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Sector guides 2O15 -2O16

FINANCIAL INSTITUTIONS & ancillary services A CountryProfiler Publication

FINANCEMALTA Sector guides 2O15 -2O16


FINANCIAL INSTITUTIONS & ancillary services

About FinanceMalta

A Culture of Getting Things Done F

inanceMalta, a non-profit public-private foundation, was set up to promote Malta’s Business & Financial Centre, both within, as well as outside Malta. It brings together 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 Stockbrokers, the Malta Bankers’ Association, the Malta Insurance Association, the Association of Insurance Brokers, the Institute of Financial Services Practitioners, and the affiliated 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.

Membership FinanceMalta offers two types of membership: Corporate and Affiliate. Corporate Membership is open to entities operating within the financial services industry, such as fund, insurance and pension management companies, 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 firms providing Real Estate Services, Recruitment Services, Business and Professional Services, and Media Organisations. For further information on membership categories and classification, visit

Board Members Kenneth Farrugia (Chairman) Prof. Joe V. Bannister (Vice-Chairman) Charles Borg / Mark Watkinson Matthew Bianchi Chris J. Naudi Annalise Micallef John Huber André Borg Bernice Buttigieg (Secretary to the Board)

FINANCIAL INSTITUTIONS & ancillary services

Benefits of FinanceMalta Membership: • Direct access to the experience and knowledge of fellow members. • 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, with some events being 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. • Opportunity to publish white papers and articles on FinanceMalta’s website and to take part in topical webcast series.


FINANCEMALTA Sector guides 2O15 -2O16

FinanceMalta Leadership Team

“Over the past ten years, Malta’s financial services industry has developed from one that was primarily led by the domestic market into a truly international financial services centre, attracting many top-rated financial services firms.”

“FinanceMalta is working with all stakeholders to ensure that more qualified individuals enter the industry as the finance centre grows. We also offer training and re-training initiatives in order to help professionals remain informed.”

“We are aiming to take Malta to the next level and create a globally recognised international financial services sector that is based on our skilled workforce, a stable regulatory environment and business-friendly policies.”

Kenneth Farrugia Chairman

Bernice Buttigieg Head of Administration

Ivan Grech Head of Business Development

FinanceMalta, Garrison Chapel, Castille Place, Valletta VLT 1063 - Malta E: T: +356 21 224 525 · F: +356 21 449 212

Follow us on:



Promoting and Fostering Malta’s Finance Centre



FINANCEMALTA Sector guides 2O15 -2O16


FINANCIAL INSTITUTIONS & ancillary services

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. Europe 64, St Anne Court, Flat 4, Bisazza Street, Sliema SLM 1642 - Malta T: +356 2034 2034 North America Suite 21-2123, Walkers Line, Burlington, Ontario L7M 42Z9 - Canada Tel: +1 905 645 1130 Fax: +1 905 963 7968

Meet the Team

Garvan Keating Regional Director

Heidi Marttinen Editor

Sonja Lindenberg Editor

Daniel Geraldes Business Executive

Morgane Stein Business Executive

Melissa Puglisevich Office Manager

Email: Website: Main Photography Fritz Grimm Additional Photography Alan Carville / Malta Stock Exchange Design Ramon Micallef - Printing Gutenberg Press, Malta Publication Date April 2015 The information included in this publication is for information purposes only and is subject to change. With regard to the licensing of a business, income generation or any other legal or accounting matters, the Publisher strongly recommends that the reader seeks the advice of an appropriately licensed professional. The Guide is meant as general information and should not be interpreted as legal advice or as a technical guide in substitution of the relevant legislation. Additional requirements may also apply. All rights reserved. Reproduction in whole or part is strictly prohibited without the written permission of the publisher. Opinions expressed in this publication are not necessarily those of the editor or publisher. All reasonable care is taken to ensure truth and accuracy, but the editor and publishers cannot be held responsible for errors or omissions in articles, advertising, photographs, or illustrations.

FINANCIAL INSTITUTIONS & ancillary services


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Contents 1 2 4 6 7 16 18 20 22 24 26 28 30 32 34 36 40 44

About FinanceMalta Publisher Information Finance Industry Stakeholders Malta at a Glance International Finance Centre: A Partner for Success Key Reasons to do Business in Malta Key Facts & Figures Regulation & Legislation Corporate Structures Credit Institutions Financial Institutions e-Money Institutions Payment Institutions Custody and Depository Services Key Opportunities A Guide for Doing Business in Malta Malta: A Cosmopolitan Lifestyle in the Med Who's Who: Malta Business Profiles

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FINANCIAL INSTITUTIONS & ancillary services

Finance Industry Stakeholders Ministry for Finance

Ministry for the Economy, Investment and Small Business

Prof. Edward Scicluna Minister for Finance

Dr Christian Cardona Minister for the Economy, Investment and Small Business

Dr José Herrera Parliamentary Secretary for Competitiveness and Economic Growth

Finance Industry Associations

Malta Association for Retirement Scheme Practitioners (MARSP)

Malta Bankers Association (MBA)

Malta Fund Industry Association (MFIA)

Malta Insurance Association (MIA)

Chairman: Bethell Codrington

Chairman: Mark Watkinson

Chairman: Kenneth Farrugia

Director General: Adrian Galea

Malta Institute of Taxation

Malta Institute of Accountants (MIA)

Malta Institute of Management (MIM)

Additional Resources

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FINANCEMALTA Sector guides 2O15 -2O16

Malta Financial Services Authority (MFSA)

Central Bank of Malta


Malta Stock Exchange

Prof. Joseph Bannister Chairman

Prof. Josef Bonnici Governer

Kenneth Farrugia Chairman

Paul Spiteri Chairman

Malta Insurance Management Association (MIMA)

Institute of Financial Services Practitioners (IFSP)

Association of Insurance Brokers (AIB)

Society of Trust & Estate Practitioners (STEP) Malta

Chairman: John Tortell

President: Christopher J. Naudi

Chairman: Mark Spiteri

Branch Chair: Dr Jean-Philippe Chetcuti

Malta Chamber of Commerce

Institute of Directors (IoD) Malta

Malta Enterprise

Malta Chamber of Advocates

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International Finance Centre

Malta at a Glance


Located in the centre of the Mediterranean, Malta is rapidly growing into one of the foremost business hubs for international financial services in the Euro-Med region.


Wealth Management Domicile at a Glance

Inflation rate (January 2015) EU: -0.5%


Unemployment rate (January 2015) EU: 9.8%



GDP Growth (2014)

Accounting Standards

Total area Maltese Islands: 316km2

Currency Euro


Number of Double Tax Treaties

€136.8bn FDI (June 2014)

Time 1 hour ahead of GMT

Sovereign Ratings



(Fitch, 2015)


(Moody’s, 2014)


(Standard & Poor’s, 2015)

Population 421,000 (2014)

Rain Annual rainfall 600mm

Finance Centre (2014) Contribution to GDP................................................13% Employees ....................................................... 10,000+ Companies on the register ............................. 65,000+ New registrations ................................................ 5,144 Number of new companies .................................. 5,061 Number of new partnerships .................................... 83 Time to start up a business ...............................1 week

Sunshine 300 days a year

Temperature Winter 12ºC Summer 31ºC

Redomiciled Companies

European Economic Forecast (Winter 2015)

In 2013, 111 companies transferred their domicile to Malta, which represents an increase of over 60 per cent from the previous year, 70 per cent of transferred companies were from non-EU countries while the remaining 30 per cent from EU countries.

Forecasts for Malta GDP growth (%, yoy) Inflation (%, yoy) Unemployment (%) Structural budget balance (% of GDP) Gross public debt (% of GDP) Current account balance (% of GDP)




57 68 111

2014 3.3 0.8 6.0 -2.7 68.6 3.3

Tax rate 35%

2015 3.3 1.0 5.9 -2.4 68.0 3.5

2016 2.9 1.9 5.9 -2.2 66.8 3.6

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FINANCEMALTA Sector guides 2O15 -2O16

International Finance Centre

A Partner for Success Country

Knowledge Economy

Recession Proof Malta stands alone as an oasis of financial prosperity in a Europe desiccated by the financial crisis. From a financial standpoint, Malta is proof that you do not have to be a big country to be a big player. Home to a population of just over 421,000 people and just 316 square kilometres in area, the island prides itself on being one of the best performing eurozone economies, registering healthy economic growth and low unemployment. Adapting and Growing As a hub for business from European and North African countries, Malta is marked by its flexibility, innovation and competitiveness. It is with these qualities that Malta has gone from strength to strength since it gained independence from Britain in 1964. In particular, Malta’s financial services industry has been a key focus of the government and a great success story in the country’s growth. Business in English International Malta uses English as an official language, alongside Maltese. Use of English is universal, making Malta instantly accessible to anyone conversant in English. Many Maltese also speak a third language, usually Italian, German or French.

Central Location Located at the centre of the Mediterranean, the Maltese Islands lie virtually midway between Europe and North Africa, some 90 kilometres south of Sicily and 300 kilometres north of Libya. This makes the island an excellent gateway for business between Europe, Africa the Middle East and Asia. The capital city, Valletta, is both the administrative and business centre of the country. Committed to Business Malta’s parliament recognises the importance of business success to the nation’s prosperity. This is why Maltese political leaders are committed to developing key industries, such as finance, ICT and aviation, as well as encouraging more direct foreign investment. Over the past years, both government and opposition have worked hand-in-hand to create the right legislative and regulatory framework for financial services firms to grow and prosper.

Economic Power Malta has posted healthy economic growth for the last four years. In 2014, the economy and the labour market continued to perform well, and the outlook for 2015/16 is favourable. Strong labour market fundamentals, recovering investment and an accommodative fiscal stance are projected to have resulted in real GDP growth of 3.3 per cent in 2014. This has also allowed Malta to maintain one of the lowest unemployment rates in Europe, hovering around 6 per cent against the EU average of 10 per cent. Diversified Economy Over the past years, Malta has diversified and thrived. Popular as a safe and sunny tourist destination for sunstarved northern Europeans, the tourism sector contributes some 25 per cent to the island’s GDP. However, a variety of service businesses have joined the traditional economic generator, and services now account for 75 per cent of Malta’s GDP. Industry accounts for 23 per cent and agriculture for 2 per cent. A Future in Services Malta has played to its strengths by establishing itself as the most successful knowledge-based economy in the Mediterranean region. Key to this success has been

3.3% GDP Growth in 2014


Services sector share in Malta’s economy the growth of service-focused businesses in fields such as ICT and the booming Maltese financial services industry. Expansion of the aviation and maritime industries together with life sciences and education pave the way for a prosperous future. Strong and Healthy Banks Much of Malta’s economic growth can be attributed to the excellent regulation of banks and the financial services sector. Maltese banks also have a strong local deposit base, and the banking sector is not significantly exposed to foreign sovereign debt risks. In addition, assets held by the island’s five core banks are twice the size of Malta’s GDP, which itself is only half the EU average. Towards the Future As hard work and diligent regulation have built the foundations for Malta’s recent achievements, the country’s future wellbeing is crucially linked to its success in moving further up the value chain and finding markets for the export of high-quality products and services. One of Malta’s aims is to become the European financial centre of choice. Outside of Europe, Malta continues to build its good relations with China, with both nations keen to encourage cooperation between their financial services sectors.

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Soundest Banking System

World Economic Forum 2014-2015 Global Competitiveness Index

Finance Centre Serious Business Malta’s ascent into an international centre of repute has been one of the fastest and most remarkable growth stories in recent times. Recognised for its probusiness attitude, excellent regulation and competitive cost of doing business, Malta has become the go-to finance centre for start-ups, growthminded entrepreneurs and Fortune 500 companies alike. Europe’s Fund Gateway The fund industry is one of the finance centre’s main engines of growth. Malta hosts over 580 investment funds which have a combined net asset value of almost €10 billion. While Malta has a reputation as a jurisdiction for smaller financial services companies and start-ups, the fund sector is maturing and attracting sophisticated asset management activities. Strong Ratings and Rankings Maltese banks are some of the world’s safest credit institutions. The World Economic Forum rated the island’s banking system as the 10th soundest in its 20142015 Global Competitiveness Index. Institutions such as the International Monetary Fund, the European Commission and international credit rating agencies confirmed the sector’s robustness and resilience, while Bank of

Valletta and the parent banks of domestic subsidiaries – such as HSBC – have passed the EU-wide stress tests of recent years. Winning in Wealth Management The country is a welcoming place for high-net-worth individuals due to its mixture of innovative products, experienced professionals and strong regulatory framework. It offers all the favourite investment vehicles of wealthy clients, while allowing investors to protect their assets through the establishment of trusts and foundations. Malta is also presenting itself as a holistic lifestyle and residency destination for affluent foreigners. Pushing Growth through Captives Malta is a relative newcomer to the international insurance market, yet it has made significant strides in attracting world-class companies to its shores, including some of the largest blue-chip corporations in the world. Malta championed the introduction of innovative structures such as Protected Cell Companies (PCCs) and Reinsurance Special Purpose Vehicles (RSPVs), and has built up a reputation for being a cost-effective EU base for insurance and reinsurance providers and a highly attractive captive domicile.

Diversified International Finance Centre Insurance Banking Investment Funds Asset Management Holding & Trading Companies International Pensions Capital Markets Wealth Management Trusts & Foundations Maritime & Aviation Islamic Finance Expat Residency Financial Institutions Family Offices Foreign Exchange

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FINANCEMALTA Sector guides 2O15 -2O16

Competitiveness A Leading Centre Malta regularly receives high rankings in benchmarking reports and was named ‘Most favoured domicile in Europe’ for investment funds in the Hedge Funds Review Service Provider Rankings in 2013 and 2014. In addition, the World Economic Forum ranks Malta above average for almost every metric in financial market development. Innovation through Regulation Malta’s financial regulatory framework is among one of the most robust in the world and is fully harmonised with EU and OECD rules, while still being sophisticated enough to remain a flexible platform for the financial services industry. The proactive approach taken by the regulator – the Malta Financial Services Authority (MFSA) – has supported the country in becoming a leading financial centre in Europe. High Performance Unlike many of its EU peers, Malta’s financial services sector has not been affected by the financial crisis. While other nations were trying to minimise their losses, Malta was posting year-on-year growth. Its financial sector alone has expanded around 25 per cent annually, and the banking sector did not have to carry out any restructuring or re-capitalisation exercises.


