I n v e s t m e n t G u i d e & B u s i n e ss Di r e cto r y 2 0 2 0 - 2 0 2 1 e d i t i o n
Malta: A European Finance Centre with a Global Outlook Published by
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I N V E S T M E N T G U I D E & B U S I N E SS D I R E CTO R Y 2 0 2 0 - 2 0 2 1 E D I T I O N
The Team Malta: A European Finance Centre with a Global Outlook Published by
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Publication Date October 2019 Publisher’s Information CountryProfiler Ltd is a specialist publisher of country information that assists corporations managing operations across national borders with trade, investment and relocation decisions. CountryProfiler is recognised by senior business executives, government representatives, institutions and global organisations as a leading provider of informative, insightful and actionable country intelligence.
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CONTENTS 9
CONTENTS
Sector Profiles Banking 50
Key Facts & Figures
12
Capital Markets
54
IFC Overview
14
Funds & Asset Management
57
Insurance & Insurance Management
60
Pension Management
65
Corporate Structuring
67
Insights: The Power of Five Joseph Muscat An Island of Innovation
30
Edward Scicluna A Model of Sustainable Growth
31
Silvio Schembri Malta – Powerhouse of Economic Innovation Joseph Cuschieri A Changing Risk Appetite Kenneth Farrugia FIAU Adopts Hard-line AML and CFT Strategy Ian Joseph Abdilla Fighting Money Laundering: Malta’s Economic Crimes Unit Doubles Down Kenneth Farrugia Updating the Rulebooks: Product Driven and Fintech Ready
32 33
Global & European Corporate Headquarters 69 Fintech 72 Private Wealth
75
Trusts & Foundations
79
Investment Migration
80
Maritime & Yachting
82
Aviation 84 Payments 86 34
35
36
About FinanceMalta
37
30 Reasons to Invest in Malta
42
Shared Services & Outsourcing
88
Corporate Treasury
90
Brokerages & Exchanges
92
Securitisation & Tokenisation
94
Islamic Finance
96
Intellectual Property
97
Arbitration 99 Space 100 In their Words
103
Director’s Guide
111
Travel Essentials
116
Living in Malta
120
Business Directory: Who’s Who
127
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MALTA AT A GLANCE 12
Malta at a Glance
Welcome to Malta
GOZO
MALTA
Country Information Location: Southern Europe Official Name: Republic of Malta Area: 316 km2
Sunshine: 300 days of sunshine/ year
Temperature average: Winter 12ยบC Summer 31ยบC
Annual rainfall: 600 mm
Languages: Maltese & English
Time: GMT+1
Currency: Euro
International Dialling Code: +356
Religion: Roman Catholic
Population: 460,000 of which: Maltese: 94% - Foreign: 6% Memberships: European Union, Eurozone, Schengen Area, Commonwealth Voltage: 240
MALTA AT A GLANCE 13
L
ocated in the centre of the Mediterranean, between Europe and north Africa, Malta is the European Union’s smallest member state. A booming economy with high GDP growth and record-low unemployment, Malta has emerged as one of the most remarkable success stories in the Eurozone. Recognised for its pro-business attitude, state-of-the-art infrastructure and modest costs of doing business, it has become the go-to country for growth-minded entrepreneurs and multinational companies. Famous for its 7,000-year history and 300 days of sunshine, three UNESCO world heritage sites and cosmopolitan Mediterranean island lifestyle, Malta is a melting pot of old and new, local and global, work and play.
Malta’s Finance Sector GDP contribution: 11% Banks: 24
Malta’s Economy in 2018 GDP Growth: +6.6 Unemployment rate: 3.7% Inflation: 1.7% Surplus: 2.0% Debt to GDP: 46% FDI Stock: €176.5 billion (June 2018) Source: European Economic Forecast, Spring 2019
Recognised Incorporated Cell Companies: 6 Incorporated Cells: 23
Financial Institutions: 49 including 38 payment providers and15 e-Money Institutions
Investment Funds (including sub-funds): 665 Of which: AIFs: 134 PIFs: 401 UCITS: 118 Retail non-UCITS: 5
Insurance companies: 68 including 8 captives and 16 Protected Cell Companies
Net Asset Value of Malta-domiciled Funds: €11.5 billion as at end June 2018
Reinsurance Special Purpose Vehicle: 1 Insurance Managers: 11 Retirement Schemes: 55 Retirement Funds: 3 Retirement Scheme Administrators: 15 Fund Administrators: 24
Registered Company Services Providers: 186 Notified Securitisation Vehicles: 48 including 20 Securitisation Cell Companies with 42 cells
Source: Malta Financial Services Authority. All figures as of end 2018 unless otherwise indicated.
INTERNATIONAL FINANCIAL CENTRE OVERVIEW 14
The Next Great Wave Reimagined, renewed and refashioned: Malta is transforming its finance centre and unlocking a wave of new opportunities. The Malta strategy is to outmanoeuvre incumbent finance centres by harnessing its nimbleness and coupling it with digital financial innovation to deliver new product lines and a path to faster and more sustainable growth.
INTERNATIONAL FINANCIAL CENTRE OVERVIEW 16
M
alta’s International Finance Centre is the jewel in the crown of what has become Europe’s newest tiger economy. The EU’s smallest member state has been one of the most exciting countries to watch and invest in over the past decade. The island’s global appeal and vibrant outlook has propelled the country through the ranks of European finance centres to be a credible alternative to London, Luxembourg and Dublin in the short span of 15 years. The power bases of Malta’s financial services industry remain asset management, insurance, private wealth and corporate services, with an eclectic mix of blockchain, payments, fintech, aviation, yachting, maritime services, and a newly launched space finance sector, adding to the overall appeal.
Globally, the financial services industry is approaching a new digital frontier, and with a keen eye on the future, Malta is taking a fresh look at the sector and has set itself the ambitious target of providing financial firms with a technologically advanced toptier regulatory and business environment. The clear aim is to be a global player in the regulated digital finance and fintech space. As Malta gears up for the next growth stage, it is also having to face some headwinds. The well-publicised negative international press has been a blemish on an otherwise respectable track record and illustrates the challenges and reputational risk posed by bad actors. While Malta remains highly rated by financial services professionals and is widely regarded as a well-regulated international finance centre in Europe, the island’s authorities are at pains to underline that Malta offers no place for financial secrecy.
The island’s global appeal and vibrant outlook has propelled the country through the ranks of European finance centres to be a credible alternative to London, Luxembourg and Dublin in the short span of 15 years.
INTERNATIONAL FINANCIAL CENTRE OVERVIEW 18
Introducing Malta Although geographically almost insignificant, with an area of just over 300km2 and a population of 460,000, Malta has continuously reinvented itself. Located at the centre of the Mediterranean, between Europe and North Africa, Malta gained independence from Britain in 1964. Joining the European Union in 2004 and the Eurozone in 2008, it has bolstered its status of a key business hub in the Euro-Mediterranean region. The island’s 7,000-year history has seen a succession of foreign rulers, each leaving a unique imprint on Maltese life, making Malta incredibly distinctive and a place unlike anywhere else in the world. English is one of Malta’s official languages, Maltese, the only Semitic language to be written in the Latin script, being the other. Modern day Malta can be best described as a cosmopolitan village. The island is home to a vibrant international community, and accounting for 14% of the population, Malta has one of the highest expat populations in the EU, with many of them attracted by career opportunities in Malta’s booming economy.
Finance Foundations Malta’s international finance sector is a relatively young one, and compared to many other countries, Malta has been a rather late entrant to the financial sector. The seeds of Malta’s modern-day finance centre were sown in 2004 when the island was seeking membership of the EU and began to harmonise its legislation, incorporating best practices from the world’s most respectable international business centres. By introducing a strong supervisory framework as well as a competitive, transparent regulatory and tax regime approved by both the EU and the Organisation for Economic Co-operation and Development (OECD), Malta has sought to distance itself from secrecy jurisdictions, tax havens and shell company structures. Throughout the years, the island has continuously ensured that its laws, including anti-money laundering (AML) rules, are fully aligned with European and global standards, and the island continues working hand in hand with all stakeholders to ensure the integrity of the financial marketplace.
The island has attracted international credit institutions such as HSBC, BNF Bank, Sparkasse Bank and trade finance specialist FIMBank and today hosts more than
20 70
fund administrators and almost
insurance companies.
INTERNATIONAL FINANCIAL CENTRE OVERVIEW 20
Throughout the years, the island has continuously ensured that its laws, including anti-money laundering (AML) rules, are fully aligned with European and global standards, and the island continues working hand in hand with all stakeholders to ensure the integrity of the financial marketplace.
Strength through Diversity The finance sector has grown by almost 10% in 2018 and accounts for 11% of the country’s GDP, providing almost 10,000 jobs. Although financial services are a prominent pillar of the economy, government ensured that financial services did not take an outweighed influence. However, rather than restricting the growth of the financial services sector, Malta diversified its economy and ensured that its other industries, such as tourism, ICT, iGaming, maritime, aviation, life sciences and manufacturing, grew alongside the finance industry. Despite experiencing spectacular GDP growth of 5% to 6% in recent years, the government hasn’t been resting on its laurels. As sectors ebb and flow in importance, it has been paying attention to the emerging sectors of the future and has been investing significantly in new areas such as electronic games development, Distributed Ledger Technologies, regulated cryptocurrencies, education and health to develop them into exportable service industries that can be sold around the world. As a result, Malta now has a GDP per Capita comparable to the UK and France.
INTERNATIONAL FINANCIAL CENTRE OVERVIEW 21
Product Portfolio Malta has positioned its financial services sector to serve as a European hub for many specialised services. For an island nation of just 460,000 people, Malta has built up a remarkably diverse financial services portfolio. Today, more than 20 banks have established operations in Malta, although only a handful of these are active in the local market. Most use the island as a platform from which to conduct specialised asset financing, corporate banking and trade finance services. The insurance sector has experienced an upsurge due to the presence of expert insurance management services and EU passporting rights, and Malta is now regarded as one of the leading captive insurance domiciles. While there are around 660 investment funds domiciled in Malta, the country has proved particularly attractive to fund platforms, managers and administrators who are servicing funds internationally from Malta. The country has also developed into an important wealth management location. High-net-worth individuals, wealth managers and family offices increasingly take advantage of the country’s wide range of investment vehicles, including trusts and foundations. Malta’s finance industry is now expanding its portfolio into profitable niche areas such as pensions, payments and securitisation, while opening its doors to fintech entrepreneurs. The island has received a lot of attention for its decision to regulate Distributed Ledger Technologies, which marked the beginning of Malta’s reputation as the “Blockchain Island”. Beyond the digital world, Malta has an opportunity to leverage sectors where it has an established footprint and industry knowledge. The island believes it can play a role in developing specialised financial products for sectors such as gaming, maritime and aviation, while space finance has also been identified as a future growth area.
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INTERNATIONAL FINANCIAL CENTRE OVERVIEW 23
While Malta would certainly like to grow and nurture the next unicorn, thus far global companies remain the bedrock of its International Finance Centre.
Inspiring Competition Malta is home to a diverse mix of financial services companies. While multinationals, global institutions and some of the world’s top-rated financial firms have located important functions on the island, start-ups and mid-tier financial services companies find Malta a particularly attractive place to grow and scale their products and services. Malta’s lower cost base, when compared with its European competitors London, Dublin and Luxembourg, mean a company’s seed capital can last longer than in the bigger and more expensive start-up hubs. As the global finance sector is gearing up for a tech transformation, Malta, with its positive view of and support for emerging digital technologies, such as Artificial Intelligence, robotics, big data, Distributed Ledger Technologies, cybersecurity and Internet of Things, is also gaining the attention of a whole new generation of fintech entrepreneurs and global innovators. While Malta would certainly like to grow and nurture the next unicorn, thus far global companies remain the bedrock of its International Finance Centre. The island has attracted international credit institutions such as HSBC, BNF Bank, Sparkasse Bank and trade finance specialist FIMBank and today hosts more than 20 fund administrators and almost 70 insurance companies. Fund administrators such as Apex and Citco have a presence in Malta, along with insurance specialists Munich Re, Aon and Marsh. In addition, multinationals such as BMW, Peugeot, Citroën and Vodafone have set up captive insurance companies on the island.
INTERNATIONAL FINANCIAL CENTRE OVERVIEW 24
Holding its Own Malta’s diversification strategy has paid off in spades, as the introduction of new sectors, such as payments, pensions, securitisation and, most recently, DLT and blockchain, has not only brought new business to the island, but also attracted the attention of a wider audience of service providers and financial advisers. This has helped Malta to shoulder the knock-on effects that many of its core segments have been feeling as a result of a global trend for consolidation among financial services companies, which have turned to mergers and acquisitions to achieve growth and manage the impact of higher compliance costs. The insurance sector is still one of Malta’s top performers, and the island is attracting additional interest due to its Protected Cell Company (PCC) regime, which offers a cost-effective insurance management vehicle. The fund industry has witnessed challenging times in terms of new fund launches, but has found fertile ground in attracting fund managers to relocate their international operations to Malta, while fund administrators have begun exporting their services and know-how to the major global asset management hubs. Malta’s supportive business environment and cost base remain the key attraction for smaller funds, start-up managers and private equity. Family offices and multi-family offices are increasingly coming to appreciate the sophistication of Malta. Unlike many other locations, the country offers a whole suite of instruments for wealth managers, ranging from trusts and foundations to yacht and private jet management. While many practitioners report that the level of new business flowing into Malta’s finance sector is lower today than it had been in the past, the sector is still retaining the performance levels of previous years. The outlook for the future remains stable, but the question on everyone’s mind is what will be the ingredients to move Malta’s financial services sector from a stable footing back into growth mode?
INTERNATIONAL FINANCIAL CENTRE OVERVIEW 25
Regulatory Transformation Many believe the island needs to reinvigorate its traditional strengths. Over the years, the island’s single regulator for financial services, the Malta Financial Services Authority (MFSA), has worked together with the industry in developing the required capabilities, capacity and regulatory frameworks to carve out new lines of business. Malta today is facing the challenge of innovation in an increasingly homogenous industry that is shaped by global regulations which are becoming ever more standardised and prescriptive, in the process eroding many of Malta’s unique selling points. The MFSA, in an attempt to regain its traditional speedto-market advantage, is now looking to technological advances and undergoing a complete root-and-branch overhaul of its entire operation. It is upgrading its fintech, suptech and regtech infrastructure, along with the strengthening of its regulatory powers. Artificial Intelligence, Distributed Ledger Technologies, automation and cloud technologies are all playing a role in achieving the twin goal of equipping the authority with the tools it needs to ensure all companies play by the rules, while, at the same time, speeding up the process to enable companies to operate and compete on the global market.
Global Standards Malta has signed up to all the global standards that have become the norm of international finance today and refuses to be labelled as a tax haven. However, many acknowledge that the changing international landscape for tax planning will force a positive evolution of Malta’s product and service delivery over the longer term. There is no shortage of enthusiastic bodies seeking to exercise power over the financial services industry, ranging from international institutions such as the EU, the OECD and the IMF to national players such as the US who are imposing their own worldview of how financial services should be regulated and taxed on the entire industry. Malta has always insisted that companies have substance and more than ‘brass-plate’ operations. The island is also fully committed to the efforts undertaken by the OECD in combatting Base Erosion and Profit Shifting in international tax structures.
Malta has signed up to all the global standards that have become the norm of international finance today and refuses to be labelled as a tax haven.
INTERNATIONAL FINANCIAL CENTRE OVERVIEW 26
Fighting Financial Crime No country is fully immune from bad actors, and the MFSA has ushered in and implemented the most recent Know Your Customer (KYC) and AML regulations to ensure a strong line of defence is in place. As many global finance centres have come under the spotlight of international institutions and the media, Malta is committed to addressing genuine concerns and to remaining at the forefront of due diligence innovation to give comfort to both the finance industry and its partners in the EU and around the world. The island’s Financial Intelligence Analysis Unit (FIAU), the Economic Crimes Unit of the Malta police force and the MFSA are investing heavily in human resources and financial intelligence and technology tools to ensure that bad actors don’t establish a foothold in Malta and the island is set to continue its success.
INTERNATIONAL FINANCIAL CENTRE OVERVIEW 27
An Island World The authorities have put in place a number of incentives to attract companies and professionals to the island. One of the most successful measures is the introduction of a flat personal tax rate of 15% for highly qualified foreign professionals who are taking up jobs on the island. This measure makes it relatively easy for companies to fill any gaps in the local labour market. The island’s unique appeal, which at times combines a big city vibe with Mediterranean charm, is also playing a role in making Malta an attractive place to work and live. Residents enjoy an exceptional standard of living: 10 months of sunshine, an English-speaking population, and a Mediterranean island setting in which it is easy to find one’s way around. For years, Malta had a reputation of being a relatively inexpensive place. Although costs are rising, the overall cost of living in Malta is still lower than in the majority of European cities.
Next-Gen Finance
While cryptocurrencies might be the poster child of virtual finance, and Malta’s decision to regulate blockchain technologies turned out to be a headline grabber, the island’s policymakers highlight that this is just the beginning of what will be a very ambitious journey.
Malta’s International Finance Centre enjoyed 15 years of uninterrupted growth, which saw the sector grow in size and stature. Clients from all over the world have come to appreciate the abilities of Maltese practitioners. The country’s strengths should not be underestimated. The island remains one of the most competitive choices in Europe, and investors believe in Malta. The actions being taken are clearly having the desired effect as business continues to flow into Malta, which is a strong endorsement of the steps the country is taking. As financial companies the world over are strengthening their position in the financial technology race, Malta’s move into digital finance also offers massive growth potential. While cryptocurrencies might be the poster child of virtual finance, and Malta’s decision to regulate blockchain technologies turned out to be a headline grabber, the island’s policy-makers highlight that this is just the beginning of what will be a very ambitious journey. There is no doubt that technological disruption has and will continue to change the face of financial services. The future of finance might look very different, and today’s smart digital business models only offer a glimpse of what is yet to come. With a focus on innovative technologies, a cutting-edge regulatory environment and a willingness to embrace digital disruption, Malta is transforming itself to rise above the competition and become a trusted partner for next-gen finance companies. n
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5 ISLAMIC FINANCE
The P wer ofFIVE
Five comments on the Future The finance centre’s key players share their thoughts and opinions on the future of Malta’s finance sector and discuss how to take the sector to the next level.
Access the full interviews on MaltaProfile.info
29
INSIGHTS 30
The P wer ofFIVE Joseph Muscat - Prime Minister
An Island of Innovation
Malta is the smallest EU member state but also the fastest growing economy in Europe. During the last five years, the average real GDP growth in Malta was over 7%. The strength of our economy is a result of the diversity that lies within it. Aviation, advanced manufacturing, financial services, fintech, information technology, life sciences, the pharmaceuticals industry, remote gaming and tourism are all pillars that contribute almost in equal measure to our economy.
Instead of resting on these figures, which tell a success story, we are always seeking to add new chapters to the Malta story. We are venturing into new areas such as blockchain, Artificial Intelligence, Quantum Technology, Big Data, Internet of Things, eSports, medical cannabis and space policy. By being the first in many of these areas, we are proud to be Europe’s island of innovation, where ideas are born, tried, tested and then shared with the whole world.
The small size of Malta is part of its greatness. Malta is one big office sharing space where businesses have their own state-of-the art facilities. This environment facilitates knowledge sharing and innovation. Nonetheless, there are shortcomings in our ecosystem, and one area which we need to improve is our banking system, which is not moving at par with our economic ambition and aspiration. We are transforming and reforming our financial services regulator to become a top-tier European financial services regulator. We listened and will continue to listen to and act on constructive ideas passed on by international bodies. We want to create the best environment in Europe, one that only attracts serious businesses. We are not after quantity but quality.
We are now moving from growth to true prosperity. We were always probusiness, and it is through our pro-business approach that we are improving the quality of life for our people. Malta is a progressive and dynamic country, which is developing modern infrastructure. Topics such as urban cleanliness, sustainability and the environment, as well as alternative modes of transport are very high on our agenda and will contribute to making Malta a pleasant place to work, live and raise a family.
INSIGHTS 31
The P wer ofFIVE Edward Scicluna - Minister for Finance
A Model of Sustainable Growth Malta has become one of the fastest growing economies in the EU, recording an average annual growth of 7.1% between 2013 and 2018. This is a huge leap when compared to the average rate of 2.1% economic growth that we witnessed between 2007 and 2012. Malta is also amongst the top performers in terms of employment growth, fiscal surplus and net trade. To some extent, we were not prepared for the abruptness and magnitude of economic growth experienced over the past few years, and the country's infrastructure started to feel the pressure of the unprecedented expansion. Despite this, we are following a model of sustainable growth, and economic growth continues to be broad-based, with all sectors of our economy performing well.
Our recent economic success has clearly not resulted from changes in the corporate taxation system since Malta has been operating such a system for decades, but it is the result of the structural reforms and prudent policies that the Government implemented in the last six years. We are also upholding international agreed standards and exchanging information with our global partners when it comes to investigations of tax-related issues. Malta is no place for financial secrecy.
We are committed to continue safeguarding our successful economic model, which has enabled us to turn our public finances from a deficit into a surplus. We are also committed to continue strengthening the supervisory standards of the financial sector. This is not a question of more resources – it is a question of better resources and a smarter way of doing things.
All countries that host a significant number of banks experience some level of money laundering in their jurisdictions. The point has to be what’s being done about it. We have strengthened the Financial Intelligence Analysis Unit and are working on setting up an additional agency which will deal with organised financial crime. The new agency will have the scale, resources and powers to identify financial criminals who have the means to threaten the integrity of our financial sector and to prosecute them quickly.
INSIGHTS 32
The P wer ofFIVE Silvio Schembri - Junior Minister for Financial Services, Digital Economy and Innovation within the Office of the Prime Minister
Malta – Powerhouse of Economic Innovation We have committed ourselves to take the financial services industry to the next level. Hence, discussions are underway to formulate a 10-year strategy for this thriving sector. Concurrently, the Malta Financial Services Authority is undergoing an internal overhaul, as well as investing in the latest technology with the aim to position itself amongst the top-tier regulators in Europe.
The Malta Business Registry, which for years fell under the merit of the Malta Financial Services Authority, has recently become a standalone entity. This will allow the Authority to concentrate more on its regulatory role. A significant investment was made in this Registry’s IT infrastructure to reduce unnecessary bureaucratic procedures. The aim is to eventually see this agency position itself amongst the first in the world to be run on a blockchain-based system.
Through our regulatory framework for Distributed Ledger Technologies, we have laid the foundations to allow this industry to grow and prosper. We are acutely aware that we are treading unchartered waters, and therefore we ensured that the necessary guidelines and standards were set up, in the best interest of investors, operators and consumers. As in every sector, we want to attract only quality operators. I don’t mind seeing other jurisdictions moving in the same direction. On the contrary, I believe that the more acceptance there is for this industry, the more successful we will be and ultimately become the main point of reference for countries still to explore this industry.
Our new national AI strategy will place Malta amongst the top 10 nations with a strategy for Artificial Intelligence. We aspire to become a place where local and foreign companies and entrepreneurs can develop, prototype, test and scale AI, which would be later distributed across the world. Space can be another strong contributor to Malta’s economic growth. For the first time, we are currently looking at the commercial aspect of space as well as identifying ways to attract satellite and space mining companies. Hence, the Malta Space Taskforce was set up and is responsible for the development of the National Space Strategy for Malta.
INSIGHTS 33
The P wer ofFIVE Joseph Cuschieri - CEO of the Malta Financial Services Authority (MFSA)
A Changing Risk Appetite Our ambition is to become a toptier regulator in Europe, a regulator that is efficient, pragmatic but, most importantly, evidence-based and datadriven so that the quality of decisionmaking is improved. We have embarked on a reform and change programme to strengthen the MFSA in preparation for the next generation of financial services. While we still have work ahead of us, we now know what we want, we know where we need to be, and we know how to get there.
Malta’s financial services sector has grown significantly in recent years, and we are rightsizing the MFSA to supervise and regulate the industry more effectively. We are also investing heavily in technology, which will make the MFSA a more efficient and dynamic regulator.
Our expectations on governance and compliance standards have increased substantially, and we will not only be increasing the number of on-site inspections but also the quality and the depth of these activities. Our risk appetite has also been recalibrated – certain business models which may have a higher risk profile than others will not be accepted. Going forward, we will also make sure that the quality of Boards of licensed entities and the standards expected from Corporate Services Providers are enhanced and aligned with those found in other European jurisdictions like the UK.
We have strengthened our financial crime compliance setup. In partnering up with FTI- Consulting, a US-based consultancy firm, we have augmented our current resources by engaging a team of international experts. I’d like to stress that AML/CFT is not just a task for regulators and supervisors. It is also the responsibility of practitioners, licence holders, service providers and anyone who brings business to Malta; they also need to strengthen KYC and customer due diligence, and ultimately AML/CFT compliance, to help protect our financial system from bad and risky actors. I firmly believe that the digitalisation of the financial services industry will disrupt and impact all sectors, ranging from banking to asset management and from insurance to the capital markets. It will open up various avenues and opportunities for companies to operate more effectively and efficiently, as well as pave the way for the development of new financial products. My vision of Malta as a financial services centre hinges on having an edge in digital finance. I believe that Malta can be a thought-leader in financial technology and a respected international financial services centre. I am confident that with the investments being made in our regulatory system, we will get there soon.
INSIGHTS 34
The P wer ofFIVE Kenneth Farrugia - Director of the Financial Intelligence Analysis Unit (FIAU)
FIAU Adopts Hard-line AML and CFT Strategy 2018 was a game-changer for the FIAU. The European Banking Authority called for an overhaul of our AML/CFT supervisory processes, and from the very beginning, we have cooperated with the European Banking Authority and the European Commission and acknowledged that there were areas for improvement. We have restructured the organisation, revamped processes and procedures, our budget has been increased, additional people have been hired, and we are investing heavily in supervisory and business intelligence technology.
We revamped our entire risk assessment framework. We reviewed other jurisdictions to see what they are doing, and we cross-checked our standards and procedures against international best practice. Any gaps were identified and updated. This year we already issued almost €4 million in sanctions. In 2018, this figure was just shy of €1 million.
Our budget has been increased from €600,000 in 2014 to €10 million in 2018 and to €7 million in 2019. We now have some 50 people working directly with the FIAU, and we’re targeting to have a staff complement of 138 people by 2021. In addition to these, we also have resources within the Malta Financial Services Authority (MFSA) and at the Malta Gaming Authority (MGA) who carry out AML/CFT supervisory work. We have long been cooperating with these two authorities, but, more recently, we started joint examinations to ensure more consistency.
Moneyval visited in November 2018. The majority of the actions listed in the report that concern the FIAU have now been implemented, ahead of the publishing of the final report. However, we do expect that we will need to make further improvements and are quite willing to do so.
Combating AML and CFT requires a concerted effort from all stakeholders. We, the FIAU, acknowledged that we had certain issues and addressed our weak spots. In my opinion, this is an approach that everyone else should follow. All subject persons in Malta should complete a selfassessment test, take note of any shortcomings and improve within the shortest possible timeframe.
INSIGHTS 35
The P wer ofFIVE Ian Joseph Abdilla - Assistant Commissioner of the Malta Police Force
Fighting Money Laundering:
Malta’s Economic Crimes Unit Doubles Down During the past number of years, Malta’s economy has expanded significantly, and we have seen an influx of new business, while our resources to police this business did not grow in parallel. However, we are now catching up. The Financial Crimes Investigations Department is responsible for the investigation of a myriad of crimes affecting the Maltese economy, including but not limited to money laundering and terrorist financing. Our recruitment plan foresees to increase our staff count from the current 55 to 65 by the end of 2019 and to 120 by 2020, including 20 investigators for money laundering and financial investigations. We are investing significantly in both training and technology. Over €1 million is being invested in intelligence software alone to gain further efficiencies, and we will shortly be moving into larger purpose-built premises with all the state-of-the-art facilities we require. In our new building we will have extra room to take on more people; it will allow us to increase our staff count to 150, which essentially means our current workforce will triple in size.
We have improved significantly over the past year. The Financial Crimes Investigations Department has already carried out more work this year alone than was done during the past five years combined. I am very hopeful that by the end of this year, we will have concluded four to five very high-profile cases that will show that we are serious and that the reforms we have implemented are working. However, the main task will be to bring down the caseload and ensure that bad actors don’t get a foothold in Malta. This requires a holistic approach. While regulators and supervisors need to be equipped to effectively monitor and supervise companies that are operating in and out of Malta, service providers and all other business introducers need to look carefully at the quality of business that is coming to the island. I’ve heard that there is a worry amongst international executives that there might be a temptation to rush cases before the court to achieve the desired prosecution numbers. However, I would never do that just for the sake of statistics. A five-year trial can ruin the reputation and destroy the life of any man or woman. But if I believe beyond all reasonable doubt that we have a case, we will do everything we can do to find out the truth and prosecute those involved.
