This is individual income from a qualifying contract of employment in an ‘eligible office’ with a company licensed and/or recognised by the Malta Financial Services Authority. Such income is subject to tax at a flat rate of 15%, provided that the income amounts to at least €75,000 (Seventy-Five Thousand Euro) annually (excluding fringe benefits). The 15% flat rate is imposed up to a maximum income of €5,000,000 (Five Million Euro). The excess is exempt from tax. The 15% tax rate applies for a consecutive period of five years for European Economic Area (i.e. EU countries plus Norway, Iceland and Liechtenstein) and Swiss nationals, and for a consecutive period of four years for third country nationals. Individuals who already have a qualifying contract of employment in an ‘eligible office’ two years before the entry into force of the scheme may benefit from the 15% tax rate for the remaining years of the scheme.