Annual expansion of Malta’s financial sector

Low-Risk Environment As a European Union member with a longestablished democratic tradition, Malta offers a veritable safe haven for investors. Liberal economic policies and a government committed to an open business environment are important factors for many investors looking for longterm stability. The Maltese tax system is the only remaining full imputation system in the EU. The system has been in use since 1948 and is fully approved by the EU and OECD. Quick Start-Up Time Malta’s financial regulator, the MFSA, has set timeframes for the approval of licence applications for financial services such as investment funds and insurance vehicles. The authority takes a diligent, risk-based approach to each licence application. This allows for the fast-tracking of applications when needed and incorporating a company in Malta takes just a few days.


Approved financial services framework

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FINANCIAL INSTITUTIONS & ancillary services

Market Access Global Business Gateway Malta’s internal market is relatively small, and the real opportunity lies in using the country as a stepping stone to markets in Europe and 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. This is why so many investors see the benefits of using Malta as the first step towards success in surrounding markets. Single EU Passport Since becoming an EU member in 2004, Malta has experienced accelerated growth in all sectors of its financial services industry. With the introduction of passporting rights, allowing companies to establish a branch or provide services

in any other EU country, many business opportunities opened up between Malta and the EU. Establishing a business in Malta provides instant access to the EU’s internal market of over 500 million people in 28 EU economies. Easy Access to World Markets Malta also enjoys excellent relations outside of the EU, specifically with other Mediterranean nations in North Africa and the Middle East, 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 some 70 doubletaxation treaties, covering most of the world’s highgrowth markets facilitating international business.

Perfect Timing Malta is in a convenient time zone to do international business. The island is one hour ahead of GMT, thus matching office hours with Asia in the morning, Europe throughout the day and the US in the afternoon. This allows international business conducted from Malta to be timely and profitable. Ahead of the Curve In a changing regulatory landscape with tighter requirements, Malta offers a safe EU location with a firm but flexible regulatory framework. Malta is quick in transposing EU directives related to the financial services sector into local law. The island also works closely with other regulatory authorities to provide access to international markets and to ensure a smooth international trading environment for financial services.


Sliema •

• St. Julians • Valletta

MALTA Malta International Airport •

Malta offers easy access to EU, African and Middle Eastern Markets

FINANCIAL INSTITUTIONS & ancillary services


FINANCEMALTA Sector guides 2O15 -2O16

Infrastructure A Platform for Business As a rapidly expanding economy, Malta has consistently delivered on demands to its infrastructure. Substantial investments have created a highly sophisticated business environment. Thanks to its financial infrastructure, pro-business climate, and growing international trade and investment in new industries, Malta is well positioned to seize economic opportunities. State-of-the-Art Telecoms In overcoming its geographical limitations, Malta has built up one of the world’s best telecoms infrastructures. Currently it ranks 3rd of 144 countries worldwide for international internet bandwidth per user, as ranked by the

World Economic Forum’s Global Competitiveness Report 2014-2015. This incredible level of internet service is maintained by two satellite stations and four submarine fibre-optic links to mainland Europe. Growing Industry Cluster In growing its financial services industry, Malta’s government has the support of a vibrant community of progressive-minded officials and committed business leaders. Today, a growing business cluster is driving productivity, new business and innovation within Malta’s finance industry. There are also many entities offering expert legal and support services to local and international clients.

Network of Worldwide Connections Located on the main shipping routes, Malta has been a significant port for most of its modern history, with links to other major ports in Europe, North Africa and Asia. Malta is connected by air to almost every major city in Europe, and to key destinations in North Africa and the Middle East, most only a few hours’ flight-time away.

Affordable Office Space A wide range of office space can be found across the island, rents are reasonable and finding an office close to popular residential areas and amenities is relatively easy. Office space is available in purpose-built office blocks, as well as in converted houses and apartments, or within brand new mixed-use developments. Costs have become even more reasonable with business electricity tariffs being lowered by 25 per cent in 2015.



out of 144 countries Malta’s ranking for International bandwidth per user

World Economic Forum 2014-2015 Global Competitiveness Index

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FINANCIAL INSTITUTIONS & ancillary services

Regulation and Legislation Robust Regulation The country’s legislation is in line with EU law and is built on best practices from other finance centres. It caters for the regulation of investment funds, banking, insurance business, pension funds, as well as investment service providers and trustees. Maltese legislation is designed to efficiently meet the needs of both the industry and the consumer and is updated continuously to reflect the latest market demands.

Efficient Regulator At the heart of Malta’s finance centre is an independent, risk-based regulator, the Malta Financial Services Authority (MFSA), which grants licences and regulates all financial activities. The MFSA ensures best practice and compliance, while the fact that it regulates all financial services allows it to streamline procedures for companies, to reduce bureaucracy and to offer lower regulatory fees.

Working in Partnership The MFSA is known for being as thorough in their regulation as they are easy to approach and associate with. The country’s small size allows direct contact with licensees, which gives the MFSA a good understanding of the soundness of the licence holders. The MFSA establishes constructive working relationships with companies investing in Malta, which helps ensure a smoother start up and full compliance with all regulatory standards.

Risk-based Regulator

Integrity and Low Risk Having joined the European Union in 2004, Malta strictly adheres to EU anti-money laundering policies, insider dealing and professional secrecy laws, and its

The Malta Financial Services Authority

frameworks are aimed at attracting only international businesses of repute. Malta’s adoption of the euro in 2008 has added further stability and increased the ease of doing business across frontiers. The Right Tools The island’s legal system is rooted in both the AngloSaxon common law tradition and the Continental European Napoleonic/Justinian code. However, Maltese corporate law is firmly based on British models. The MFSA also has advantageous regulation for re-domiciling companies into and out of Malta. This allows established businesses to set up shop in the country, while preserving the continuity of company legacy, reputation and its financial track record.

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FINANCEMALTA Sector guides 2O15 -2O16

Lifestyle Living the High Life Aside from being a great place to invest and run a business, Malta also offers an excellent quality of life. With its Mediterranean environment, Malta is far more relaxed and reasonably priced than other major European finance centres. The island also has your day-to-day needs covered, with some of the best medical care in the world and an excellent education system, whether private or public. The Mediterranean at its Best Malta is abundant with beautiful, easily accessed beaches and many offices for rent enjoy a sea-view. Thanks to the warm summers and mild winters, it is easy to make the most of your free time in Malta,

whether you prefer to enjoy fine dining al fresco, relax by the sea or engage in other outdoor activities. Top Leisure Activities Malta offers much more than just the traditional ‘sun and sea’ package. Leisure activities such as horse riding, archery and bowling are available alongside traditional sports clubs such as football and rugby as well as a variety of great gyms to keep you fit. You can also pamper yourself with a fantastic selection of restaurants, spas and hotels or visit one of the many lively night spots to dance your cares away. Feel at Home It is easy to feel at home in Malta. Chances are the local supermarkets will stock

products you know from home, and the high streets and shopping malls host most of the big brand names. All your personal needs – from private banking to tax planning – are catered for. When you are ready to find a place to settle down, Malta has a wide range of properties from luxury penthouses and villas to modest apartments and office spaces, all at very reasonable rents. Relaxed Atmosphere It is easy to strike a great work-life balance in Malta. The country’s small size means that commuting times are minimal, giving you more time to enjoy the island. As one of the safest countries in the world with a very low crime rate, Malta is an ideal place for the whole family.

FINANCEMALTA Sector guides 2O15 -2O16


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Costs and Fees Value for Money No amount of sun, sea and sand can drive a business decision as much as cost. Fortunately, Malta offers great cost advantages as a finance centre, especially when compared to the rest of Europe and other leading jurisdictions. International companies often note that they receive great value for money when considering the skills and expertise present in the Maltese market. Despite its size, Malta is a compelling alternative to other larger financial hubs in Europe. Low Operational Overheads What makes Malta particularly attractive to international companies is that legal and accounting fees, as well as certain regulatory fees, are lower in Malta than in most other European jurisdictions. Overall ongoing operational costs are approximately 20-30 per cent lower than those in the UK, Germany, France, Belgium, the Netherlands and Luxembourg. This means companies can offer their services to clients at an attractive cost rate. Fiscally Efficient Framework Malta offers a tax-friendly base for financial services companies, operating a full imputation tax system. While all companies pay tax at a rate of 35 per cent, certain shareholders are entitled to refunds for the tax paid by

the company and there is no withholding tax on dividends. In addition, companies benefit from a wide network of double tax treaties. This combined with a number of other incentives make the costs of doing business in Malta more than affordable. Low Living Expenses Malta has one of the lowest costs of living in the EU. Rents are cheaper than in most other European countries, and apartments are often fully furnished. Public transport and taxi fares are also lower. Some household and personal care items can be more expensive in Malta as the majority of products are imported, yet food prices are more or less the same as in other European countries. Free state healthcare and education is available in addition to private clinics and schools. Competitive Personal Tax Rates Salaries in Malta are usually one-third lower than in the more established finance centres. Nevertheless, the purchasing power of Maltese people is much stronger thanks to the country’s lower living cost and competitive personal tax rates. Individuals are charged on their income at progressive tax rates up to a maximum of 35 per cent. However, for 2015, Malta reduced the top rate of income tax for those who earn less than ₏60,001 to 25 per cent.

20-30% Operational costs are 20-30% lower in Malta than in other finance centres


Highly qualified foreign professionals can benefit from a flat tax rate of 15%

FINANCIAL INSTITUTIONS & ancillary services


FINANCEMALTA Sector guides 2O15 -2O16

Advice and Assistance Outstanding Human Capital Malta’s drive to become a global financial services centre has helped generate around 10,000 jobs in this sector. With 60 per cent of Maltese students going on to further education, the island has a highly educated and multilingual pool of talent from which to hire. Malta is continually cultivating the right talent, with more University of Malta graduates coming

from the economy and management faculty than any other in 2013-2014. Established Service Providers Malta has both a proud tradition of family-run financial services firms, as well as being home to offices of ‘The Big Four’ – Deloitte, KPMG, EY and PwC. In addition, a large number of law firms operate on the island, most being part of international networks such

10,000+ Employed in international financial services in Malta

as Lex Mundi and Lexis Nexis and regularly ranked on Chambers, MartindaleHubbell or other similar institutions. Malta also provides an array of corporate service providers offering solid business advisory and back-office support. Finely Honed Skills Service companies in Malta are efficient and have developed expertise in key areas such as captive insurance, funds, trusts and wealth management. The island’s support services are top class, and professionals of the same calibre of those in London, Dublin or Luxembourg are easily found. To ensure that growth can be sustained, Malta is eager to expand its pool of highly specialised professionals.

Attracting Foreign Talent To attract further expertise in core sectors such as financial services, Malta offers a reduced 15 per cent flat tax rate to highly qualified persons in key positions within those industries. The island’s laws on immigration are in line with the European Union’s visa obligations for foreign nationals, and EU and European Economic Areas (EEA) citizens are free to work and reside in Malta. Multilingual Services The British influence is clear in the work ethic present in Malta, and aside from English and Maltese most locals also speak Italian, French or German. Malta has a vast pool of multilingual talent in the form of professional expatriates from all over the world.

FINANCEMALTA Sector guides 2O15 -2O16

Key Reasons to do Business in Malta With a motto of ‘no due diligence, no license’ Malta’s regulator takes a firm approach on its international financial centre, which has fostered one of the healthiest banking sectors in the world. Today, new growth and interesting opportunities are arising from eBusiness as well as credit and financial institutions.


FINANCIAL INSTITUTIONS & ancillary services

FINANCIAL INSTITUTIONS & ancillary services

Vibrant and Healthy Sector Rated as the 10th soundest banking system out of 144 countries by the World Economic Forum’s Competitiveness Index 20142015, Malta’s banking sector is one of the strongest and healthiest both globally and within Europe. The country’s banking industry suffered no systemic shocks or banking failures during the recent global financial crisis and has been given a clean bill of health by rating agencies, the EU commission and the IMF. As in previous years, Malta’s banks also passed the 2014 European Central Bank stress tests with flying colours, which bodes well for the future performance of the industry. The success of Malta is underpinned by its prudent and conventional approach to banking, which has ensured the country’s institutions have adequate capital and substantial liquidity. e-Business Excellence Substantial investments in IT and telecoms infrastructure in past years have spurred the growth of Malta into one of the most ideal locations for eCommerce and eGaming activities. The country has already attracted a number of payment institutions, which have either established operations in Malta or passport from other member states. The country’s licence for eMoney institutions offers the opportunity to start operations with a lower capital requirement when compared to a full banking licence.


FINANCEMALTA Sector guides 2O15 -2O16

Well Regulated, Not Over Regulated The real strength and value of Malta’s finance sector lies in its sound policies and robust regulatory regime, which supports the development of a strong banking sector. With the advent of the Single European Payments Area (SEPA) removing the distinction between local and cross-border payments, institutions willing to fully exploit the opportunities of the Single European Market and Malta’s strategic location gain significant benefits by locating to Malta.

Launch Pad in to New Growth Markets Malta’s strategic location at the centre of the Mediterranean and its close proximity to continental Europe and North Africa, allows credit and financial institutions to penetrate new markets. Institutions setting up in Malta can benefit from EU passporting rules, while Malta’s wide network of tax treaties facilitates access to around 70 countries worldwide.

Increasing Demand for Banking Services With thousands of holding and Pioneering Financial trading companies and an everStructures growing number of investment Malta is showing strong funds established in Malta, the potential to attract more eCommerce payment business demand for banking services and payment factory operations remains high. The country is also for transnational corporations. home to the largest international ship registry in Europe, more Considered as one of the EU than 500 investment funds front runners in IT adoption and a thriving insurance sector and sophistication, Malta provides a favourable regulatory that has doubled in size over the past few years establishing framework for eMoney and Malta as one of Europe’s primary payment institutions. The international insurance domiciles. Banking Act gives licensed The continued expansion of banks the scope to offer electronic banking under their its finance centre provides the Maltese banking sector with banking licence. Stand-alone interesting growth opportunities. electronic money institutions are regulated by the Financial Institutions Act, which was updated as a result of the EU directive on electronic money institutions and transposed into Maltese legislation in 2011. The same applies to payment institutions that are regulated by the provisions of the Financial Institutions Act, which essentially transposes into Maltese law the European Payment Services Directive.

Malta-based banking institutions that are allowed to take deposits: Credit Institutions:


Financial Institutions:


E-Money Institutions:


Payment Institutions:


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Key Facts and Figures With some of the safest and most liquid banks in the eurozone, Malta is establishing itself as an international hub for finance in the Mediterranean region. Rapidly growing and dynamic, Malta-based banks currently hold over €30 billion in deposits.


alta’s strong banking sector has long been the country’s backbone, supporting the growth of various other sectors. Capital buffers retained by local banks are among the highest in Europe, and Maltese banks have consistently returned solvency ratios that are almost double the EU average. Malta has seen a significant transformation in its banking sector over the last decade, from a tightly controlled publicly owned sector to one of liberalisation and foreign ownership. The country has attracted some of the most highly respected names in institutional finance to establish operations in Malta and use the country as a strategic launch pad for future expansion into Europe, Africa and the Middle East. The Tier 1 regulatory capital of the domestic banking sector sits at 11.8 per cent (June 2014), which is almost double the required rate set by the Basel III accord.