INSIGHTS 36
The P wer ofFIVE Kenneth Farrugia - Chairman of FinanceMalta
Updating the Rulebooks:
Product Driven and Fintech Ready
Malta’s finance industry consists of well-defined clusters of service providers operating in the asset management, insurance, banking and fintech sectors, as well as a number of family offices and family businesses. The drive towards a digital-led economy has also brought about a number of fintech companies as well as significant interest in Malta’s recently launched legal and regulatory framework in support of blockchain technology and virtual financial assets. However, I firmly believe that, at this juncture, the jurisdiction needs to conduct a strategic review of its offering. The ultimate aim should be to identify the key strategic thrusts required to support the existing financial services pillars, as well as to launch new innovation-led initiatives to enable the development of new sectors. We are still seeing new insurance companies moving in; however, I believe that our insurance proposition needs to be revisited. The Protected Cell Company has served Malta very well, but it has been around for a long time, and I believe there is room and strong scope for further innovation in this sector. A similar opportunity exists in the asset management sector, where we could also develop asset-driven fund regimes and rulebooks catering for different fund typologies. There are equally opportunities to revisit our proposition in the venture capital and private equity space; these are growing markets, where our offering needs to be more compelling.
Malta is clearly underbanked in the specialist niche finance segments, such as the maritime and aviation sectors which are very strong economic pillars in Malta. This presents an excellent opportunity for international financing institutions to form part of the existing ecosystem to support operators in these sectors.
I feel that there is a strong opportunity to develop our legal and regulatory framework to cater for the new digitalised financial services world. In my opinion, we don’t need to write new digital regulations for every sector and sub-sector. We can build on the existing regulatory architecture and ensure that the rulebooks provide absolute clarity when it comes to digital products or digitally driven service providers.
While Malta is recognised as a European financial centre alongside the more established centres Dublin and Luxembourg, our key differentiator is that geographically, Malta is uniquely placed and well positioned as a gateway to the African continent. In light of the increasing affluence, population growth and urbanisation rates, Africa’s emerging economies present some of the most exciting business opportunities.
ABOUT FINANCEMALTA 37
Promoting & Fostering Malta as an
International Finance Centre Malta is internationally recognised as a brand denoting excellence in financial services. It offers an attractive base for financial services operators looking for a European Union-compliant, yet flexible, domicile.
F
inanceMalta, a non-profit public-private foundation, was set up to promote Malta as a Business & Financial Centre, both within, as well as outside Malta. It brings together, and harnesses, the resources of the industry and government, to ensure Malta maintains a modern and effective legal, regulatory and fiscal framework in which the financial services sector can continue to grow and prosper. FinanceMalta’s Board of Governors, together with the founding associations that include the Malta Funds Industry Association, the College of Stockbroking Firms, the Malta Bankers’ Association, the Malta Insurance Association, the Association of Insurance Brokers, the Institute of Financial Services Practitioners, and the Malta Insurance Management Association, as well as its members and staff, are committed to promoting Malta as a centre of excellence in financial services and international business.
ABOUT FINANCEMALTA 38
JOIN Membership FinanceMalta offers two types of membership: Corporate and Affiliate. Corporate Membership is open to entities operating within the financial services industry, while Affiliate Membership is designed for organisations and companies wishing to take advantage of the growth of Malta’s finance industry and the FinanceMalta network, including, but not limited to, firms providing Real Estate Services, Recruitment Services, Business and Professional Services, and Media Organisations. For further information on membership categories and classification, visit www.financemalta.org. Selected Benefits of FinanceMalta Membership: → Company profile with logo in the FinanceMalta online membership directory, including a link to own website. → Receive regular updates, newsletters, and publications on relevant issues. → Attend partner seminars, training and workshops on a wide range of specialist subjects at heavily discounted rates (some events are complimentary). → Influence the market, regulators and law makers through FinanceMalta’s lobbying activities. → Benefit from FinanceMalta’s marketing and PR initiatives. → Regular opportunities to showcase your firm on the international scene under the umbrella of FinanceMalta at certain events. → Attend the annual FinanceMalta conference at a discounted rate. → Opportunity to publish white papers and articles on FinanceMalta’s website and to take part in topical webcast series.
Corporate Members (as at the time of printing)
Abacus Corporate Services Limited Abalone Asset Management Ltd Actaco Financial ACT Advisory Services Limited
FinanceMalta membership fees as from 2020: €250 - €700 per annum (depending on the applicant’s entity headcount). Memberships are valid for 365 days as from the date of approval.
Active Services (Malta) Ltd Acumum Legal & Advisory Group Advocate Magro Axelsson & Associates Advocates Primei
ABOUT FINANCE MALTA 39
Aequitas Legal
Citco Custody Limited
Affinity Management Services (Malta) Limited
Citco Fund Services (Malta) Limited
AgriBank
ClearStream Banking
AID Compliance Ltd
Cordium
ALB Limited
Corporate Solution Limited
AlleyBe Ltd
Corrieri Cilia Legal
Altarius Asset Management
Credence Corporate & Advisory Services Limited
Alter Domus (Services) Malta Limited
CreditInfo Malta Ltd
Amicorp Fund Services Malta Ltd
Credorax Bank Ltd
Andurand Capital Management Limited
CSB Group
Antelope Group
Curmi and Partners Ltd
AON Insurance Managers (Malta) Ltd
Custom House Global Fund Services Ltd
Apex Fund Services (Malta) Ltd
DARAG Group Ltd
APS Bank Ltd
David Griscti & Associates
Aqua Trust Services Malta Limited
David Zahra & Associates Advocates
Aramis Capital (Europe) Ltd
Dconsulta Limited
Arendt Services Malta
Deloitte
Areti Fiduciary Services Ltd
Demetra Corporate Advisors
ARQ Resources Ltd
DF Advocates
Artex Risk Solutions (Malta) Limited
DFK Malta
Athos Family & Business Services (Malta) Ltd
Dingli & Dingli Law Firm
Atlas Insurance PCC Ltd
Directors Chambers Ltd
Audentia Capital Group
Dixcart Management Malta Limited
AUM Asset Management Limited
DM Europe Ltd
Avanzia Taxand Ltd
dMTV - de Masi Taddei Vasoli
Azure Pensions
DNT Fiduciary Limited
Baker Tilly Sant
Dohle Services (Malta) Limited
Bank Of Valletta plc
Dolfin Asset Services Limited
Bastion Wealth Limited
Dr Kresse International Law firm
BDO Malta
Dynamic Management Solutions Limited
Be. Legal Advocates
E & S Law
BEAT Limited
E2S Monitoring Limited
Bee Insurance Management Ltd
ECCM Bank plc
Bentley Trust (Malta) Limited
Ecovis (Malta) Consultants Ltd
Black Manta Capital Partners
Elmo Insurance Ltd
Boston Multi Family Office
e-Management
BOV Asset Management Limited
EMCS Ltd
BOV Fund Services
EMD
Calamatta Cuschieri & Co Ltd
EPG Financial Services Limited
Camilleri Cassar Advocates
Equiom (Malta) Limited
Camilleri Galea Ltd
Ernst & Young Limited
Camilleri Preziosi
Estera International Fund Services (Malta) Ltd
CCPS Malta
e-Volve Consultancy Limited
CFD Team Ltd T/A OpenPayd
Exco Services Limited
Charles Scerri & Associates
FACT Group
Chetcuti Cauchi Advisors Ltd
Fairwinds Management Limited
Citadel Insurance plc
Family Business Office Malta
Citco (Malta) Ltd
Fenech & Fenech Advocates
ABOUT FINANCE MALTA 40
Fenech Farrugia Fiott Legal
Lawsons Equity Malta
Fenlex Corporate Services Ltd
lecocqassociate ltd
Fexserv Financial Services Ltd
Lombard Bank Malta plc
Fides Corporate Services Ltd
Mainstream Fund Services
Fidgen Malta Ltd
Maitland Malta Limited
FIMBANK
Malta Stock Exchange plc
Finco Trust Services Ltd
Mamo TCV Advocates
Finisterre Malta Ltd
Mandaris Group (Malta) Ltd
FMG (Malta) Limited
MAPFRE Middlesea plc
Framont & Partners Management Ltd
Marsh Management Services Malta Ltd
Francis J. Vassallo & Associates Ltd
Mazars Malta
FTI Consulting
MeDirect
Gala Investments Ltd
Mediterranean Insurance Brokers (Malta) Ltd
Galea Salomone & Associates
Memminger Ltd
Gamma Capital Markets Ltd
MFC Merchant Bank Ltd
GANADO Advocates
MGI Finconsult Limited
Gasan Mamo Insurance
Middle East Business Council - Malta
Gatt Tufigno Gauci Advocates
Mifsud & Mifsud Advocates
GCS Accounting Malta Ltd
MJM Europe Limited
Global Shares Execution Services Limited
MoneyMatrix Ltd
GM Corporate & Fiduciary Services Ltd
Moore Stephens
Gonzi and Associates Advocates
MPL Asset Management Ltd
Grant Thornton
MSV Life p.l.c
Griffiths + Associates
Munich Re of Malta plc
GVZH Advocates
Muscat Azzopardi and Associates Advocates
HBM Malta Ltd
MZ Investment Services Ltd
HBM Trustees Ltd
NBG Bank Malta Ltd
HSBC Global Asset Management (Malta) Ltd
NCMB Consulting
HSBC Life Assurance (Malta) Ltd
Newco Corporate Services Ltd
IFINA group
Nexia BT
IIG Bank (Malta) Ltd
nextmarkets Trading Ltd
Infocredit Group Ltd
Nicolai Xuereb - NX Legal
Integra Private Wealth Ltd
OpenFunds Investment Services
Integrated - Capabilities (Malta) Ltd
Osiris Trust Ltd
Integritas Trustees Ltd
Papilio Services Ltd
International Management Services Ltd
Paymentworld Europe Ltd
Intertaxaudit Auditors & Consultants (Malta) Ltd
PayMix Limited
Invest4Growth Asset Management Ltd
Pease & Associates Ltd.
Island Insurance Brokers Limited
PKF (Malta)
ITC International Pensions Ltd
Portmann Capital Management Ltd
Izola Bank Limited
Praxis Fund Services (Malta) Ltd
Jesmond Mizzi Financial Advisors Limited
PraxisIFM Trust Limited
JLT Insurance Management Malta Limited
PwC
John Huber & Associates
QGen Limited
Kane LPI Solutions (Malta) Ltd
Quinton Trust (Malta) Limited
KPMG
Refalo & Zammit Pace Advocates
Ksi Malta
Reyl & Cie (Malta) Ltd
Kylin Prime Group
RiskCap International Limited
ABOUT FINANCE MALTA 41
Rizzo Farrugia & Co (Stockbrokers) Ltd Robus Risk Services (Malta) Limited RSM Malta
AFFILIATE Members (as at the time of printing)
Sanne Fund Services Malta Ltd Scandinavian Business Forum Malta Scotstone Fund Managers Ltd SGGG Fexserv Fund Services (Malta) Ltd Sheltons Malta Solfy South Risk Partners Sovereign Pension Services Limited Sovereign Trust (Malta) Sparkasse Bank Malta plc Spinoza Capital St Julian's Advisory STM Malta Trust & Company Management Ltd Summa Fiduciary Services Ltd Swissquote Financial Services (Malta) Ltd TAB1 Group Services TAXEA Limited Templar European Investment Services The Malta Institute of Accountants Timberland Invest Ltd TokenMarket Trident Fund Services (Malta) Ltd Trident Corporate Services (Malta) Ltd Tri-Mer Services Ltd Trireme Pension Services (Malta) Ltd Tromino Financial Services (Malta) Ltd Truevo Payments Ltd Trustmoore Malta Limited UHY Business Advisory Services Valletta Commercial Services Ltd Valletta Legal Vassiliades & Co. (Malta) Limited Vella Grech Legal Virtus Advisors Ltd Vistra Malta Ltd War Chest Fiduciary Services Limited WDM International Ltd Western Union Business Solutions WH Partners White November Corporate Services (Malta) Ltd WTP Advisors Malta XNT Ltd Zarattini International Ltd Zerafa Advocates Zeta
Azure Rock Partners Ltd Belair Real Estate BMIT Ltd Boston Link Broadwing Limited Business Office Services International (Malta) Ltd C & C Express Ltd Castille CDDS Mediterranean Ltd Ceek Computime Software CountryProfiler Malta Limited Creolabs Diligex - AML Compliance Specialists eWorld Ltd Facilization Ltd Frank Salt Real Estate Ltd Hilton Malta ICT Ltd Idea Group IFS Malta Integrated Talent Ventures Ltd / jobsinmalta.com Konnekt Search & Selection Kroll Associates Laskaris Finance Limited Linedata Melita Ltd (Business) MISCO Nicholls Moisa On Point Limited People & Co Ltd Powerhouse Ltd Profile SA Reed Specialist Recruitment Malta Systemic RM SA The Quad Business Towers The Xara Palace Relais & Chateaux Thynk Software Ltd Tristar Travel VacancyCentre (operated by CSB group) Vodafone
30 30 REASONS TO INVEST
42
Reasons to Invest
30 REASONS TO INVEST 43
Malta is where regulatory innovation and emerging technologies complement each other, creating the right conditions for financial companies, both big and small, to thrive. Add to this a seasoned talent pool, strong language skills, a competitive business environment and high quality of life, and it becomes clear why investors believe in Malta, its potential and its future.
30 REASONS TO INVEST 44
1
A Diversified Finance Centre Malta plays host to one of the most dynamic and globally connected international finance centres, which is quickly gaining a reputation as an incubator for innovation. The depth and breadth of Malta’s financial sector along with its world-class products and services is what gives Malta the competitive edge over other jurisdictions. A transparent international business partner, Malta offers investors a diverse portfolio of high-quality and well-regulated services for funds, insurance, securitisation, trusts and foundations, banking and financial institutions, payments, blockchain technologies, maritime and aviation management services.
Fast-growing Economy
2
Rated as one of Europe’s best performing and one of the fastest growing economies in the world, Malta has seen steady GDP growth in the region of 5% per annum in recent years. For a small island nation, Malta’s economy is surprisingly diverse. Financial services, iGaming, tourism, maritime services and highvalue manufacturing are among the sectors that form the basis of the economy.
4
EU Advantage Malta’s EU membership provides companies with access to the Union’s massive internal market of over 500 million people, but the island’s connections go far beyond that, and Malta is an ideal jumping-off point for accessing the growing markets in Africa and the Middle East.
3 One Regulator
Malta has one financial services regulator, the Malta Financial Services Authority (MFSA), which means companies can benefit from reduced bureaucracy and more streamlined processes. Viewed as serious yet approachable, the MFSA strives to ensure that rules and regulations are flexible enough to allow innovation without compromising the highest standards of consumer protection.
5
Professional Services
The international business community is strongly supported by an impressive selection of corporate service providers as well as accounting and auditing firms, ranging from small boutique practices to the global ‘Big Four’ accountancy firms. In addition, a large number of law and consultancy firms operate on the island, providing new entrants with the right insight and guidance to make the most of the opportunities that Malta’s finance sector offers.
30 REASONS TO INVEST
7 6
45
Access to Decision-Makers
Global Names
Malta’s size makes access to decisionmakers relatively easy. The MFSA is approachable and offers face-to-face meetings with international companies seeking to operate from Malta – a level of access that is rare in other finance centres.
The rising status of Malta’s International Finance Centre is reflected in the increasing number of international brands that operate from the island. Companies such as HSBC, Aon, March, Munch Re, Citco and Apex have been based in Malta for many years and are among the companies that continue to re-invest on the island. In addition, a number of Fortune 500 companies have set up operations here, including multinationals such as BMW, Citroën, Peugeot and Vodafone.
8
Connected to the World Malta International Airport offers connections to almost every major city in Europe and to key destinations in North Africa and the Middle East, including direct flights to major finance and business centres such as London, Frankfurt, Paris, Dubai, Istanbul, Amsterdam and Madrid. Rated as one of the best small airports in the world, it is well equipped to meet the needs of business travellers. Malta also has a thriving business aviation sector, including many private jet operators who are providing flexible travel alternatives to discerning executives.
9
Competitive Tax System Companies are taxed at 35% on all profits, however shareholders may claim a 6/7ths refund on the distribution of a dividend, which effectively reduces the corporate tax burden to 5%. Malta’s tax system has been approved by the European Union and the OECD. Further increasing Malta’s attractiveness is a network of over 70 double tax treaties, which include most global and developing economies in the world.
10 Cost Advantage
Malta’s main draw-card is the ease of doing business and the cost of operations on the island. Research has shown that Malta is generally 20 to 30% cheaper than other European centres, while a company’s start-up capital may last three to five times longer than it would in other European centres.
30 REASONS TO INVEST
11
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Strong Telecoms and Data Infrastructure Malta has one of the most advanced and competitive telecoms and data infrastructures in Europe. Large investments in recent years have resulted in state-of-theart networks with international connectivity. Companies can choose from a wide range of IT solutions providers to effectively manage their technology needs.
12 Company Formation
Blockchain Island
Malta has put in place a wide selection of innovative business structures that investors can choose depending on their needs. A Malta limited liability company can be used for a variety of activities, including holding and trading, mergers & acquisitions, asset management, insurance, securitisation and family offices. In addition to this, Malta offers trusts, foundations, cell companies, as well as specialised securitisation and asset management vehicles.
Start-up Hub
14
Start-ups, especially those in fintech, find Malta a particularly attractive place due to the concentration of industry players, talent and suppliers on the island. While still remaining affordable, Malta offers the right conditions for tech companies to develop, launch and scale their products.
13
Malta is leading the charge in disruptive technology and has established the world’s first regulatory framework for blockchain, cryptocurrency and Distributed Ledger Technologies. The country is now setting its sights on developing a robust regulatory framework for Artificial Intelligence, Internet of Things, quantum technology and big data.
15 Strong Work Ethic
With its combination of a pleasant Mediterranean lifestyle and British-influenced work ethic, Malta is fast becoming one of Europe’s most sought-after business centres.
16
30 REASONS TO INVEST
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Productivity Levels
Speed to Market
Malta’s productivity level compares well with other European countries. Despite the famously laid-back Mediterranean lifestyle, this reputation might be misplaced when looking at Malta. Maltese workers are known for their strong ambition and can-do attitude.
Speed to market has been the key selling point of Malta’s finance centre for many years. The island’s single regulator has simplified many of its processes and cut through much of the red tape that affects the competitiveness of the island’s finance centre while maintaining the integrity of the financial system.
Stamp of Approval
18
Malta’s financial services legislation is tried and tested and in line with EU law. It also received the stamp of approval from global institutions such as the OECD and the IMF, while the island’s economy has been given a clean bill of health by all major rating agencies.
Safety and Security
19
Malta boasts one of the lowest crime rates in Europe, making it one of the safest and most enjoyable countries to live, work and invest. Despite welcoming two million tourists per year and being one of the most open international business centres, the island still exudes a remarkable family-friendly atmosphere.
20
Infrastructural Improvements Malta has the infrastructure that anyone would expect to find in a prosperous citystate, although the influx of companies and foreign professionals has prompted government and the private sector to initiate a major overhaul of the country’s infrastructure and built-environment.
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21
30 REASONS TO INVEST
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Educated Workforce
Work-Life Balance
22
Malta is renowned for its excellent quality of life. The island’s small size and well-balanced rhythm offer the perfect worklife balance and opportunity to enjoy the proverbial eight hours of work, eight hours of play and eight hours of sleep.
24 23 Malta’s workforce is well educated, ambitious and adaptable, with a wide range of specialisations on offer. The island has become a hotspot for expat employees who now account for 30% of the workforce.
English-speaking Country
Standard of Living
A small cosmopolitan country, Malta offers an excellent standard of living but without the high costs of its European neighbours. Considered to be among the best countries in the world for expats, the island allows for a kaleidoscope of lifestyle choices ranging from urban chic to Mediterranean rural.
English, the global language of business, is one of Malta’s two official languages, along with Maltese. Laws and regulations are published in both languages. Many Maltese are also fluent in Italian and some even speak a fourth language, usually German or French.
A Warm Welcome
25
Malta is one of the most open and welcoming countries to international professionals. While EEA citizens can live and work in Malta with no restrictions, non-EU nationals require an employment permit, however highly specialised professionals can benefit from a fast-track service.
30 REASONS TO INVEST
26 Talent Incentives
With talent being the lifeblood of the financial services industry, Malta offers highly qualified foreign professionals a 15% income tax cap to attract the best and brightest to live and work on the island.
28
Sunshine Island
Malta is one of the easiest places to relocate to in the EU, and residents enjoy an exceptional standard of living: 10 months of sunshine, an English-speaking population and a Mediterranean island setting in which it is easy to become a local.
27 Full Support
The financial sector enjoys the full support from Malta’s political leaders who are committed to ensuring the growth of the sector by responding to emerging trends and positioning Malta as a hub for digital and financial innovation.
29 Perfectly Timed
Malta lies in a convenient time zone for doing business across the world: one hour ahead of GMT, meaning office hours coincide with Asia in the morning, Europe throughout the day and the US in the afternoon.
30 All Round Package
With a favourable business environment, a strong economy, EU membership, a skilled and dedicated workforce, good communications and a geographical position straddling the major trade routes, Malta offers businesses one of the most attractive all-round packages available.
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BANKING 50
Fintech Looks to
Shake up Malta’s Banking Sector
Malta’s banking system remains well-capitalised, liquid and profitable; however, banks’ risk appetite has become ever more conservative, which means the island is increasingly turning to fintech players for the next stages of growth.
M
alta has one of Europe’s healthiest and most profitable banking sectors, yet, concerns that the country is not doing enough to keep the sector free from crime, coupled with the fact that some market segments of the island’s finance centre remain underserved, mean Malta’s banking sector is in need of adjustment. The island’s ever-growing economy has exposed the need to expand the scope of banking services, especially to serve smaller corporate clients. However, increasing the number of banks is a tough challenge as the global banking sector has retreated into consolidation mode due to heightened capital requirements and rising compliance costs, which have affected banks’ risk appetite. The good news though is that fintech companies and neobanks have Malta on their radar, and the Malta Financial Services Authority (MFSA) expects to welcome new entrants to Malta’s financial scene in the near future.
Domestic Banking Operations Malta’s banking sector, home to no less than 24 banks, comprises institutions focused on the local market and a large number of banks offering specialist services or supporting operations abroad. The domestic market is dominated by two major banks: Bank of Valletta (BOV) and HSBC that maintain an extensive branch network on the island. Competing head-to-head with the big banks are smaller local institutions that include APS Bank, Lombard Bank, BNF Bank and MeDirect. Domestic banks follow a conservative and traditional banking model, which has largely insulated them from global financial upheavals. Bank funding depends on retail deposits rather than wholesale borrowing. Foreign banks such as Sparkasse, FIMBank, FCM Bank, IIG Bank, MFC Merchant Bank, NBG Bank and AgriBank have also sought to carve out a niche for themselves in the local market, offering corporate banking and deposit accounts in addition to their international business.
BANK OF VALLETTA
YOUR TRUSTED PARTNER IN MALTA As a leading financial services provider in Malta, we offer services that go beyond the customary banking experience. We aspire to exceed customer expectations by offering a trusted, truly genuine and caring service, adding value every time we connect. More information is available on www.bov.com or by contacting us on 2131 2020. Issued by Bank of Valletta p.l.c., 58, Triq San Ĺťakkarija, Il-Belt Valletta VLT 1130 Bank of Valletta p.l.c. is a public limited company regulated by the MFSA and is licensed to carry out the business of banking in terms of the Banking Act (Cap. 371 of the Laws of Malta).
BANKING 52
International Banking
Tightening Oversight
International banking institutions have long been calling Malta home. Some of the longest established international banks in Malta are branches of Turkey’s Akbank and Australia’s CommBank. More banks discovered the country as a platform for business when Malta joined the EU in 2004, offering banks regulated in Malta EU passporting opportunities and access to the EU market. Today, banks originating from the UK, Turkey, Qatar, the US, Czech Republic, Finland, Bahrain, Ireland, Greece and Holland have operations in Malta. Those banks have no or little interaction with the Maltese economy. They do not take local deposits, but rather focus on business with non-residents or intragroup transactions supporting their parent bank or concentrate their activities on areas such as trade and project finance, syndicated loans and investment banking. In fact, many of them hold executive responsibility for specialised areas of their group’s global operations.
Malta’s banks maintain substantial liquidity, adequate capital and prudent lending policies. All regulatory capital ratios are above the minimum levels required. At the end of 2018, the tier 1 ratio stood at 21.4%, whereas the EU average was 14.7%. Banking legislation is founded on EU legislation and is compliant with the Basel Core Principles. The supervision of the island’s largest banks falls under the remit of the European Central Bank (ECB), while the Malta Financial Services Authority is in charge of the supervision of all other institutions. While many of Malta’s banks are operating successfully, there were three banks that courted controversy and saw their banking licences revoked: Nemea Bank due to compliance failures, while Satabank and Pilatus Bank are facing money laundering allegations. These cases presented a serious risk to Malta’s reputation, and the island’s authorities have, since then, embarked on a thorough overhaul of their
BANKING 53
supervisory capabilities. The At a time when digital soluAll regulatory capital MFSA, the Malta’s Financial tion providers challenge tradiratios are above the Intelligence Analysis Unit, as tional banking models like never minimum levels well as the Economic Crimes required. At the end of before, Malta’s banking sector Unit have invested heavily in has caught the attention of fin2018, the tier 1 ratio of tech entrepreneurs and payment human resources and technology, as well as revamping their Maltese banks stood at companies, who have estabprocesses and procedures to lished operations on the island strengthen Malta’s capabilioffering their solutions in Malta ties to fight financial crime. and abroad. They have nurtured The effective implementation a new financial cluster that is whereas the EU of Anti-Money Laundering/ only set to grow in the coming Combating the Financing of years; the MFSA is optimistic average was 14.7%. Terrorism (AML/CFT) framethat by the end of 2020 three work is viewed as crucial for new fintech-type banks will be banks to retain their correspondent banking operating on the island. Hopes are high that these relationships. As part of a global de-risking banks will be very specialised institutions that can exercise, correspondent banks are increasing- understand and cater for business that does not fit ly cutting their ties with respondent banks in the model and risk appetite of the more traditional smaller countries, including Malta. institutions, for instance in sectors such as blockchain, cryptocurrency and gaming.
21.4%
Market Opportunities
While Malta’s banking sector has grown significantly in recent years, Malta’s expanding economy, coupled with an influx of foreign talent and companies, has led to a growing demand for banks that support the niches that Malta’s finance sector has built up – such as private banking, wealth management and investment services. The island offers remarkable growth opportunities for banks that are ready to seize a share of this business. The biggest opportunity lies in custody businesses, where the limited number of custody banks affects the growth of the fund industry. The island is also a land of opportunity for credit institutions looking for an EU-compliant, yet flexible, domicile that provides access to the EU market and the neighbouring countries of North Africa. The emerging economies of the region need infrastructure development, offering opportunities in the area of project finance.
Banking as a Service The past two years have not been easy for Malta’s banking sector, which has gone through a major de-risking exercise.The global banking regulatory landscape has changed, and with it, banks’ risk appetite. While these developments have required banks to rethink their business, an even greater change is currently underway: Bankingas-a-service is fast emerging as a concept, whereby banks adopt a platform-based business model, which allows fintech companies to plug in their services and products, such as a payment gateway or a current account. Many believe that this trend will grow in importance in the coming years, and Malta’s fast-growing digital sector positions the island as the ideal hub for investors, start-ups and established fintech companies wanting to make inroads in the banking sphere. n
Capital Markets 54
From Stocks to Tokens: The Stock Exchange of the Future The Malta Stock Exchange plans to build a regulated exchange for tokenised securities, thereby creating a new digital asset ecosystem that will take the Maltese capital market to the next level and transform the investment landscape.
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he Malta Stock Exchange (MSE) is one of the newest additions to Malta’s International Finance Centre. Traditionally serving the Maltese market, the MSE is seeking to position itself as the preferred market of choice for international small cap companies with growth potential and asset-backed securities. The Exchange is also turning its attention to digital assets and is currently developing two new platforms for listing and trading of security tokens, with the defined goal of becoming one of the first traditional stock exchanges to offer support for such products.
Building New Revenue Streams With a market capitalisation of €12.1 billion, the MSE is small by international standards, but the introduction of internationally recognised technologies has significantly enhanced its appeal as a listing venue. The Exchange uses Deutsche Börse’s Xetra trading platform, connecting over 4,000 traders in 16 different countries, and has linked up with Clearstream, Deutsche Börse’s liquidity provider, on the settlement and custodial site.
Capital Markets 55
To date, the MSE’s growth has been largely driven by local companies tapping the market for equity, with investors tending to be domestic institutions or the general public. While the Maltese mentality of ‘buy to hold’ has meant trading activity has traditionally been low, total market turnover dropped by over 30% to €392.7 million in 2018 compared to the previous year. To ensure the exchange remains profitable and less dependent on its core business segment, the MSE has launched a string of initiatives to widen its income streams and internationalise its offering.
