Yes, you can increase, decrease or delete the monthly contribution to your MeManaged account at any time.
To do this, log on to your account via the mobile app or online banking platform. Once logged on, select ‘Investments’ and then ‘MeManaged’ to access your portfolio. Once you have accessed your portfolio, click on the three dots located to the right of the ‘Add a lump sum’ button which is visible next to the total current value of your portfolio. This will open a menu which gives you the option to either edit or cancel your monthly contribution.
Changes requested until the 27th of the month will be implemented during the same month while changes requested after the 27th will be implemented during the following month.
We will debit your account with the agreed monthly contribution amount every 27th of the month.
Yes, if your goals or circumstances change you can rebalance your portfolio and be assigned a new investment profile. You can opt to rebalance your portfolio at any time, subject to a 24-hour cooling off period. To complete the process, you will need to once again answer the questionnaire given before opening an account.
This will ensure that your new investment profile accurately fits your changed objectives. Following this, a new MeManaged Discretionary Portfolio Management Service Agreement will need to be signed. All MeManaged clients will be asked to undergo a portfolio rebalancing exercise every five years to check that the investment strategy still matches the customer’s goals.
You will receive a monthly report including market commentary and the outlook for the customer’s portfolio type will also be provided. You can also check the performance of your investment at any time via our online banking facilities.
The following are subject to income or capital gain in Malta:
- Interest income earned on Savings Accounts, Me Accounts and Fixed Term Deposits.
- Coupons paid on bonds’ holdings.
- Dividends paid on equities, ETFs and funds’ holdings.
- Capital gains earned from the sale of international securities.
MeDirect will pay your income/trade consideration net of withholding tax due and remit the withholding tax to the Maltese tax authority where applicable. Please note that the information above is for guidance purposes only. We advise you to consult your tax advisor in order to get more specific advice and to assess your overall tax position.
Interest income earned on Investment Cash Accounts, Savings Accounts, Me Accounts and Fixed Term Deposits is not subject to foreign withholding tax. Income from securities issued by foreign companies may be subject to withholding tax in the country where the security was issued. However, a Maltese investor may benefit from a lower foreign withholding tax rate or be entitled to a refund of foreign withholding tax by virtue of the double taxation agreement between Malta and the country where the issuer of the security is located. We advise you to consult your tax advisor in order to get more specific advice and to assess your overall tax position.
The W-8BEN Form is issued by the Internal Revenue Service (IRS) of the United States of America with the purpose of allowing non-US persons to benefit from a reduced rate of taxation on dividends and coupons paid by US companies. If you wish to invest in US securities, you will have to provide us with a duly signed W-8BEN form. The W-8BEN form is valid for three calendar years after the year in which it was signed and submitted to IRS. A new form must be submitted when the existing one expires or if there is a change in circumstances making any information on the form incorrect.
The W-8BEN form can be completed and submitted digitally by logging in to your Online Banking. Click on ‘Profile’, choose ‘Document Centre’ from the dropdown menu and follow the steps indicated on screen.
If you need specific advice and/or assistance in assessing your overall tax position, we advise you to consult your tax advisor.
Maltese tax residents can choose either to have 15% Maltese withholding tax, if any is due, automatically deducted from the gross amounts earned. This includes interest earned from deposit accounts and from dividends or interests earned from your investments. Alternatively, you can opt to not to have Maltese withholding tax automatically deducted at source. We suggest you to consult your tax advisor in order to asses which option is better for you.
You can benefit from foreign withholding tax reduction on income paid on US equities, ETFs and bonds. In order to claim the benefit on your behalf, we need you to submit a W-8BEN Form. We do not offer foreign tax refund services.