The Banking Sector (2013) Total Assets

Net Loans

Money Market Assets

Bank Offices & Branches

Net Securities other than shares


€49.7 bn 130

33.6% 35.1%


€28.9 bn

FINANCIAL INSTITUTIONS & ancillary services


FINANCEMALTA Sector guides 2O15 -2O16

The World Economic Forum’s Global Competitiveness Report 2014-2015:

10 TH 13


soundest banking system out of 144 economies

for strength of auditing and reporting standards

Why Malta?

Industry Growth: Financial Institutions







• A stable macroeconomic environment

■ Financial Institutions ■ Payment Institutions ■ Electronic Money Institutions

• EU and eurozone location • Flexible regulatory framework • Growing numbers of fresh graduates specialising in financial services



December 2009



December 2010



December 2011



December 2012



December 2013



December 2014

• Lower operational costs • A reputable stock exchange • Easy access to key stakeholders due to the size of the island

Industry Growth: Credit Institutions







December 2009

December 2010

December 2011

December 2012

December 2013

December 2014

• English-speaking country with a probusiness government • Convenient European time zone • A stepping stone to European and north African markets

FINANCEMALTA Sector guides 2O15 -2O16


FINANCIAL INSTITUTIONS & ancillary services

Regulation & Legislation Living up to its catch-phrase of ‘innovation through regulation’, Malta’s regulator has created an advantageous environment of efficiency and reduced bureaucracy for the benefit of international credit and financial institutions.

The Regulator The Malta Financial Services Authority (MFSA) is the single regulator and is responsible for issuing licences and the supervision of credit and financial institutions. However, from November 2014 the European Central Bank (ECB) took over the responsibility for banking supervision at top tier level, and the Maltese banking sector is facing tougher regulatory and capital requirements emanating from the implementation of the new European Union banking Legislation (known as CRDIV/CRR), which came into force at the start of 2014. The MFSA’s approach to regulation and supervision is based on principles rather than onerous rules, and the country’s small size allows direct contact with all licensees, giving the MFSA a solid understanding of the soundness of the licence holders. Banks and other financial institutions are encouraged to meet with the regulator prior to applying for a licence to discuss their application. Legal Framework Banking institutions in Malta are regulated by the Banking Act, which is founded on European Union legislation and is compliant with the Basle Core Principles. The non-bank financial

institutions are regulated by the Financial Institutions Act. While Malta has the same regulatory standards as other EU member states, the country’s framework allows for the flexibility necessary in a modern and dynamic financial environment, without imposing undue bureaucratic burdens on operators. Malta is ranked first in the timely transposition of EU internal market laws into national law. In 2010, the provisions of the Payment Services Directive, regulating payment institutions were transposed into Maltese law. This was followed by the EU Electronic Money Institutions Directive, regulating Electronic Money Institutions, transposed in 2011. Central Bank of Malta Prior to 2002, the Central Bank of Malta was the regulator of banks and financial institutions. Today, the primary aim of the Central Bank is to maintain price stability. Under the Central Bank of Malta Act, the Central Bank may require credit institutions carrying out banking business in Malta to maintain reserve deposits with the Central Bank and to submit information to it which is necessary for the Central Bank to discharge its duties under the Act.

Licensing Credit and financial institutions in Malta require a licence from the MFSA. Before any formal application for a licence is made, the MFSA urges the promoters to meet with the regulator to discuss set-up and regulatory requirements to ensure a smooth licensing process. The final application must be accompanied by required supporting documentation such as a business plan, the type and volume of business to be undertaken and the structure, organisation and management system of the institution. Organisations from other EU/EEA states do not require a licence in Malta, but can avail themselves of their passporting rights and only need to follow the respective notification procedure. Single European Passport Following Malta’s accession to the European Union, credit institutions authorised by an authority in the EU or EEA can use their European passport to establish a Maltese branch or provide cross-border services in Malta, without the requirement to obtain a separate licence from the MFSA. Some conditions need to be satisfied before this right may be availed of, including that the bank must notify its home state

regulatory authority of its intentions. In the case of a European bank operating in Malta through a branch or engaging an agent in Malta, the home state authority of the bank has the right, after having informed the MFSA, to conduct on-site verifications in Malta of certain information held by the banks. The foreign authority can also request the MFSA to carry out such verifications.

FINANCIAL INSTITUTIONS & ancillary services


FINANCEMALTA Sector guides 2O15 -2O16


innovation through regulation

Secrecy, Data Protection and AML Customer confidentiality is safeguarded by the provisions of the Banking Act, the Professional Secrecy Act and the Data Protection Act, whilst the 3rd EU Directive on Prevention of Money Laundering and Terrorist Financing has been fully transposed into Maltese legislation to guard against abuse of the financial system for criminal purposes. Every

credit institution licensed in Malta, including a branch of a credit institution operating in another country (subject to certain exceptions), has to participate in and contribute to the Depositor Compensation Scheme established by the Depositor Compensation Scheme Regulations. The statutory limit for the deposit guarantee scheme is currently â‚Ź100,000 or its equivalent in any designated currency per depositor per institution.

Supervision & Compliance The MFSA supervises credit and financial institutions continuously through offand on-site analyses. Licence holders are required to submit statistical returns on a monthly and quarterly basis. The quarterly returns are more comprehensive since they include a detailed breakdown of assets and liabilities, offbalance items, profit and loss returns as well as liquidity, own funds, capital adequacy

and large exposures returns where applicable. The MFSA then compiles monthly and quarterly reports on the institution using the CAMEL factors (capital, assets/liabilities, management, earnings, liquidity). An important element of banking supervision is the on-going evaluation of the various risks a credit institution is exposed to risk management and mitigation.

FINANCEMALTA Sector guides 2O15 -2O16


FINANCIAL INSTITUTIONS & ancillary services

Corporate Structures Malta has become renowned for its wide range of innovative structures, which continue to attract foreign investors in the finance sector looking for sound and cost-effective ways to tap into new markets.

Head Office / Subsidiary in Malta Credit or financial institutions locating their head offices or establishing a subsidiary in Malta can benefit from the country’s EU membership, an attractive tax regime, a wide network of tax treaties, as well as an excellent business environment. Credit and financial institutions can usually be set up as private or public limited liability companies in Malta:

• Private Limited Liability Company: must limit the number of its shareholders to 50 and cannot offer its shares to the general public. The minimum share capital required to set up a private company is €1,165 with 20 per cent paid up and subscribed to by at least two persons, except in the case of single member companies, with restricted objects.

• Public Limited Liability Company: the minimum share capital requirement is €46,588, with 25 per cent paid up and subscribed for by at least two persons.

Branches of EU Credit or Financial Institutions Credit or financial institutions authorised in another EU/ EEA member state looking to establish a branch or provide services in Malta may exercise their passporting rights. In this case they would be exempt from the licensing requirement under the Banking or the Financial Institutions Act. However, they are required to register the branch with the Maltese Registrar of Companies within one month from establishing a branch or a place of business in Malta.

FINANCIAL INSTITUTIONS & ancillary services


FINANCEMALTA Sector guides 2O15 -2O16

Permitted Credit CORPORATE Institutions STRUCTURE Head Office

Financial Institutions (Including e-Money & Payment institutions)


Subsidiary/Branch Allowed

Foreign Branches of Credit Institutions or Financial Institutions The MFSA will only entertain applications from applicants intending to set up a branch or a subsidiary in Malta if the home countries are signatories to the Basel Concordat. An institution whose principal place of business is in a country outside Malta, the MFSA may consider that the minimum criteria for authorisation are fulfilled if: • the foreign supervisory authority informs the MFSA it is satisfied with the prudent management and overall financial soundness of the applicant • the MFSA is satisfied as to the nature and scope of the supervision exercised by that country’s relative authority The MFSA still exercises its own judgement on an institution’s suitability for authorisation, and it will examine the proposed business, internal controls, accounting, and other records and personnel and management arrangements of the applicant. The MFSA may also require information

Allowed Allowed

Representative Office



Allowed Allowed

regarding directors, controllers and managers of the overseas institutions operating through branches in Malta, however, this may be less detailed than required from institutions registered in Malta. Representative Office in Malta Foreign banks may establish a representative office in Malta, but the activities must be confined to the conduct of purely liaison activities and may not include the engagement in financial transactions or the execution of any documents, except where necessary for and incidental to the maintenance of the office in Malta. Prior to setting up the representative office, foreign banks are required to give at least two months’ notice to the MFSA that they intend to establish an office. The notice has to specify the name it is proposing to use in relation to the activities and the address of the representative office. The notice must be accompanied by a certified copy of the authorisation of the company to conduct the business of banking in a country other than Malta. The MFSA may also request additional information or documents.

Not Allowed

Agency in Malta Financial institutions can enter into agency arrangements with third parties, with the prior written approval from the MFSA. The following information must be communicated to the regulator: • the name and address of the agent • a description of the internal controls applied by the agent • the identity of the directors and management of the agent A person who is appointed as agent of a licensed financial institution can only act as agent: • in respect of those activities for which the financial institution to which he will act as agent is licensed under the Act • to not more than one person licensed under the Act • subsequent to the verification by the competent authority of the information provided by the financial institution

FINANCEMALTA Sector guides 2O15 -2O16


FINANCIAL INSTITUTIONS & ancillary services

Credit Institutions Offering both security and flexibility, Malta is increasingly being seen as an attractive alternative to other established European finance centres. A licence in Malta offers a wide range of profitable activities from commercial and corporate banking to wealth management.


alta’s stable economy is one of the EU’s top performers, and due to its strategic location and vast network of double taxation treaties, the country provides good access to the markets of Europe, North Africa and the Middle East. Malta boasts a state-of-the-art telecoms infrastructure and a workforce with excellent IT skills, and the country’s legislation also allows for online-only banks. Increasing numbers of both expats and highnet-worth individuals are moving to Malta, bringing increased business to the country’s banks and with €13.5 billion in domestic deposits for a population of 421,000, the Maltese are extremely wealthy.

Retail Banking

Corporate Banking

Private Banking

Although HSBC and Bank of Valletta (BOV) account for almost 90 per cent of the pie for domestic retail banking, it has not stopped smaller international banks from operating in this sphere. A number of banking institutions have recognised the potential of Malta’s retail market and have successfully set up, serving both local and international clientele. Purchasing power and interest for property is strong, and Malta has a high request for home loans. Real estate is considered a reliable and profitable investment, and the country has a property-owning culture with most people preferring to buy rather than rent.

Malta hosts a number of institutions specialising in trade-related products, such as structured trade finance, factoring and forfaiting. Malta’s strategic location and stable environment makes the country an ideal operational base and a launch pad to international markets. Regional emerging economies currently have a high demand for substantial infrastructure developments leading to opportunities in infrastructure and project finance through Malta’s attractive framework. Salaries and ongoing operational costs in Malta are around 20-30 per cent lower than those in other European countries and a wide range of high-quality office space and housing are available at reasonable rents.

Malta has become a hub for wealth management and family offices from Europe, North Africa and the Middle East. With the growth of the finance centre and other sectors of the economy such as shipping and aviation, a large number of affluent foreigners have relocated to Malta. Interest earned by non-residents on deposits placed with local banking institutions are exempt from any form of taxation and there is no exit tax on either the capital, or the income generated. Specialist wealth managers such as Mediterranean Bank are offering Swiss-style private wealth management, while foreign banks such as Sparkasse and BAWAG offer management solutions. Significant wealth growth is expected in emerging markets across the Mediterranean and North Africa, which can be easily accessed from Malta.

Business Banking

Investment Banking

Malta’s financial centre is everexpanding and is witnessing around 25 per cent annual growth despite the global financial and economic crisis. With more than 65,000 companies – many of them foreign-owned – registered in the country, sophisticated business banking solutions and services are in high demand in the Maltese market. Growth in the fund and insurance sectors in addition to the high number of trusts that are established in Malta have created opportunities for the sector to expand, despite the limitations of a small domestic market.

The fund sector is booming in Malta with almost 600 investment funds authorised by the MFSA in 2014, including an additional 27 fund administrators. These healthy numbers prove investment banking in Malta is an increasingly profitable business. With new applications flowing in to the MFSA, Malta is beginning to see a cluster forming for smaller international banks offering custody services. The Malta Stock Exchange is also gaining a reputation as a gateway for small-cap and nonEuropean issuers to tap into the wider EU capital market.

FINANCIAL INSTITUTIONS & ancillary services


FINANCEMALTA Sector guides 2O15 -2O16

Key Features of Credit Institutions

Licensing Requirements

Permitted Activities: In addition to traditional banking, banks in Malta can carry out the following activities: ▶ Financial leasing ▶ Payment services ▶ Issuing and administering means of payment (credit cards, travellers’ cheques and bankers’ drafts and similar instruments) ▶ Guarantees and commitments ▶ Trading for own account or for account of customers in: • money market instruments (cheques, bills, certificates of deposits and similar instruments) • foreign exchange • financial futures and options • exchange and interest-rate instruments • transferable securities ▶ Participation in securities issues and the provision of services related to such issues ▶ Advice to undertakings on capital structure, industrial strategy and related questions and advice as well as services relating to mergers and the purchase of undertakings ▶ Money broking ▶ Portfolio management and advice ▶ Safekeeping and administration of securities ▶ Credit reference services ▶ Safe custody services ▶ Issuing electronic money

▶ Own funds need to amount to not less than 5 million euro ▶ At least two individuals to effectively direct the business of the credit institution in Malta ▶ Must prove prudent conduct, fit and proper persons, integrity and professionalism, adequate flows of information and the possibility of consolidated supervision ▶ Where the applicant for business is not authorised as a credit institution, either in Malta or in its own country, and is therefore not subject to supervision, the MFSA may require an active participation both by way of shareholding interest and/or by way of management by an authorised credit institution of repute

Licensing Timeframe: Six months


Credit institutions (2014)

Licence Application: Applications must be submitted to the MFSA on the appropriate forms. The application procedure consists of two processes, the analysis of the business plan (including financial projections) and the due diligence exercises on directors, senior managers and shareholders. Institutions need to submit the following documents: ▶ A copy of the Memorandum and Articles of Association of the institution ▶ Audited financial statements for the last three years (if applicable) ▶ A business plan including the structure, organisation and management systems of the prospective bank ▶ Identity of all directors, controllers and managers of the institution ▶ Identity of all shareholders with qualifying shareholding ▶ Identity of the individuals who will be effectively directing the business of the prospective bank. Regulatory Fees: Authorisation application fees are one-time fees and non-refundable irrespective of whether the application is accepted or refused. ▶ Application: €35,000 ▶ Annual supervision fee: Equivalent to 0.0002 of its deposit liabilities as reported at the end of the preceding year, but never less than €25,000 and not more than €1,200,000 ▶ Representative Office Fee payable upon establishment and in each subsequent year: €3,600

FINANCEMALTA Sector guides 2O15 -2O16


FINANCIAL INSTITUTIONS & ancillary services

Financial Institutions Maltese financial institutions are seeing a significant increase in international interest with the number of licensed institutions now surpassing those of traditional credit institutions. Although subject to strict regulation and supervision, key advantages include less onerous requirements when compared to those applicable to credit institutions.


inancial institutions are regulated by the Financial Institutions Act, which is considered an ‘offshoot’ of the Banking Act. The legislation covers organisations of different size and scope, and activities include factoring, money transmission services, issuing and administering means of payments, guarantees and commitments as well as foreign exchange. While many of these activities are also carried out by credit institutions, financial institutions are not allowed to take deposits or other repayable funds from the public to fund their business.