New Markets The MSE has long sought to emulate the success of exchanges in Luxembourg and Dublin by looking to attract mid-tier corporates in need of a very cost-effective venue for their first listing, as well as non-EU entities aiming for a secondary listing in order to tap into the European money market. While this objective is still being pursued, the MSE is tapping into other market segments to differentiate itself from its competitors. A big opportunity for the MSE to raise its international profile is in securitisation. The MSE’s market for debt securities, the Institutional Financial Securities Market (IFSM), serves issuers targeting institutional investors. It offers the ability to create securitised instruments tailored to issuers’ own corporate requirements as well as to investor groups’ specifications. By the end of 2018, 12 wholesale debt securities were listed on the IFSM. In addition to providing conventional listing products, the MSE has developed a start-up market called Prospect, which is aimed at European and international SMEs who want to enjoy the ability to attract capital and investors from across the European Union. In 2018, seven corporate bonds were admitted, and the Exchange hopes that by the end of 2019, some 20 local SMEs will have joined the market. Malta is also working at putting in place a whole suite of alternative products such as Exchange-traded funds (ETFs) and real estate investment funds (REITs).
Digital Exchange Platform In 2018, the MSX PLC, the fintech and digital asset subsidiary of the Malta Stock Exchange,
teamed up with some of the world’s leading digital asset trading firms, Binance and OKEx, to create two new security token exchanges. The MSE hopes that both joint ventures will be operational by the end of 2019. This move is significant, as the MSE would become one of the first exchanges to offer a regulated platform for the trading of Security Token Offerings (STOs), thereby providing legal certainty to this nascent sector. Security tokens are hailed as the next big trend in the blockchain world. Unlike Initial Coin Offerings (ICOs), security tokens are an investment into underlying assets, such as digital currencies and securities, and perhaps even assets such as paintings and real estate.
Service Offering The other aspect that sets the Malta Stock Exchange apart from its competitors is its very high level of personal service. The small size of the MSE means it is able to provide a more intimate, tailored and fast service at very competitive prices, which goes a long way towards ensuring a successful listing. Both local and foreign companies can also benefit from ancillary services ranging from admission and trading to depository and custodial services. These services have attracted new business, mostly from overseas, and are an area where the MSE is very competitive.
Future Outlook The MSE has always been at the forefront of initiatives to help develop Malta into an international financial centre, although so far it has remained largely a domestic exchange. With its decision to venture into the digital securities market, the MSE has the opportunity to become a frontrunner in what will most likely be an integral part of the financial services sector in a few years’ time. This step has the potential to truly transform the exchange into an important player with significant international exposure. In addition, the new markets that the MSE has developed, the IFSM and Prospects, still have a lot of growth potential, which means that the MSE now has the unparalleled opportunity to realise its international ambition. n
Infinite Possibilities
Regulated Main Market An EU-Regulated Market facilitating access to capital Garrison Chapel, Castille Place, Il-Belt Valletta VLT 1063 2124 4051 borza@borzamalta.com.mt /maltastockexchangeplc
@MaltaStockExch
Funds & Asset Management
Remaining Relevant in a Changing Market
Malta has found its sweet spot and become the home of fund managers and administrators, while providing an environment that is attractive to smaller funds and start-up managers.
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he fund industry has been one of the cornerstones of Malta’s International Finance Centre. However, in order to continue to compete with the European asset management domiciles, Dublin and Luxembourg, Malta has refined its product offering and developed new specialities. The island has strengthened its reputation as a domicile for start-up and smaller funds by introducing a manager-led product, which does not require authorisation and thus offers a more time- and cost-efficient means of establishing a fund. In addition, Malta is positioning itself as a hub for the management of digital assets on the back of its framework for virtual financial assets. Expecting that digital finance will only grow in the coming years, the island is looking towards tokenisation and crypto funds as new speciality areas. Malta’s other big growth opportunity is in outsourcing and asset servicing. While the number of funds licensed in Malta has remained relatively flat in recent years, the island’s support industry – fund administrators and managers, investment advisers, compliance and risk managers – has looked outside of Malta to find growth. In addition to servicing funds in Malta, they are now offering their services in fund centres around the world. Today, the island hosts some 100 fund managers and 24 fund administrators.
Fund Structures There are 665 investment funds licensed in Malta, which had a combined net asset value of €11.67 billion at the end of 2018. There is no doubt that, to date, Malta’s growth story has largely been affected by the success of the country in attracting start-up fund managers. Most funds
launched from Malta are in the US$20 to US$50 million range. However, asset managers report that today many of their clients are at least semiinstitutional investors. Funds may be licensed as either Alternative Investment Funds (AIFs) or as Professional Investor Funds (PIFs). AIFs appeal to fund promoters wishing to passport the fund throughout the EU under the Alternative Investment Fund Managers Directive (AIFMD). The PIF licence is the licence of choice for smaller funds, which would benefit from certain exemptions contained in the AIFMD. However, a PIF cannot be passported throughout the EU and can only be offered on a private placement basis. The latest add-on to Malta’s fund framework is a manager-led product, the Notified AIF or NAIF, which has been designed to speed up time-tomarket. A NAIF can be registered within 10 days and has proven exceptionally popular, with 29 NAIFs registered at the end of 2018. Malta’s asset management industry is currently proposing the introduction of a Notified PIF as another addition to the island’s fund offering. Malta’s legislation also provides for the setting up of UCITS (Undertakings for Collective Investment in Transferable Securities).
From Traditional Asset Management… Malta offers flexible structures for asset managers, including Alternative Investment Fund Managers (AIFMs) and UCITS management companies. A Malta-licensed fund management company appears to be attractive for international fund managers to get access to the EU. The island has become particularly popular among De Minimis AIFMs, which do not fall under the scope of the AIFM Directive. Due to the avail-
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Funds & Asset Management 59
ability of plug-and-play solutions, including cell company structures, the island has seen also significant growth in the number of fund platforms. In addition, the sector hopes that the migration of service providers continues in light of Brexit. Depending on the final trade deal between the EU and the UK, Brexit could make fund distribution and servicing more complex within Europe. Malta offers incentives for fund managers to relocate to the island, including a flat 15% personal tax rate for highly qualified professionals.
…to Digital Asset Management
moters find the accessibility of the MFSA beneficial and value the opportunity to have faceto-face meetings. Yet for all its positives, UCITS Malta is facing some serious challenges. The biggest one is the lack of top-tier custodian banks that could serve the larger alternative funds, which are required to have loRecognized cal custodians after a change Private Schemes in EU legislation. The decision of Bank of Valletta, one of the main custodians on the island, in July 2019 to cut down its custody business sent shockNAIFs waves through the industry given that there are only few alternative service providers, such as Sparkasse Bank, Swissquote, Dolfin Asset Services, and REYL & Cie. The other challenge for Malta is to keep the rising cost under control. Despite the fact that living and operational expenses are on the increase in Malta, the island remains competitive to its main rivals. However, the traditional cost advantage that companies had long enjoyed by operating from Malta is slowly being eroded as the finance centre is becoming more popular.
Collective Investment Schemes in Malta at the end of 2018: AIFs
134 118 PIFs
401 Retail UCITS
5
The island has seen strong interest in its virtual financial assets offering which has captured the attention of investors around the world. Malta has introduced a comprehensive set of rules and regulations that govern investments in new asset classes, including cryptocurrencies, virtual financial assets, ICOs, STOs and blockchainoperated projects. Fund managers have already launched investment platforms dedicated to so-called crypto funds, and many on the island believe that digital asset management could be Malta’s next big thing.
Advantages & Challenges The authorities are making extensive efforts to ensure that Malta’s regulatory framework strikes the right balance between providing effective regulation and straightforward licensing procedures. Speed to market is one of Malta’s specialties, and there is a strong commitment that this will remain the case. The Malta Financial Services Authority (MFSA) is currently undergoing a complete overhaul and investing heavily in technology, which is aimed at improving efficiency and turnaround times of fund applications. Fund promoters are also encouraged to meet with the regulator prior to applying for the authorisation of a fund to discuss the application of regulations. In particular, if fund structures are complex, pro-
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Looking Ahead Fund custody is one area that needs to see substantial growth, with only a handful of firms offering custody services. However, the challenge for Malta is in the trillions. Dublin and Luxembourg are managing assets worth some €2.5 trillion and €4.4 trillion respectively, and with Malta having only close to €12 billion, it is clear that the market is not significant enough to match the business model of global custodians. Meanwhile, Malta’s investment fund sector is embracing change and finding its own niche in digital assets and asset servicing. The framework for digital assets has put Malta firmly on the global map as a hub for the next generation of financial services. The popularity and complexity of virtual assets is expected to grow in the coming years and Malta wants to be at the pinnacle of it. n
Insurance & Insurance Management 60
High Performing Sector Embraces
Digital Transformation
As new technologies are reshaping the insurance industry, Malta is keeping itself relevant and creating the right conditions for the adoption of blockchain, artificial intelligence and machine learning.
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aving attracted all the major names in the global insurance industry, Malta has become an international insurance hub on the back of its strong specialisation in captive insurance. Premiums for all lines combined have reached ₏4.7billion in 2018, and Malta today has the third largest insurance sector in the EU in relation to the size of its economy, after Liechtenstein and Luxembourg. EU passporting rights and competitive operating costs are key attractions to locating to Malta. The country also championed the introduction of innovative cell company structures. Today, Malta is a strong contestant for insurtech dominance in the region, and the island’s unique and tested cell company legislation could prove a key attraction to insurers and tech companies seeking to utilise blockchain solutions, smart contracts, artificial intelligence and machine learning.
A Sophisticated Sector There are 68 insurance companies based in Malta, including professional reinsurers, captive insurers and protected cell companies. Except for eight domestic insurers, most of these companies sell insurance to clients outside of Malta, mainly in other EU countries. During the past two years, the insurance sector has seen a number of small and medium-sized UK insurers opening offices on the island to continue catering to EU markets post Brexit. The insurance management community, consisting of 11 insurance managers, has greatly helped the sector to grow and develop. Global corporations such as BMW, Peugeot, CitrĂśen, Nissan, Liberty Global, Volkswagen, Vodafone and RWE have set up insurance companies or captives in Malta, while reinsurance providers Munich Re,
Number of Insurance Companies
41
50
58
60
60
68
2008
2010
2012
2014
2016
2018
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Insurance & Insurance Management 62
Axeria Re and Argo Global, as well as international insurance managers such as AON, Marsh, Willis, JLT, Artex Risk Solutions and USA Risk Group have established operations on the island.
Cell Company Legislation Malta has been a frontrunner in Protected and Incorporated Cell Companies. Both structures allow firms to write risks through cells within a core company and provide businesses with a costeffective alternative to setting up a stand-alone insurance company. Companies such as Swarovski, Amplifon, Travelodge, Ocado and TUI have set up insurance cells in Malta. The cell model is also applicable to insurance managers and brokers, and is seen as the ideal structure for start-ups, which otherwise might struggle to comply with today’s strict Capital and Solvency requirements. Malta has also recognised the growing importance of insurance-linked securities (ILS) and catastrophe bonds, as well as the convergence of reinsurance and capital markets. The island has enacted legislation allowing for the formation of reinsurance special purpose vehicles (RSPVs) and securitisation cell companies (SCCs). These regulations strengthened Malta’s role as an alternative risk transfer domicile as they link the insurance industry with the capital markets.
The Local Dimension Malta’s domestic insurance companies provide a range of different insurance cover types, from
car to boat insurance, and from home to business insurance. Many insurers are also offering innovative and creative policies addressing nichemarket demands of financial services companies operating from the island. Companies that are primarily active in the local market include MAPFRE Middlesea Insurance, Atlas Insurance, GasanMamo Insurance, Citadel Insurance, Elmo Insurance and HSBC Life Assurance. Discussions at EU level about changing the way how third-party liabilities will be funded in the case of insolvent insurers are currently creating unease among Malta’s domestic insurers. It is suggested that the home country picks up the bill for outstanding, third-party liabilities of an insolvent insurer, even if the insurer is writing insurance in another country by exercising EU passporting rights. Although Malta has long maintained an insolvency fund specifically catering for the eventuality of a local insolvency, according to local professionals, this fund was never intended or funded to cater for foreign insolvencies and such a change in legislation could have a significant impact on the industry.
What Lies Ahead Both international and domestic insurers are seeking to take advantage of technological innovation to become leaner, more agile and more efficient in their service offerings. They point to emerging opportunities from blockchain technologies, artificial intelligence and machine learning. From wearable tech that tracks users’ healthcare
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Insurance & Insurance Management 64
needs to automated claims processing, technological advancement is already transforming the sector. New entrants to Malta’s insurance sector will most likely be technology-led companies, attracted by the island’s drive to position itself as a hub for digital finance that is willing to play host to disruptive players from different insurance verticals. Insurers offering or developing innovative solutions could use a cell in a PCC to test and deliver new applications, either by setting up their own PCC structure or by working with an established insurance company renting out cells. Future growth is also expected to be driven by securitisation, either through the use of RSPVs or SCCs. An SCC is a single legal entity that can establish one or more segregated cells for the purpose of entering into securitisation transactions, including insurance-linked securities transactions such as catastrophe bond issuances, longevity risk transfer transactions, collateralised reinsurance transactions and cell sidecars. The main benefit of SCCs lies in their application as programme or platform structures, for instance if repeat transactions are envisaged, offering lower costs and quicker set-up time for each transaction.
Destination Malta With its innovative legislation and operational advantages, Malta is possibly top of the list for companies that seek to relocate to another jurisdiction and require vehicles for specific needs, such as third-party business, solutions to reinsurance issues or wanting to tap into capital markets. Malta’s re-domiciliation legislation allows for a seamless transfer of structures in and out of the island, without the need to wind up operations. The regulator, the Malta Financial Services Authority, has gained a very solid reputation among its peers. It distinguishes itself as being an approachable regulator, which is willing to listen to the requirements of business promoters. Insurance companies in Malta can rely on a wide support network, including the Malta Insurance Association (MIA), the Malta Insurance Management Association (MIMA), and the Association of Insurance Brokers (AIB), as well as the Malta Association of Risk Management (MARM). The sector is also backed by a large number of legal firms, as well as accounting
Composition of the Maltese Insurance Sector
75%
General
3%
Composite
10%
Reinsurance
12%
Long-Term
and auditing practitioners that range from local practices to the global ‘Big Four’. Furthermore, over the past years, Malta’s lawyers and accountants acquired the specialist insurance knowledge needed for more complex services, like the redomiciliation of captives from another jurisdiction to Malta.
Insurtech Hub The outlook for the industry remains favourable. Malta is expected to remain a hotspot for EU and non-EU direct insurers seeking a cost-effective location. It will be a magnet, too, for multinationals looking for reinsurance solutions and service providers with an international client base eager to enter the EU insurance market. As the insurance industry is gearing up to digitise its operations to meet evolving customer expectations and to reduce operational costs, Malta also comes into sharp focus as an emerging insurtech hub, where tech talent is available, operating costs are lower, access to the European Single Market is guaranteed and the regulator is fully embracing technological innovation. n
PENSION MANAGEMENT 65
Pension Managers Look to
Europe and Global Markets
Malta’s pensions industry is realigning itself to service the global pension needs of international corporations while looking to provide pension products to European clients.
Pension Management 66
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he rapid growth of Malta’s international als from EU and global markets. Malta is well pension management industry has seen placed to take advantage of the further evolution the sector flourish and become a key of the market for personal pensions, being a full segment of the country’s finance centre. Despite EU member with a network of some 70 internathe positive momentum, the sector is however tional double tax agreements. facing a somewhat uncertain future. The industry offers solutions for high-net-worth in- New Regulations dividuals looking for an investment vehicle, international workers planning for retirement and New rules, which came into effect in July 2019, global corporations seeking pension schemes for now mean that pension providers need to hold their staff. The industry has long catered mainly or obtain a MiFID licence, which, according to the UK market, but is now looking to diversify to industry practitioners, has significantly imgiven the vulnerability of this segment due to proved the sector. However, the additional obliBrexit. Meanwhile, the Malta Financial Services gations have also seen a number of players withAuthority (MFSA) has made significant changes draw from the market. As the industry goes ever to the Maltese pension regulamore global in its reach, the tions to strengthen consumer Maltese regulator has sought to protection by placing greater put consumer protection at the requirements on pension manforefront. Retirement Scheme agers and investment advisers. Estimated number of Administrators are also required to ensure that investmembers of Maltaments are in line with a retail A Growing Opportunity based pension funds client’s risk profile, while they must disclose all costs, includMalta emerged as a veritable pension hub on the back of changes to UK ing any upfront, ongoing or exit charges. pension law in 2006, which allowed UK corporate executives and expat pensioners to transfer Future Outlook their pensions to another country, under the UK’s Qualifying Recognised Overseas Pension The outlook for Malta’s international pensions Schemes (QROPS). Malta licensed its first six industry remains positive. With increased pension schemes in 2010. By the end of 2018, global mobility, the need for expat pensions the island was home to 58 schemes with €5.35 and pension solutions for international combillion in assets under management. It is esti- panies is increasing. Although EU regulations mated that today there are over 30,000 members have been in place to facilitate the set-up of in Malta-based pension funds. Malta’s retire- pan-European pension plans, the marketplace ment practitioners report that the demand for has not really provided for cross-border penpension transfers from the UK is easing, driven sions, despite demand from multinationals and by changes in UK legislation as well as fears and individuals. However, barriers related to penuncertainty over the impact of Brexit on QROPS. sions for mobile workers are gradually being However, the industry believes that this busi- lifted. By the time market momentum grows, ness can be replaced by providing cross-border Malta will have had enough time to perfect its pensions and EU-wide pension plans. Mobile service offerings and build up a robust track workers across the European Union are said to record, placing it in prime position to serve account for 5% to 10% of the Union’s workforce, the pension requirements of the wider market, and the island sees an opportunity to cater for which in turn will help reduce the global retirethe pension needs of companies and individu- ment savings gap. n
30,000
CORPORATE STUCTURING 67
Inflows Increase as Substance
GAINS Momentum
Malta’s proven track record in handling complex crossborder transactions has helped the island to win new business as the global drive for greater transparency sees investors increasingly favour onshore business models.
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alta’s role in global deal making has been capturing the attention of bluechip corporations and corporate planners. The know-how of the island’s professional service providers in structuring international transactions and investments into Europe and emerging markets around the world is ever more appreciated. At a time when regulatory changes at EU and OECD levels are reshaping the international business landscape, Malta offers global corporations the complete package that includes fully EU-compliant legislation, low cost struc-
tures and experienced service providers who have a proven track-record and the corporate engineering skills to support the most complex of transactions, all within a well-regulated finance centre.
Fully Committed Malta is not resting on its laurels and the island’s agency for registering companies, the Malta Business Registry, is aiming to become the first company registry in the world that is completely
CORPORATE STUCTURING 68
run on blockchain. This is part of Malta’s focus to become the go-to digital international finance centre that has signed up to all international standards and adopted best practice. Malta emphasises that it is neither a tax haven nor a secrecy jurisdiction. The island keeps its regulatory framework in sync with the changing demands of the industry and in line with the requirements laid out at EU level. The country operates a full imputation tax system, which has been approved by the EU. Companies are taxed at a rate of 35%. However, shareholders are entitled to a 6/7ths refund for the tax paid by the company. The OECD International Tax Cooperation Report showed Malta to be among the world’s most tax-compliant countries. The country has commenced exchanging information in line with the Common Reporting standard and has activated a tax information exchange network. The country’s Anti-Money-Laundering laws are all up to date, and a register of beneficial owners has been established to increase corporate transparency and accountability as well as combatting crime.
The Malta Company Setting up in Malta is a relatively quick process; it takes no more than a few days to establish a company. This is expected to decrease even further, to possibly minutes, when Malta’s new blockchain registry is fully up and running. The most commonly used vehicle for international business is the Limited Liability Company. A Malta company is the ideal vehicle for a wide
range of business activities, ranging from property ownership to the management of eCommerce activities and financial services. Malta companies are also increasingly being used for cross-border acquisitions. Foreign companies usually establish a Malta company as a European base, which then either acquires another European company or group, or carries out a cross-border merger. For companies looking to re-domicile their operations to the island, the legislation allows foreign companies to change their domicile to Malta, without the need of winding up their operations in their home country. This ensures substantial cost savings for the company and makes it attractive for already established companies to move their seat to Malta, while Maltese law allows for companies to re-domicile out of Malta in an equally straightforward process.
A Key Corporate Location The global push for substance, transparency and real economic activity is very much playing to Malta’s strengths. The island stands out as a costeffective EU jurisdiction with a well-educated workforce that is able to deliver innovative solutions to complex transactions. The country’s network of 70 double taxation treaties further strengthens its position as a key corporate location.With a regulatory framework that has received the seal of approval by most international standard setting bodies, Malta has developed a reputation as a quality jurisdiction that ticks all the boxes. n
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The country’s network of double taxation treaties further strengthens its position as a key corporate location.
GLOBAL AND EUROPEAN CORPORATE HEADQUARTERS 69
Global Malta
Proves Alluring for HQ Operations
Malta’s recent growth in attracting management functions and head offices could be a trend, building on the country’s strengths such as its diversified economy, fiscally attractive framework, technological expertise as well as access to the EU and the expanding markets of the region.
Global and European Corporate Headquarters 70
M
alta is currently witnessing one of the longest economic expansion cycles in its history and has become renowned for being a global player in selected niches. Beyond financial services, the technology, entertainment, manufacturing, maritime and aviation sectors are fuelling growth and attracting investment from international corporations. Many of them have based operational or corporate management functions on the island. VistaJet, Heidelberg Cement, Konica Minolta, FIMBank and Lufthansa Technik are just some of the corporations with significant operations on the island. Malta’s central location offering access to EU and North African markets, its skilled international workforce and high quality of life combine to create the ideal conditions for regional and international headquartering operations.
Facilitating International Business
Global Standards Malta is fully committed to the OECD’s Base Erosion and Profit Shifting (BEPS) initiative and has long moved away from ‘brass plate’ offices and focused on attracting companies with real economic activity and substance. The island’s regulator today makes it very clear that companies without sufficient corporate substance to support their operations will not be accepted. For critical functions such as management, controlling and compliance, qualified personnel need to be present at all times. Foreign companies based in Malta comment favourably on their experiences with their local employees in terms of productivity, profitability, dependability and rapid response times. Malta’s recent attraction as a corporate management base has been fuelled by its fast-growing tech sector. For example, Apple co-founder, Steve Wozniak, chose Malta to set up a blockchain-based company focusing on energy efficiency.
Doing business in and from Malta is easy. The country has a highly developed business infrastructure, making it an advanA Cosmopolitan Village tageous base for region-wide Apple co-founder, corporate coordination and Malta has a unique position in Steve Wozniak, central management functhe global economy and plays chose Malta to set up tions, sales, marketing and a pivotal role as a business hub a blockchain-based customer service. Malta offers in the Mediterranean - one that company focusing on a fiscally efficient tax framefeatures developed infrastrucwork, which is complemented energy efficiency. ture, economic stability, proby a network of some 70 doubusiness policies, and the use ble-taxation treaties, facilitating international of English as the main language. Malta can be business and ensuring a smooth trading envi- best described as a cosmopolitan village, having ronment. Situated between North Africa and attracted talent from all over the world, while the Europe, the country has long enjoyed close cul- island’s small size facilitates networking between tural and business relationships with countries executives creating opportunities to work in such as Libya, Algeria and Tunisia and is often collaboration with a variety of companies. The regarded as the hub linking the EU’s market island’s low crime rate, Mediterranean climate, of 500 million people and the rapidly evolving competitive personal tax rates, as well as its good markets of Africa and the Middle East. Besides educational and healthcare systems also make it geographical proximity to major markets, Malta an easy sell for American, Asian or European is connected by air to almost every major city in expatriate executives, particularly those with Europe and to key destinations in North Africa families. n and the Middle East, most being just a few hours’ flight-time away. Businesses can have strategic conversations with key partners from Malta and grow their brands in regional markets.
FINTECH 72
The Land of Digital Finance Malta is making its way up in the fintech sector and is taking a leading approach in regulating emerging technologies, as blockchain, artificial intelligence and machine learning are being woven into its framework.
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alta is becoming a hotbed for innovative fintech companies, and among them, its many specialists in insurtech and regtech. The island has earned the moniker “Blockchain Island” after introducing the world’s first holistic regulatory framework for Distributed Ledger Technologies (DLTs) in 2018. Artificial Intelligence (AI) and Internet of Things (IoT) technologies are next on the country’s agenda, and Malta is currently identifying policy, regulatory and fiscal measures to strengthen its appeal as a hub for foreign investment in these sectors. Fintech has also become a top priority for the Malta Financial Services Authority (MFSA), which plans to introduce a ‘FinTech Regulatory Sandbox’ and a FinTech Innovation Hub. The island seeks to attract companies disrupting segments such as payments, insurance, asset management as well as compliance in equal measure, while a host of crypto exchanges, ICO platforms and developers of blockchain-based applications have already established offices on the island.
Gaining Momentum Malta has already proved that it can develop a global tech-based industry: It has become the undisputed capital of the global iGaming industry and is today home to some 280 iGaming companies. The lack of natural resources forced the country to invest heavily in the development of service and tech-driven sectors. Today, Malta offers financial software entrepreneurs the opportunity to be located in one of Europe’s fastestgrowing finance centres, in close proximity to potential clients and investors. Fintech companies based in Malta are tackling regulatory and compliance issues, as well as developing platform and API-driven propositions in areas such as payments and risk management. The island has put itself on the global fintech map when it became the first country in the world with clearly established regulatory frameworks for DLTs, ICOs and virtual currencies. Malta also established a new regulatory authority – the Malta Digital Innovation Authority (MDIA). The
Fintech 73
MDIA, the first regulator of its kind in the world, certifies DLT platforms and smart contracts, while handling the voluntary registration of technology service providers. The MDIA works hand in hand with the MFSA, which has been tasked with the approval and supervision of ICOs, as well virtual financial assets and crypto currency exchanges. The ultimate aim of the regulation is to bring legal order to a market environment that thus far was mostly unregulated in order to ensure consumer protection and market integrity.
Fintech Attractions
island envisions the roll-out of a series of measures for both AI start-ups as well as global tech leaders to make AI-related investments into Malta. There are plans to develop a cutting-edge Research and Innovation Centre of Excellence for AI, Big Data and Robotics in Malta to enhance the innovation agenda. The island’s small size makes it the ideal test environment for AI companies to future-proof their products in a real-life scenario. Companies can develop and test new products and services on the diverse, yet concentrated, local market before exporting their services and solutions to Europe and further afield. Companies are also using Malta as a springboard to nearby markets, in particular those of Africa, which is increasingly becoming a testing ground for new financial technologies.
In addition to regulatory certainty, fintech companies are being drawn to Malta because the island provides a wealth of talent, both tech and finance. The local labour pool is deep enough to meet the needs of ICT employers across the range Innovation Community of technical and creative skills, while specialist knowledge can easily be sourced from over- It is Malta’s ambition to lead the race to embrace seas due to an incentive programme for foreign new technologies and set the standards for other workers. Salaries are lower than in other Western countries to follow. There are serious advanEuropean IT centres, such as the UK or the tages to being a first mover in new technologies; Scandinavian countries, thus enabling small and however, it is no easy task. Malta’s DLT framework medium-sized companies to develop new prod- was received with great optimism, with compaucts at affordable HR costs. International connec- nies from around the world announcing they tivity is also pivotal to the further development of would invest on the island. However, the regulathis sector and is guaranteed by three operators tions are strict, and the required financial investproviding international gateway services via fibre- ment is high, which, in the eyes of many, was the optic cables to mainland Europe. The 2018 Global main reason why the sector did not grow as fast as Startup Ecosystem Report (GSER) highlights that initially expected. Malta wanted to send a strong Malta’s tech start-up ecosystem is one to watch in signal that it is open for disruptive ideas and new areas such as fintech, blockchain, big data and an- business models, but only wants to attract truly alytics. Needless to say that Malta’s young fintech serious players. The active, supportive stance of industry is still facing challenges. the MFSA towards fintech may Banking is undeniably an issue. give companies in Malta an extra Companies in Malta, but equally boost. Malta’s Government is also in other countries, are struggling a big backer of new technologies, Companies with to open accounts, as banks are not including DLT, AI and IoT, and operations in yet willing to support their business wants to infuse these technoloMalta include: models, especially those built on or gies throughout all government supported by DLTs. services. This will ensure a flow of Binance projects to attract overseas players to Malta and encourage start-ups. The Next Big Thing OKEx One thing is for sure: Malta has the ambition and the will to become As all fintech sectors remain hot Systemic the home of new technologies that areas of investment, Malta sees Tencoins have the potential to disrupt the very clearly the advantages it could status-quo of the finance industry gain by exploring AI technoloBinary in the years ahead. n gies as a new economic niche. The
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Private Wealth 75
Gearing Up
to Service the Next Generation Malta offers family offices and wealth management firms a combination of top-class professional services, effective regulation and the ideal lifestyle location.
M
alta stands out as a wealth management hub with a difference, offering lifestyle and residency options as well as investment solutions. A wide range of investment vehicles is available – from simple trusts and company structures for families, to high value and more complex set-ups involving trusts, companies, investment funds and foundations. The country is also constantly developing new solutions that can be used in a family office setting, including investment migration programmes and Private Trust Companies. While the global wealth management industry is at an inflection point, challenged by regulatory reforms, a shift to new technologies and roboadvisory products, Malta believes it can enlarge its market share and attract larger volumes of client assets. The country’s approach of offering an attractive advisory and product portfolio – as opposed to models focused on secrecy – is helping Malta to successfully compete with other jurisdictions.
