives on private pension plans: Your contributions towards a private pension plan are eligible for a tax credit of 25%, up to a maximum set…
By virtue of the amendment to Article 381 of the Code of Organisation and Civil Procedure, Cap.12. of the Laws of Malta, a garnishee order cannot be issued on: benefits pensions allowances aid as referred to in the Social Security Act (Cap.381.), nor on private pension other pensions benefits allowances issued by the Government (local…
“Why can’t I save money?” is probably one of the most asked questions to date. What is holding you back? Let’s break it down, shall we? Reason #1 You do not live on a budget. Without tracking where your money is going, you will end up dry by the end of the month with no…
Good money management requires an ability to plan ahead. Your spending is affordable as long as the stream of future incomes allows you to repay the debt which is incurred. Taking a loan makes sense when one is purchasing an asset whose useful life extends over a number of years. In this manner even the…
This is one of the videos ĠEMMA has produced with the Central Bank of Malta in our budgeting series. Let me introduce the ĠEMMA family. I am Tony. I am Maria’s husband. I work as a manager in large business in the services industry. My wife, Maria is 40 years old and works in my…
This is one of the videos we have produced with the Central Bank of Malta in our budgeting series. Watch the Central Bank of Malta and ĠEMMA Video on ‘Managing your debt’ below or follow this link to watch it on YouTube. View this ĠEMMA video by clicking on the above and learn more about…
Strictly speaking, you need to do both. However, you must keep in mind the interest rates related to your debts and that you would be better off with just options to choose from for your investment other than trying to save with pending significant cash flow drains. The most common debts are home loan, credit…
Prior to investing your savings into a private retirement pension product or any other savings or investment product, it is important that you think carefully about your unique needs and overall financial situation. This will allow you to determine whether the investment is right for you. The following are matters you should take into account:…
The first step is to check how much debt you have, and what sort it is. The high-interest debt costing you the most is the priority, not the no- or low-interest stuff. Loans that don’t charge high interest or fees are okay for now you should consider as a lower priority. It is s the…
The following are ĠEMMA tips directed to help you to get your debt under control. 01. Get a clear understanding of what monies you owe. This is the first step – taking stock. Put together a clear picture of your debts as well as (a) the minimum monthly repayment obligations. Include credit cards, loan repayments,…