33 Financial institutions (2014)

FINANCIAL INSTITUTIONS & ancillary services


FINANCEMALTA Sector guides 2O15 -2O16

Key Features of Financial Institutions

Licensing Requirements

Permitted Activities: Financial institutions are prohibited from taking deposits or other repayable funds from the public to fund their activities. Their activities can include the following: ▶ Lending (including personal credits, mortgage credits, factoring with or without recourse, financing of commercial transactions including forfeiting) ▶ Financial leasing ▶ Venture or risk capital ▶ Payment services ▶ Issuing and administering means of payment (e.g. credit cards, travellers’ checks and bankers’ drafts) ▶ Guarantees and commitments ▶ Trading for own account or for account of customers in: • money market instruments (checks, bills, certificates of deposits etc.) • foreign exchange • financial futures and options • exchange and interest rate instruments • transferable instruments ▶ Underwriting share issues and the participation in such issues ▶ Money broking ▶ Issuing of electronic money

▶ Own funds requirements are dependent on the activities which the financial institution proposes to provide ▶ Must be at least two individuals who will effectively direct the business of the financial institution in Malta ▶ Must prove prudent conduct, fit and proper persons, integrity and professionalism, adequate flows of information, and the possibility of consolidated supervision.

Licensing Timeframe: Three months

Benefits of Financial Institutions ▶ Less stringent licensing and regulatory requirements than credit institutions. ▶ Licence fees for financial institutions are low in Malta compared to other finance centres. ▶ Malta has a wide network of tax treaties and offers easy access to a wide range of market places.

Licence Application: Applications must be submitted to the MFSA on the appropriate forms. The application procedure consists of two processes, the analysis of the business plan (including financial projections) and the due diligence exercises on directors, senior managers and shareholders. Institutions need to submit the following documents: ▶ Programme of operations ▶ Proposed level initial capita ▶ A copy of the Memorandum and Articles of Association of the institution or the deed of partnership ▶ Audited financial statements for the last three years and the identity of statutory auditors and audit firms (if applicable) ▶ A business plan including the structure, organisation and management systems of the institution (needs to include financial information for the MFSA to set the own funds requirement) ▶ Identity of all directors, controllers and managers of the institution ▶ Identity of all shareholders with qualifying shareholding or partners ▶ Identity of the individuals who will be effectively directing the business of the prospective institution ▶ Applicant’s legal status and the address of his head office The MFSA may require the applicant to submit additional information as it may deem appropriate to determine an application for a licence. Regulatory Fees: Authorisation application fees are one-time fees and non-refundable irrespective of whether the application is accepted or refused. ▶ Application: €3,500 Annual supervision fee: Equivalent to 0.0002 of the total assets as reported at the end of the preceding year in the balance sheet, but never less than €2,500.

FINANCEMALTA Sector guides 2O15 -2O16


FINANCIAL INSTITUTIONS & ancillary services

e-Money Institutions Once again ahead of its EU peers, Malta was the first to launch a solid regime for standalone e-Money Institutions. This exciting new growth area has enormous potential and constitutes the next step in the development of Malta’s financial services industry.


alta’s sophisticated IT infrastructure coupled with the exponential growth of e-commerce and i-gaming, has driven the creation of the niche e-Money market. Investors have recognised the rapid development of this industry and are using Malta in increasing numbers to set up a base for financial institutions providing electronic money and payment services globally.

e-Money institutions (EMI) fall under the scope of the Financial Institutions Act, and Malta transposed the EU electronic money institutions Directive regulating e-Money institutions into Maltese law in June 2011. As a result, the required initial capital has been lowered from €1 million to €350,000, offering a unique opportunity to newcomers and smaller operators to access the market. By the end of 2014, Malta issued seven EMI licences.

Already possessing strong infrastructure set-ups which are typically required for an EMI, the technology and telecommunication industries are showing considerable interest in EMI licensing – and with the increasing use of phones and computers in daily payment transactions, it is no surprise that synergies between tech entities and e-money institutions will continue to grow. Another trend in setting up e-Money institutions is arising from the ranks of major players in transport and retail business.

Holders of e-money wallets are not exposed to the credit risk of the e-money issuer in the same way that a depositor would be exposed to the credit risk of a bank. The EU Directives provide that the EMI has to safeguard and segregate the funds representing e-money issued, and each EMI is liable for any shortfall. These principles are further protected in Maltese law by virtue of the Financial Institutions Act (Safeguarding of Funds) Regulations. Malta has pursued the set-up of e-Money institutions for a number of years now, and with the right ingredients for the success of an e-industry in place, the country is positioning itself as a top EU jurisdiction for e-money operators to develop and grow in coming years.

FINANCIAL INSTITUTIONS & ancillary services


FINANCEMALTA Sector guides 2O15 -2O16

Benefits of e-Money Institutions in Malta ▶ E-Money institutions can benefit from a reduced capital requirement compared to credit institutions ▶ 250+ i-gaming companies established in Malta require payment services ▶ With its state-of-the art telecoms infrastructure, Malta is attracting a wider range of eCommerce companies ▶ Operational costs are significantly lower than in most European countries

Key Features of e-Money Institutions

Licensing Requirements

Permitted Activities: In addition to issuing electronic money, e-Money institutions are entitled to engage in the following activities: ▶ The provision of certain payment services ▶ The granting of credit related to certain payment services. Provided that any such credit shall not be granted from the funds received in exchange of electronic money and held in accordance with the prescribed safeguarding requirements ▶ The provision of operational services and closely related ancillary services, in respect of the issuing of electronic money or to the provision of payment services referred to above ▶ The operation of payment systems ▶ Business activities other than the issuance of electronic money, with regards to the applicable law regulating such activities.

▶ Initial capital need to amount to €350,000 ▶ There have to be at least two individuals who will effectively direct the business of the e-money institution in Malta ▶ Must prove prudent conduct, fit and proper persons, integrity and professionalism, adequate flows of information, and the possibility of consolidated supervision

Licensing Timeframe: Three months

Licence Application: Applications must be submitted to the MFSA on the appropriate forms. The application procedure consists of two processes, the analysis of the business plan (including financial projections) and the due diligence exercises on directors, senior managers and shareholders. Institutions need to submit the following documents: ▶ Programme of operations ▶ Proposed level initial capital ▶ A copy of the Memorandum and Articles of Association of the institution or the deed of partnership ▶ Audited financial statements for the last three years ▶ A business plan including the structure, organisation and management systems of the institution ▶ Description of the internal control mechanisms ▶ Description of the structural organisation ▶ Measures concerning safeguarding of funds where applicable ▶ Where applicable the identity of the statutory auditors and audit firms ▶ Identity of all directors, controllers and managers of the institution ▶ Identity of all shareholders with qualifying shareholding or partners ▶ Identity of the individuals who will be effectively directing the business of the prospective institution ▶ Applicant’s legal status and the address of his head office. Regulatory Fees: Authorisation application fees are one-time fees and non-refundable irrespective of whether the application is accepted or refused. ▶ Application: €3,500 Annual supervision fee: Equivalent to 0.0002 of the total assets as reported at the end of the preceding year in the balance sheet, but never less than €2,500.

FINANCEMALTA Sector guides 2O15 -2O16


FINANCIAL INSTITUTIONS & ancillary services

Payment Institutions Boasting a thriving and rapidly-growing i-Gaming and e-Commerce industry with a wide customer base, Malta is becoming a destination of choice for the set-up of Payment Institutions. Passporting rights along with Malta’s tax regime provide an efficient environment for investors and innovators worldwide.


he number of Payment Institutions (PIs) licensed in Malta has seen enormous growth over the last few years, proving an increasing appetite and need for sophisticated services in the financial landscape. PIs are regulated under the Financial Institutions Act and provide global services to companies and merchants. In 2010, the country also implemented the European Payment Services Directive. Like other financial institutions, PIs are not allowed to receive deposits or other repayable funds from the public and must use funds exclusively to provide payment services.

22 Payment institutions (2014)

FINANCIAL INSTITUTIONS & ancillary services

Benefits of Payment Institutions in Malta ▶ Payment institutions enjoy less stringent regulatory and supervisory requirements than other credit or financial institutions. ▶ More than 250 iGaming companies are already established in Malta, with more e-Commerce companies on the way, all requiring payment gateways. ▶ Malta has a value for-money proposition with its state-of-the-art telecoms infrastructure coupled with lower operational, salary and real estate costs. ▶ Malta’s highly skilled and multilingual workforce is ideal for staffing contact centres and customer care.


FINANCEMALTA Sector guides 2O15 -2O16

Key features of Payment Institutions

Licensing Requirements:

Permitted Activities: ▶ Services in relation to a payment account which enable cash to be deposited in or withdrawn from a payment account, or the execution of payment transactions by direct debits, through a payment card (or similar device) or a credit transfer ▶ Issuing and/or acquiring payment instruments ▶ Money remittance ▶ Execution of payment transactions where the consent of the payer to execute a payment transaction is given by means of any telecommunication, digital or IT device and the payment is made to the telecommunication, IT system or network operator. However, the operator must act only as an intermediary for the payment services user.

▶ Own funds determined in accordance with the payment services provided. ▶ There have to be at least two individuals who will effectively direct the business of the credit institution in Malta. ▶ Must prove prudent conduct, fit and proper persons, integrity and professionalism, adequate flows of information, and the possibility of consolidated supervision.

A PI is also allowed to provide ancillary services and may operate payment systems and business activities other than the provision of payment services. The primary difference between a PI and credit institutions or electronic money institutions is that PIs are not allowed to receive deposits or other repayable funds from the public and must use funds solely to provide payment services.

Licensing Timeframe: Three months Licence Application: Applications must be submitted to the MFSA on the appropriate forms. The application procedure consists of two processes, the analysis of the business plan (including financial projections) and the due diligence exercises on directors, senior managers and shareholders. Institutions need to submit the following documents: ▶ A copy of the Memorandum and Articles of Association of the institution or the deed of partnership ▶ Audited financial statements for the last three years ▶ A business plan including the structure, organisation and management systems of the institution (plan needs to include financial information which enables the MFSA to set the own funds requirement)

▶ Description of the internal control mechanisms ▶ Description of the structural organisation ▶ Measures concerning safeguarding of funds where applicable ▶ Where applicable the identity of the statutory auditors and audit firms ▶ Identity of all directors, controllers and managers of the institution ▶ Identity of all shareholders with qualifying shareholding or partners ▶ Identity of the individuals who will be effectively directing the business of the prospective institution ▶ Applicant’s legal status and the address of his head office. Regulatory Fees: Authorisation application fees are one-time fees and non-refundable irrespective of whether the application is accepted or refused. ▶ Application: €3,500 Annual supervision fee: Equivalent to 0.0002 of the total assets as reported at the end of the preceding year in the balance sheet, but never less than €2,500.

FINANCEMALTA Sector guides 2O15 -2O16


FINANCIAL INSTITUTIONS & ancillary services

Custody and Depository Services An established and reputable international banking centre and ranked in the global top ten in terms of sound banking systems, Malta continues to offer numerous opportunities for specialised banks and niche players. The financial centre is currently catered to by a handful of custodians, but with new credit institutions turning their focus on Malta, custody services are set to grow.


he provision of custody and depositary services, as defined by the Undertakings for Collective Investment in Transferable Securities Directives (UCITs) and Alternative Fund Manager Directives (AIFMD), has been a hot topic in Malta for the past few years with a booming fund industry and only a handful of specialist credit institutions offering services.

Although global banking and financial services company Deutsche Bank has a presence on the island, the majority of Malta’s current custody and depositary service providers fall into boutiquescale in international terms – which has thus far suited the demands of the marketplace. Players such as domestic Bank of Valletta (BOV), Austrian Sparkasse, Mediterranean Bank and recent addition Swissquote, all provide highly specialised services safekeeping financial and other assets for funds and provide monitoring and oversight functions over funds’ managers and portfolios. At the end of 2013, Malta had seven MFSAlicenced custodians. However, by the end of 2014 regulator MFSA reported it was seeing an increase in applications from both new international custodians as well as existing Malta-based entities looking to expand their activities. With the fund industry developing rapidly, industry professionals in Malta see it as inevitable that custody and depositary services will grow too. If the successful cluster strategy taken by the jurisdiction is anything to go by, things will be looking brighter in 2015-16. Malta launched the industry by building a solid structure for fund vehicles, which started clustering around 2005, what followed was a cluster of fund administrators in 2007 and subsequently fund managers around 2009. The last piece

of the puzzle is at the cusp of finding its place, with the beginnings of a cluster of specialised custodians.

Custodian Requirements A Custodian is required to have the business organisation, systems, expertise and experience deemed necessary by the MFSA to carry out its functions. The nature and extent of required resources (particularly with regards to the local staff complement) will largely depend on the number, nature and extent of mandates to be taken over by the Custodian. There are no prescriptive requirements relating to the nature of office premises and IT systems, including in regard to links with the Head Office, which the local branch is expected to have in place, as the regulator considers these to be operational issues which are best left up to the company to decide. The rental of office space on an officesharing basis is permitted provided appropriate arrangements are in place to safeguard the confidentiality of documentation. As for services provided by the branch’s Head Office, the MFSA would expect the branch to have adequate communication and reporting arrangements in place to ensure services are being properly performed as well as to enable it to report to the regulator as may be required.