Increasingly Sophisticated Although many wealth holders that have moved structures to the island are keeping a low profile due to the private nature of the industry, practitioners are reporting that they are doing more wealth management and family office work than they did a few years ago. The country has also attracted a number of family offices, which are finding it to be a compelling alternative to traditional wealth management centres and have transferred all or part of their operations
to the island. Malta offers solutions to those clients who are interested in wealth preservation through trusts and foundations and to those who want to achieve yield through investment funds. Malta’s updated trust law brought about the introduction of the Private Trust Company, which offers interesting opportunities to highnet-worth individuals and families who prefer tailor-made trust solutions. The country’s fund administrators and managers have a solid track record in setting up and managing different investment vehicles for institutional and individual investors. Asset management companies in Malta have launched fund platforms, which are exclusively open to family offices and thirdparty managers to provide them with an efficient and cost-effective solution to enter the market.
Legal Certainty High-net-worth individuals appreciate the security that the county’s regulatory system provides. Malta offers an OECD- and EU-approved fiscal framework, combined with around 70 double taxation treaties. In addition, the supervisory system, under which trustees and other investment service providers have to be licensed by the Malta Financial Services Authority (MFSA), gives comfort to clients by ensuring that certain regulatory standards are met. The country also has an excellent legal infrastructure, which is supported by a strong community of local and international wealth managers who can combine all the separate strands into a unified and comprehensive wealth management offering.
PRIVATE WEALTH 77
Alternatives Tools
wealth management solutions. High-net-worth individuals are also beginning to show interest in investing in Initial Coin Offerings (ICOs) and holding cryptocurrencies. With its dedicated regulatory framework for Distributed Ledger Technologies, wealth managers and investors should have Malta on their radar to make the most of emerging opportunities.
Investors preferring physical assets are increasingly looking at Malta too. A strategic port of call for superyachts crossing the Mediterranean, the introduction of extensive VAT incentives for the registration of yachts under the country’s flag and the excellent infrastructure of the country’s marinas make Malta a logical Malta’s Private choice to base a yacht. Malta also offers attractive soluWealth Tools: tions to purchase and manage aircraft and has developed a Trusts & Foundations strong legislative framework that has paved the way for the Malta Company easy registration of private jets. Investment Funds In addition, Malta is positioning itself as an attractive place for high-net-worth individu- Residency & Citizenship als to purchase property and Yacht and Aircraft reside due to the introduction Registration of citizenship and residency by investment programmes. Cryptocurrencies
Digital Transformation The wealth management industry is in the midst of digital disruption. Due to the introduction of new regulations and related cost increases, a greater focus will be placed on cost effectiveness, while technology will become mission critical to drive customer engagement, portfolio handling as well as regulatory and tax reporting. In this climate, Malta seeks to attract fintech companies and technology-driven businesses providing
Growing Trends
The landscape for international wealth management is changing significantly at the moment. Client expectations are becoming more sophisticated, competition is intensifying and new type of services are in demand. Wealth Managers report increased interest in impact investing and sustainable portfolios, especially among Millennials. Younger generations live in a society with rising inequality and mass migration, dominated by concerns around climate change. This environment is shaping their world view and influencing their investment behaviours. As wealth managers are now gearing up to service the next generation of wealthy clients, Malta provides them with the ideal base to take advantage of these growing trends: The island offers a full range of innovative products, a strong regulatory framework and personal, cost-effective services. n
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Trusts & Foundations 79
An Old Concept Finds New Demand Malta’s trust industry finds fresh appeal among international service providers for its variety of applications and onshore solutions.
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alta’s trust industry plays a vital role in shaping the country as a wealth management location, and the sector is seeing continued interest from trust companies setting up operations on the island. While the country has been a prominent player in administering private wealth structures for almost 30 years, to maintain its competitive edge on rival trust jurisdictions, Malta has updated its Trusts and Trustees Act, ensuring that the island remains one of the ‘go-to’ names for those in search of wealth management solutions. Malta’s EU membership and its onshore financial services sector are key attractions for trust companies.
A Unique Proposition Malta does not only offer the option to establish a trust, it is also one of the few places in the EU that caters for foundations too. This ‘marketable advantage’ has attracted more than 170 service providers, including branches of international trust administrators, independently owned trust companies and smaller niche providers to the Mediterranean island. The Society of Trust and Estate Practitioners (STEP) has about 100 members in Malta, evidencing the depth of experience available. Both trustees and foundation administrators must be licensed by the Malta Financial Services Authority (MFSA) and are legally bound to treat the interests of beneficiaries as paramount. However, Malta is not a secrecy jurisdiction, and the focus of service providers firmly rests on providing a world-class service to affluent, tax-compliant customers from around the world.
Onshore Attraction Malta’s laws are in line with global standards on KYC and AML, and all Maltese trusts and foundations are obliged to identify, record and report their beneficial owners to the MFSA. The beneficial owner register is not public but accessible by law enforcement officials and others with legitimate interests. The MFSA also operates a fasttrack authorisation for trust companies licensed in other approved jurisdictions. Legal costs, management fees and auditing rates are all lower in Malta than in the majority of European jurisdictions. Malta’s law also allows settlors to establish trusts governed by a foreign law, which means service providers can offer their clients the option to choose the law of another jurisdiction to govern their trust. In addition, Malta offers an attractive ‘light touch’ regulatory process for Private Trust Companies (PTCs), whereby a family trust can hold assets to the benefit of one specific family. The trustee of a PTC is not required to undergo a full authorisation process with the MFSA, but is merely required to register with the MFSA, which significantly speeds up the process.
Towards the Future Malta’s advantage for international trust companies lies in the fact that it recognises all forms of trusts found in any other jurisdiction. In addition to traditional wealth planning and philanthropic uses of a trust, Malta’s trust law identifies a number of commercial applications for the use of trusts, ranging from securitisation to holding aircraft assets. This bodes well for the future of Malta’s trust and fiduciary industry. Maltese trusts and foundations offer security, assurance and flexibility in an EU-regulated environment, while maintaining the principle of confidentiality that clients expect. n
INVESTMENT MIGRATION 80
A Moving Experience
As an EU member state, Malta has broken new ground in the investment migration industry and established itself as one of Europe’s top destinations for the globally mobile.
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alta has been one of the great success stories of the investment migration industry. The EU member state’s decision to launch not only a residence-by-investment but also a citizenship-by-investment programme a few years ago is widely being seen as the industry’s biggest leap forward, which until then revolved very much around citizenship programmes offered by Caribbean island nations and the long-established visa programmes of countries such as the US, UK and Australia. Malta’s programmes both proved tremendously successful: The island’s international outlook, its fast-growing economy, combined with a lifestyle that comes with the Mediterranean environment, are attracting applications from high-networth investors and entrepreneurs from around the world, who are seeking easier travel options, safe residency locations and access to better education, healthcare and lifestyle opportunities.
Two Programmes Malta’s Individual Investor Programme (IIP) offers foreign nationals the possibility to obtain Maltese citizenship, whereby a Maltese passport offers visa-free access to some 170 countries. The Malta Residency and Visa Programme (MRVP) grants international investors residency in Malta and a visa by which they can access the Schengen area. Applicants for both programmes are thoroughly assessed and screened, and they are required to fulfil a number of conditions, which include investing in government bonds, purchasing or renting property of a certain value, and in the case of the IIP investing €650,000 in the National Economic and Social Development Fund, Malta’s sovereign wealth fund. Thus far, 900 applicants received Maltese citizenship. The MRVP is equally successful and has attracted over 1,500 applications since its introduction in 2015. The MRVP proved particularly attractive to appli-
cants whose home country does not allow second citizenship, and most applicants hail from China, but the island is also seeing interest from other parts of the world such as the Middle East, Russia, Turkey, South Africa and India.
Transparency and Good Governance Globally, the investment migration is facing significant headwinds, with international organisations, policy-makers and the media viewing the industry with a critical eye. Malta is aware that investment migration is a very complex and sensitive matter. The Malta Individual Investor Programme Agency and the Malta Residency and Visa Agency follow a rigorous four step screening process for applicants, which goes well beyond a simple investigation on the source of funds and wealth but obtains as much information as possible from numerous sources. Malta is also one of the few countries that have established an independent regulator to oversee the programme’s operation and that publishes the names of new citizens.
So Much More Malta’s Individual Investor Programme in its current form has been capped at 1,800 applicants, but the Maltese government has already announced its intention to extend the programme. However, it is considering more stringent criteria. As an investment migration location, one of Malta’s primary attractions is that it provides access to the European Union, however, Malta offers much more. The country’s economy has been one of the best performing in Europe, offering interesting investment opportunities across a range of sectors. Plus, a country full of history, passionate people, excellent weather and crystal-clear seas, Malta is a place that expats like to call home. n
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Maritime & Yachting 82
Leading with
Integrity Malta has more ships on its registry than any other European nation, and the island ensures that its regulations are in tune with the latest developments at EU and global level.
M
alta has built up the largest maritime cluster in Europe thanks to its appealing regulatory framework and service culture. The island currently has the largest ship register in Europe and the 6th largest in the world and is fast gaining a reputation as a top location for the yacht and superyacht industry. Malta’s well-run international maritime register with high service and safety standards is today attracting clients from as far away as Asia and Latin America. A host of big hitters have registered their fleets in Malta, including CMA CGM, MSC, TUI and others, while maritime litigation and finance have been earmarked as growth areas for the future.
An International Superpower Malta’s maritime industry contributes 12% to Malta’s GDP, whereby ship registration has become the number one activity of Malta’s maritime centre as global ship owners increasingly turn to the Malta flag. Malta currently has 3,000 merchant vessels, with over 78 million gross tonnes, on its register, a figure that has doubled over the last five years. Malta’s register ranges
from LNG carriers to cruise ships, from bulk carriers to RORO ships and from oil tankers to superyachts. In particular, the number of highend vessels on Malta’s register is constantly on the increase. In 2018, the superyacht sector witnessed a 10% increase compared to the previous year, and there are now more than 750 superyachts registered in Malta, which means the island hosts one of the world’s largest flag registries for yachts over 24 metres. Of course, Malta’s ship register does not work in isolation, and the sector is supported by a large maritime community that caters for practically all maritime requirements. Malta boasts a wide network of maritime lawyers, agents, brokers and insurers. The only segment not being fully developed is ship management: Turkish company Palmali and Norwegian shipping company Wilhelmsen are among the few with a presence on the island. On the other hand, almost every shipping line and company today has ships on Malta’s register. The island also hosts the Regional Marine Pollution Emergency Response Centre for the Mediterranean Sea; the IMO International Maritime Law Institute and the International Ocean Institute.
Maritime & Yachting 83
Main Attractions Transport Malta, the regulator of the industry, goes to great lengths to emphasise that Malta is a flag of confidence and not one of convenience. The island’s status as an EU member state, its state-of-the-art maritime framework and the excellent safety records of Malta-flagged ships helped the island to be officially classified as a low-risk flag. Ship owners appreciate that Transport Malta is on call 24-hours a day to deal with problems from managers or ships’ staff. Registration costs and the fees of service providers have remained affordable, while the Maltese flag also offers an advantageous tonnage tax system, which has just been approved for a period of 10 years by the European Commission under EU state aid rules. As one of only two open registers in the EU, registration is available to vessels owned by Maltese and non-Maltese persons, and, in practice, any kind of vessel may be registered, including one under construction. However, Transport Malta has put a premium on quality by introducing regulations which require ships aged 15 years and over to pass additional inspections, and ships over 25 years old are not accepted on the register. The island is also committed to supporting the maritime industry towards a greener and more sustainable future. In 2019, Malta has acceded to IMO’s treaty for safe and environmentally sound ship recycling – the Hong Kong Convention.
New VAT Rules Malta’s regulatory framework is also attractive to yacht and superyacht owners. Yachts registered as commercial vessels can benefit by paying an annual tax on the tonnage, rather than an income tax on earnings. For yachts which are not commercially registered, Malta operates an attractive system for purchasing and leasing that is modelled on industry best practice and has been updated in 2019 to reflect the latest EU developments in the field. This system enables yacht owners to pay VAT on their yachts based on the actual percentage of the time that the vessel sails in EU waters. While previously Malta calculated the VAT due based on the size and type of yacht, under the new rules yacht owners are
required to maintain adequate records, including logbooks and records of GPS coordinates, to prove the location of the yacht throughout the year, whereby VAT percentages can be changed retroactively depending on the actual time that the yacht had spent in or out of EU waters. The island has also adopted attractive VAT rules for short-term yacht charters commencing in Malta. While such charters will continue to be subject to a rate of 18% on the cost of the charter, this will only be applied proportionally, based on the amount of time the charter is in EU waters. Malta’s proximity to North African and Eastern Mediterranean destinations means that a superyacht charter could be undertaken where a significant portion of the time is spent beyond the realms of the EU and its tax rules.
Greater Potential While the international shipping community is still facing some headwinds with reduced trade volumes and freight rates near historically low levels, Malta’s shipping sector is expanding. The development of the international ship register has also encouraged owners and management companies to locate their operations in Malta and tap into the island’s professional services. Malta’s lawyers and corporate service providers are among the most experienced in international circles and can advise on all aspects of registration and operation of vessels. Specialist lawyers from the island today handle a wide selection of maritime disputes in both the so-called wet and dry sectors. Maritime litigation is also a key growth area for the future. The Maltese government has announced its intention to set up a maritime court and to overhaul the maritime legal framework with a vice-admiralty court and a revamped International Arbitration Centre. Initiatives such as these are aimed at positioning Malta as a maritime hub providing all-embracing maritime legal and corporate services. With a growing international finance sector, the country is also destined to see future opportunities arising in banking and insurance, while Malta’s maritime community is convinced that it can compete with European ship management jurisdictions by developing and offering a greater level of sophisticated ship management activities. n
Aviation 84
Aviation Soars to Record-Breaking New Heights
Going places: Malta is becoming the high flyer of Europe’s aviation industry as increasing numbers of aviation companies locate to Malta, quickly followed by a renewed focus on aviation finance and management operations.
2
019 will most likely go down as a transformative year for Malta’s aviation sector. The country’s aviation registry is expanding like never before and quickly approaching 400 aircraft. Malta’s legislative framework has turned it into a recognised address for the registration of both private and corporate jets, while maintenance, repair and overhaul (MRO) providers, including Lufthansa Technik and SR Technics, have added to the appeal. Vistajet, one of Europe’s largest private jet operators, is headquartered on the island, while Ryanair recently launched a subsidiary airline called Malta Air and announced it will be registering some 60 planes on Malta’s aircraft register. Aviation is today one of the fastest growing industries in the country, and the government has identified aircraft leasing, finance and chartering as priority areas for the next phase of the sector’s development.
9H Registry There is no doubt that Malta’s expanding aviation register is a key driver behind the growth
of the industry, which today contributes 2.5% to Malta’s GDP and accounts for more than 3,200 jobs. There are currently some 320 aircraft flying the 9H country prefix, ranging from small private jets to the gigantic Airbus A380 doubledecker. Spectacular growth in Malta’s business aviation has elevated the country to eighth place in world rankings, based on the number of aircraft registered. Corporate charter airlines such as Comlux, Orion Malta and Air X Charter, as well as charter and wet lease operator HiFly, have not only registered aircraft but also opened subsidiaries in the country. In total, 37 airlines today operate with a Maltese licence. The reason for Malta’s attractiveness is its Aircraft Registration Act, which strives to do away with unnecessary red tape, while maintaining the added protection of being fully recognised by EU law. The legislation provides a lot of flexibility, allowing the registration of an aircraft while it is still under construction, the recognition of fractional ownership and the regulation of trust agreements in the holding of aircraft assets. The regulator, Transport Malta, offers
Aviation 85
fees that are amongst the most competitive in the EU, as well as streamlined regulations that are in full compliance with the international safety standards set out by the European Aviation Safety Association (EASA).
There are currently some
has been mostly centred on the 240,000 sqm Safi Aviation Park, a specialised industrial area providing secure, airside facilities for the industry, particularly within the MRO sector. However, there is a clear desire to attract more private aircraft flying jet operators and repair facilities. the 9H country Legal and accountancy firms A Focus on Finance prefix, ranging in Malta are increasingly focusing on advising owners and operaMalta is also seeking to position from small tors, as well as financiers, lessors itself at the forefront of aircraft private jets to and lessees, on all aspects of the finance transactions. The country the gigantic global aviation business. Added to has long ratified the Cape Town its very supportive environment, Convention, which is widely recogAirbus A380 has taken strides to attract nised as the market standard in airdouble-decker. Malta an even greater share of top-tier craft finance. The Convention protalent and world-class firms by vides certainty to investors in the event of debtor defaults and details procedures extending tax-friendly policies, originally drawn that should be undertaken if this happens, such as up for the finance industry, to the aviation sectaking possession or control of the aircraft, selling tor. Aircraft managers from overseas benefit or granting a lease on the aircraft, and collecting from reduced income tax rates - one of the many or receiving any income or profits arising from incentives that bring foreign talent to the sunthe management or use of the aircraft. Malta is drenched island and EU member state. also well placed for the structuring of air finance deals through various methods, such as syndi- Growth on the Radar cated loans and securitisation. A wide variety of asset classes can be securitised under Malta’s There are many indicators that suggest Malta’s Securitisation Act, including lease/charter pay- aviation sector will continue its remarkable exments for aircraft. In addition, the regulator has pansion over the next two years and more. With developed a procedure for aircraft leasing which a growing aircraft register, its competition-beatmakes the purchase and subsequent lease of an ing regulatory services, and a government comaircraft more attractive, whereby VAT becomes mitted to providing significant incentives, Malta due only for the time an aircraft operates in the is in a strong position to consolidate its gains in European Union. With 40% of the world’s aircraft the sector. The government has also announced being leased today, this sector could offer tremen- its intention to make further enhancements to dous future opportunities for Malta. the registration act and introduce other innovative incentives that will improve what Malta has to offer in order to retain its competitiveness A Sustainable Ecosystem on a global scale. Although the global aviation Malta’s modest cost-base and highly competitive industry is being challenged for profitability, fiscal framework are key to its success in growing growth for the years ahead seems to be assured the aviation sector, and like all industrial growth by an increasing demand for safe and efficient in the country, improvements in physical in- transport in nearly every corner of the world. frastructure underpin development. Malta’s The watchword for Malta’s success story in aviacluster of aviation support companies has seen tion has been ‘efficiency’ and continuing to engiextensive investment by government in order neer the conditions to sustain its efficiency will to facilitate their operations. This investment be key to the sector flying even higher. n
320
Payments 86
Vital Source of New Business
Malta’s payments industry is experiencing a period of growth on the back of strong demand for faster, cheaper and, most importantly, easily accessible payment solutions.
A
s the payments industry is undergoing unprecedented change, Malta is becoming a preferred location for the processing of online and mobile payments for customers from across the globe, offering the right combination of expertise, infrastructure and connectivity. The number of service providers established on the island has risen to almost 50 – a figure that has more than doubled in the past five years. While many payment companies initially came to Malta to service demand for digital solutions by
companies in the financial services, iGaming and eCommerce space, the country quickly emerged as a cost-effective location for next-gen payment companies seeking to service the European market. The island’s advanced digital infrastructure, coupled with its strong regulatory framework providing legal security and predictability, helped in attracting international payment providers and establishing payments as an independent industry generating new business flowing into Malta’s finance sector.
Payments 87
Payment Ecosystem
Malta is home to 49 financial institution, of which 38 are authorised to provide payment services and 15 are licensed to issue electronic money. Companies with operations in Malta include:
the financial services industry, leaders from the industry have come together and formed the Financial Institutions Malta Association (FIMA).
Malta has built up a competitive cluster of payment companies, including e-wallets, payment-processing platWelcoming New Entrants forms, card issuers and acquiring institutions. A number Payment companies have been of specialist Payment Card handed a windfall by Maltese Industry (PCI) compliance and international banking intesting service providers have stitutions whose ever-shrinkalso established operations in ing risk appetite, coupled with Eft Global Limited Malta. With safety and secuthe associated costs of serving rity being an obvious concern Em@Ney P.L.C. certain market segments, has for consumers, and the desire Entercash Ltd. seen them becoming very seof companies to be based Fexserv Financial Services Ltd lective in terms of the business within a reputable EU juristhey accept. This means many diction, Malta offers payment MoneyMatrix Ltd smaller companies, startcompanies the opportunity Papaya Ltd ups and entrepreneurs today to operate in a well-regulatPaymentworld Europe Limited turn exclusively to payment ed environment and service providers for their financial customers in all countries of Paymix Ltd needs, making payments one the European Union, either Secure Trading Financial of the most dynamic and licensed as payment instituServices Limited fastest growing industries in tions or e-money institutions the current financial system. Truevo Payments Ltd by the Malta Financial Services The Maltese authorities are Authority. Trustly Ab Malta Branch committed to realising their To serve the industry’s Uniongoldenpay Ltd. vision of a high-tech financial needs, the country has exWestern Union centre and are inviting more panded its international conpayment businesses to set up nectivity and communications Business Solutions in the country. The recent decapacity enormously over the velopment of a framework for last few years, with four submarine fibre-optic cables connecting the island to Distributed Ledger Technologies (DLTs) means Italy. While the competition for talent is one of Malta is well placed to play a leading role in the the most critical issues confronting the payments next fintech wave, with cryptocurrency wallets industry globally today, Malta has built up a pool and exchanges moving operations to the island. of talent with either direct experience in the pay- They are not only driving growth themselves, ments sector or with transferrable skills gained in but are also enlarging the potential customer Malta’s tech and internet-related industries. To base for payment providers establishing themspearhead growth in this flourishing segment of selves in Malta. n
Shared Services & Outsourcing 88
Home to
Next-Level Outsourcing
Malta’s shared services sector has embarked on the next phase of its development, deploying cutting-edge solutions in order to offer very advanced and value-added services.
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alta has established itself as a powerful outsourcing partner that is increasingly winning high-value deals and offering knowledge-intensive solutions. As an EU member, Malta provides a high degree of regulatory certainty that companies appreciate, and the island is increasingly considered a prime location for the outsourcing of management-type functions that require specialised skills and the integration of the latest technologies. The first to take advantage of this are sectors such as fund management and administration, insurance management and treasury operations, but also private aircraft and yacht management companies. KYC and due diligence, as well as risk and compliance, are other areas in which Malta has established core competencies that are growing in demand in the global outsourcing market.
Value-Added Focus Malta’s journey in the shared services industry started in the call centre segment due to the fact that English is one of Malta’s official languages. Call and contact centres remain a prominent theme in Malta’s outsourcing offering, although the focus today is on email, chat support and social media rather than phone calls. Throughout the years, Malta’s outsourcing sector has transitioned towards more complex services. Boasting large numbers of accounting firms, including boutique practices and the ‘Big Four’, Malta has become a hub for the outsourcing of accountancy work. A specialist service offered from Malta is performance marketing, and a number of firms that were traditionally assisting Malta’s iGaming companies with lead generation have expanded into financial services. International groups that have long been outsourcing to Malta are also increasingly trusting
their teams on the island with middle office functions, and many entities are now expanding to deliver high-value services, including business analysis and decision support to their parent companies. The island is also seeing exponential growth in the provision of high-end analytical services. Home to many regulated industries, including financial services, gaming, maritime and aviation to name but a few, and coupled with its focus on emerging technologies such as blockchain and artificial intelligence (AI), Malta is developing new credentials in areas such as risk management, due diligence and compliance, all of which are high growth areas due to the ever-increasing regulatory requirements.
Multilingual Capability While costs may be higher than in Asia, many European companies that outsource work to Malta comment that it offers better all-round value for money: the workforce is highly educated, and wages are reasonable, while the island has attracted a large pool of international and multilingual talent that is hard to find in other locations. In addition, Malta has a dynamic IT sector and a tier 1 data and telecoms infrastructure.
An Intelligent Future While many traditional outsourcing industries remain people-centric, the future of outsourcing will likely revolve around artificial intelligence and related digital technologies such as automation, robotics, machine learning and big data. Malta is currently developing new AI legislation to help regulate this new global sector, and for companies that want to deploy these new technologies, Malta would certainly be the one country to keep an eye on. n
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Corporate Treasury 90
Treasury Operations Choose Malta for Experience and Location
Global organisations in increasing numbers are turning to Malta to streamline and simplify their cross-border treasury management operations.
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alta’s international payments industry and globally connected finance centre are starting to catch the eye of treasury decision makers who are quickly coming to appreciate the many advantages that Malta offers their companies. The key to Malta’s appeal for treasury operations lies in its ability to provide the robust framework that global corporations need to execute their overseas strategies. Despite being a small island, Malta has one of the most open economies in the world, with a network of some 70 tax treaties, low corporate and income tax rates, and is a melting pot of multilingual talent from around the world. In addition, the island has built up a pool of accounting and legal talent, as well as tech and payment professionals that enable real-time monitoring and management of liquidity.
Hosting Global Business Increased volatility in the global economy and the growing complexity of international markets are driving companies to seek improved control, efficiency and transparency in their cash management. Malta is home to some the global leaders in iGaming, private jet management, maritime, asset management and insurance, which have all chosen Malta to set up their regional or worldwide operations centres. As a service and export-based economy, Malta has been doing business all over the world. One of its key draws is the understanding of the cultural differences of doing business around the world. The success of these industries has attracted toptier talent from around the world to relocate to Malta, and today treasury companies can tap
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into knowledgeable payment professionals as well as experienced accountants, lawyers and consultants, all of which is supported by the Big 4 accountancy firms that have long established practices in the country.
Malta’s Attractions The island’s banks follow an ultra-conservative banking model and, in line with global banking trends, have been pursuing a de-risking strategy. While this is usually considered a weakness, for treasury operations the stability that comes with this approach is quite comforting. At the same time, the banks have substantial deposits and liquidity and are able to assist international corporations with short-term funding needs. While the major European forex brokers may not have
an office in Malta, they are all offering their services on the island on the basis of EU passporting rights. Corporate treasurers can also turn to Malta’s thriving payments industry. The island is home to 50 companies offering new and innovative solutions that can help solve treasurers’ payment issues. From an IT supplier perspective, companies find all the big brand names on the island, while international connectivity is ensured via four submarine cables to mainland Europe. Malta’s very competitive cost-base, which is 20% lower than those of other Western European locations, has also opened the door for the island to become a player in the treasury sector. In most cases, multinationals want a single platform that can offer them an overview of their position, and many of them have come to appreciate the advantages of a Malta company, which can be established to function as Group Treasury for related companies in Malta and abroad. For smaller corporations preferring to outsource treasury functions, Malta’s many accountancy firms offer a full range of financial management and transaction services to their clients. Cash pooling, leasing arrangements, asset management, risk management and payment services can all be procured from the same treasury service, whether the client is a single entity or a group of companies.
Regional Pull Although many believe that the country still has some way to go to establish itself as a worldclass treasury centre location, Malta’s location between Europe and North Africa makes it attractive for emerging market multinationals and companies expanding into regions such as North Africa and the Middle East that are seeking a sophisticated, safe and stable financial centre to base their treasury operations. n
Brokerages & Exchanges 92
Malta Banks on Digital Asset Trading An innovative regulatory framework and good technical infrastructure have put Malta in the running to be a leader in the trading of digital assets.
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ith its ambition to position itself at the forefront of digital finance, Malta has caught the attention of online brokerage and trading platforms. Cryptocurrency exchanges, including industry heavyweights Binance and OKEx, have opened offices on the island, and in collaboration with the Malta Stock Exchange, they are exploring opportunities to set up two new exchanges for security tokens. The first online brokers that came to Malta were forex and CFD brokers; these retail-oriented platforms
saw their business grow on the back of easy-touse technology. While the introduction of tighter checks on systems and risk controls, as well as tougher capital requirements and leverage limits for forex companies, has curbed growth, the measures are seen as important in retaining investor trust. As the brokerage and trading industry enters the next phase of its evolution, consumers and companies are increasingly viewing a licence from the Malta Financial Services Authority (MFSA) as a real seal of quality.
Brokerages & Exchanges 93
as VFA exchanges. Malta introduced four types of licences for companies providing services related to virtual financial assets, whereby crypto exchanges require a category four licence which is issued by the MFSA. Malta is now gearing up for the next iteration of digital asset trading, and the Malta Stock Exchange is positioning itself as the ideal venue for the trading of security tokens. To realise its ambition, the exchange has teamed up with Binance and OKEx, and the two token exchanges are expected to be up and running by the end of 2019. Some commentators say this is the first signal of a radical market transformation, which will see the stock exchanges of the future host unified platforms where one can trade traditional financial assets, such as securities, shares of stock and bonds, as well as crypto assets, including security tokens, equity tokens, utility tokens, cryptocurrencies and stablecoins.
Malta’s EU-compliant regulatory framework gives investors’ confidence, peace of mind, and the added comfort of knowing they are trading with a company that is licensed and adheres to high regulatory standards.