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FINANCEMALTA Sector guides 2O15 -2O16

Licencing of Custody Operations

Key Features of ‘Depository Lite’ Licence

Custodians of collective investment schemes require a Category 4 Investment Services Licence issued by the regulator, the MFSA, under the Investment Services Act (Chapter 370 of the Laws of Malta): ▶ Category 4a: for custodians servicing any type of collective investment scheme ▶ Category 4b: where the custodian only acts as depositary of Alternative Investment Funds (AIF) under the conditions set out in Article 21(3) last paragraph of the AIFMD (Directive 2011/61/EU) or which are subject to the so-called ‘depositary lite’ regime under Article 36 of the AIFMD.

A Licence Holder in possession of a Category 4b Investment Services Licence is eligible to act as a custodian to one of the following: (a) Alternative Investment Funds (AIFs) which: • have no redemption rights exercisable during the period of 5 years from the date of the initial investments; and • which, in accordance with their core investment policy, generally do not invest in assets that must be held in custody according to Article 21(8)(a) of the AIFM Directive; or • which generally invest in issuers or non-listed companies in order to acquire control of such companies according Article 26 of the AIFM Directive; or (b) Third country AIFs managed by an EU AIFM, which are marketed in the EU/EEA in terms of Article 36 of the AIFM Directive.

Key Features of Category 4a Licence A Category 4a licence holder may be established in Malta as follows: (a) a credit institution, constituted and licensed under the Laws of Malta (b) a branch, established in Malta, of a credit institution authorised in an EEA State (c) a branch, established in Malta, of a third country credit institution which is subject to prudential supervision requirements at least equivalent to the requirements applicable to Maltese credit institutions (d) a company, incorporated in Malta, which is wholly owned by a credit institution, provided that the liabilities of the Licence Holder are guaranteed by a credit institution and the credit institution is either a Maltese credit institution or is a foreign credit institution which is subject to prudential supervision requirements at least equivalent to the requirements applicable to Maltese credit institutions (e) a company incorporated in Malta which is wholly owned by a Maltese or foreign institution or company which is deemed by the MFSA to be an institution or company which provides unit-holders with protection equivalent to that provided by a Licence Holder fulfilling the requirements of (a), (b), (c) or (d) above and provided the liabilities of the company acting as custodian are guaranteed by the institution or company and the institution or company has a minimum paid-up share capital of EUR 5 million or its equivalent in foreign currency (f) an investment firm in Malta or a branch of an investment firm established in another EEA State subject to capital adequacy requirements in accordance with Directive 2013/36/EU and Regulation (EU) No 575/2013 including capital requirements for operational risks, and authorised in accordance with Directive 2004/39/EC and which also provides the ancillary service of safe-keeping and administration of financial instruments for the account of clients in accordance with point (1) of Section B of Annex I to Directive 2004/39/EC; such investment firms shall in any case have own funds not less than the amount of initial capital referred to in Article 28 (2) of Directive 2013/36/EU.

A Category 4b Investment Services Licence Holder shall be either one of the entities which is eligible to obtain a Category 4a Investment Services Licence or alternatively one of the following entities: ▶ A Category 2 Licence Holder (excluding fund managers) ▶ A Recognised Fund Administrator The Authority expects a Category 4b Investment Services Licence Holder to ensure compliance with the applicable SLCs outlined in Part BIV of the Investment Services Rules for Investment Services Providers. In particular, provision is made in the Rules for the depositary’s exemption from strict liability in terms of the provisions of the AIFMD, as outlined in Section 4 of this Guide.

Application Fees: Investment Services Application Supervisory Licence Fee Fee Category 4a



Category 4b



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FINANCIAL INSTITUTIONS & ancillary services

Key Opportunities Malta continues to be an attractive domicile for investors and financial entities seeking a dynamic European base that is professional, practical, safe and cost effective.

Healthy and Stable Sector The World Economic Forum’s Global Competitiveness Report 2014-2015 ranks Malta as the 10th soundest banking system and 13th for strength of auditing and reporting standards out of 144 economies. The sector has suffered no systemic shocks or banking failures thanks to its prudent approach to banking.

Financial Institutions Financial Institutions enjoy more relaxed and cost-effective licencing and regulatory requirements than traditional credit institutions and provide access to a wide range of market places.

eBusiness Solutions Malta’s e-Business industry is on a strong upward trajectory and several hundred gaming and tech companies are set-up on the island requiring various services from payment gateways as well as factory operations.

FINANCIAL INSTITUTIONS & ancillary services

Niche Banking Services Malta’s constantly expanding international finance sector offers interesting growth opportunities in specific areas such as ship finance and investment banking.

Call for Custodians With Malta’s number of funds now almost 600 strong and growing, the need for more specialised banking services is growing. With currently only a few global hard-hitters in the market, credit institutions – both big and small – will find scope to capitalise on this opportunity.


FINANCEMALTA Sector guides 2O15 -2O16

Innovative Stock Exchange The award-winning Malta Stock Exchange (MSE) is gaining reputation as an innovative exchange with a fast listing process, competitive listing and administration fees and accessible and professional staff. The MSE Central Securities Depositary enjoys a link with Clearstream, which provides international access to securities and is conducive to increasing the level of liquidity of the assets on the market.

FINANCEMALTA Sector guides 2O15 -2O16


FINANCIAL INSTITUTIONS & ancillary services

A Guide for Doing Business in Malta Open Business Culture

Business Hours

As a former colony of the United Kingdom, the Maltese business environment is strongly influenced by British culture, but retains a Mediterranean flavour. Meetings and the way business is conducted may be less formal than in Northern Europe, however, scheduling appointments well in advance is necessary, and punctuality is both expected and appreciated. When it comes to business attire, men wear conservative suits and ties and women suits or dresses. When greeting new business contacts, their title and surname should be used and once a relationship has been established, often a firstname basis is appropriate.

Typical office hours are between 8.30 am and 5.30 pm Mondays to Fridays, with a one-hour lunch break between 12.30 pm and 1.30 pm. In summer, most government offices work half days. Banks are open from 8 am to 2 pm Monday to Friday, and Saturday until 12 pm. Most retail outlets are open from 9 am to 1 pm and from 4 pm to 7 pm Monday to Friday, and on Saturdays shops are generally open between 9 am and 1 pm.

Banking & Financial Services

Language Maltese and English are the official languages, with English the main language of business and laws and regulations are published in both languages. Many Maltese are also fluent in Italian, German or French.

The country’s banks are able to provide a full range of personal, commercial and trade services to clients. With five retail banks and more than 20 international commercial and trade banks already operating in or from Malta, this sector has become one of the most robust on the island. HSBC and Bank of Valletta are the leading retail banks on the island, while smaller banks

such as APS, Lombard and Banif Bank help to keep the banking sector competitive and innovative. Malta is also home to specialists in trade finance such as FIMBank and BAWAG. With the growing number of insurance companies that choose to domicile in Malta, Malta’s banks have also built expertise in the management of insurance company investment portfolios.

FINANCIAL INSTITUTIONS & ancillary services


FINANCEMALTA Sector guides 2O15 -2O16

Investment and Trustee Services

Custodian Banking

Professional Services

Location, Location, Location

A number of investment management companies as well as asset managers from the fund industry provide services to the insurance industry. With well over 100 investment services firms licensed in Malta, corporations seeking assistance in the management of their assets are spoilt for choice. In addition, more than 100 Maltese and international fiduciary companies are licensed to offer trust and trustee services on the island.

Malta hosts global custodians as well as several other banks providing custodial services through international partners. Bank of Valletta, Mediterranean Bank, Sparkasse Bank, Deutsche Bank, Swissquote and Custom House hold custody licences in Malta. Retirement schemes are required to appoint custodians and trustees under certain conditions.

The excellence of Malta’s professional services providers is internationally renowned, and the industry is well-equipped to offer support and strategic guidance. A large number of law firms operate on the island, which are regularly listed in Chambers, Legal 500 and other directories. International firms have a presence in Malta through associate links with local law firms, and many law firms have specialised in assisting international commercial and financial operators seeking opportunities in Malta. Most lawyers have obtained postgraduate degrees at major international institutions and have expertise in organisational structuring and licence applications. Businesses are also supported by a wide range of accounting and auditing practitioners from small boutique practices to the global Big Four accountancy firms, as well as various consultants providing business advisory and back office support. Professional services costs are in general significantly lower than in other Western European locations.

Malta’s strategic location at the centre of the Mediterranean has always been one of the key advantages of doing business in or from Malta. As an EU member state, businesses in Malta can passport their services to all other member states, tapping into the Union’s internal market of over 500 million people, while the growing markets of North Africa and the Middle Eastern countries bordering the southern coast of the Mediterranean basin are easily accessible. An insurer licensed in Malta may also cover insurable risks in non-EU countries in which persons are allowed to procure insurance directly from a Maltese insurer. Malta has an extensive network of double taxation treaties for a number of key markets. The country is a signatory to some 70 agreements, among them China, India and the USA. To provide access to international markets and to ensure a smooth trading environment for the financial services sector, Malta is working closely with other regulatory authorities.

Key Facts Short Travel Times: By air, main European hubs and North Africa can be reached in two to three hours Excellent ICT Connections: Satellite technology and high capacity fibre-optic submarine cables link Malta with Europe Major Transhipment Centre: Malta Freeport is a main regional hub

EU Member State: Passporting rights for services and companies Regional Ties: Malta has cultural and historic connections to countries in North Africa and the Middle East CET Time Zone: One hour ahead of GMT Schengen Zone: Malta is part of the Schengen area, which allows travel between member states without internal border controls

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FINANCIAL INSTITUTIONS & ancillary services

Real Estate Malta offers a wide range of commercial and residential property for rent or purchase. Malta’s small geographical size is a benefit in terms of short commutes. The travelling time between Malta International Airport and an office is rarely longer than 20 minutes, and overall journeys are seldom longer than 40 minutes. Office space is available in purpose-built office blocks, in converted houses and palazzos, apartments or within new mixed-use developments. Malta offers enviable locations with sea views and marinas as well as prestigious landmark office complexes within

easy commuting distance of residential areas. Overall rental costs are around twothirds to half of those charged for comparable commercial spaces in continental Europe. Malta has also become one of the most sought after locations in Europe for foreign nationals to rent or purchase homes as an investment or for relocation purposes. A wide range of residential property can be found in Malta, ranging from apartments, penthouses, townhouses to villas, with or without a pool. Developments in recent years include marina and coastal complexes at the top-end of the market.

Examples of Commercial Property Rental Rates A▶ Prestigious Portomaso: €300 - €427 per m2 per annum

B▶ Prestigious SmartCity: €220 - €280 per m2 per annum

C▶ Professional Sliema / St. Julians Ta’ Xbiex / Gzira €60 - €267 per m2 per annum

D▶ ECONOMICAL Central / North / South part of the island €30 - €80 per m2 per annum


Human Capital

Malta’s telecoms network is reliable, stable and secure. As the infrastructure has opened up to market forces, access rates have increased and tariffs have lowered. Malta has seen huge public and private sector investment in ICT over the past 15 years and today the country boasts a truly modern infrastructure. The country’s ICT industry is a versatile and mature cluster, and the country hosts more than 200 IT companies, including international giants such as Microsoft, Oracle and Cisco. Malta is internationally connected through two satellite stations, one to the Atlantic Ocean region and the other to the Indian Ocean region, and four submarine fibre optic links to mainland Europe, two of which are operated by GO and the rest by Vodafone and Melita respectively. All operators say their cables are designed to carry a lot more traffic than current levels and their capacity is unlimited.

Highly educated, multilingual and diligent, the Maltese workforce is the country’s greatest strength and most valuable asset. Employers will find Malta can offer great value for money as labour costs are around two thirds of those in other Western European jurisdictions. Average Salaries per annum (€) CEO CFO Financial Controller Management Accountant Qualified Accountant Accounts Administration Senior Compliance Manager Compliance Manager Fund / Portfolio Manager Senior Fund Administrator Fund Accountant Trust Manager Senior Branch Manager Branch Manager Senior Insurance Manager Technical Insurance Executive Treasury Senior Manager Treasury Dealer

96,000 75,750 49,000 32,000 32,500 15,000 43,129 30,242 36,400 29,590 25,000 38,550 41,500 34,872 55,000 24,760 42,255 30,569

Source: Castille Resources, Salary Survey 2013



FINANCIAL INSTITUTIONS & ancillary services

What employers need to know: • Probation: The length of the probation period is normally six months unless otherwise agreed by both parties. • Weekly working time: 40 hours. • Leave: Employees in fulltime employment are entitled to 24 days of vacation leave per year. Maternity leave for female employees in full-time employment is 18 weeks. The law also provides for up to three months unpaid parental leave in the case of birth, adoption or legal custody of a minor. • Social security: Employers pay social security contribution at a rate of 10 per cent of the basic wage paid to their employees, subject to a minimum of €15.35 per week and a maximum of €35.39 per week. Employees pay another 10 per cent of basic wages, subject to the same minimum and maximum.

Taxation Malta’s tax system has been deemed by the European Commission to be compliant with EU non-discrimination principles and has also gained approval from the OECD.

Corporate Tax Malta offers a highly efficient fiscal regime that avoids double taxation on taxed company profits distributed as dividends. Malta companies are taxed at a rate of 35 per cent. However, a full imputation system applies to the taxation of dividends, whereby the tax paid by the company is imputed as a credit to the shareholder receiving the dividend. Following the distribution of a dividend, shareholders are also entitled to claim a tax refund of 6/7ths of the relevant tax paid in respect of trading income and 5/7ths of the relevant tax paid in the case of passive interest and royalties. The refund is reduced to 2/3rds where the distributing company claims double taxation relief. Income and gains from a participating holding (where a company holds directly at least 10 per cent of the equity shares of a non-resident company, or meets certain other criteria) are exempt from tax. Alternatively, instead of claiming this exemption, a company can choose to pay tax at the normal tax rate and then receive a full refund of the tax paid upon a distribution of dividends.


FINANCEMALTA Sector guides 2O15 -2O16

Taxation of Key Vehicles Banks and Financial Institutions: Banks and financial institutions are taxed like all companies registered in Malta. Insurance Companies: Special provisions apply to the determination of total income from the business of insurance. Insurance Managers: Insurance management companies are taxed like all companies registered in Malta. Each cell in a PCC or an ICC is treated as a separate company for tax purposes. Fund Managers / Fund Administrators: Fund managers and fund administrators are taxed like all companies registered in Malta. Investment Funds: Maltadomiciled funds are, as a general rule, exempt from Maltese income and capital gains tax as long as they do not have over 85 per cent of their assets situated in Malta. Trusts: When all the beneficiaries of a trust are not domiciled/resident in Malta and where the trust assets are situated outside Malta, no Maltese income tax (or transfer duty) is payable. Foundations: A foundation may be treated as a Maltese company and benefit from Malta’s full imputation system. Foundations may also opt to be taxed in the same manner as a trust.

Retirement Schemes: Licensed retirement schemes are exempt from tax on income and capital gains but this does not apply to immovable property situated in Malta. Individuals: Individuals are charged on their income at progressive tax rates up to a maximum rate of 35 per cent.

Tax Incentives for Highly Qualified Professionals To attract highly qualified personnel to the financial services industry, Malta introduced an incentive scheme in 2011 targeting well-paid foreign executives. Individuals who have their domicile outside of Malta and are employed in senior positions with a company licensed or recognised by the MFSA to conduct financial business in or from Malta, can benefit from a flat personal income tax rate of 15 per cent on income up to €5 million. Any income over €5 million will be taxfree. To qualify for this tax incentive the employee must earn a minimum of €81,205 (basis year 2014) per year, amongst other criteria.

FINANCEMALTA Sector guides 2O15 -2O16


FINANCIAL INSTITUTIONS & ancillary services


A Cosmopolitan Lifestyle in the Med


ore than just a smart place to invest, Malta is a multi-faceted jewel shining at the centre of the Mediterranean. This small, friendly and welcoming island contains everything you could want to strike that perfect balance between business and pleasure.

A Short Flight Away 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. Several airlines operate regular flights to the island including Air Malta, Lufthansa, Emirates, British Airways, Air France, Alitalia, Scandinavian Airlines, Ryanair, EasyJet, Turkish Airlines and Air Berlin.

Mediterranean Luxury Determined to uphold its reputation as 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, Excelsior, Radisson, Intercontinental, Westin Dragonara, Corinthia and the Hotel Phoenicia. Superior accommodation is also offered at the boutique hotel Xara Palace Relais & Chateaux.

Gastronomic Delight 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.

FINANCIAL INSTITUTIONS & ancillary services

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.

Universal Use of English As an official language of Malta, English is spoken by nearly everyone. English is so prevalent in Malta that thousands of foreign students travel from all over the world to learn English on the island. It is the main business language, while laws and regulations are published in both Maltese and English. Maltese is a unique language with Arabic roots and speckled with Italian, French and English words. Many Maltese are multilingual and also fluent in Italian, German or French.


FINANCEMALTA Sector guides 2O15 -2O16

A Home in the Sun For those looking for something more permanent, Malta boasts a wide range of properties available to rent or purchase, from furnished apartments to farmhouses, villas with pools, and even palazzos, all at competitive prices. Finding a good property close to amenities is fairly easy. Most notable properties include five-star apartment complexes built in Tigné and Portomaso.

Cosmopolitan, but not Costly Whether choosing a modest apartment or a luxury villa, costs in Malta are very reasonable. Malta comes close to having the lowest cost of living in Europe, while still catering to all lifestyles. Moreover, the island offers highly sophisticated and reliable banking, taxation, insurance, social security and communications services.

FINANCEMALTA Sector guides 2O15 -2O16

The End of Long Commutes In Malta the trip to work is a breeze, as it takes only 45 minutes to cross the entire island. Malta’s public transport system covers every corner of the two main islands. Water taxis are a scenic way to jump between the capital Valletta and the nearby headlands of Sliema to the west and the Three Cities to the east.


FINANCIAL INSTITUTIONS & ancillary services

Safe and Quiet Streets Few locations in the world can offer the same high standard of transparency, security and stability that Malta does. The country follows a zero-tolerance policy for corruption, and crime is almost non-existent. Children play on the streets, and there are still some areas where people leave their doors unlocked at night.

Family Life Malta has a highly familyoriented culture. Almost all restaurants and public places are family-friendly, while nurseries are free and the Government offers working families subsidies to cover the cost of daycare. Older children can be enrolled in one of many excellent international private or local public schools, nearly all of which teach in English. Tertiary education is offered through the University of Malta and other institutes and private colleges.

First Class Healthcare Malta has some of the best healthcare in the world, which is offered free to EU nationals residing in Malta, while foreign residents are advised to take out private medical insurance. As well as local clinics in each town, Malta has a large and modern public hospital, Mater Dei, while also being home to the renowned St James private hospital.

FINANCIAL INSTITUTIONS & ancillary services

Work and Live Visa Free As a member of the Schengen Zone, Malta attracts thousands of professional EU nationals every year, who are free to reside and work on the island. Non-EU citizens can find details about visaexempt countries and visa application procedures on the website of the Ministry for Home Affairs and National Security ( Third-country nationals require work permits, and the granting of these is subject to a labour market test.

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 snorkeling 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.


FINANCEMALTA Sector guides 2O15 -2O16

Active in Malta The sea, cafés, restaurants, clubs, cinemas, theatres, sports clubs or gyms are almost always within a walking distance of office complexes or residential areas. Malta also hosts many great festivals of culture and art. Each town or village has its own annual feast and parade for their 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.

Centuries of Captivating History Heritage forms an important part of island life. With 7,000 years of history and many remains visible to this day, Malta can be described as an open-air museum. Megalithic temples, medieval towns and massive bastions have all been declared as UNESCO World Heritage Sites. These formidable structures regularly provide the backdrop for events listed in Malta’s packed cultural calendar such as concerts, plays or art exhibitions as well as its thriving film industry.

FINANCEMALTA Sector guides 2O15 -2O16


FINANCIAL INSTITUTIONS & ancillary services

Who’s who Malta Business Profiles Accounting & Auditing

Insurance Management

Baker Tilly Malta.........................................................................46 BDO Malta...................................................................................47 Capstone Group .........................................................................47 Deloitte Malta..............................................................................49 EY ................................................................................................49 Grant Thornton...........................................................................52 KPMG..........................................................................................53 PwC..............................................................................................54 RSM Malta...................................................................................55

Abacus Risk Management Services PCC Ltd ...........................45 Marsh Management Services Malta Limited............................54

Banking Services Bank Of Valletta plc....................................................................46 BAWAG Malta Bank Ltd.............................................................47 HSBC Bank Malta plc.................................................................52 IIG Bank (Malta) Ltd..................................................................53 NBG Bank Malta Limited...........................................................54 Sparkasse Bank Malta plc...........................................................55

Corporate services Abacus Corporate Services Limited..........................................45 Amicorp Malta Ltd......................................................................45 Avanzia Taxand Ltd.....................................................................46 Corporate Services Limited (CSL).............................................48 Equiom Malta Limited................................................................49 Francis J. Vassallo & Associates Limited...................................51 International Management Services Ltd...................................53 STM Malta Trust & Company Management Ltd......................55 United International Management (Malta) Limited................56 WDM International....................................................................56 ZETA............................................................................................56

Financial Markets Argentarius ETI Management Limited.....................................46 Malta Stock Exchange plc...........................................................54

Foreign Exchange FEXSERV Financial Services.....................................................50 FXDD Malta Limited .................................................................51

Fund Administration Alter Domus (Services) Malta Limited.....................................45 Heritage International Fund Services (Malta) Limited...........52 IDS Fund Services Malta Limited..............................................53

Insurance Services Atlas Group..................................................................................46 FirstUnited Insurance Brokers Ltd............................................50 GasanMamo Insurance...............................................................51

Investment Services Curmi & Partners Ltd.................................................................48

KYC & Compliance DAIS Software Limited...............................................................48

Legal Services Acumum Legal & Advisory .......................................................45 Camilleri Preziosi .......................................................................47 Chetcuti Cauchi Advocates........................................................48 CSB Advocates.............................................................................48 David Griscti & Associates.........................................................49 Dingli & Dingli Law Firm..........................................................49 Fenech & Fenech Advocates.......................................................50 Fenech Farrugia Fiott Legal.......................................................50 Ganado Advocates......................................................................51 Gonzi and Associates, Advocates...............................................51 GTG Advocates...........................................................................52 GVTH Advocates........................................................................52 Mamo TCV Advocates................................................................54 Simon Tortell & Associates.........................................................55 WH Partners ...............................................................................56

Outsourcing Services Centrecom...................................................................................47 Qgen Limited...............................................................................55

Promotional Agency FinanceMalta...............................................................................50

Real Estate Malta Sotheby's International Realty........................................53 Tumas Developments.................................................................56

FINANCIAL INSTITUTIONS & ancillary services

Paul Kneen


FINANCEMALTA Sector guides 2O15 -2O16

Abacus Corporate Services Limited Abacus is an independent and privately owned fiduciary and fund services specialist group. Operating from the Isle of Man and Malta, we provide premier onshore and offshore fiduciary, fund and pension solutions to an international client base, delivered by an experienced and technically competent team of multidisciplined and multi-lingual professionals. Whether an investment portfolio, trading company, real property, a luxury yacht or a business jet, we can establish an effective trust, company or fund structure tailored to your needs and offer associated administration and back office support services at the level you require. We also provide international corporate pension solutions and assistance to HNWIs accessing the Maltese Individual Investor Program.

Chief Executive Officer

Baudouin Deschamps

Abacus Risk Management Services PCC Ltd Abacus Risk Management Services PCC Ltd, an Associate Company of GasanMamo Insurance Ltd, provides the set up and efficient management of your captive, protected cell(s) or other insurance operations in Malta by a team of experienced professionals overseen by Abacus Executive Directors with more than 60 years combined experience in the complex world of captive and global insurance. Abacus’ protected cells also provide foreign insurance managers the opportunity to establish a presence in Malta at reasonable cost hereby enabling their clients to benefit from Malta’s direct writing, tax efficient and compliant European jurisdiction. Abacus, the Insurance Manager of choice for Malta, the domicile of choice.

director & insurance manager

Acumum Legal & Advisory Our highly experienced international lawyers, advocates and tax advisors, provide the full range of legal and advisory services in a multi-disciplinary practice. Representing private individuals, corporations, family offices and other organisations, our services include advocacy in the UK, Malta, at EU level and throughout the Commonwealth. Centrally managed in the EU tax efficient jurisdiction of Malta, Acumum provides superb client service and practical advice at competitive, transparent pricing. Geraldine Noel Managing Partner

Country Executive – Malta, Italy

Alter Domus (Services) Malta Limited Alter Domus is a leading European provider of Fund and Corporate Services, dedicated to private equity and infrastructure houses, real estate firms, multinationals, private clients and private debt managers. Our vertically integrated approach offers tailor-made administration solutions across the entire value chain of investment structures, from fund level down to local Special Purpose Vehicles. Founded in Luxembourg in 2003, Alter Domus has continually expanded its global service offer and today counts 28 offices and desks across four continents. This international network enables clients to benefit globally from the expertise of more than 750 experienced professionals active in fund administration, corporate secretarial, accounting, consolidation, tax and legal compliance and debt administration services.

Rudolph Psaila

Amicorp Malta Ltd Amicorp Malta entities are part of the Amicorp Group. Working as a global team across more than 41 offices in over 28 countries, each of Amicorp’s 950 + specialists contribute their individual talents to Amicorp’s broad range of expertise and experience. Amicorp Malta is licensed by the MFSA to set up and administer trusts and foundations and to provide fund administration and related services. In addition we assist international clients with company formations, management and administration and related services, including financial reporting services, income tax, VAT compliance and payroll services. Amicorp is also licensed to assist foreign nationals and their dependants with acquiring a certificate of naturalization as citizens of Malta.

Chris Casapinta

managing director

Level 3, Gasan Centre, Mriehel, Mriehel Bypass, BKR 3000 - Malta T: (+356) 2065 0500 E: W: Contact: Paul Kneen - Chief Executive Officer

LF3 GasanMamo Head Office, Msida Road, Gzira - Malta T: (+356) 2349 0167 E: W: Contact: Baudouin Deschamps Director & Insurance Manager

260 St Albert’s Street, Gzira, GZR 1150 - Malta T: (+356) 2778 1700 E: Skype ID: acumum W: Contact: Geraldine Noel - Managing Partner

Domestica Bldg, Msida Valley Road, Msida MSD 9020 Territorials Street, Mriehel BKR 3000 - Malta T: (+356) 2205 1000 E: W: Contact: Chris Casapinta Country Executive - Malta & Italy

Level 1, Blue Harbour Business Centre, Ta’ Xbiex Yacht Marina, Ta’ Xbiex XBX 1027 - Malta T: (+356) 2258 4700 E: W: Contact: Rudolph Psaila - Managing Director

FINANCEMALTA Sector guides 2O15 -2O16


FINANCIAL INSTITUTIONS & ancillary services

Argentarius ETI Management Limited Our firm is a specialist provider of private label securitisation transactions through a network of Special Purpose Securitisation Vehicles that we manage. We are an authorised Listing Agent for the issue of Structured Financial Instruments at the European Wholesale Securities Market in Malta and our speciality is the structuring and issue of Exchange Traded Instruments (ETIs) used in the securitisation of Alternative Investments under the Securitisation Act of Malta.

Andreas Woelfl managing partner

Atlas Group Atlas Group is an acknowledged market leader with its roots in the Maltese insurance market dating back to early last century. Atlas Insurance PCC Ltd, the group’s flagship company, converted to Protected Cell Company in 2006, a first for Malta and the EU, giving promoters the opportunity to own their own EU insurance vehicle with less capital and cost. With a highly educated staff complement of over 160 people, the group also includes Atlas Healthcare Insurance Agency Ltd, local agency for AXA PPP healthcare, Jesmond Mizzi Financial Advisors Limited, Ark Insurance Brokers Limited and Ark Insurance Management PCC Limited. Michael Gatt Managing Director

Walter Cutajar

Avanzia Taxand Ltd Avanzia Taxand is a member firm of Taxand, the global network of leading tax advisors. Avanzia Taxand is dedicated to delivering top quality, tailored and practical strategic tax advice and a range of corporate services to drive the performance of multinational businesses. Our partners lead every engagement from start to finish, and achieve excellence and efficiencies for our clients, globally. Avanzia Taxand is the leading tax firm in Malta and was named ‘Malta Tax Firm of the Year’ by the International Tax Review in 2009 and 2013, whilst in 2011, 2014 and 2015 it was named ‘Malta Tax Firm of the Year’ by Corporate International.

Managing Director

Donald Sant

Baker Tilly Malta Baker Tilly Malta is a firm of accountants, auditors, taxation and business advisors providing services for businesses operating in all spheres of the economy, both locally and overseas. Baker Tilly Malta is an independent member of Baker Tilly International, a worldwide association of leading accountancy practices operating in 133 countries around the world, ensuring that our clients are able to draw on professional advice on any aspect of their international affairs. The philosophy of the firm is based on the concept of providing creative forward thinking and planning, and being able to offer an independent and innovative service in support of clients’ business goals.