Digital Asset Trading Hub Regulation is playing a pivotal role in further developing today’s increasingly digital trading systems, providing transparency and legal certainty. As part of its regulatory package for Distributed Ledger Technologies (DLTs), Malta introduced the Virtual Financial Assets (VFA) Act, which sets a defined framework for ICOs, tokens, cryptocurrencies, and the operation of cryptocurrency exchanges, which are referred to
Technical Infrastructure Aside from its regulatory advantage, Malta’s strength as a location for brokerages and exchanges is based on a strong desire to provide an optimum operating environment. The country is the largest European hub for iGaming companies. Thus, the technical infrastructure that fintech companies require is already established. Malta has developed a growing cluster of data centres with 24/7 support services. Systems are designed for high traffic and have ample redundancy. International connectivity is guaranteed via submarine fibreoptic cables to mainland Europe.
Future Prospects Future growth depends on the sector’s ability to win investor trust. Malta’s EU-compliant regulatory framework gives investors confidence, peace of mind, and the added comfort of knowing they are trading with a company that is licensed and adheres to high regulatory standards. Industry analysts also have high hopes that institutional investors will take up digital asset trading in the coming years, which would catapult the sector into the mainstream. n
Securitisation & Tokenisation 94
Securitisation Revisited
Malta identifies new growth opportunities as the global securitisation sector recovers and tokenisation is becoming ever more popular among issuers and investors who want to take advantage of blockchain technology.
Securitisation & Tokenisation 95
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ith global demand for securitisation products growing, Malta is deftly positioning itself as a rival to Luxembourg and Ireland as a hub for onshore securitisation structures. The only EU member – besides Luxembourg – with dedicated securitisation legislation, Malta has become one of the fastest growing securitisation centres in the EU, and the number of securitisation vehicles has grown from just 18 in 2015 to around 50 by the end of 2018. These covered a variety of asset classes including lease and other receivables, various categories of loans and financial instruments and even container vessels. As one of the most blockchain friendly countries in the world, Malta is now also seeking to develop a conducive environment for tokenisation, which is often described as the next generation of securitisation.
Attractive Securitisation Framework Maltese securitisation vehicles do not require authorisation unless they issue securities to the public on a continuous basis or undertake the business of reinsurance special purpose vehicles in the context of insurance-linked securities transactions and are, instead, merely required to notify the Malta Financial Services Authority (MFSA) of their intention to commence securitisation activities. Malta’s Securitisation Act provides a robust creditor-friendly framework, which means greater certainty for many of the legal challenges that investors are typically faced with in any securitisation transaction, while the Securitisation Cell Company offers an innovative vehicle for platform and programme structures. Malta is the first EU member state to legislate for the use of segregated cell companies, already popular in the insurance and funds sectors, for securitisation transactions. The island also launched the Institutional Financial Securities Market (IFSM), a market for debt securities, asset-backed securities, derivative securities and insurance linked notes specifically designed for institutional investors, which puts Malta on par with the direct competition from the financial services hubs of Luxemburg and Dublin.
The Rise of Tokenisation Malta is also aiming to become the jurisdiction of choice for the tokenisation of assets. Tokenisation is the process that transforms rights to an asset into digital form – the so-called token – on the blockchain through a security token offering (STO). A security token can represent a share in a company, ownership of a piece of real estate, or participation in an investment fund. The main advantage of tokenisation is that it widens the investor pool by enabling fractional ownership of assets, thus lowering the minimum stake required to invest. However, tokenisation does not only offer liquidity, it also adds an extra layer of transparency to each transaction due to blockchain technology while the use of smart contracts can significantly reduce administrative and operational expenses related to asset financing. Tokens can also be traded on a regulated blockchain-powered exchange. Malta is uniquely placed to offer a supportive ecosystem for STOs through the enactment of its framework for Distribution Ledger Technologies (DLTs). In addition, the Malta Stock Exchange (MSE) has plans to set up two new exchanges for security tokens by the end of 2019 in partnership with digital asset giants Binance and OKEx.
A Focus on Investor Protection In positioning itself as a centre for both securitisation and tokenisation, Malta places great importance on offering legal certainty and investor protection. Malta’s securitisation framework is specifically designed to protect the interests of investors, and the Malta Financial Services Authority is currently developing an STO policy, which takes into consideration the evolving needs of the industry while ensuring high standards of investor protection and market integrity. Although the token economy is still in its infancy, many believe tokenisation will soon become a mainstream method of asset financing, creating a new exciting asset class. n
ISLAMIC FINANCE 96
A Sector to Watch Malta’s drive to establish itself as a leader in digital finance could well be the country’s golden ticket to break into the Islamic finance market.
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alta continues to open new avenues Fintech as an Opportunity for Islamic finance and is looking to become a centre for the development Many believe that Islamic fintech provides of Islamic fintech solutions on the back of its Malta with the biggest opportunity to date to regulatory framework for Distributed Ledger carve out a niche for itself and compete with Technologies. There is also growing momentum other European Islamic finance centres. While to adopt and set up Special Purpose Vehicles Luxembourg has become a key centre for Islamic (SPVs) and Malta trusts for Sharia-compliant funds and London established itself as a leading transactions. Concurrently, the Malta Stock player in the issuance of Sukuk and Islamic Exchange has taken a shot at the Islamic finance banking, Malta could become a development, sector with the launch of a Sharia Equity Index. marketing and distribution centre for shariacompliant digital finance The big news in 2018 though products. The island hopes was the set-up of the Malta to attract both global Islamic Islamic Finance Association finance institutions and start(MIFA), which signals Global Islamic ups by providing them with renewed interest in developing an EU-regulated environment finance assets the Islamic finance market and to develop and deploy Islamic forging further ties with global are expected fintech products or services. Islamic finance centres. to reach $3.8 While Islamic finance was trillion in 2022 slow to take root in Malta, in Islamic Finance Strategy the fintech sphere the country The introduction of Islamic finance products may have a critical advantage over other finance has been discussed in Malta for over a decade. centres, which might help the island to get one Malta began exploring Islamic finance in 2008, step closer to establishing a foothold in the when the then-administration stated their ob- Islamic finance market, which is expected to jective of developing Malta as a Mediterranean reach $3.8 trillion by 2022. Islamic finance hub. The island’s financial regulator became the first EU regulator to issue Regional Player guidance notes on Sharia-compliant investment funds in 2010. However, in the years that In an attempt to attract Islamic financial institufollowed, policy-makers, stakeholders and the tions, Malta highlights its geographical position, regulator chose to concentrate on further de- offering access to 230 million Muslims in Europe veloping Malta’s credentials in the conventional and North Africa. As a member of the European finance segment, and Islamic finance did not see Union and the Eurozone, Malta has strong links the necessary level of support that would have with all EU member states, while its extensive been required to build up a strong cluster. While network of tax treaties, which includes counMalta’s toolbox today contains a wide selection tries such as Tunisia, Egypt, Morocco, Malaysia, of financial products, most of which could be Singapore and the United Arab Emirates, makes structured in accordance with Islamic finance the country a springboard into the wider Muslim rules, thus far activities centre around the use of markets. n trusts and SPVs.
$3.8 trillion
INTELLECTUAL PROPERTY 97
IP Finds
New Digital Opportunity Malta puts the management of intellectual property at the core of its financial sector, while the growth of digital business models is driving demand for creative exploitation strategies.
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alta’s vision for the future is to become a trusted platform for international IP transactions offering support across the entire IP value chain, including protecting, managing and commercialising ideas and innovations. The legal system protects the full range of IP rights, and the country is a signatory to all major agreements in this field, ensuring the enforceability of IP rights in Malta as well as in other countries. IP rights can be filed in, or through, Malta, and a number of international corporations have discovered the benefits of using Malta to set up dedicated companies that can hold and manage their IP rights worldwide. The industry is now looking to Malta’s emerging fintech sector. Fintech firms are naturally rich in intellectual property and need to move quickly to secure their IP rights given the fast-moving nature of this sector.
Intellectual Property 98
IP Holding Company An IP holding company may be incorporated as a normal limited liability company registered under the Companies Act, which can hold, license and market any type of intellectual asset, including trademarks, software copyright, brandnames, patents, and designs. Other assets, such as trade secrets, know-how and domain names can also be owned by a Malta company in order to enjoy the same benefits. The company can enter into licence and franchise agreements with other persons wishing to exploit these rights and may also acquire IP rights from third parties – for instance, in the context of a merger or acquisition, whereby the IP rights are acquired separately as part of the acquisition of the business. This method of structuring means that the IP-holding company can benefit from Malta’s competitive tax regime and will have access to the country’s wide network of double taxation treaties. In January 2019, Malta also introduced a new patent box regime in line with the EU Code of Conduct on Business Taxation and the OECD BEPS standard, which allows entities to claim a tax deduction on income derived from certain types of intellectual property.
Support Services Specialist service providers and Malta’s legal firms offer IP owners assistance in developing IP man-
Malta is a member of all the major organisations and treaties in the field of intellectual property such as the:
agement strategies, providing guidance through all aspects of IP protection, exploitation, the grant of transfers, licences and acquisitions, as well as the enforcement of IP rights. They can conclude comprehensive portfolio reviews, which flag issues such as business critical intellectual assets that should be protected, conduct searches in databases and registers, manage the registration of IP rights in Malta, as well as in other countries, and liaise with the relevant authorities for clients seeking to protect their creations and ideas. Malta also provides a strong and conducive business environment for companies to manage and trade their IP. In addition, the island boasts lower operational costs than many of its EU peers, while laws and legislation can easily be accessed due to the fact that English is an official language.
Home of Innovation Currently, an effort is underway to introduce amendments to the IP landscape, which do not solely focus on tax-related incentives for companies to bring their IP to Malta. The vision is for Malta to become a place where entrepreneurs and innovators can develop their ideas – in a safe, secure and profitable way. The island’s recent success in attracting fintech firms and companies from the blockchain sphere bodes well for country’s future as innovation hub, and it might prove to be a vital source of new IP business for Malta’s international finance centre. n
• Universal Copyright Convention (UCC) • Universal Copyright Convention and the Agreement on Trade-Related Aspects of Intellectual Property Right (TRIPs agreement)
• World Intellectual Property
• WIPO Copyright Treaty
Organisation (WIPO)
• WIPO Performances and Phonograms Treaty
• Paris Convention for the Protection
• World Trade Organisation (WTO) agreement
of Industrial Property
• European Patent Convention (EPC)
• Berne Convention for the Protection
• Patent Co-Operation Treaty (PCT)
of Literary and Artistic Works
• Unitary Patent Agreement.
ARBITRATION 99
A Global Opportunity to Be Unlocked
As arbitral courts around the world are recording an ever-increasing caseload, Malta has an opportunity to solidify its position as a dispute resolution hub and internationalise its arbitration industry.
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alta is well positioned to emerge as an international dispute resolution centre. The growth of international business has been accompanied by a corresponding growth in related disputes, which are increasingly resolved by way of international arbitration. From an international perspective, the arbitration sector in Malta is still in its infancy; however, the island has been successful in promoting arbitration as an alternative means of resolving commercial disputes and is now slowly branding itself as a location for high-profile and more complex cases involving foreign parties. While international cases can be run in Malta, the government is now looking into how best to move arbitration forward. The island seeks to attract foreign arbitration bodies, from Singapore or London, to use Malta as a venue to run European cases. Malta is also interested in attracting a partner to develop and promote the island as a safe seat and neutral venue for international arbitration.
Strong Foundations One thing that Malta has done incredibly well in a short space of time is creating a neutral and welcoming environment for arbitration. The county’s high professional standards in the legal and technological fields, along with the support offered by the Malta Arbitration Centre (MAC), have helped arbitration gain traction. Most cases being handled thus far are of a local nature, however there is a steady, albeit small, stream of international cases. Malta’s robust, internationally oriented economy and concentration of companies engaged in cross-border business means it holds significant
potential as an international arbitral venue. There is a real chance that Malta could become the go-to place for arbitration services in sectors where it has developed strong legal and corporate knowhow such as IT, gaming and Distributed Ledger Technologies, as well as in more niche areas such as private jet management and yachting to name but a few.
A Positioning Exercise Located strategically between Europe and North Africa and within easy reach of the Middle East, Malta also offers companies from the region the right environment in which to resolve commercial disputes. The island positions itself as a European location which offers lower costs than the main arbitration hubs. The MAC could become the first choice for Asian companies with disputes in Europe, for example, in which case it would save expensive and time-consuming long-haul travel for experts and witnesses. While global cities such as London, New York, Paris, Geneva, Hong Kong and Singapore are regarded as the world’s premier arbitration centres, the sector has seen the proliferation of new regional hubs, while established arbitral institutions are increasingly opening outposts around the world. Inviting foreign arbitration centres to open case management offices is a proven path to recognition and could help Malta’s arbitration sector to strengthen its reputation. The formation of a strategic alliance, or alternatively an agreement with a private firm for the development of an international arbitration section on the basis of ‘build, operate and transfer’, would certainly help arbitration in Malta gain international relevance. n
SPACE 100
Malta Seeks to Become a Hub for Space Innovation Malta is looking to the skies, as it hopes to play a key role in the emerging space economy by attracting satellite and space mining companies.
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alta sees an opportunity to play host to entrepreneurs and start-ups with their sights on outer space and plans to launch a framework that would strengthen its appeal as a hub for satellite and space mining companies. Building on its vast experience in corporate structuring, as well as its progressive stance on new technologies such as blockchain, big data, artificial intelligence and internet of things, Malta could offer fertile ground for space-based enterprises to grow. The country is currently developing tailor-made incentives and a tax regime for space start-ups and satellite communication companies that register their operations in Malta.
Trillion Dollar Industry Long the domain of governments and statefunded agencies, the commercial space sector is growing at an unprecedented rate driven by lower costs and increasingly powerful spacebased applications deployed on ever more compact satellites. Forecasts predict that the space economy will generate up to US$2.7 trillion by the 2040s. For the first time in the country’s history, Malta now seeks to commercialise the opportunities space offers. The island does not intend to launch space missions but wants to be the home of companies seeking to utilise space resources, including water, hydrogen,
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Forecasts predict that the space economy will generate up to
US$2.7 trillion by the 2040s
oxygen and precious metals, as well as firms that develop space applications, for instance to help monitor climate change, agriculture, maritime, epidemics and disaster resilience to name but a few.
National Space Strategy While Malta’s national space strategy has yet to be published, the country has announced its ambition to create a new economic sector, including educational facilities, research labs and firms that develop solutions for the commercial exploration and utilisation of space resources. To support this nascent industry and attract com-
panies to its shores, Malta says it wants to build on what is already on offer in competing finance centres such as Luxembourg and the Isle of Man, which have long dominated the European commercial space and satellite sector. The Isle of Man has attracted global players involved in the ownership and operation of satellites due to an advantageous fiscal regime, while Luxembourg has become a hub for the business of space mining space by giving companies the rights to resources that they extract from asteroids and other objects. Although Malta is setting its strategic priorities, the island’s decision to take a leadership role amongst nations and commit itself to the new space economy promises to open up various opportunities for companies to develop support services for this fledging industry. From a financial centre perspective, this includes financing solutions, insurance, brokering, risk management services, data analytics, and many more.
Emerging Innovation Hub Malta has a unique opportunity as an emerging technology hub known for fostering innovation and growth. After positioning Malta as Blockchain Island, the island’s government is now pursuing the development of a holistic national strategy on AI. As industries like quantum computing, big data, AI, the Internet of Things and space technology converge, Malta’s place at the forefront of technology and regulatory innovation makes it an interesting destination for commercial space entrepreneurs. n
IN THEIR WORDS 103
IN THEIR WORDS 104
“We are seeing a marked reduction in the number of Maltese companies being formed in the financial services space, but there is a steady flow of inward direct investment, particularly in insurance business, payment and technology.” Josef Cardona General Manager of GVZH Trustees
Legal Services
“Tax harmonisation will be extremely harmful for Malta, hence the country needs to base its offering on high-quality infrastructure and HR rather than tax benefits to attract FDI.’’ Paul Grech Finance Director of Agribank
Banking
“The hypersensitivity of banking institutions and their somewhat formalistic approach towards compliance is creating a tremendous bottleneck for reputable businesses seeking to set up operations in Malta. There is a clear need for more operators with a specialised knowledge and understanding of specific businesses Malta is seeking to attract, amongst which we find iGaming operators as well as cryptocurrency and blockchain-based models.” Andrew J. Zammit Managing Partner of GVZH Advocates
Legal Services
‘’The theme for the next few years should be one of focus, specialisation and service. Malta is no longer the low cost jurisdiction it may once have been perceived to be, so the emphasis on service and value has become all the more important’’ Paul Mifsud Managing Director of Sparkasse
Banking
IN THEIR WORDS 105
“Malta should not shy away from servicing more niche industry segments that might at first glance appear too complicated for a small jurisdiction. We are proud to have recently assisted the first market making firm to be licensed by the MFSA — and this could perhaps be the first small step in turning Malta into a market making hub.” Joseph Ghio Partner of Fenech and Fenech Associates
“As the global insurance industry is going through a digital transformation, leading players including MAPFRE Middlesea strive to be at the forefront of technology and innovation. We have invested heavily in digitalisation for both internal processes and customer engagement.” Keith Mallia Milanes Assistant General Manager of MAPFRE Middlesea
Insurance
Legal Services
“Viewed by industry professionals as a particularly businessfriendly location with a strong and robust EU compliant regulatory framework, Malta is well positioned to continue its successful growth story. However, to cope with the country’s economic performance and attract even more companies, infrastructure investment needs to be substantially increased.” Albert Alsina CEO, Managing Partner and Founder of Mediterrania Capital Partners
Fund Services
“Malta performs extremely well in many areas of competitiveness, especially when it comes to niche markets — wealth management in particular, offers tremendous opportunities. But I believe the time has come to re-look at the Malta offering. The government needs to undertake a proactive approach to improve efficiency and reduce bureaucracy.” Walter Cutajar Managing Director of Avanzia Taxand
Tax Advisory
IN THEIR WORDS 106
“Malta continues to invest heavily in the financial services industry, and whilst it maintains a strategy of growth and low unemployment levels, it manages its risks through diversification and innovation.” Sharon Cilia Tortell President of the Malta Association of Risk Management (MARM)
Insurance
“In recent years, Malta has been increasingly used as an international location for pension savings. This shift is encouraging new ideas and new growth areas, with a number of local firms taking the initiative to create products for this area.” Stewart Davies Group Chief Executive Officer Momentum Pensions and Chairman MARSP
Pensions
“Malta provides an optimal operating environment for business, which ensures the island’s placement on the radar of the international finance industry.” Ian Gauci Managing Partner at Caledo, GTG Advocates & Afilexion Alliance
Legal Services
“Over the past few years, we have seen an impressive level of growth as a result of the investment in the newly launched markets: the Institutional Financial Securities Market (IFSM) and Prospects MTF, while the Regulated Main Market remains our main source of new business.” Joseph Portelli Executive Chairman of the Malta Stock Exchange
Financial Services
IN THEIR WORDS 107
“Embracing digital transformation could help to rejuvenate the Maltese insurance sector, while also making it leaner and more efficient in its service offering.” Catherine Calleja President of the Malta Insurance Association
“Over the past years, the country has seen a growing number of entities increase their substance in the country, which has had a positive multiplier effect on the local economy. However, the strength of Malta’s future as a financial services centre is very much dependent on its reputation and its ability to remain fiscally attractive.” Alan Craig Partner of Mazars Malta
Tax Advisory
Insurance
“I believe the main challenges are coming from rapidly evolving regulation, which also presents an opportunity to create new products. Investing in new technology will help us to keep acting as our clients’ ‘one-stop-shop’.” Paulianne Nwoko Managing Director of Apex Funds Services
Financial Services
“Malta still holds strong appeal as a base for asset managers as evidenced by the well over one hundred asset management companies already operating from Malta. However, there is scope to revisit the current regulatory architecture to develop asset-driven fund regimes and supporting rulebooks catering for the different fund typologies, which will, in my view, further strengthen the industry's overall proposition.” Kenneth Farrugia Chairman of the Malta Asset Servicing Association
Asset Management
IN THEIR WORDS 108
“The financial services industry is undergoing a digital transformation, so it is time for the banking sector to embrace technology. Emerging online banks and digital solution providers offer a very limited scope of services, this is why traditional banks need to invest in digitalisation and embrace new trends to provide a more holistic approach.” Natacha Ebener Chief Operations Officer of Reyl & Cie
Banking
“Malta continues to maintain a steady new business pipeline within the captive insurance sector. This is mainly due to the broadness of the options available within its regulatory regime, which provide a wide array of possible structures and have proven to be effective not only at incorporation stage, but also when the captive either reaches maturity or the end of its lifecycle.” David Galea Senior Vice President, Captive Solutions of Marsh Captive Solutions
Insurance
“Malta, as a financial centre, should focus on those sectors where the fund industry has not entered yet. The island has become a hub for both shipping and aviation, yet these are two sectors where there is very limited interaction with the fund industry.” Francesco Scotto Chief Executive Officer of Zarattini International
Financial Services
“The concentrated nature of the banking sector’s local business creates scope for further diversification, which is both a challenge and an opportunity for the sector.” Karol Gabarretta Secretary General of the Malta Bankers’ Association
Banking
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‘’Malta has an incredible probusiness attitude and a high level of professionalism. Business meetings with the industry’s key players take place on a regular basis, and we notice an extraordinary openness to share ideas and willingness to work together for mutual benefit.’’
‘’Malta has retained a steady focus as a finance centre by both corporates looking to establish themselves in an EU Jurisdiction, as well as high-net-worth individuals looking to structure their assets from an intergenerational wealth perspective.’’ Geraldine Noel Partner of Acumum Legal & Advisory
Legal Services
Brian West Private Client Manager of Conrad Family Office
Family Office
“Even though it has been targeted by international and European stakeholders, Malta’s tax system is recognised as not harmful and continues to provide a competitive advantage. Naturally, the importance of value creation and substance when businesses set up in Malta is a fundamental aspect which should not be undermined.” Franklin Cachia Senior Manager Tax & Regulated Industries of CSB Group
Corporate Services
‘’I believe that Malta’s main attraction is the ability of the Maltese professional to be business oriented and to try to better understand the business drivers of the international client. We can have the most advanced regulatory or tax framework, which are indeed necessary - but ultimately – it’s about the people on the ground who make them work.’’ Louis De Gabriele Partner of Camilleri Preziosi
Legal Services
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DIRECTOR’S GUIDE 111
Director’s Guide Everything you need to know about doing business in Malta
DIRECTOR’S GUIDE 112
Business Culture
Business Hours
Up until 1964 Malta was a colony of the United Kingdom, and British culture still underpins the Maltese way of doing business. At the same time, meetings are much less formal, and business is conducted in a more leisurely manner than in Northern Europe. However, appointments are necessary and should be made one to two weeks in advance. As in most Mediterranean countries, the concept of time is a little more relaxed than in countries to the north. Nevertheless, punctuality is expected and appreciated. Work contacts are usually greeted with their title, if they have one, followed by the surname. However, once a relationship has been established, only first names are used.
Office hours are generally 8.30 am to 1 pm, and 2 pm to 5.30 pm, Monday to Friday. Some government departments work half days in summer, but many have adapted to ensure offices are manned throughout normal business hours, while the private sector continues to operate normally throughout the year. Most banks open from 8.30 am to 2 pm Monday to Friday, and Saturday until 12.30 pm. Most shops open from 9 am to 7 pm Monday to Saturday, while some close for lunch between 1 pm and 4 pm. Most retail and commercial shops are closed on Sunday.
Language
Tax
Most business correspondence is carried out in English, which is one of the country’s two official languages, Maltese being the other. Laws and regulations are published in both languages. Many Maltese also have a good command of Italian and a sizeable proportion also speak either German or French.
The Maltese tax system is the only remaining full imputation system in the EU. This means that tax paid by a company will essentially remain a prepaid tax on behalf of the tax liability of shareholders. Companies resident in Malta are subject to income tax at a rate of 35%. There is no separate corporation tax. Under Malta’s tax system, upon a distribution of profits, non-resident shareholders are entitled to claim a refund of tax paid at the corporate level to avoid any double taxation of corporate profits. The refund may be equivalent to either 2/3rds (when double taxation relief is claimed), 5/7ths (in the case of passive interest and royalties) or 6/7ths (in the case of trading income) of the tax paid at the corporate level. A network of over 70 double taxation treaties further strengthens Malta’s position as a key corporate location.
Business Structures Malta offers investors an EU-compliant domicile for business entities or corporate structures. Business may be conducted in a variety of forms: a sole proprietorship, a partnership, a limited liability company (private or public), a branch of a foreign company, a trust, a cooperative, an investment company with variable capital (SICAVs), as well as in a number of cell company structures. Most entrepreneurs opt for the limited liability company. The principal legislation covering companies and partnerships is the Companies Act (1995), modelled on the UK Companies Act and European law. Maltese law does not have a specific requirement on the nationality and residence of directors. Corporate substance is mandatory for companies to benefit from tax refunds and other mechanisms. Companies require an appropriate physical presence, registered employees on their books and all other necessities typically associated with economic substance.
DIRECTOR’S GUIDE 113
Personal Taxation & Expat Taxation
FDI Attractions & Incentives
Malta has a progressive personal taxation system that ranges from 0% to a maximum of 35% for income over €60,000. To attract highly qualified personnel from abroad, the government has introduced an incentive scheme targeting foreign executives. Finance professionals earning a minimum of €84,016 can benefit from a flat personal income tax rate of 15% on all income up to €5 million. Any income over that figure is tax-free. Malta’s tax system is beneficial to entrepreneurs, wealthy individuals and investors who are looking for a stable, safe and attractive business environment.
An open economy with a long-established history of trade, Malta has always actively sought foreign direct investment (FDI), both in existing companies and in new ventures. With a well-balanced mix of incentives that support and ensure long-term competitiveness and growth of companies setting up in Malta, the island attracts record levels of foreign investment, amid intensifying global competition. Companies need to apply to Malta Enterprise, Malta’s investment promotion agency, to determine eligibility, and to access the assistance. Incentives include most of the internationally available investment incentives.
Airports & Air Links
Market Access
Malta is connected by air to almost every major city in Europe and to key destinations in North Africa and the Middle East, most being just a few hours’ fight-time away. Cities such as Frankfurt, London and Paris can be reached in less than three hours, while a fight to Rome takes only one hour. At present, Malta is connected to some 100 airports. Malta is also being served by low-cost airlines, and carriers such as Ryanair and EasyJet are adding new routes. Malta International Airport (MIA), the island’s only airport, is centrally located and can be reached within 20 to 40 minutes from all towns and villages.
Malta’s internal market is relatively small, and the real opportunity lies in using the country as a stepping stone to markets in Europe or North Africa. Strategically located at the centre of the Mediterranean, between Europe and North Africa, Malta has historically been the link between the two continents. As an EU member state, Malta offers instant access to the EU’s massive single market of over 500 million people. Companies can conduct business freely and sell their products in all EU member states and/or establish a business in another EU country. In addition to its close geographical position, Malta also has strong historical and cultural ties with North Africa, making it an attractive base for European, American or Asian companies wishing to enter the relatively untapped markets to the south. In addition, Malta is a signatory to over 70 double taxation treaties.
Telecoms & Data Management Given its size, the island’s telecoms infrastructure is disproportionately strong. Hosting and co-location services can be easily sourced. Data centres are provided with international bandwidth through the three main telecoms service providers: GO, Vodafone and Melita. There are also several other independent data centres. Malta is internationally connected through two satellite stations and five submarine fibre optic links to mainland Europe via Italy. To reduce Malta’s reliance on the existing links, Malta’s government plans to invest in an additional fibre optic cable to France. Bandwidth in Malta is slightly more expensive than elsewhere due to the fact that Malta is an island, but increased competition from multiple market players is expected to drive telecommunications prices further down in the near future.
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Start-up Support
Financial Support Services
Start-ups find Malta a particularly attractive place due to the concentration of industry players, talent and suppliers on the island. Malta is also stepping up its efforts in helping to create new businesses and has expanded the scope of support for innovators. Incubators and innovation hubs have been established to support start-ups that have the potential to develop innovative services for the gaming industry. Malta is generally 20 to 30% cheaper than the more established European centres, while a company’s seed capital may last three to five times longer. A number of co- working spaces have opened up offering entrepreneurs the opportunity to work in a vibrant and dynamic environment that will not only foster their ideas, but also create invaluable business connections while still being affordable.
Malta boasts a well-developed financial support infrastructure, and the country’s service providers offer access to a full range of banking, insurance and investment products. More than 20 foreign or privately-owned credit institutions are present in Malta, offering the full set of banking services ranging from retail and investment banking to wealth management. Insurance companies provide all types of cover, ranging from personal, health, property, auto and travel to liability and employee protection. Investors can find a number of insurance management companies handling cover for large corporations and providing reinsurance solutions. The country’s experienced wealth managers and stockbrokers are well connected and provide access to global capital markets.
Professional Services
Customer Support
Malta has a solid cluster of firms that specialise in providing professional services. The international business community in Malta is strongly supported by a large range of accounting and auditing practitioners ranging from small boutique practices to the global Big Four accountancy firms, as well as most international network brands. Most of the country’s legal firms are part of international networks. Malta also boasts an array of corporate service providers offering business advisory and back-office support. Malta is able to offer operators professional services at costs that are generally lower than in other Western European locations.
The island’s reputation as an outsourcing location has been built upon some of the country’s most fundamental strengths: the fact that English is an official language, the availability of talented people, value for money, the island’s quality of life and the successful financial services companies that are already operating here. Malta has a long and proud heritage of hosting global businesses, having imported and exported people, ideas and products for centuries. The hundreds of international companies that have established a base in Malta now attract employees from across the globe offering customer service in English, French, Spanish, Portuguese, Italian, Dutch, German, Polish, Russian, Swedish, Arabic and Turkish to mention just a few of the many language groups available on the island.
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HR & Recruitment
Employment Regulation
The key ingredient to Malta’s finance success has been the ability to attract the best and the brightest. Most Maltese nationals speak at least three languages, Maltese, English and Italian, and some are even conversant in French and German. Some 60% of students (18-24-year-olds) continue their education to the third level, and finance related subjects are among the most chosen. Malta is doing its part in attracting finance talent from all over the world by fast-tracking visa and work permit applications for key employees from non-EU countries, making the onboarding process for companies as smooth as possible. Malta has a good stock of specialist recruitment agencies, including companies that focus on the finance sector. These companies can assist operators in deciding how and where to recruit the human resources necessary, using their international networks to reach potential candidates from around the world.
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Salaries & Staff Cost Malta remains significantly cheaper than other European capitals in terms of staff salaries and other costs. While salaries have increased in recent years, the figures are still lower than the European average. In financial services, annual financial packages range from €20,000 for administrative support roles to €40,000 to €60,000 for department heads and €75,000 to €160,000 for CEOs.
• • • • • • •
Regulation: Employment & Industrial Relations Act Type of contract: Fixed or indefinite, full-time or part-time Probation Period: Six months Standard working week: 40 Hours Annual leave: 26 days Maternity Leave (paid): 18 weeks Parental Leave (unpaid): 3 months Employment Agency: Jobsplus
Commercial Property Malta offers enviable real estate with sea views and marinas as well as prestigious landmark office complexes within easy commuting distance to residential areas. Although sales and letting prices have been on an upward trend, they are around two-thirds of those charged for comparable spaces in Continental Europe. Office space comes in many favours, ranging from purpose-built office blocks, converted houses, apartments and palazzos, to new, large mixed-use developments. A large number of local and international real estate agents provide sales and letting services and can assist in locating suitable property.
Work Permits & Approvals Visa obligations for foreign nationals reflect EU regulations and obligations. Non-EU nationals must apply for and obtain an employment permit. Due to the nature of the industry and the specific knowledge that is required, the granting of employment permits even to non-EU nationals is generally an uncomplicated and smooth process.
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Travel Essentials Malta is nothing if not surprising. The astonishing diversity of the country is second to none. Fast-paced city streets and office complexes are located within minutes of idyllic bays, medieval forts and tiny fishing villages. Whether visitors arrive on the island for business, pleasure or both; there are endless opportunities to explore.
How to get to Malta
As a leading finance centre, Malta is well connected. Malta International Airport, the island’s only airport, is just two or three hours’ flying time from most European cities. Regular flights are provided by Air Malta, the national airline, as well as other carriers such as Lufhansa, Emirates, Turkish Airlines, British Airways, Alitalia, Ryanair, EasyJet, and WizzAir.
Where to stay
A five-star destination for high-end travellers and the global business elite, Malta features a number of international and luxury hotels such as the Hilton, Radisson, Marriot, Intercontinental, Westin Dragonara, Kempinski, Corinthia and the Phoenicia Malta. Superior accommodation is also offered at the boutique hotel Xara Palace Relais & Chateaux. In addition, Malta offers a number of three- and four-stars hotels providing more budgetfriendly accommodation.
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Getting around
Given Malta’s small size, distances in Malta are negligible, and the entire island can be crossed in an hour by car. However, in similarity to many other successful business centres, Malta suffers from traffic congestion during rush hours, and it’s advisable to avoid peak times. As in the UK, cars drive on the left. Cars can be hired at reasonable rates compared to those in other Western European countries. All the major car rental companies have a presence in Malta. Local firms also offer this service, with or without a chauffeur. The public transport system is safe and wallet-friendly. A network of routes and a fleet of modern buses provide an extensive service across Malta and Gozo.
What to do Cuisine
When it comes to dining, Malta is an island of staggering options. The food scene is defined by an eclectic mix of Mediterranean cooking with strong Italian influences, fuelled by rich ingredients fresh from farm and sea. There are also many restaurants offering international specialities, and the choice is wide, from smart city restaurants in Baroque palaces and family-run trattorias to seafront fish restaurants.
Passports & Visa
Malta is a member of the EU, and EU nationals are free to visit, reside and work in Malta. Malta is also a member of the Schengen Zone, and there are no border controls between the Schengen countries. Non-EU citizens can find details about visa-exempt countries and visa application procedures on the website of Identity Malta (www. indentitymalta.com). Malta has introduced a fast employment and residence process for highly specialised non-EU nationals who would like to work and live in Malta.
Malta offers visitors a unique experience packed with the best of all things Mediterranean. No visitor should miss out on the capital city of Valletta, comprising cathedrals and classic baroque style architecture throughout, as well as the old capital Mdina. Dubbed the ‘Silent City’, Mdina quietly evokes a bygone era with its elegant stone palaces and hushed cobbled streets. But Malta is a place for sunrise yoga and open-air concerts, for swimming in the crystal-clear Mediterranean Sea and visiting megalithic temples, and for top culinary experiences and breath-taking country walks. n
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Living in Malta
Although Malta is a small country, it offers a variety of lifestyle choices that range from urban, cosmopolitan and luxurious to relaxed and rural. Boasting a diverse range of shopping, cultural and leisure activities, all at affordable rates, Malta provides expatriates with a unique opportunity to live every aspect of life to the full.
Welcoming Foreigners Malta’s economic growth and investment from international companies have long caught the attention of high-flying foreign professionals. Today, some 6% of Malta’s population is foreign, with many people coming from the UK, Scandinavia, Italy and Spain, but also from France and Germany. The majority of expats finds it easy to meet new people in Malta; and many count locals, as well as other expats among their friends.
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A Home in the Sun Malta boasts a wide range of properties available to rent or purchase, from furnished apartments to farmhouses, villas with pools, and even palazzos. Finding a good property close to amenities is fairly easy. A large number of local and international realestate agents provide sales and letting services and can assist in locating suitable property.
The World’s Best Climate With more than 300 days of sun a year, expatriates in Malta often become the envy of friends back home. Hot, dry summers and mild winters have earned Malta the title of World’s Best Climate by ‘International Living’ magazine. Even in winter Malta enjoys an average of 5 to 6 hours of sunshine and more than 12 hours a day in summer.
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Work-Life Balance Although working hours do not vary significantly from those in other countries, many expats say that they enjoy a better work-life balance in Malta. Overtime is the exception, rather than the rule, while Malta’s small size means beaches, sports facilities and restaurants are just a short ride away. As in many southern European countries, family plays an important role in Maltese society. This also means that time-off during evenings and weekends is respected.
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Cost of Living Although on the rise, the cost of living in Malta is one of the lowest in Europe and ranks somewhere in the middle in terms of a global league table. On average, the cost is one third of that in the world’s most expensive cities. Everyday groceries are on average more expensive in Malta than in Eastern European countries, however they are cheaper than in most Western countries and in global business centres.
Scale of Opportunity Although the finance sector is important to the island’s economy, Malta is more than just finance: the island’s diversified economy is performing exceptionally well, offering exciting and dynamic employment opportunities in a host of sectors such as education, health, gaming, maritime and aviation, to name but a few. For dualcareer couples this means that accompanying spouses and partners usually do not struggle to find work.
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Outdoor Malta Malta’s Mediterranean climate lends itself to a year-round outdoor lifestyle of water sports, golfing, hiking, fishing, horse riding and more. The conditions for scuba diving and snorkelling are excellent, particularly as the sea temperature never drops below 13C (55F). Malta has one golf course, located at the Royal Malta Golf Club, and gyms, football or water polo clubs can be found all over the island.
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Active in Malta The sea, cafĂŠs, restaurants, clubs, cinemas, theatres, sports clubs or gyms are almost always within a walking distance of office complexes or residential areas. Malta hosts many great festivals of culture and art. Each town or village even has its own annual feast and parade for the patron saint. For those in need of some retail therapy, Malta is home to shopping malls for big brand names and markets for local goods. n
Uniquely international
Uniquely local Malta’s international set of legal, trust, corporate iduciary firms, employing advocates, tax advisors & accountants. We provide the full range of legal & advisory services in a multi-disciplinary practice. Representing private individuals, corporations, family offices, governments & other organisations, with an international focus. Centrally managed in the EU tax efficient jurisdiction of Malta, Acumum provides superb client service & practical advice at competitive, transparent pricing.
Aviation Banking Competition Corporate Services Cross border Transactions & Disputes EU Law
Financial Services
Managing Partner Geraldine Noel UK Barrister – Registered in Malta M.A. (Hons) (Oxford), Pg Dip, LLM (Fordham) Malta Office: +356 2778 1700 E: info@acumum.com Skype ID: acumum
260 St Albert’s Street, Gzira, GZR 1150, Malta (EU)
Gaming Insurance Intellectual Property LPO Mergers & Acquisitions Private Client Public & Private law Taxation Telecoms, Media & Technology
Trusts & Estate Planning Wealth Management Yacht & Maritime
Licensed by the Malta Financial Services Authority to provide Trustee, Foundations & Corporate Services Individual Barristers & Advocates Regulated by the Bar Standards Board (England) / Ministry of Justice (Malta)
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THE
WHO’S WHO of Financial Services in malta
2020 2021 TOP 100+ Companies
Malta’s top Product, Service & Solution providers
The Definitive Referral Guide of Malta’s most reputable financial firms, executives and professional advisers.
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Accounting & Auditing
Nexia BT
3a Accountants
NM Group
Altima Malta Limited
Nouv Audit Limited
Baker Tilly Malta
140
PKF (Malta)
BDO Malta
PwC
Busuttil & Micallef
RSM Malta
Camilleri Galea Ltd
UHY Pace Galea Musu & Co
Capstone Group
142
155
VCA
Ciantar Associates
Walter Rizzo & Associates
Crowe Horwath (Malta)
Zampa Debattista
Deloitte DFK Malta
Banking Services
Ecovis (Malta) Consultants Ltd
AgriBank
Ernst & Young Limited
Akbank T.A.S.
FACT Group
APS Bank plc
138
FG Audit Ltd
Bank Of Valletta plc
140
Firstbridge Services Ltd.
BNF Bank Plc Commbank Europe Limited
GCS Accounting Malta Limited Grant Thornton
149
Credit Europe Bank Nv Malta Branch
Griffiths + Associates Ltd
149
Credorax Bank Ltd
HLB Malta
ECCM Bank Plc
KPMG
Fcm Bank Limited
KSi Malta
Ferratum Bank P.L.C.
Louis Padovani & AssociatesÂ
FIMBANK HSBC Bank Malta plc - Commercial Banking 151
M. Meilak & Associates Mazars Malta
154
IIG Bank (Malta) Ltd
McMillan Woods Ltd
Izola Bank plc
MGI Malta
Lombard Bank Malta plc
Mint Finance Limited
MeDirect Bank
Moore Stephens
MFC Merchant Bank Ltd
151
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WHO’S WHO
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NBG Bank Malta Limited
155
Novum Bank Limited Sparkasse Bank Malta plc
Boston Multi Family Office Bourse Corporate Services (Malta) Limited
157
CCPS Malta
Turkiye Garanti Bankasi Anonim Sirketi
CDF Advocates
Yapi Kredi Bank Malta Ltd
Centaur Services (Malta) Ltd Citco (Malta) Ltd
Corporate Services
Combined Maritime Services Limited
8 Corporate Services Limited
Contact Advisory Services Limited
Abacus Corporate Services Limited
Corpag Services (Malta) Limited
ACT Advisory Services Limited
Corporate Focus Limited
Active Services (Malta) Ltd
Corporate Services Limited
ADD+ Professional Services Limited
Corrieri Cilia Legal
Aegis Corporate Services Limited
Credal Advisory Ltd
Affinity Management Services (Malta) Limited
Credence Corporate & Advisory Services Ltd
Aldo Vassallo, Taxation and Residence Consultancy
CSA Group
144
AlleyBe Ltd
CSB Group
144
Amicorp Malta Limited
Dixcart Management Malta Limited
Aml-Atlantis Management Ltd
DM Europe Ltd *
Antelope Group
Dohle Services (Malta) Limited
Aqua Trust Services Malta Limited
Dominion Fiduciary Services (Malta) Ltd Dr Kresse International Law firm
Arendt Services Malta ARQ Group
138
Dynamic Management Solutions Limited
Artio Corporate Services Limited
E&S Group
Astra Consulting Malta Limited
E2S Monitoring Limited
Athos Family & Business Services (Malta) Ltd 139
Ecdp Malta Limited
Avanzia Taxand
EJZ Comprehensive Business Services Ltd
139
Bastille Malta Trustees Limited
e-Management Limited
BEAT Limited
EMCS Ltd
Bencini Demajo Corporate Services Limited
Equiom (Malta) Limited
Bosteco Overseas Specialised Services Limited
Erremme Corporate Services Limited
145
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Estera
Mann Made Malta Ltd
e-Volve Consultancy Limited
Mediterra Mmxii Services Ltd
Exco Services Ltd
MJM Europe Limited
Fairwinds Management Limited
Newco Corporate Services Ltd
FBS Trust Limited
Octave Corporate Services
Fenlex Group
147
Papilio Services Limited
Fides Corporate Services Ltd
PiscoPartners
Fidgen Malta Ltd
PraxisIFM
Finanz-Audit Limited
147
Primei Fiduciary Ltd. Prospera Europe Limited
Finco Trust Services Ltd Francis J. Vassallo & Associates Ltd
148
Quantum Corporate Services Limited
Franco Falzon & Associates
Quinton Trust (Malta) Limited
Frendo Advisory
Reanda Malta Limited
GM International Services Limited
RGN Malta Ltd.
HBM Malta Limited
150
Rosemont (Malta) Ltd S & D Yachts Limited
Integrated-Capabilities (Malta) Ltd Integritas Group
155
152
Sarnia Yachts (Malta) Limited
International Management Services Ltd
Scordis, Papapetrou & Co Consultants Limited
Intertaxaudit Auditors & Consultants (Malta) Ltd
Sheltons Malta
J.B. Sorotto Limited
Sovereign Trust (Malta) Ltd
John Huber and Associates Tax Services
St Julian's Advisory
JTC Group Malta
Summa Fiduciary Services Ltd
Juanafil Corporate Services Ltd
Trident Trust Company (Malta) Ltd
Kinanis Fiduciaries Limited
Tri-Mer Services Ltd
Kosco Management Services Ltd.
Trustmoore Corporate Services (Malta) Limited
Kylin Prime Group
Unifin Services Limited
lecocqassociate ltd
United International Management (Malta) Limited
LGA International Ltd
Vassiliades & Co. (Malta) Limited
Maitland Malta Limited
Vistra Malta Ltd
Mandaris Group (Malta) Ltd
War Chest Fiduciary Services Limited
158
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WHO’S WHO
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Werner & Partner
BOV Fund Services Limited
White November Corporate Services (Malta) Ltd
Citco Fund Services (Malta) Limited
Zedra Malta
Custom House Global Fund Services Ltd
Zeta 159
Estera International Fund Services (Malta) Ltd
Zugimpex Assurance Ltd.
Finanz Fund Services
141
Kane LPI Solutions (Malta) Ltd
Courier & Postal
Mainstream Fund Services (Malta) LtdÂ
C & C Express Ltd
Praxis Fund Services (Malta) Limited
DHL Malta
145
Sanne Fund Services Malta Ltd SGGG Fexserv Fund Services (Malta) Ltd
Custody & Depository Services
Trident Fund Services (Malta) Ltd
Citco Custody Limited
Fund Services
Dolfin Asset Services Limited Reyl & Cie (Malta) Ltd
156
Swissquote Financial Services (Malta) Ltd Zarattini International Ltd
Coprolin Fund Services Ricc Ltd 159
Exchanges & Markets
OpenFunds Investment Services
HR & Recruitment
Institutional Financial Securities Market Malta Stock Exchange
Argentarius ETI Management Ltd
Azure Rock Partners Ltd 153
Boston Link
Prospects
Castille Resources
TokenMarket
Konnekt MISCO 154
Financial Data Services
Nicholls Moisa
Thomson Reuters
Reed Specialist Recruitment Malta VacancyCentre 158
Fund Administrators Alter Domus (Services) Malta Limited
137
Insurance Agents and Brokers
Amicorp Fund Services Malta Ltd
Accord Insurance Brokers Pcc Ltd
Apex Fund Services (Malta) Ltd
Aib Insurance Brokers Limited
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Argus Insurance Agencies Limited
Insurance Services
Bonnici Insurance Agency
Argoglobal Se
CLS Risk Solutions
Atlas Insurance PCC Ltd
Firstunited Insurance Brokers Limited
Axeria Insurance Limited
Global Insurance Brokers Limited
Bavaria Reinsurance Malta Limited
Island Insurance Brokers Limited
Building Block Insurance Pcc Limited
Jatco Insurance Brokers Pcc Limited
Citadel Insurance plc
Laferla Insurance Agency Limited
Collinson Insurance Solutions
Mediterranean Insurance Brokers (Malta) Ltd
DARAG Group Ltd
Montaldo Insurance Agency Limited
Elmo Insurance Ltd
Osprey Insurance Brokers Co Ltd
Eucare Insurance PCC Ltd
South Risk Partners
Exchange Re SCC
Tempus Global Group
Fortegra Europe Insurance Company
Thomas Smith Insurance Agency Limited
Fresenius Medical Care Global Insurance Ltd.
VING Insurance Brokers
GasanMamo Insurance Ltd Globalcapital Financial Management Limited
Insurance Management
Highdome Pcc Limited
Abacus Risk Management Services
HSBC Life Assurance (Malta) Ltd
AON Insurance Managers Artex Risk Solutions (Malta) Limited
London & Leith Insurance PCC 138
MAPFRE Middlesea plc
Bee Insurance Management Ltd
Mapfre Msv Life P.L.C.
JLT Insurance Management
Munich Re of Malta p.l.c.
Marsh Management Services Malta Limited 153
Nissan International Insurance Ltd
PSA Insurance Manager
Oney Insurance (Pcc) Limited
Robus Risk Services
Premium Insurance Company Limited
Strategic Risk Solutions Insurance
Starr Europe Insurance Ltd
Management Services Europe
Tangiers Group
USA Risk Group (Malta) Ltd Willis Towers Watson Management
139
143
148
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Investment Migration
Hanover Investors Management (Malta) Ltd Heptagon Capital
CS Advisory Henley & Partners Malta
151
Integra Private Wealth Ltd
152
Invest4Growth Asset Management Ltd
Investment Services
Jesmond Mizzi Financial Advisors Limited
A3E Capital SICAV p.l.c.
KNG Securities
Abalone Asset Management Ltd
Medina Management Services Limited
ALB Limited
Mediterrania Capital Partners
Alpha Value Management Limited
Michael Grech Financial Investments Services Ltd
Altarius Asset Management
MPG Asset Management Ltd
Amagis Capital Management Ltd
MZ Investment Services Ltd
Amarillo Investment Solutions Ltd
Praude Asset Management Limited
Andurand Capital Management Limited
Prestige Capital Management Limited
Aqa Capital Ltd.
Private Value Asset Management Ltd
Aramis Capital (Europe) Ltd
Psg Fund Management (Malta) Limited
Audentia Capital Group
Rizzo, Farrugia & Co (Stockbrokers) Ltd
AUM Asset Management Limited
Scotstone Fund Managers Ltd
Auriga Asset Management Limited
SphereInvest GroupÂ
Bastion Wealth Limited
Spinoza Capital
BOV Asset Management Limited
Systemic RM SA
Calamatta Cuschieri Investment Services Ltd
Templar European Investment Services Timberland Invest Ltd
Cevian Capital Conrad Family Office
143
Transworld Plus PLC
Curmi & Partners Ltd FCS Asset Management
KYC & Due Diligence
Finisterre Malta Ltd
Aqubix Ltd
Flexagon Capital Management Ltd
CDDS Mediterranean Ltd
FMG (Malta) Ltd
Creditinfo Malta Limited
Framont & Partners Management Ltd
Infocredit Group Ltd
Gamma Capital Markets Ltd
Kroll QGen Ltd
154
158
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Legal Services
Grech & Ghaznavi Advocates GTG Advocates
Abela Advocates Acumum - Legal & Advisory
137
Guido De Marco & Associates
Advocate Magro Axelsson & Associates
GVZH Advocates
Advocates Primei
IURIS Advocates
Aequitas Legal
LexPractis Limited
AGG Advocates
Mamo TCV Advocates
Azzopardi & Busietta Associates
Micallef & Associates
Be. Legal Advocates
Mifsud & Mifsud Advocates
Borg & Associates Advocates
Mifsud Bonnici Advocates
Calleja & Associates
Muscat Mizzi Advocates
Camilleri Cassar Advocates
Naudi Mizzi & Associates
Camilleri Preziosi Advocates
142
NX Legal PCM Legal
Camilleri, Delia, Randon & Associates Chetcuti Cauchi
143
Refalo & Zammit Pace Advocates
Dalli Advocates
Rutter Giappone & Associates
David Griscti & Associates
Saga Juris Advocates
David Zahra & Associates Advocates
Saliba Stafrace Legal
DF Advocates
Salomone Sansone
Dingli & Dingli Law Firm
145
157
Sammut Legal Scerri & Bonello Advocates
EMA Advocates
SMM Advocates
EMD Advocates Fenech & Fenech Advocates
146
Spiteri Bailey Advocates
Fenech Farrugia Fiott Legal
146
Tanti Dougall & Associates Advocates Valletta Legal
Filletti & Filletti Advocates
Vella Grech Legal
Galea Salomone & Associates Ganado Advocates
149
148
WDM International
Gauci Maistre Xynou
WH Partners
Gonzi & Associates Advocates
Zerafa Advocates
159
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WHO’S WHO
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Media Services CountryProfiler Malta Limited
Truevo Payments Ltd 144
Trustly Ab Malta Branch Uniongoldenpay Ltd.
Office & Business Park
Western Union Business Solutions
Business Office Services International (Malta) 141
Ysg Safe Processing Ltd.
Regus Serviced Offices
Pensions Management
Smartcity Malta
Blevins Franks Group
Office Equipment Services Eworld Limited
Boal & Co (Malta) Limited 146
Ccgm Pension Administrators Limited ITC International Pensions Ltd
Systec Ltd
Mc Trustees (Malta) Limited
Payment & Card Services
Momentum Pensions Malta Limited
Eft Global Limited
Optimus Pension Administrators Ltd
Em@Ney P.L.C.
Sovereign Pension Services Limited
Entercash Ltd.
STM Malta Trust & Company Management Ltd 157
EPG Financial Services Limited
TMF International Pensions
Fexserv Financial Services Ltd
Trireme Pension Services (Malta) Ltd
Global Payments Limited Insignia Cards Limited
Promotional Agency
Mistral Pay Ltd
FinanceMalta 147
MoneyMatrix Ltd Nobel Financial Limited
Real Estate
Papaya Ltd
Belair Real Estate Chestertons Malta
Paymentworld Europe Limited Paymix Ltd
156
Dhalia
Payscout Limited
Engel & Volkers
Phoenix Payments Ltd
Frank Salt Real Estate Ltd
Securetrading Financial Services Limited
John Taylor
THE
WHO’S WHO
of Financial Services in malta
Malta Sotheby's International Realty
153
Travel & Leisure
Perry Estate Agents
Hilton Malta
Remax
La Valette Club
Risk & Compliance
Trust Services
Actaco Financial
Atom Trustees Ltd
AID Compliance Ltd
Arcem Trust Limited
Cordium RiskCap International Ltd
Bentley Trust (Malta) Limited 156
152
140
Capricorn Trustees Ltd Fiducia Trustees Limited
Software & IT Services Ascent Software 4Sight Group
137
GVZH Trustees Ltd
150
HBM Trustees Limited
150
Swissindependent (Malta) Ltd
Acumatica Computime Software
VFA Agent
Facilization Ltd
Alleybe Fintech
ICT Solutions
BDO Fintech Advisory
Linedata
Blockchain Advisory Ltd
Profile Software
Caledo Group
Thynk Software Ltd
CS Fintech Services Ltd DWP VFA Agent
Telecoms & Data BMIT Technologies Ltd
Equity Tech Solutions 141
Erremme Business Advisors
GO p.l.c
WH Innovation
Melita
Zerafa.io Ltd
Vodafone Malta Ltd
142
BUSINESS DIRECTORY
SOFTWARE & IT SERVICES
137
4SIGHT GROUP Established in 2007, 4Sight Group is a technology-centric group of firms delivering a boutique of IT services. 4Sight Group helps businesses with IT requirements in the fields of IT Consultancy, Support, Infrastructure, Software Development, Business Solutions, Branding, Online presence, Digital Marketing and search engine optimisation (SEO).
MAURIZIO MAMO CHIEF EXECUTIVE OFFICER
LEGAL SERVICES
22, Level 1, Wenzu Dyer Street, Hamrun- Malta T: (+356) 2780 0882 • E: info@4sightconsultants.com • W: www.4sightconsultants.com Contact: Maurizio Mamo - Chief Executive Officer
ACUMUM – LEGAL & ADVISORY Acumum’s senior management of lawyers, accountants and tax advisers provide expert, trusted, cost efficient and bespoke services to an international clientele: individuals, family offices, corporations, Governments & other service providers. Believing in long-term relationships, we provide holistic, sustainable and practical solutions to clients, whilst being committed to a superb level of client service. Centrally managed in the fiscally efficient European jurisdiction of Malta, Acumum’s operations are overseen by Geraldine Noel, a UK barrister registered in Malta, with over 25 years’ international legal experience. Specialisms: Aviation, Banking & Financial Services, Fiduciary – Trusts & Foundations, Gaming, Intellectual Property, Insurance, Maritime, Personal & Corporate Tax Structuring, Wealth & Estate Planning.
GERALDINE NOEL PARTNER
FUND ADMINISTRATION
260, St Albert’s Street, Gzira GZR 1150 - Malta T: + (356) 2778 1700 • E: info@acumum.com • W: www.acumum.com Contact: Geraldine Noel - Partner
ALTER DOMUS (SERVICES) MALTA LIMITED Alter Domus is a fully integrated provider of Fund and Corporate Services, dedicated to international private equity & infrastructure houses, real estate firms, private debt managers, multinationals, capital market issuers and private clients. Each of our two service lines - Corporate Services and Fund Services - are staffed by multi-disciplinary, industry-focused teams who specialise in handling our clients’ local administrative and compliance issues. Alter Domus today counts 40 offices and desks across five continents through which clients are able to benefit from the global expertise of more than 2,200 experienced professionals active in fund administration, corporate secretarial, accounting, consolidation, tax and legal compliance, depositary services and debt administration services.
CHRIS CASAPINTA COUNTRY EXECUTIVE MALTA AND ITALY DESK LEADER
Vision Exchange Building, Territorials Street, Mriehel BKR3000 - Malta T: (+356) 2205 1000 • E: Chris.Casapinta@alterdomus.com • W: www.alterdomus.com Contact: Chris Casapinta - Country Executive Malta and Italy Desk Leader
BUSINESS DIRECTORY
BANKING SERVICES
138
APS BANK PLC APS Bank is one of the oldest banks in the Maltese Islands and is a leading provider of financial services, offering personal, business and investment solutions. Its distribution channels consist of a network of branches and ATMs complemented by a versatile electronic banking platform, which serves the retail and commercial customer base. Being a pillar of community banking for over a century, APS Bank is committed as ever to the economic and social development of its marketplace. APS Bank is one of the most exciting and enterprising banks with an agenda of modernisation and growth, helped in no small way by its young, qualified and highly talented workforce. MARCEL CASSAR CHIEF EXECUTIVE OFFICER
CORPORATE SERVICES
APS Centre, Tower Street, Birkirkara BKR 4012 - Malta T: (+356) 2122 6644 • E: ceo@apsbank.com.mt • W: www.apsbank.com.mt Contact: Marcel Cassar - Chief Executive Officer
ARQ GROUP ARQ Group is a multi-disciplinary professional services organisation providing a wide range of corporate & advisory services to local & international clients. Our team of over 80 talented professionals include lawyers, accountants, tax specialists and economists working together to deliver innovative solutions that help drive our client’s business forward. ARQ’s core service areas include: Company incorporation & administration; Accounting & VAT compliance; Taxation; Trust & fiduciary services; Investment migration solutions, Economic & Business Intelligence reporting and specialist advisory services within the digital economy, financial services, risk and AML, real estate and alternative energy sectors. DAVID BORG PARTNER - BUSINESS DEVELOPMENT & INTERNATIONALISATION
INSURANCE SERVICES
Ewropa Business Centre, Level 3 – 701, Dun Karm Street, Birkirkara, BKR9034 - Malta T: (+356) 2549 6000 • E: info@arqgroup.com • W: www.arqgroup.com Contact: David Borg - Partner, Business Development & Internationalisation
ARTEX RISK SOLUTIONS (MALTA) LIMITED Artex Risk Solutions is the global Insurance Management subsidiary of Arthur J. Gallagher with 15 offices and 30 domiciles throughout North America and Europe, employing 400+ employees with 1,500+ customers worldwide. We specialise in innovation, creation and management of insurance and alternative risk transfer solutions that deliver costeffective and sustainable advantages to our clients. The Artex Malta office is regulated by the Malta Financial Services Authority, and the Malta team includes experienced practitioners covering the full remit of services required for managing insurance risks for clients throughout Europe. Whether you require a captive, access to a protected cell company or setting up your own EU direct write underwriting operation, we are able to assist.