Managing Partner & Head of Audit

Charles Borg chief executive officer

Bank of Valletta plc Bank of Valletta is the leading financial services provider in Malta, offering a full spectrum of financial services, including investment banking, private banking, fund management, bancassurance, stockbroking and trustee services. The Bank serves its clients via an extensive network of branches, an International Corporate Centre and Business Centres that cater for its business clients, as well as a fully-fledged Wealth Management arm and Investment Centres. Representative Offices in Brussels, Milan, Tripoli and Melbourne liaise with clients interested in growing their business in these countries. BOV issues bank cards under the VISA and MasterCard brands and distributes American Express cards. The Bank’s services are available on a 24/7 basis via internet and mobile.

116/8 ‘San Juan’ St Georges Rd, St Julians STJ3203 - Malta T: (+356) 2010 7357 E: W: Contact: Andreas Woelfl - Managing Partner

48-50, Ta’ Xbiex Seafront, Ta’ Xbiex, XBX 1021 - Malta T: (+356) 2343 5221 E: W: Contact: Michael Gatt - Managing Director

Blue Harbour Business Centre Level 1, Ta’ Xbiex Yacht Marina Ta’ Xbiex XBX 1027 - Malta T: (+356) 2730 0045 E: W: Contact: Walter Cutajar - Managing Director

Level 5, Rosa Marina Building, 216 Marina Seafront, Pieta PTA 9041 - Malta T: (+356) 2010 9500 E: W: Contact: Donald Sant Managing Partner & Head of Audit

BOV Centre, Triq il-Kanun, Santa Venera SVR 9030 - Malta T: (+356) 2131 2020 E: W: Contact: Romeo Cutajar Chief Officer Investment Services

FINANCIAL INSTITUTIONS & ancillary services


FINANCEMALTA Sector guides 2O15 -2O16

BAWAG Malta Bank Ltd BAWAG Malta Bank Ltd. is a 100% subsidiary of the Austrian Banking Group BAWAG P.S.K. Located in the heart of Sliema, it is the springboard of the group to the Mediterranean. In the domestic Maltese market it is specialised in traditional commercial banking in the upper market and in project finance. With its strong capital base, it is also a partner for syndications and structured finance transactions.

Otto Karasek Managing Director

John J. Attard Managing Partner

BDO Malta BDO Malta, a Maltese civil partnership, is a Member Firm of BDO International Limited and the partnership has been operating since 1978. Our team evolved in its present form through the engagement of specialists who have excelled in their various fields of expertise mainly being Audit and Assurance, Tax and VAT Compliance and Consulting, Outsourcing Services, Legal and Consulting Services, Fiduciary Services, Banking, Incorporation/Formation of Companies, Correspondence and Administrative Services, Directorship and Company Secretarial, Yachting and Marine Services and we are also licensed agents for the Individual Investor Programme. Looking into the future we will continue to strengthen our service keeping in mind five key components: client needs, communication, commitment, people and value.

Camilleri Preziosi A leading Maltese law firm with a commitment to deliver an efficient service to clients by combining technical excellence with a solution-driven approach to the practice of law. Camilleri Preziosi is a specialised practice, advising on domestic and international transactions with a focus on corporate and commercial law, and the financial services sector. The firm provides both transactional and regulatory advice and assistance to clients. We take a multi-disciplinary approach to our practice and all our lawyers advise across a broad range of areas, which enables us to give practical and effective advice to clients. Dr Louis de Gabriele Partner

David Borg Business Advisory Partner

Nadia Pace Chief Executive Officer

Capstone Group Capstone is a dynamic group consisting of an accounting, tax and business advisory firm, Capstone Advisory Co. Ltd., and an independent audit firm, Capstone Assurance Co. Ltd., providing statutory and non-statutory audit and assurance services. Capstone is the Malta Member firm of Integra International, an interactive, global association of independent accounting and consulting firms with over 130 members in over 70 countries. With a growing portfolio of domestic and overseas clients, Capstone Group has developed specific competence and expertise within the financial services, remote gaming, international pensions, oil and gas, real estate, tourism and hospitality sectors. A team of over 29 qualified and semiqualified accountants and support staff provide personalised solutions to clients structuring in and out of Malta.

Centrecom Centrecom is a contact centre based in Malta that offers world-class customer support to a variety of industries, including Finance, Insurance, Online classifieds, Aviation, i-gaming and Government entities. Our contact centre is manned by a talented multi-national team that is native in nine languages ensuring that we can personally attend to your international customer service requirements across all touch points on a 24/7 basis. We’ve recently opened our second service centre in Fiji that ensures a worldwide coverage. If your company is relocating to Malta or looking for a global service centre to serve your worldwide brand, Centrecom is the right partner for your journey.

The Plaza Commercial Centre, Level 4 Suite 7, Bisazza Street, Sliema 1640 - Malta T: (+356) 2328 6110 E: W: Contact: Una Oliva PA to the Managing Director

Tower Gate Place, Tal-Qroqq Street, Msida MSD 1703 - Malta T: (+356) 2131 3060 E: W: Contact: Mark Attard

Level 3, Valletta Buildings, South Street, Valletta VLT 1103 - Malta Tel: (+356) 2123 8989 E: W: Contact: Dr Louis de Gabriele - Partner

Suite 5, Level 1, Tower Business Centre, Tower Street, Swatar BKR 4013 - Malta T: (+356) 2549 6500 E: W: Contact: David Borg Business Advisory Partner

Aviation Centre, First Floor, St. Thomas Street, LQA5000, Luqa - Malta T: (+356) 2364 4000 E: W: Contact: Nadia Pace - Chief Executive Officer

FINANCEMALTA Sector guides 2O15 -2O16

Dr Jean-Philippe Chetcuti Managing Partner


FINANCIAL INSTITUTIONS & ancillary services

Chetcuti Cauchi Advocates With offices in Malta, Chetcuti Cauchi is a law firm who advises successful entrepreneurs, business families, institutions and their advisors seamlessly on their business and private legal needs both at home and abroad. Our unique multi-disciplinary set-up of over 80 lawyers, tax advisors, accountants, company administrators and relocation advisors allows us to provide the full spectrum of legal, tax, company formation, immigration, corporate relocation, Malta Residency, Malta Citizenship by Investment and fiduciary services to clients using Malta in international tax planning, cross-border business structuring and wealth management solutions. The firm serves as a trusted advisor to personal and corporate end-clients as well as international law firms, tax advisors, accountants, private bankers and family offices worldwide. We maintain key strengths in corporate law, international tax, intellectual property, immigration law, property law and trusts. Corporate Services Limited (CSL) CSL established in 1988, is a one-stop-shop providing an array of comprehensive, professional and personalised services. Its core expertise lies in the provision of company formation, corporate and fiduciary services, shipping, aviation, trusts and tax planning, residency and IPP. We take care of all related financial services including accountancy, VAT and tax returns and back office/ support services.

Amanda Chetcuti-Ganado director

CSB Advocates CSB Advocates is a leading provider of quality financial and cross-border legal services in Malta, and has been consistently credited by its clients as being “sharp, focused, and readily available”. Active in the areas of: Corporate Law; Mergers and Acquisitions; Finance; Financial Services Regulation; Hedge Fund Regulation; e-Commerce; iGaming; Shipping, Yachting & Aviation; Employment & Industrial Relations; Tax; Technology, Media & Telecommunications; Trusts & Estate Planning; Competition; Antitrust Regulation; Insolvency; Intellectual Property; Real Estate; Litigation & Arbitration. Dr Andrew J. Zammit managing Partner

David A. Curmi

Curmi & Partners Ltd Curmi & Partners Ltd. are one of the leading investment houses in Malta. Established in 1978, we offer a wide range of investment solutions across differing markets and market conditions that have specifically been developed for our clients and are the result of innovative thinking and thorough research. Our clients range from small banks, insurance companies, occupational and private pension schemes, other corporates and high net worth individuals. We feel that individual attention to each client is central to our investment approach, thus we build long-term relationships with our clients based on trust and our discreet approach to their investment objectives.

Managing Director

DAIS Software Limited DAIS Persona is a multi-function “customer acceptance” software that combines client document management and a compliance search tool for KYC/AML/ CFT process. Designed as a front-line screening and reporting tool to minimise regulatory risks, DAIS PERSONA enables you to automatically monitor, screen and search for an individual or a corporate entity against known sanction lists that include UN Sanction list, US Treasury OFAC and EU Sanctions lists. POWERED BY Dow Jones Risk & Compliance data solutions. Savas Manyasli founder, solution architect


120, St Ursula Street, Valletta VLT 1236 - Malta T: (+356) 2205 6105 W: Contact: Dr Jean-Philippe Chetcuti Managing Partner

5/2 Merchants Street, Valletta VLT1171 - Malta T: (+356) 2123 0428 E: W: Contact: Anton Chetcuti Ganado Managing Director

The Penthouse, Tower Business Centre, Tower Street, Swatar BKR4013 - Malta T: (+356) 2557 2300 E: W: Contact: Dr Andrew J. Zammit - ManagingPartner

Finance House, Princess Elizabeth Street, Ta’ Xbiex xbx 1102 - Malta T: (+356) 2134 7331 E: W: Contact: David A. Curmi Managing Director

64, St Anne Court, Suite 4, Bisazza Street, Sliema, SLM 1642 - Malta T: (+356) 2034 2037 E: W: Contact: Juan Fach Business Development Director

FINANCIAL INSTITUTIONS & ancillary services

David Griscti senior partner


FINANCEMALTA Sector guides 2O15 -2O16

David Griscti & Associates David Griscti & Associates is a law firm focused on the financial services industry, particularly Funds, Investment Managers, Securities, Credit and other financial institutions, corporates, trusts and foundations. We assist banks, asset managers, financial advisors and other intermediaries to structure, and license AIFs, de minimis PIFs, UCITS, AIFMs and UCITS managers, fund administrators, credit and other financial and investment service’ institutions. The Firm also structures alternative investment structures, such as Private Funds, Securitisation Vehicles, corporates, trusts and foundations. Post establishment the firm offers full legal, corporate, tax advisory, compliance, anti-money laundering, company secretarial and executive board services, as well as other supplementary back-office services, including support risk-management and reporting services.

Deloitte Malta Deloitte Malta’s Financial Services Industry Group has been at the heart of the industry’s growth in Malta and offers a wide array of services specifically designed for entities in the banking, insurance and investment management sectors. This team consists of industry experts in all service lines being audit, tax and advisory and offers tailor made solutions for financial reporting, Information Technology solutions, compliance and risk management and regulatory advice and licence applications. Steve Paris Leader Financial Services Industry

Dr Kevin F. Dingli

Dingli & Dingli Law Firm Dingli & Dingli Law Firm was established in 1982 and has over the years earned 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. The Firm handles all types of legal work, but is especially active in ship sale and purchase, registration and finance; financial services, tax, company formation and administration; real estate, citizenship and residency; intellectual property law, admiralty and aviation. Complementary services are rendered by DG Fiduciary Limited authorised to provide trustee and fiduciary services and Quorum Corporate Services Ltd. providing accounting services.

Managing Partner

Equiom Malta Limited Equiom is fast becoming the stand out business in the fiduciary services sector, with offices in some of the world’s premier international finance centres. We are an independent, management-owned company which allows us to think strategically and act quickly. Equiom operates niche business lines, in addition to its traditional corporate and fiduciary services. It proudly manages a large fleet of superyachts and business jets, with the intention of being the premier manager of these specific asset classes. Equiom has also successfully managed numerous licence applications for e-Gaming operators across a broad range of gaming platforms. Annie Sanchez-Talavera Director

EY (formerly known as Ernst & Young Limited) EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.

Ronald Attard Country Managing Partner CSE TAS South Cluster Leader

168, St Christopher Street, Valletta VLT 1467 - Malta T: (+356) 2569 3000 E: W: Contact: David Griscti - Senior Partner

Deloitte Place, Mriehel Bypass, Mriehel BKR 3000 - Malta T: (+356) 2343 2000 E: W: Contact: Steve Paris Leader Financial Services Industry

Dingli&Dingli LAW


18/2, South Street, Valletta VLT1102 - Malta T: (+356) 2123 6206 E: W: Contact: Dr Kevin F. Dingli Managing Partner

2nd Floor, Tower Business Centre, Tower Street, Swatar, Birkirkara BKR 4013 - Malta T: (+356) 2546 6614 E: W: Contact: Annie Sanchez-Talavera - Director

Regional Business Centre, Achille Ferris Street, Msida MSD 1751 - Malta T: (+356) 2134 2134 E: W: Contact: Jennifer Tonna - Marketing Manager

FINANCEMALTA Sector guides 2O15 -2O16


FINANCIAL INSTITUTIONS & ancillary services

Fenech & Fenech Advocates Established in 1891, Fenech & Fenech Advocates is a leading Maltese full-service top-tier law firm providing value-driven, tailored legal services across all practice areas. Having a largely international practice, the firm’s expertise spans from financial services, tax and asset finance to shipping, aviation and ICT law. Drawing on its in-house corporate services group, the firm also offers comprehensive corporate solutions with respect to the setting up and administration of companies, trusts and foundations. Joseph Ghio tpartner

Tonio Fenech

Fenech Farrugia Fiott Legal Fenech Farrugia Fiott Legal is a full-service law firm whose specific centres of expertise include Corporate & Commercial Law, Mergers & Acquisitions, Taxation, Banking, Insurance & Investment Funds, Capital Markets Regulation, Trust & Fiduciary Structures, Shipping & Aviation Law, New Media Law, and Regulatory Compliance & Gaming Law. It has specialised units involving industry expertise in various sectors, principal among which are the financial services and investment funds industries, asset finance and the igaming sector. The firm’s clientele is versatile, both in terms of size as well as in terms of geographic spread. Our policy is to take a comprehensive and integrated approach, in collaboration with other professional disciplines, where required.

Joint Managing Partner

198, Old Bakery Street, Valletta VLT 1455 - Malta T: (+356) 2124 1232 E: W: Contact: Dr Joseph Ghio - Partner

Tower Business Centre, Level 1, Suite 5, Tower Street, Swatar BKR 4013 - Malta T: (+356) 2549 6400 E: W: Contact: Tonio Fenech Joint Managing Partner

Fexserv Financial Services Ltd Launched in 1995, Fexserv Financial Services Ltd., has evolved into one of Malta’s leading financial and investment services organisations providing a whole range of overseas payment services and foreign exchange through a branch network of offices in San Gwann, Valletta, St.Julians and Victoria Gozo. Alpine House, Naxxar Road, San Gwann SGN 9032 - Malta T: (+356) 2576 2576 E: W: Contact: David Borg Hedley - General Manager

Tony Zahra Chairman

FinanceMalta FinanceMalta, a non-profit public-private initiative, was set up to promote Malta’s 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. Kenneth Farrugia CHAIRMAN

Kevin Galea partner

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Firstunited Insurance Brokers Ltd Established in 1998 we offer bespoke insurance advisory, risk assessment and broking services to Malta domiciled firms establishing new operations or who are looking to review or revalidate their existing insurance programs. Our team of professionals offer considerable experience in the design, negotiation and placement of complex insurance solutions for corporate and multinational clients looking to build strong, long term relationships with the local and international insurance market. We form part of the Willis Global Network and as part of such affiliation, our clients receive the full benefit of the service that FirstUnited and Willis Group offers. We call this Glocal Service - Global resources delivered locally.