STUART CIAPPARA MANAGING DIRECTOR
The Landmark, Level 1 Suite 2, Triq l-Iljun, Qormi QRM 3800 - Malta T: (+356) 2248 9100 • E: info@artexrisk.com.mt • W: www.artexrisk.com Contact: Stuart Ciappara - Managing Director
BUSINESS DIRECTORY
CORPORATE SERVICES
139
ATHOS FAMILY & BUSINESS SERVICES (MALTA) LTD Athos Family & Business Services (Malta) Ltd is part of the Athos Group, an international trust boutique. The Athos Group focuses on the implementation and maintenance of global estate planning and asset protection structures for corporate clients and (ultra) high-net-worth individuals and their private and/or family-owned businesses. We work in close cooperation with the client’s own advisers in creating effective tax and legal solutions. Athos Group is proud to serve reputable families, entrepreneurs and their companies. We believe in top quality services with a personal approach against fair prices. BARRY WOESTENBURG MANAGING DIRECTOR
INSURANCE SERVICES
Whitehall Mansions, Level 2, Ta’ Xbiex Seafront, Ta’ Xbiex XBX1026 - Malta T: (+356) 2099 6099 • E: barry.woestenburg@athos-group.com • W: www.athos-group.com Contact: Barry Woestenburg - Managing Director
ATLAS INSURANCE PCC LTD Atlas Insurance has been one of Malta’s leading insurance organisations since the 1920s. Atlas converted to an independent PCC in 2006, a first for Malta and the EU, whilst continuing to write local insurance in its active non-cellular core. Through its Protected Cell Company (PCC) structure, expertise and resources, Atlas enables selfinsurance, InsurTechs and other third-party writers into the captive and insurance market promoting innovation. Atlas PCC gives promoters the opportunity to own their own EU insurance vehicle with less capital and cost, also avoiding fronting requirements. With a highly educated staff complement of over 170 people, the group also includes Atlas Healthcare Insurance Agency Ltd and Jesmond Mizzi Financial Advisors Ltd. MICHAEL GATT MANAGING DIRECTOR
CORPORATE SERVICES
48-50, Ta’ Xbiex Seafront Ta’ Xbiex, XBX 1021 - Malta T: (+356) 2343 5221 • E: michael.gatt@atlas.com.mt • W: www.atlaspcc.eu Contact: Michael Gatt – Managing Director
AVANZIA TAXAND Avanzia Taxand is exclusively Taxand Malta. Taxand is the world’s largest independent tax organisation offering practical, expert-led advice. Avanzia Taxand can help turn your tax challenges into strategic solutions that will work for you and your business. International surveys have consistently ranked the firm very highly. Avanzia Taxand is the leading tax firm in Malta and was named ‘Malta Tax Firm of the Year’ by the International Tax Review in 2019, 2013 and 2016. In 2011, 2014, 2015, 2016 and 2018, it was named Malta Tax Firm of the Year by Corporate International.
WALTER CUTAJAR MANAGING DIRECTOR
Blue Harbour Business Centre, Level 1, Ta’ Xbiex Yacht Marina, Ta’ Xbiex XBX 1027 - Malta T: (+356) 2730 0045 • E: walter.cutajar@avanzia.com.mt • W: www.avanzia.com.mt Contact: Walter Cutajar - Managing Director
BUSINESS DIRECTORY
ACCOUNTING & AUDITING
140
BAKER TILLY MALTA Baker Tilly Malta is a firm of accountants, auditors, taxation and business advisers providing services for business operating in all spheres of the economy, both locally and overseas. Baker Tilly Malta is an independent member of Baker Tilly International, a worldwide network of leading accountancy practices with members operating in more than 145 territories around the world, ensuring that our clients are able to draw on professional advice on any aspect of international affairs. The philosophy of the firm is based on the concept of providing forward thinking and planning, and being able to offer an independent and innovative service for our client’s business goals. DONALD SANT MANAGING PARTNER & HEAD OF AUDIT
BANKING SERVICES
Level 5, Rosa Marina Building, 216 Marina Seafront, Pieta PTA 9041 - Malta T: (+356) 2010 9500 • E: info@bakertilly.mt • W: www.bakertilly.mt Contact: Donald Sant - Managing Partner & Head of Audit
BANK OF VALLETTA PLC Bank of Valletta is the leading financial services provider in Malta. The Bank serves its clients via an extensive network of branches offering personal solutions to retail customers; Business and Trade Finance Centres dedicated to SMEs; regional Investment Centres providing tailored advice to personal clients; a Premium Banking Centre offering high-end services to corporate companies and wealth management customers as well as representative offices in Brussels, London and Milan. Additionally, it provides capital market brokerage, fund administration services and structures financial solutions for institutional clients. Bank of Valletta is at the forefront of digital banking, offering customers a vast suite of local and international cards, internet and mobile banking. MARIO MALLIA CHIEF EXECUTIVE OFFICER
TRUST SERVICES
BOV Centre, Triq il-Kanun, Santa Venera SVR 9030 - Malta T: (+356) 2275 3155 • E: romeo.cutajar@bov.com • W: www.bov.com Contact: Romeo Cutajar - Chief Officer Investment Services
BENTLEY TRUST (MALTA) LIMITED With authorised and regulated trust companies in Malta and Hong Kong, Bentley Trust offers efficient, compliant administration of trust assets for wealthy individuals, their families and charities. We are experienced in trust, foundation and company formation and administer trusts that are written under a variety of proper laws. Our trust companies are wholly owned subsidiaries of the Bentley Reid Group, with independent boards and management teams. Our trust companies do not suffer from the short-term profit pressure, excessive bureaucracy and high staff turnover that often plague larger trust companies or those that are owned by banks and private equity interests. Bentley Trust is focused on delivering enduring family structures. MALCOLM BECKER CHIEF EXECUTIVE OFFICER
Level 7, Portomaso Business Tower, St Julians STJ 4011 - Malta T: (+356) 2137 8828 • E: malta@bentleytrust.com • W: www.bentleyreid.com Contact: Malcolm Becker - Chief Executive Officer
BUSINESS DIRECTORY
TELECOMS & DATA
141
BMIT TECHNOLOGIES LTD BMIT is one of Malta’s leading IT services providers, established over 15 years ago. Its product portfolio includes a range of data centre and hosting services – offered from its two data centres in Malta and points of presence in Italy and Germany - public, private and hybrid cloud services and managed IT services and disaster recovery solutions. An ISO 27001 and PCI DSS-certified company, it services a wide portfolio of customers from industries such as telecommunications, financial services, online gaming, media, IT, transport and logistics, amongst others.
CHRISTIAN SAMMUT CHIEF EXECUTIVE OFFICER
FUND ADMINISTRATION
SCM02, Level 2, SmartCity Malta, Ricasoli SCM 1001 – Malta T: (+356) 2258 8218• E: marketing@bmit.com.mt • W: www.bmit.com.mt Contact: Christian Sammut- Chief Executive Officer
BOV FUND SERVICES LIMITED BOV Fund Services Ltd is Malta’s fund industry pioneer and a fully owned subsidiary of Bank of Valletta plc, Malta’s largest banking group. Through the dedication of its highly qualified and professional human resources as well as significant investment in state-of-the-art technology, BOV Fund Services has positioned itself as Malta’s leading fund administration company. The company provides fund managers and promoters with a one-stop-shop solution in structuring all fund typologies on a turnkey basis, and a comprehensive suite of fund administration services including fund accounting, shareholder registry services, regulatory reporting, corporate services, and other ancillary services. BOV Fund Services is recognised as a Fund Administrator and licensed as a Company Services provider by the Malta Financial Services Authority.
MARTIN FARRUGIA EXECUTIVE HEAD
OFFICE & BUSINESS PARK
TG Complex, Suite 2, Level 3, Triq il-Birrerija, l-Imriehel Birkirkara BKR 3000 - Malta T: (+356) 2122 7148 • E: infobovfs@bov.com • W: www.bovfundservices.com Contact: Martin Farrugia- Executive Head
BUSINESS OFFICE SERVICES INTERNATIONAL (MALTA) Business Office Services offers fully furnished, high-quality, plug-and-play serviced offices within a Business Centre in Mrieħel. Besides office space, clients are offered a full suite of associated business services tailored to their individual requirements. Organisations ranging from startups, requiring a minimal amount of space, to larger companies requiring a larger footprint, now have the opportunity to relocate to a centrally located business office. Business Office Services allows clients to focus on their business, whilst the day-to-day operations are taken care of by a team of highly trained professionals. On-site private parking facilities are also available. AMANDA BALZAN OFFICE MANAGER, MALTA
Vision Exchange Building, Territorials Street, Mrieħel, Birkirkara BKR 3000 - Malta T: (+356 ) 2014 5300 • E : Amanda.balzan@boservices.com.mt • W: www.bos-international.com Contact: Amanda Balzan - Office Manager, Malta
BUSINESS DIRECTORY 142
VFA AGENT
CALEDO GROUP Caledo houses advocates, academics, technologists, policy and regulatory experts, economists, security and fintech specialists to provide its clients with an exceptional one-stop-shop environment. In a world where developments in technology are constantly pushing the boundaries of laws and society, we believe that an interdisciplinary expertise is the lynchpin for innovation in our industry.
DR IAN GAUCI PARTNER
LEGAL SERVICES
66, Old Bakery Street, Valletta - Malta E : info@caledogroup.com • W: www.caledogroup.com Contact: Dr Ian Gauci - Partner
CAMILLERI PREZIOSI ADVOCATES Camilleri Preziosi commands an outstanding reputation amongst clients and peers as a leading Maltese corporate law firm. We are regularly ranked as a top-tier firm by Chambers, IFLR1000 and Legal 500. We retain a strong commitment to deliver a quality service in the practice of law. We do this by combining technical excellence with a solution-driven approach. The close relationships we develop and the keen interest we take in our clients’ businesses enable us to give practical, effective advice and innovative solutions under the most challenging situations.
LOUIS DE GABRIELE PARTNER
ACCOUNTING & AUDITING
Level 3, Valletta Buildings, South Street, Valletta VLT 1103 - Malta T: (+356) 2123 8989 • E : info@camilleripreziosi.com • W: www.camilleripreziosi.com Contact: Louis de Gabriele- Partner
CAPSTONE GROUP Capstone Group is a well-established firm of professional accountants and auditors providing specialised assurance, audit and ancillary professional services to its clients. The Firm is authorised by the Malta Accountancy Board to undertake statutory audits, by the Malta Financial Services Authority (MFSA) to carry out audits of license holders and by the Malta Gaming Authority (MGA) to provide system and compliance audits. The firm thus acts for a number of local and international clients, including financial institutions, remote gaming businesses, government entities and other trading and holding entities. We pride ourselves on delivering a wide range of effective strategic solutions for business, and we measure our success by that of our clients. KRIS BARON AUDIT PARTNER
Ewropa Business Centre, Level 3 - 703, Dun Karm Street, Birkirkara, BKR9034 - Malta T: (+356) 2549 6500 • E: info@capstonegroup.com.mt • W: www.capstonegroup.com.mt Contact: Kris Baron - Audit Partner
BUSINESS DIRECTORY
LEGAL SERVICES
143
CHETCUTI CAUCHI Chetcuti Cauchi is an international firm with offices in Malta, Cyprus, London, Zurich as well as Hong Kong. Its multidisciplinary approach brings together tax and accounting professions into one personalised project team. In this way, clients will be able to benefit from a boutique approach, with the excellence associated with larger firms. The firm prioritises the highest level of service within a range of practices, including: Corporate & Tax, Financial Services & Fintech, Yachts & Jets, Residency & Citizenship and Property. The partners heading these practices deliver client-centric solutions to ensure that the quality and excellence of the firm are evident. DR PRISCILLA MIFSUD PARKER SENIOR PARTNER CORPORATE, TRUSTS & FINTECH
INSURANCE SERVICES
120, St Ursula Street, Valletta VLT 1236 - Malta T: (+356) 2205 6603 • E: askpmp@cclex.com • W: www.cclex.com Contact: Dr Priscilla Mifsud Parker - Senior Partner Corporate, Trusts & Fintech
CITADEL INSURANCE PLC Established in 1997, Citadel Insurance is a composite company authorised by the Malta Financial Services Authority (MFSA) to transact both general and life insurance. Citadel offers a full complement of insurance products for corporate and individual clients for their business and personal protection needs. Citadel is unique, as it also offers life and savings products. Bespoke packages are available for SMEs and large corporations, including employee benefits for life, health and personal accident along with directors and officers insurance, professional indemnity, key man insurance and more.
ANGELA TABONE MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER
INVESTMENT SERVICES
Casa Borgo, 26, Market street, Floriana FRN 1082 - Malta T: (+356) 2557 9000 • E: info@citadelplc.com • W: www.citadelplc.com Contact: Angela Tabone – Managing Director and Chief Executive Officer
CONRAD FAMILY OFFICE We are an independent, multi-family office based in London offering personal and confidential services to HNW and UHNW national and international clients. Our clients are busy people whose personal assets and family affairs are often complex and timeconsuming. By providing them with expert advice and proactive solutions in all aspects of their lives, we assist with the multiple issues that confront them every day whilst maintaining a focus on preserving and growing their wealth. Great people are at the core of everything we do. Working with outstanding professionals and trusted partners from across the globe, we aim to provide a truly exemplary service for all our client’s needs, thereby ensuring they leave a rich legacy. JOHN CLIFFORD MANAGING DIRECTOR
34, Queen Anne Street, London, W1G 8HE - United Kingdom T: (+44) 3333 232 551 • E: enquiry@conradfamilyoffice.com • W: www.conradfamilyoffice.com Contact: John Clifford - Managing Director
BUSINESS DIRECTORY
MEDIA SERVICES
144
COUNTRYPROFILER MALTA LIMITED CountryProfiler (CP) is an international media company that specialises in the publication of country reports and investment guides on the world’s most innovative and high-growth markets for trade, foreign investment and international financial services. CountryProfiler’s publications provide blue-chip companies, their executive management and professional advisors with global business intelligence and market insight they require when managing cross-border operations, investing or doing business with new markets. CountryProfiler’s publications are considered to be among the most prestigious economic intelligence products available. GARVAN KEATING CHIEF EXECUTIVE OFFICER
CORPORATE SERVICES
64, St Anne Court, Flat 2, Bisazza Street, Sliema SLM 1642 - Malta T: (+356) 2034 2034 • E: puglisevich@countryprofiler.com • W: www.countryprofiler.com Contact: Melissa Puglisevich - Office Manager
CSA GROUP CSA Group has grown from a family oriented accounting practice into one of the leading financial service providers here in Malta. With over 25 years of expertise in the financial services industry, CSA Group operates from Malta providing tailor-made solutions for clients across the globe. Our portfolio of clients includes high-net-worth individuals, companies, businessmen, firms and international players. CSA Group works hand in hand with a selected network of international partners, aiming high at exceeding clients’ expectations through our exceptional client services approach. The Group consists of: Charles Scerri & Associates, CS Fintech Services Ltd, Scerri & Concise Ltd, Quorum Corporate Services Ltd and Bastille Malta Trustees Ltd. CHARLES SCERRI MANAGING PARTNER
CORPORATE SERVICES
The Penthouse, Carolina Court, Giuseppe Cali Street, Ta’ Xbiex - Malta T: (+356) 2137 4747 • E: info@csagroup.mt • W: www.csagroup.mt Contact: Chris Borg - Partner
CSB GROUP CSB Group is an established and leading corporate services provider backed by over 30 years of experience in the business and commercial sphere. Our highly experienced and trusted team of professionals are specialised in providing comprehensive and personalised services to clients wishing to setup or relocate their business to Malta. CSB’s areas of specialisation include: Corporate; Trust; Tax; Accounting & Payroll; Investment Immigration; Fintech; Recruitment; Relocation and Property Sales & Letting. Ancillary services include: Incorporation & Domiciliation of companies; Fiduciary & Escrow Services; Compliance & Regulatory Consultancy; Licensing of iGaming and Financial Services, VFA Services; Hedge Fund Registration; Ship, Yacht & Aircraft Registration; HR Consultancy; Residence & Work Permits; and Serviced Office Space.
ROGER A. STRICKLAND JR DIRECTOR
The Penthouse, Tower Business Centre, Tower Street, Swatar BKR4013 - Malta T: (+356) 2557 2557 • E: info@csbgroup.com • W: csbgroup.com Contact: Roger A. Strickland Jr - Director
BUSINESS DIRECTORY
COURIER & POSTAL
145
DHL DHL is the global market leader in the industry and “The Logistics Company for the World”. Our popular International Express door-to-door delivery service is available when you’re sending document or non-document shipments anywhere around the world. DHL Express remains a pioneer, constantly providing new solutions for its customers, solutions that make it the market leader. While maintaining the largest market share, DHL sets very high levels of service and always seeks to serve the customer in the best possible way. Having a constant presence in the Maltese market since 1983, DHL has acquired a deep knowledge of critical shipments as well as unparalleled experience in the specialised handling of express deliveries for each industry sector. CHARLES SCHIAVONE COUNTRY MANAGER
LEGAL SERVICES
MIA Cargo Village, Luqa, LQA 3290 - Malta T: (+356) 2180 0148 • E: Charles.schiavone@dhl.com • W: www.dhl.com Contact: Charles Schiavone - Country Manager
DINGLI & DINGLI LAW FIRM Established in 1982, Dingli & Dingli Law Firm has acquired a solid reputation for efficiency and effectiveness leading to results. This is achieved through the deployment of a strong team effort when handling assignments, harnessing the power of partnership to the full. Although the Firm handles all types of legal work, it is especially active in the fields of maritime law (including ship and mortgage registration), ship finance, admiralty, company law (including company incorporation and management), international tax planning, financial services, aviation law, intellectual property law, employment law, real estate, citizenship and residency. Complementary services are rendered by DG Fiduciary Limited, authorised to provide trustee and fiduciary services; as well as by Q Global Accounting Ltd providing accounting services.
DR KEVIN F DINGLI MANAGING DIRECTOR
CORPORATE SERVICES
18/2, South Street, Valletta VLT1102 - Malta T: (+356) 2123 6206 • E: info@dingli.com.mt • W: www.dingli.com.mt Contact: Dr Kevin F. Dingli – Managing Director
E-MANAGEMENT LIMITED e-Management, a dedicated business division of HBM Group is a leading specialised turnkey provider of Business Support & Corporate Services to the Online Gaming Industry. We focus on establishing and managing internationally engaged iGaming companies based out of Curaçao and Malta. With almost two decades of experience in assisting major software providers and operators with their corporate and licensing requirements in both Curacao and Malta, we were amongst the first Corporate Services Providers in 1997 to enter the Online Gaming Industry. e-Management offers innovative services by assisting all iGaming-related businesses to efficiently and effectively structure their enterprise in an ever changing and challenging business environment without borders. e-Management, via HBM Group, provides its Business Support & Corporate Services in 13 jurisdictions worldwide.
SARAH BORG DIRECTOR
Floor 5, Dragonara Business Centre, Dragonara, St. Julians SJT3141 - Malta T: (+356) 2132 3626 • E: sarah.borg@emanagement-group.com • W: www.emanagement-group.com Contact: Sarah Borg – Director
BUSINESS DIRECTORY
OFFICE EQUIPMENT SERVICES
146
EWORLD LIMITED Eworld is an IT infrastructure and cloud systems integrator. It is a Microsoft Tier 1 Cloud Service Provider offering Azure and Office365 solutions, a Hewlett Packard Enterprise Gold Partner offering server, storage, network and back-up IT infrastructure solutions, as well as security solutions from F5, Palo Alto and Sophos. Eworld has implemented solutions and supports customers in a wide range of sectors, with a particular focus on the finance and banking, insurance and iGaming sectors, besides the public sector, and manufacturing and pharmaceutical sectors. We host a full-spec IT laboratory in order to host any proof-of-concept requirements and welcome all enquiries. ING RAPHAEL MICALLEF TRIGONA MANAGING DIRECTOR
LEGAL SERVICES
Centenary House, 172, Canon Road, St.Venera, SVR 9034 - Malta T: (+356) 7942 0696 • E: info@eworld.com.mt • W: www.eworld.com.mt Contact: Ing Raphael Micallef Trigona - Managing Director
FENECH & FENECH ADVOCATES Established in 1891, Fenech & Fenech Advocates is a leading law firm in Malta, with a strong commercial, corporate, tax, maritime, ship registration, M&A and financial services practice, and is a recognised pioneer in maritime, iGaming and TMT law. The firm’s largely international clientele is serviced by a team of over 100 people. The firm has advised blue-chip clients in various landmark transactions in Malta and overseas and remains at the forefront of legal developments. Our team’s legal insight and business instinct provide clients with value-driven solutions. It is Malta’s leading maritime law firm, and the varied tax and aviation practices are also a mainstay of the firm’s international work. DR ANN FENECH MANAGING PARTNER
LEGAL SERVICES
198, Old Bakery Street, Valletta VLT 1455 - Malta Tel: (+356) 2124 1232 • E: info@fenechlaw.com • W: www.fenechlaw.com Contact: Dr Ann Fenech - Managing Partner
FENECH FARRUGIA FIOTT LEGAL Fenech Farrugia Fiott Legal is a full-service legal firm offering a comprehensive range of specialised services with a particular emphasis on cross-border commercial and corporate law. Backed by a highly experienced team of leading experts in their field, FFF Legal provides a seamlessly integrated portfolio of legal services tailored to meet the most complex requirements in a versatile and dynamic manner. The firm acts on behalf of a number of local and international clients, including credit and financial institutions, investment companies, iGaming companies and other trading and holding entities. The firm’s core focus areas are corporate and commercial law, financial services law and practice, maritime and aviation law, trusts and foundations, estate planning and private clients work.
DR CHRISTIAN FARRUGIA MANAGING PARTNER
Ewropa Business Centre, Level 3 – Suite 702, Dun Karm Street, Birkirkara BKR 9034 - Malta T: (+356) 2549 6400 • E: info@fff-legal.com • W: www.fff-legal.com Contact: Dr Christian Farrugia – Managing Partner
BUSINESS DIRECTORY
CORPORATE SERVICES
147
FENLEX GROUP As a leading management and corporate services provider, the Fenlex group caters to a large international client base. Fenlex provides a wide range of services including company incorporation and maintenance, tax and VAT compliance, accountancy, payroll, bank account administration, directorship services, trusts & foundations, recruitment as well as operational assistance. The group has been active in servicing the international business sector since the 1980s, and its clients are serviced by a multi-disciplinary team organised into the Corporate Services, Accounts, Tax Compliance, Banking and Operations departments. Fenlex is closely associated with Fenech & Fenech Advocates, a leading law firm. KARL DIACONO CHIEF EXECUTIVE OFFICER
PROMOTIONAL AGENCY
85, St. John Street, Valletta VLT 1165 - Malta Tel: (+356) 2124 1817 • E: info@fenlex.com • W: www.fenlex.com Contact: Karl Diacono - Chief Executive Officer
FINANCEMALTA FinanceMalta, a non-profit public-private initiative, was set up to promote Malta as an international Business & Financial Centre, both within, as well as outside Malta. It brings together, and harnesses, the resources of the industry and government, to ensure Malta maintains a modern and effective legal, regulatory and fiscal framework in which the financial services sector can continue to grow and prosper. The Board of Governors, together with the founding associations, its corporate and affiliate members and staff are committed to promoting Malta as a centre of excellence in financial services and international business. IVAN GRECH CHIEF OPERATIONS OFFICER
CORPORATE SERVICES
Garrison Chapel, Castille Place, Valletta VLT1063 - Malta T: (+356) 2122 4525 • E: ivan.grech@financemalta.org • W: www.financemalta.org Contact: Ivan Grech - Chief Operations Officer
FINANZ-AUDIT LIMITED Finanz-Audit Limited provides audit, tax and advisory services to a broad range of businesses. Our client portfolio spans from the sole entrepreneur to large multinational corporations, each operating in various industries. Finanz-Audit Limited is committed to providing quality services with professional objectivity while preserving the trust of clients by offering them personalised attention. The foundation of our success lies in the expertise of our ‘high-calibre’ specialists. Their skills, knowledge, professionalism and energy enable us to provide prompt, efficient and high-quality services.
COSMAS COSMA DIRECTOR
Level 1, Somnium, Tower Road, Swatar BKR4012 - Malta T: (+356) 2010 8080 • E:info@finanz-audit.com • W: www.finanz-audit.com Contact: Cosmas Cosma - Director
BUSINESS DIRECTORY
CORPORATE SERVICES
148
FRANCIS J. VASSALLO & ASSOCIATES LTD Our reward is in providing tailored solutions in the most efficient and ethical manner whilst nurturing lasting relationships for mutual growth and success. Francis J. Vassallo & Associates Group (FJVA) was established in 1998 by Francis J. Vassallo, a former Governor of the Central Bank of Malta, together with his daughter, Adriana Camilleri Vassallo. FJVA comprises a team of over 70 highly experienced professionals, among which are internationally qualified tax advisors, corporate lawyers and accountants. FJVA provides a wide range of tax and advisory services, including trustee, corporate, compliance, book-keeping services, to multinational companies, family offices and private clients. ADRIANA CAMILLERI VASSALLO MANAGING PARTNER
LEGAL SERVICES
FJVA Business Centre, Industry Street, Qormi QRM 3000 - Malta T: (+356) 2299 3100 • E: info@fjvassallo.com • W: www.fjvassallo.com Contact: Adriana Camilleri Vassallo - Managing Partner
GANADO ADVOCATES GANADO Advocates is a leading commercial law firm with a particular focus on the corporate, financial services and maritime/aviation sectors, predominantly servicing international clients doing business through Malta. The firm also promotes other areas such as tax, pensions, intellectual property, employment and litigation. The firm traces its roots back to the early 1900s, and is today one of Malta’s foremost law practices, consistently ranking as a leading firm in all its core sectors. GANADO Advocates has over the past decades contributed directly towards creating and enhancing Malta’s hard-won reputation as a reliable and effective international centre for financial and maritime services. Today, the firm continues to provide high standards of legal advisory services to support and enhance Malta’s offering.
DR LOUIS CASSAR PULLICINO MANAGING PARTNER
INSURANCE SERVICES
171, Old Bakery Street, Valletta VLT 1455 - Malta T: (+356) 2123 5406 • E: lawfirm@ganadoadvocates.com • W: www.ganadoadvocates.com Contact: Dr Louis Cassar Pullicino - Managing Partner
GASANMAMO INSURANCE LTD GasanMamo Insurance is one of Malta’s leading insurance companies. Its earliest activity in insurance dates to 1947, when compulsory motor insurance was introduced to MALTA; evolving beyond recognition, with two major milestones shaping it into what it is today. In 1999, two distinct agency operations merged, forming GasanMamo Insurance Agency Ltd representing AVIVA. In 2003, GasanMamo insurance converted into an insurance Company licensed by the MFSA. The company claims an excellent track record, being a benchmark insurer locally and operating in Cyprus, Greece and France. This has been achieved by friendly professional staff, who keep our clients at the core. We efficiently deliver good value quality insurance products. JULIAN J MAMO MANAGING DIRECTOR
Head Office, Msida Road, Gżira GZR 1405 - Malta T: (+356) 2349 0501 • E: jmamo@gasanmamo.com • W: www.gasanmamo.com Contact: Julian J Mamo - Managing Director
BUSINESS DIRECTORY
ACCOUNTING & AUDITING
149
GRANT THORNTON As a member firm of Grant Thornton International, we offer clients a flexible, responsive service with the breadth and depth of skills to appeal to a variety of markets and with the experience, knowledge and expertise to undertake specialised, sector-specific work. Our clients can access the knowledge and experience of more than 50,000 people in over 135 countries and consistently receive a distinctive, high quality and boutique service wherever they choose to do business. With over 40 years of industry experience, we focus on providing a full range of services including assurance, tax, advisory, specialist financial services and capital markets support (including digital and crypto assets), corporate, trustee and outsourcing services to clients ranging from public companies, multi-nationals, and government agencies to entrepreneurial businesses across a broad spectrum of industries.
MARK BUGEJA MANAGING PARTNER
ACCOUNTING & AUDITING
Fort Business Centre, Mriehel Bypass, Birkirkara BKR3000 - Malta T; (+356) 2093 1000 • E: grantthornton@mt.gt.com • W: www.grantthornton.com.mt Contact: Wayne Pisani - Partner, Tax and Advisory
GRIFFITHS + ASSOCIATES LTD Established in 1982 and located in Naxxar, our firm of Certified Public Accountants offers a one-stop shop assisting businesses in carrying out activities in, from or through Malta. The firm’s activities include company incorporations, back-office services and international corporate structuring, especially within the context of Malta’s extensive tax treaty network and advantageous tax regime. Being members of PrimeGlobal, an international association of accountants and advisers, adds value to the servicing of clients’ needs within an international perspective.
PETER GRIFFITHS MANAGING & TAX DIRECTOR
LEGAL SERVICES
Level 1, Casal Naxaro, Labour Avenue, Naxxar NXR 9021 - Malta T: (+356) 2738 3631 • E: peter@griffithsassoc.com • W: www.griffithsassoc.com Contact: Peter Griffiths – Managing & Tax Director
GVZH ADVOCATES GVZH Advocates is a modern and sophisticated legal practice composed of top-tier professionals, firmly rooted in decades of experience in the Maltese legal landscape. Built on the values of acumen, integrity and clarity, the firm is dedicated to providing the highest levels of customer satisfaction, making sure that legal solutions are not only soundly rooted and rigorously tested, but also meticulously implemented. The firm is regularly involved in cross-border transactions, providing timely and quality advice in a down-to-earth manner.
DR ANDREW J ZAMMIT MANAGING PARTNER
192, Old Bakery Street, Valletta VLT 1455 - Malta T: (+356) 2122 8888 • E: Info@gvzh.com.mt • W: www.gvzh.com.mt Contact: Dr Andrew J. Zammit - Managing Partner
BUSINESS DIRECTORY
TRUST SERVICES
150
GVZH TRUSTEES LTD GVZH Trustees Limited is an independent trust company that is fully owned and controlled by GVZH Advocates and licensed by the Malta Financial Services Authority since 1998. The company is regulated in terms of the Trusts and Trustees Act to provide bespoke trustee and fiduciary services and a wide spectrum of company registration and secretarial services, accounting and tax compliance services.
JOSEF CARDONA GENERAL MANAGER
CORPORATE SERVICES
52, St Christopher Street, Valletta VLT 1462 - Malta T: (+356) 2122 8888 • E: trusts@gvzh.com.mt • W: www.gvzh.com.mt /about-us/trustees Contact: Josef Cardona- General Manager
HBM MALTA LIMITED HBM Group (est. 1991) is the leading independent financial services provider. We assist in the formation and management of international companies for businesses and individuals, ensuring compliance with international legislation. Our team of professionals, with over a decade of experience, offers premier and personalised service to each client. We understand each client is unique. By building on our tradition of excellence, and protecting the integrity and reputation of our clients, we are committed to providing our clients with all the necessary services for economic success. HBM Group can guarantee the highest standard of business ethics, the utmost confidentiality, and state-of-the-art technology. SARAH BORG DIRECTOR
TRUST SERVICES
Floor 5, Dragonara Business Centre, Dragonara, St. Julians SJT3141 - Malta T: (+356) 2132 3626 • E: sarah.borg@hbmgroup.com • W: www.hbmgroup.com Contact: Sarah Borg – Director
HBM TRUSTEES LIMITED HBM Trustees is a dedicated business division of HBM Group (est. 1991), with offices in reputable Trust jurisdictions worldwide. We are a leading dedicated niche provider of Business Support & Corporate Services to HNW Individuals and Business Owners of successful closely held companies. As a professional, client-oriented service provider of fiduciary services, we focus on establishing, managing and administering Trusts and Private Foundations based out of Anguilla, Bahamas, Barbados, British Virgin Islands, Curaçao, Malta, Nevis, Panama, and St. Maarten. With more than two and a half decades of experience in assisting HNW Individuals and Business Owners with their wealth management and corporate structuring worldwide, HBM Trustees is your International Entrusted Solutions partner in business in today’s ever challenging and changing regulatory environment.
Floor 5, Dragonara Business Centre, Dragonara, St. Julians SJT3141 - Malta T: (+356) 2132 3626 • E: sarah.borg@hbmgroup.com • W: www.hbmgroup.com Contact: Sarah Borg – Director
SARAH BORG DIRECTOR
BUSINESS DIRECTORY
INVESTMENT MIGRATION
151
HENLEY & PARTNERS MALTA Henley & Partners is the global leader in residence and citizenship planning. Each year, hundreds of wealthy individuals, families and their advisers rely on our expertise and experience in this area. Our highly qualified professionals work together as one team in over 30 offices worldwide. The concept of residence and citizenship planning was created by Henley & Partners in the 1990s. As globalisation has expanded, residence and citizenship have become topics of significant interest among the increasing number of internationally mobile entrepreneurs and investors whom we proudly serve every day. The firm also runs a leading government advisory practice which has raised more than USD 8 billion in foreign direct investment. We have been involved in strategic consulting and the design, set-up and operation of the world’s most successful residence and citizenship programmes.
STUART MACFEETERS MANAGING PARTNER
BANKING SERVICES
Aragon House, Dragonara Road, St. Julians - Malta T: (+356) 2138 4000 • E: Stuart.Macfeeters@henleyglobal.com • W: www.henleyglobal.com Contact: Stuart MacFeeters – Managing Partner
HSBC BANK MALTA P.L.C. - COMMERCIAL BANKING HSBC Commercial Banking is a leading provider of business financial services. A purpose-built Business Banking Centre in Qormi brings together under one roof a strong team of specialised Relationship Managers and business specialists, all trained to service businesses, thus making it a service centre of excellence. A wide range of specifically designed solutions are available to meet the diverse needs of the business community, including Loans & Overdrafts, Trade and Receivables Finance, Global Liquidity and Cash Management, Foreign Exchange as well as Internet Banking to meet the needs of business customers. We are an international bank with local expertise supporting all business segments in Malta. MICHEL CORDINA EXECUTIVE DIRECTOR
BANKING SERVICES
Business Banking Centre, Mill Street, Qormi QRM3101 - Malta T: (+356) 2380 4832 • E: michelcordina@hsbc.com • W: www.hsbc.com.mt Contact: Michel Cordina - Executive Director
IIG BANK (MALTA) LTD IIG Bank (Malta) Ltd is a specialist trade finance bank focused on international commodity trade and does this through a comprehensive range of services that are tailored to meet the needs of its international trading customers spread over Latin America, Europe, the Middle East, Africa and Asia. IIG Bank (Malta) Ltd is dynamic and innovative in providing structured solutions for trading companies, distributors, manufacturers and exporters, especially those trading in emerging markets. The Bank’s approach to business is characterised by its desire to build long-lasting relationships and by being close to the customer to promote a better understanding of the complexities inherent in international trade flows. RAYMOND BUSUTTIL MANAGING DIRECTOR & CHIEF EXECUTIVE OFFICER
Level 20, Portomaso Business Tower, St. Julians STJ 4011 - Malta T: (+356) 2248 4510 • E: raymond.busuttil@iigbank-malta.com • W: www.iigbank-malta.com Contact: Raymond Busuttil - Managing Director & Chief Executive Officer
BUSINESS DIRECTORY
INVESTMENT SERVICES
152
INTEGRA PRIVATE WEALTH LTD Integra Private Wealth is a privately-owned financial services company set up in 2009. Integra is authorised by the MFSA as an Investment Services Firm (Category 2 licence), a Listing Agent to the Wholesale Securities Market and as a Financial Institution enabling it to conduct Money Remittance Services. Through its robust structure the firm can provide unparalleled private wealth management services to its exclusive client base of highnet-worth individuals, family offices and institutions. Complete investment solutions can be provided to our clients as a result of Integra’s mature and extensive network of professionals, banks and financial counter-parties as well as the in-depth knowledge of the financial markets and how they relate to each client’s needs. ALISTAIR MUSCAT CHIEF EXECUTIVE OFFICER
CORPORATE SERVICES
228, Tower Road, Sliema SLM 1601 - Malta T: (+356) 2133 8831 • E: info@integra-pw.com • W: www.integra-pw.com Contact: Alistair Muscat – Chief Executive Officer
INTEGRITAS GROUP The Integritas Group is a multidisciplinary firm providing corporate services such as company formation, company maintenance, corporate structures, mergers and acquisitions, redomiciliation, residence, citizenship, shipping and trust services to its clients. Integritas Corporate-Services Ltd is authorised to submit citizenship and residence applications on behalf of applicants to the Maltese authorities, through its Approved Agents, Mr Frederic Villa and Dr Alexia Muscat. Integritas Trustees Ltd is authorised by the Malta Financial Services Authority to provide trustee and fiduciary services. The Integritas Group was founded and is headed by Frederic Villa, a Swiss and Italian national. Frederic Villa speaks Italian, French, English, German and understands Spanish.
FRÉDÉRIC VILLA MANAGING DIRECTOR
TRAVEL & LEISURE
114/3, The Strand, Gzira GZR 1027 - Malta T: (+356) 2385 0611 • E: info@integritas-trustees.com • W: www.integritas-trustees.com Contact: Frédéric Villa - Managing Director
LA VALETTE CLUB La Valette Club at Malta International Airport has been perfecting its VIP services for over two decades, with an aim to add exceptional value to its guests’ airport experiences. La Valette Club offers yearly memberships that afford members privileges such as access to the luxurious airport lounges at arrivals and departures. Whether a frequent flyer or a business traveller, La Valette Club services are tailored to help guests save time and unwind as they travel through Malta International Airport. La Valette Club recently unveiled a completely revamped lounge boasting several unique features and received a highly commended rating from Priority Pass. GEORGE MALLIA HEAD RETAIL AND PROPERTY
c/o Malta International Airport, Luqa LQA 4000 - Malta T: (+356) 2369 6516 • E: george.mallia@maltairport.com • W: www.lavaletteclub.com Contact: George Mallia - Head Retail and Property
BUSINESS DIRECTORY
REAL ESTATE
153
MALTA SOTHEBY’S INTERNATIONAL REALTY Malta Sotheby’s International Realty was launched in 2013. Our distinct offering extends itself to both local and international clients seeking real estate investment opportunities, those seeking to relocate to Malta, and property owners looking to list and promote their property to qualified buyers. With more than 22,700 sales associates located in 72 countries worldwide, our global network is a commanding presence in the representation of the world’s most remarkable properties. Our team of specialised property experts offer a professional and personalised service – artfully uniting extraordinary properties with extraordinary lives. Services include: Residential Sales & Letting, Commercial Sales & Letting, Property Management and Relocation & Residency. MICHAEL J. ZAMMIT DIRECTOR AND JOINT OWNER
EXCHANGES & MARKETS
200, Tower Road Sliema SLM 1602 - Malta T: (+356) 2010 8070 • E: info@sir.com.mt • W: www.maltasothebysrealty.com Contact: Michael J. Zammit - Director and Joint Owner
MALTA STOCK EXCHANGE The Malta Stock Exchange provides a structure for admission of financial instruments to its recognised lists which may subsequently be traded on a regulated, transparent and orderly secondary market place. It also offers a comprehensive range of back–office services including maintenance of share and bond registers, clearing and settlement and custody services through its in-house Central Securities Depository. Access to the market may be achieved through admission to listing on the Regulated Main Market, or the Institutional Financial Securities Market (IFSM), both of which are regulated by the MFSA and enjoy full passportability within the EU, or through admission to the SMEoriented Prospects MTF, that is regulated by the Malta Stock Exchange. JOSEPH PORTELLI EXECUTIVE CHAIRMAN
INSURANCE MANAGEMENT
Garrison Chapel, Castille Place, Valletta VLT 1063 - Malta T: (+356) 2124 4051 • E: sgalea@borzamalta.com.mt • W: www.borzamalta.com.mt Contact: Stephanie Galea – Head Business Development and Marketing
MARSH MANAGEMENT SERVICES MALTA LIMITED The company is active in the business of incorporating, managing, advising and servicing of captives, protected and cell facilities, special purpose vehicles and specialist insurance and reinsurance companies. As the world’s largest captive manager, organisations come to Marsh for a one-stop-shop approach to innovative captive solutions, including advice, implementation, management, and actuarial services. With specialised expertise from global resources, Marsh creates comprehensive, tailored solutions for your business. It is licensed by the MFSA.
STEPHEN PORTELLI HEAD OF OFFICE
The Hedge Business Centre, Level 3, Triq ir-Rampa ta’ San Giljan, Balluta Bay, St Julians, STJ1062 - Malta T: (+356) 2342 3000 • E: stephen.portelli@marsh.com • W: www.mmc.com Contact: Stephen Portelli – Head of Office
BUSINESS DIRECTORY
ACCOUNTING & AUDITING
154
MAZARS MALTA Mazars is one of Malta’s leading multi-disciplinary audit and advisory firms. We are committed to giving our clients an efficient and value-for-money service, underlined by a high level of commitment and quality. Owing to our size, we can offer a wide range of specialised services whilst retaining a personalised approach in terms of delivery. Our service portfolio includes company formation, accounting, auditing, payroll, VAT advisory and compliance, as well as corporate and personal tax planning. As an integrated member firm of Mazars Group, we are in a position to draw upon the experience and resources of Mazars worldwide. ANTHONY ATTARD MANAGING PARTNER
INVESTMENT SERVICES
32, Sovereign Building, Zaghfran Road, Attard ATD 9012 - Malta T: (+356) 2134 5760 • E: anthony.attard@mazars.com.mt • W: www.mazars.com.mt Contact: Anthony Attard - Managing Partner
MEDITERRANIA CAPITAL PARTNERS Mediterrania Capital Partners is a dedicated private equity firm which focuses on growth investments of SMEs and mid-cap companies in North Africa and Sub-Saharan countries. Operating through offices in Abidjan, Algiers, Barcelona, Cairo, Casablanca and Valletta, Mediterrania Capital Partners manages three investment funds and has a unique Value Creation model that is delivering superior returns to its investors. The company’s mission is to help portfolio companies build the right foundations for long-term development and sustainability while having a social and economic impact in the Africa region. Mediterrania Capital Partners is a regulated financial investment manager licensed by the Malta Financial Services Authority (MFSA) and the Financial Services Commission (FSC) in Mauritius.
ALBERT ALSINA CHIEF EXECUTIVE OFFICER AND MANAGING PARTNER
HR & RECRUITMENT
B2, Industry Street, Qormi QRM 3000 - Malta T: (+356) 9914 7237 • E: communications@mcapitalp.com • W: www.mcapitalp.com Contact: Montserrat Petit - Communications Manager
MISCO MISCO is a knowledge-based independent consulting firm, working closely with its clients across all sectors of the economy, with the aim of creating and transforming business strategy into reality. MISCO achieves this by assisting you to maximise your engagement with clients and employees. We support you in developing your business, organise your resources and motivate and develop your employees through a range of services that include business advisory, recruitment and selection, training, marketing and opinion research, business tools, outsourcing and consultancy.
JOANNE BONDIN DIRECTOR
Fino Buildings, 1st Floor, Notabile Road, Mrieħel BKR 3000 - Malta T: (+356) 2205 4000 • E: jbondin@miscomalta.com • W: www.miscomalta.com Contact: Joanne Bondin - Director
BUSINESS DIRECTORY
BANKING SERVICES
155
NBG BANK MALTA LIMITED NBG Bank Malta Limited (formerly Finansbank Malta Ltd) was established in 2005 and is a wholly-owned subsidiary of NBG Group. The Group is the oldest and largest bank in Greece and is present in a number of jurisdictions namely Greece, Cyprus, Bulgaria, FYROM, UK, Australia, Egypt, Malta and Romania. NBG Malta is designed to be a one-stop-shop for banking services for high-net-worth individuals and corporations worldwide. Furthermore, the bank also specialises in the provision of risk management and treasury products/solutions for its clients (Ex. Foreign Exchange and Derivative products). GERASIMOS MAVROKEFALOS CHIEF EXECUTIVE OFFICER
CORPORATE SERVICES
Preluna Towers, 1st Floor, 124 Tower Road, Sliema SLM 1605 - Malta T: (+356) 2131 8969 • E: info@nbg.com.mt • W: www.nbg.com.mt Contact: Gerasimos Mavrokefalos - Chief Executive Officer
NEWCO CORPORATE SERVICES LTD NEWCO is an independent corporate services provider with three decades of experience in implementing foreign investments into selected countries. Its wide experience and know-how allow it to successfully support major multinational companies as well as smaller companies and start-ups, mainly from EU and Latin-American countries. NEWCO’s team of experts provide all the professional services involved in the setting up and management of companies and assistance to high-net worth individuals in Malta.
FREDERICO GOUVEIA E SILVA MANAGING PARTNER
ACCOUNTING & AUDITING
89, St. John Street, Valletta VLT 1165 - Malta T: (+356) 2122 3120 • E: info@newco.pro • W: www.newco.pro Contact: Frederico Gouveia e Silva - Managing Partner
NEXIA BT Nexia BT is a leading full-service audit, tax and advisory firm providing a comprehensive range of corporate and private client advisory suite of services to a predominantly international client base. As members of Nexia International present in over 120 countries, we provide a more responsive, more personal and partner-led service across the world. We are a licensed company service provider having a multilingual team with vast experience in assisting businesses seeking to establish in Malta. Boasting a dedicated immigration team, besides being an accredited agent with the Malta Individual Investor Programme Agency, we are also the Official Government Concessionaire for the Malta Residence and Visa Programme within the Middle East. KARL CINI PARTNER – TAX AND INTERNATIONAL CLIENT SERVICES
The Penthouse, Suite 2, Capital Business Centre, Entrance C, Triq taz-Zwejt, San Gwann SGN3000 - Malta T: (+356) 2163 7778 • E: info@nexiabt.com • W: www.nexiabt.com Contact: Karl Cini – Partner, Tax and International Client Services
BUSINESS DIRECTORY
PAYMENT & CARD SERVICES
156
PAYMIX LTD Paymix Ltd is a licensed and regulated Financial Institution, authorised by the Malta Financial Services Authority as a payment service provider and as an electronic money institution. Paymix Ltd is also a principal member of Mastercard. Our company provides e-wallet account services to its clients through our own proprietary e-wallet application, whereby customers can recieve/send funds. With the main focus on corporate accounts, Paymix Ltd, a fintech company, is offering simple and efficient financial solutions to all businesses.
CENK KAHRAMAN CHIEF EXECUTIVE OFFICER & EXECUTIVE DIRECTOR
CUSTODY & DEPOSITORY SERVICES
The Penthouse, JPR Buildings, Triq Taz-Zwejt, San Gwann SGN 3000 - Malta T: (+356) 2247 0000 • E: projects@paymix.eu • W: www.paymix.eu Contact: Mina Mitkova - Co-Branding Department Manager
REYL & CIE (MALTA) LTD REYL & Cie (Malta) Ltd is a cat.4A MFSA licensed entity dedicated to offering Fund Depositary services and Fund Custody activities. It is a 100%-owned subsidiary of REYL & Cie Ltd, an independent banking group with offices worldwide. Developing an innovative approach to banking, the Group serves international entrepreneurs and institutional investors through its Wealth Management, Entrepreneur & Family Office Services, Corporate Advisory & Structuring, Asset Services and Asset Management business lines. Founded in 1973, REYL & Cie Ltd is licensed as a bank in Switzerland and performs its activities under the direct control of the FINMA and the SNB. The Group manages assets in excess of CHF 16 billion and employs more than 200 people. NATACHA EBENER CHIEF OPERATIONS OFFICER
RISK & COMPLIANCE
Swiss Urban Factory, 5 St Frederick Street, Valletta VLT 1470 - Malta T: (+356) 2248 2951 • E: nebener@reyl.com • W: www.reyl.com Contact: Natacha Ebener - Chief Operations Officer
RISKCAP INTERNATIONAL LTD RiskCap International Ltd was established in 2013 to provide customised and outsourced risk management, regulatory compliance and governance solutions to the financial services industry. We are located in Malta, London and Miami. Our team consists of individuals with diverse backgrounds in compliance, finance, accounting, mathematics and risk management. Our clients are of all sizes and come from all segments (including funds and fund managers, EMIs and PIs, insurance firms, investment firms and banks) of the financial services industry and are supervised by regulators around the world. DR PAUL MAGRO FOUNDER & MANAGING DIRECTOR
Airways House, 6th Floor, Gaiety Lane, Sliema, SLM1549 - Malta T: (+356) 2733 3179 • E: mt.enquiries@riskcap.com • W: www.riskcap.com Contact: Dr Paul Magro - Founder & Managing Director
BUSINESS DIRECTORY
LEGAL SERVICES
157
SALIBA STAFRACE LEGAL Saliba Stafrace Legal is a law firm operating from Valletta. The firm was founded in 2013 under the name ‘Ian Stafrace Legal’ by Ian Stafrace. In a strategic move to grow its service portfolio and continue to offer its clients effective solutions, Ian Stafrace has in 2015 partnered with Joseph Saliba. Saliba Stafrace Legal has recorded a steady growth during its relatively short existence and is committed to giving a service of excellence in all its main practice areas, including corporate law, securities law and capital markets, banking and finance, investment funds, investment services, environmental law. Development and planning law, general commercial law and litigation. The firm has consistently advised corporate clients, individual clients and government institutions. DR JOSEPH SALIBA PARTNER
BANKING SERVICES
9/4 Brittania House Old Bakery Street Valletta VLT 1450 - Malta T: (+356) 2123 9556 • E: info@salibastafrace.com • W: www.salibastafrace.com Contact: Joanna Busuttil - Office Administrator
SPARKASSE BANK MALTA PLC Sparkasse Bank Malta plc is a public limited liability company established in Malta in 2000. Born in Austria and present in Malta and Ireland, Sparkasse has been supporting Fund Managers and Administrators for well over 10 years. The Bank is currently servicing 40% of the local market with more than €3.3 billion in assets under custody. The Bank’s core suite of services include Banking, Execution, Settlement, Custody and Depositary Services. The Bank is a direct participant in SEPA and member of SWIFT. It is the second largest Non-Core domestic bank and Custodian in Malta and licensed by the MFSA and the Central Bank of Ireland for the provision of depositary services to Irish Funds. PAUL MIFSUD MANAGING DIRECTOR
PENSION MANAGEMENT
101 Townsquare, Ix-Xatt ta’ Qui-si-sana, Sliema SLM 3112 - Malta T: (+356) 2133 5705 • E: paul.mifsud@sparkasse-bank-malta.com • W: www.sparkasse-bank-malta.com Contact: Paul Mifsud - Managing Director
STM MALTA TRUST & COMPANY MANAGEMENT LTD STM Malta is part of STM Group Plc, a company listed on the Alternative Investment Market of the London Stock Exchange, with trading offices in the United Kingdom, Gibraltar, Malta, Jersey and Spain. STM Malta is registered as a retirement scheme administrator with the Malta Financial Services Authority (MFSA), providing such services to a growing international client base. STM Malta is one of the largest providers offering retirement schemes recognised as QROPS, EURBS and QNUPS.
DEBORAH SCHEMBRI MANAGING DIRECTOR
San Gwakkin Building, Level 1, Triq is-Salib tal-Imriehel, Mriehel BKR3000 - Malta T: (+356) 2133 3210 • E: info@stmmalta.com • W: http://info.stmgroupplc.com/malta/ Contact: Deborah Schembri - Managing Director
BUSINESS DIRECTORY
INVESTMENT SERVICES
158
SYSTEMIC RM SA SYSTEMIC provides integrated investment and risk management software solutions since 1999. The RiskValue™ platform, the flagship of SYSTEMIC’s product range, offers a technological environment to its users for back-, middle- and front-office operations, financial risk management, reporting and compliance requirements. Continuously evolving, RiskValue™ accommodates best practices of most successful investment professionals and meets their demanding needs for an end-to-end unified solution, the complete coverage of a very wide and varied universe of financial instruments, the fully automated procedures and the sophisticated and immediate information. The RiskValue™ investment management platform is used today by leading financial institutions, asset managers, insurance companies, wealth managers, fund managers, broker-dealers and asset servicers.
ARISTIDES PROTOPAPADAKIS MANAGING DIRECTOR
CORPORATE SERVICES
31, Tsakalof str. 106 73 Athens - Greece T: (+30) 2103 389 250• E: k.hanzaras@systemic-rm.com• W: www.systemic-rm.com Contact: Konstantinos Hanzaras - General Manager
TRIDENT TRUST COMPANY (MALTA) LTD Founded in 1978, and present in Malta since 2011, Trident Trust is a leading independent corporate, fiduciary and fund administrator, employing over 900 staff across a global footprint that spans Africa, the Americas, Asia, the Caribbean, Europe and the Middle East. Financial institutions, professional advisors, asset managers, family offices and international businesses turn to us for the provision of independent corporate, trust and fund administration services, relying on our worldwide presence, local knowledge and our commitment to responsiveness, reliability, attention to detail and personal service. Our professional personnel are widely recognised for their ability to work cooperatively with advisers and their clients and to support them through their practical knowledge and extensive experience.
ALBERT CILIA MANAGING DIRECTOR
HR & RECRUITMENT
Orange Point Building, 2nd Floor, Dun Karm Street, Birkirkara By-Pass, Birkirkara BKR 9037 - Malta T: (+356) 2143 4525 • E: acilia@tridenttrust.com • W: www.tridenttrust.com Contact: Albert Cilia - Managing Director
VACANCYCENTRE VacancyCentre (operated by CSB Group) is a small yet remarkably effective recruitment business servicing the resources needed by organisations of all sizes across a wide range of industry sectors, namely Financial Services, Legal & Compliance, Gaming & IT, Administration, and Sales & Marketing. With grounded experience of 30 years in the recruitment sector, VacancyCentre knows exactly how to reach the best people to fill almost any position. We pride ourselves in delivering an unrivalled candidate experience to ensure we create an ethos that our clients feel confident will represent them in the best possible way. The foundation of our success is based on treating both candidates and clients as valued customers. We seek to establish trust and respect by providing an excellent recruitment service to our clients and being trusted career advisers to our candidates.
Suite 2, Ground Floor, Tower Business Centre, Tower Street, Swatar BKR4013 - Malta T: (+356) 2123 2224 • E: jobs@vacancycentre.com • W: www.vacancycentre.com Contact: John Dimech - General Manager
JOHN DIMECH GENERAL MANAGER
BUSINESS DIRECTORY
LEGAL SERVICES
159
WDM INTERNATIONAL WDM International is a full-service firm, presenting a multidisciplinary offering to its clients, ranging from legal and tax consultancy to audit and business advisory. WDM Lex Advisory, the firm’s legal services arm, is at the forefront in the following lines of expertise: international taxation; residence, citizenship planning and private client services; setting up of funds, fund managers, forex companies, credit and financial institutions and operations involved in blockchain and cryptocurrency; setting up of fintech and iGaming operations and aircraft and yacht registration. The firm is an Approved Agent for Malta’s Citizenship-by-Investment Programme and is also licensed to act as a trustee or co-trustee and as an administrator in the context of private foundations.
DR JONATHAN DE GIOVANNI PARTNER
CUSTODY & DEPOSITORY SERVICES
35, The Penthouse, Salvu Psaila Street, Birkirkara BKR 9072 - Malta T: (+356) 2123 2096 • E: jdegiovanni@wdm.com.mt • W: www.wdm.com.mt Contact: Dr Jonathan De Giovanni – Partner
ZARATTINI INTERNATIONAL LTD Zarattini International brings together innovation, alliance and proficiency to offer high value added custody services in Malta. We remain at the forefront of innovation while keeping in touch with our roots. We dare to push boundaries but never lose sight of our responsibilities. We combine the highest standards with the deepest dedication to our clients’ needs. Integrity, transparency and resourcefulness are the pillars of our organisation. Part of a Swiss financial group with activities in Switzerland, Luxembourg and Malta, we have built our strong reputation upon reliability, excellent professional competence and transparency. We have a long history of providing reliable local and global custody services to a variety of clients, including asset managers and private and institutional investors.
FRANCESCO SCOTTO CHIEF EXECUTIVE OFFICER
CORPORATE SERVICES
Europa Centre, 56 Saint Anne Street, Floriana FRN 9011 - Malta T: (+356) 2779 1100 • E: info@zarattini.com.mt • W: www.zarattini.com.mt Contact: Francesco Scotto – Chief Executive Officer
ZETA Zeta is a privately held independent group of companies offering targeted services which include, but are not limited to Multi-Family Office; Advisory and Structuring; Fiduciary; Company Formation and Management; Corporate; Financial; Fund Formation and Management. Zeta is committed to exceeding client expectations and building a satisfying long-term relationship while retaining its primary focus; your business and family success.
DAVID ZAMMIT MANAGING DIRECTOR
56, Ground Floor, Europa Centre, St. Anne street, Floriana FRN 9011 - Malta T: (+356) 2011 9700 • E: info@zeta-financial.com • W: zeta-financial.com Contact: Michealle Oakes - Director
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