Garrison Chapel, Castille Place, Valletta VLT1063 - Malta T: (+356) 2122 4525 E: W: Contact: Kenneth Farrugia - Chairman

25, Villa Eden, Princess Elizabeth Street, Ta’ Xbiex XBX 1103 - Malta T: (+356) 2131 9000 E: W: Contact: Jean Portelli

FINANCIAL INSTITUTIONS & ancillary services


FINANCEMALTA Sector guides 2O15 -2O16

Francis J. Vassallo & Associates Limited Francis J. Vassallo, a former Governor of the Central Bank of Malta, established Francis J. Vassallo & Associates Ltd 17 years ago. Our team of lawyers, accountants and support professionals deliver a broad spectrum of bespoke services to a global client portfolio and specialises predominantly in the provision of Tax and Advisory Services, Corporate Services, Management and Compliance, Aviation and Shipping Services, Investment Funds and Foundations. Our personalised approach to address our clients’ requirements offers an efficient, professional and outstanding service. Francis J. Vassallo president

FXDD Malta Limited FXDD Global is a global foreign exchange (forex) dealer and subsidiary of FXDD. FXDD Global delivers innovative technologies and education that help empower client trading. FXDD Global provides services to individual and institutional traders, hedge funds, commercial entities, brokerage firms and money managers outside of the US. FXDD Global offers a comprehensive array of trading tools and platforms to accommodate all strategies, with dedicated, 24-hour customer service for every account holder. FXDD Global is headquartered in Malta, regulated by the Malta Financial Services Authority (MFSA). Lubomir Kaneti executive director

Ganado Advocates As trusted legal advisors to some of the largest international and local corporations and financial institutions for the past 50 years, we are proud to have contributed to Malta’s achievements by underpinning our clients’ continued success. We are known for the quality of our work. Whether advising on our clients’ daily needs or on some of the most groundbreaking and complex transactions or disputes, we consistently provide our clients with advice that they can depend upon. Our approach combines legal excellence with commercial acumen. Dr Conrad Portanier Partner

FJVA Business Centre, Industry Street, Qormi QRM 3000 - Malta T: (+356) 2299 3100 E: W: Contact: Adriana Camilleri Vassallo - Director

K2 First Floor, Forni Complex, Valletta Waterfront, Floriana FRN1913 - Malta T: (+356) 2013 3000 E: W: Contact: Lubomir Kaneti - Executive Director

171 Old Bakery Street, Valletta VLT 1455 - Malta T: (+356) 2123 5406 E: W: Contact: Dr Conrad Portanier - Partner

GasanMamo Insurance GasanMamo Insurance traces its roots in insurance back to 1947 and has evolved into a household name in Malta. Licensed as a general insurer by the Malta Financial Services Authority in 2003. GasanMamo is focused on adding value in all that it does putting the customer at the heart of its mission.

Msida Road, Gzira GZR 1405 - Malta T: (+356) 2134 5123 E: W: Contact: Julian J Mamo - Managing Director

Julian J Mamo Managing Director

Gonzi And Associates, Advocates Gonzi and Associates, Advocates is an established Maltese law firm specialising in Corporate and Tax, Financial Services and iGaming law. Our lawyers are experts in their respective fields allowing us to provide you with relevant, reliable and experience-based legal advice. Contact us for a free initial assessment as to how we can better your business by setting up or relocating your company to Malta or by assisting you to establish and license your credit or financial institution (including electronic money), investment services, funds or igaming operations in Malta. Dr David Gonzi Partner

115B, Old Mint Street, Valletta VLT1515 - Malta T: (+356) 2015 7000 E: W: Contact: Dr David Gonzi - Partner

FINANCEMALTA Sector guides 2O15 -2O16

Mark Bugeja


FINANCIAL INSTITUTIONS & ancillary services

Grant Thornton Founded in 1975, Grant Thornton Malta is a member of Grant Thornton International and a leading assurance, tax and advisory firm in Malta. Proactive teams, led by approachable partners, use insights, technical knowledge and experience to help dynamic organisations unlock their potential for growth by providing meaningful, forward-looking advice. Our clients include governmentowned organisations, local and international privately-held businesses and public interest entities operating in a variety of sectors including financial services, aviation, insurance, gaming, ICT, manufacturing, construction, import and retail. We also provide trustee and fiduciary services through Grant Thornton Fiduciary.

managing Partner

GTG Advocates GTG combines experience and knowledge to provide its clients with integrated advice and assistance in the fields of shipping, commercial and corporate law, financial services and intellectual property. A leader in communications, gaming and betting, e-commerce and information technology, GTG serves a diverse client base, which also benefits from an international professional network including international firms, banks as well as business contacts in the Middle East. The success of GTG is based on its dedication to client services, providing tailored, efficient and value-added legal solutions. Dr Robert Tufigno PARTNER

Joseph J. Vella

GVTH Advocates GVTH is one of Malta’s leading Commercial Law firms which complements its strong local client base with a considerable international practice. The Firm’s service-integrated approach deals with the most challenging assignments of those national and international companies and organisations that seek the Firm’s advice. GVTH prides itself in assisting these organisations to face their daily challenges, including the ever-increasing complexities of new regulatory landscapes and the issues and dynamics of constantly changing markets. Areas of specialisation include, predominately, Corporate and Commercial Law, Financial Services and Taxation, Intellectual Property and ICT, Banking and Finance, Ship and Yacht Registration, Insurance, Dispute Resolution and Immigration.

Managing PARTNER

Dr Neville Carabott Managing Director

Heritage International Fund Services (Malta) Limited Heritage International Fund Services (Malta) Limited (“Heritage”) is part of the Heritage Group. Heritage is an independent provider of client-focused, comprehensive, third-party fund administration and depositary lite services with particular expertise in the establishment and servicing of private equity, real estate, infrastructure and esoteric funds investing in both developed and emerging markets. More specifically, Heritage provides administration, accounting, corporate governance, company secretarial and compliance services as part of its fund administration business. Heritage also provides depositary lite services to collective investment schemes (“CIS”) in accordance with the AIFMD regime. These services include asset verification, cash monitoring and general oversight of the CIS’ operations.

HSBC Bank Malta plc The Financial Institutions team is a specialised unit within the Global Banking and Markets business of HSBC Bank Malta plc. providing tailored solutions to financial institutions. The team is comprised of experienced senior bankers supported by product specialists chosen for their sector-specific expertise and knowledge of global financial markets. Our customers benefit from a global client management approach which ties in relationship managers and product specialists in all the jurisdictions where the client operates. Mario Buttigieg Associate Director, Financial Institutions

Tower Business Centre, Tower Street, Swatar BKR 4013 - Malta T: (+356) 2132 0134 E: W: Contact: Mark Bugeja - Managing Partner

66, Old Bakery Street, Valletta vlt 1454 - Malta T: (+356) 2124 2713 E: W: Contact: Dr Robert Tufigno - Partner

192, Old Bakery Street, Valletta - Malta T: (+356) 2122 8888 E: W: Contact: Joseph J. Vella - Managing Partner

SmartCity Malta SCM 01, Suite 502, Ricasoli SCM 1001 - Malta T: (+356) 2090 8900 E: W: Contact: Dr Neville Carabott Managing Director

Financial Institutions Group, Global Banking & Markets, HSBC Bank Malta plc, 1st Floor, Business Banking Centre, Mill Street, Qormi QRM 3101 - Malta T: (+356) 2380 3558 E: W: Contact: Mario Buttigieg Associate Director, Financial Institutions

FINANCIAL INSTITUTIONS & ancillary services


FINANCEMALTA Sector guides 2O15 -2O16

Ids Fund Services Malta Ltd IDS Fund Services Malta Ltd was established in 2010 as a subsidiary to the leading administration company, the IDS Group. Tapping into the extensive knowledge and experience of the IDS Group, IDS Malta is focused on offering innovative fund administration and a full suite of supporting services to the investment industry, from long only to pure alternate focussed funds. Our clients include new launches as well as established funds. We are able to assist with new formations and the redomiciliation of existing structures to Malta. Michael Keyrouz managing director

Raymond Busuttil

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.

managing director & CEO

International Management Services Ltd IMS provides financial services in general, including the creation of commercial vehicles and structures. It enjoys a solid reputation in the provision of extensive centralised back office operations for its clients. IMS’s multi-disciplinary team is experienced in handling the accounting, tax and administrative functions allowing clients the freedom to concentrate their focus on their core business operations. IMS has an international client base ranging from high-net-worth individuals to quoted companies. Clients operate in trading, e-gaming, investment funds, leasing, aviation and maritime sectors amongst others. Gordon Mifsud Managing Director

IMS is proud to be celebrating 30 years of successful professional service. The Company’s partners are Gordon Mifsud, Adrian Giordano Imbroll and Dr Kathleen Zarb Adami who lead various service sectors. KPMG KPMG in Malta is one of the leading providers of audit, tax and advisory services. KPMG is effectively the largest provider of professional services on the island with a total staff complement in Malta of over 450. As we work with our clients, both international and local, we bring our experience and knowledge to bear for the purpose of inspiring confidence and empowering change. We continue to build on past successes thanks to a clear vision, rigorously maintained values and, above all, our people.

Tonio Zarb Senior Partner

Michael J. Zammit Managing Director & Joint-Owner

Malta Sotheby’s International Realty Malta Sotheby’s International Realty aims to serve the high-end residential and commercial real estate market, representing lifestyle properties of exceptional quality and unique characteristics. A brand that represents quality and luxury, its presence in Malta serves international clients looking for high-end real estate investment in Malta and Gozo, and local clients seeking real estate investment opportunities worldwide through our international network. Services include: Residential Sales & Letting, Commercial Sales & Letting, Property Management and Relocation & Residency. Malta Sotheby’s International Realty is operated by CSB Real Estate Ltd – forming part of CSB Group (est. 1987) who offer specialised business and commercial services to clients wishing to set-up or relocate their businesses to Malta.

276 Fleur-de-Lys Road, Birkirkara, BKR 9067 - Malta T: (+356) 2258 9500 E: W: Contact: Michael Keyrouz - Managing Director

Level 20, Portomaso Business Tower St. Julians STJ 4011 - Malta T: (+356) 2248 4500 E: W: Contact: Raymond Busuttil Managing Director & CEO

30 years of service 1985-2015

Regent House, Office 21, Bisazza Street, Sliema SLM 1640 - Malta T: (+356) 2134 1219 E: W: Contact: Gordon Mifsud - Managing Director

Portico Building, Marina Street, Pieta’ PTA 9044 - Malta T: (+356) 2563 1000 E: W: Contact: Tonio Zarb - Senior Partner

200, Tower Road Sliema SLM 1602 - Malta T: (+356) 2010 8070 E: W: Contact: Michael J. Zammit Managing Director & Joint-Owner

FINANCEMALTA Sector guides 2O15 -2O16

Eileen V. Muscat


FINANCIAL INSTITUTIONS & ancillary services

Malta Stock Exchange plc For over 20 years, the Malta Stock Exchange has successfully fulfilled its role as an effective venue to raise capital finance. The 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. The Malta Stock Exchange 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. The Exchange enjoys international accessibility on both fronts, through its relationship with Clearstream Banking in Frankfurt, Germany, and in Luxembourg, and through the use of the XETRA trading platform, operated by Deutsche Bourse in Frankfurt.


Mamo TCV Advocates Mamo TCV Advocates, a Maltese tier-one law firm with a strong local and international practice, provides legal services in all areas of commercial law, most notably banking and financial services, corporate, communications, media and technology, intellectual property, shipping & aviation, and litigation services. The firm’s mission is to deliver high-quality services through its diverse specialist resources and expertise in a proactive, efficient and timely fashion, and to foster its local and international networks to offer comprehensive and integrated services to clients. Prof. Andrew Muscat managing Partner

Marsh Management Services Malta Limited Marsh Management Services Malta Limited is licensed as an insurance manager in Malta under the Insurance Intermediaries Act. Marsh is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), the premier global professional services firm providing advice and solutions in risk, strategy and human capital. The Malta office was formed in July 2005 and is the market leader for Malta in the formation and management of affiliated (Captive) and non-affiliated insurance and reinsurance companies. Clients under the Company’s management come from a wide range of industries and geographies from around the world. William Thomas-Ferrand Head of Office

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, Albania, Macedonia, UK, Serbia, Egypt, Malta, Romania and Turkey. NBG Malta is designed to be a one-stop shop for banking services for highnet-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). Cenk Kahraman Chief Executive Officer

Romina Soler Partner

PwC PwC is the leading and largest professional services organisation in Malta, providing industry-focused assurance, tax and advisory services. The Malta firm forms part of the PwC network where more than 184,000 people in 157 countries share their experience and solutions to develop fresh perspectives and practical advice. PwC is the largest global provider of professional services in the Insurance Industry and has developed unique insights into the challenges and best practices that engage companies across the sector. PwC Malta caters to a significant portion of the domestic market and a large number of international insurance companies registered locally. The insurance team also includes regulatory experts providing advice on issues including Solvency II and IFRS 4.

Garrison Chapel, Castille Place, Valletta VLT 1063 - Malta T: (+356) 2124 4051 E: W: Contact: Eileen V. Muscat - Chief Executive

Palazzo Pietro Stiges, 103, Strait Street, Valletta, VLT 1436 - Malta T: (+356) 2123 2271 E: W: Contact: Prof. Andrew Muscat Managing Partner

Strand Towers, Floor 1, 36 The Strand, Sliema SLM1022 - Malta T: (+356) 2342 3000 E: W: Contact: William Thomas-Ferrand Head of Office

302/304, Townsquare, Qui-Si-Sana Place, Sliema SLM 3112 - Malta T: (+356) 2131 8969 E: W: Contact: Cenk Kahraman - Chief Executive Officer

78, Mill Street, Qormi QRM3101 - Malta T: (+356) 2124 7000 E: W: Contact: Romina Soler - Partner

FINANCIAL INSTITUTIONS & ancillary services

Damian Mifsud


FINANCEMALTA Sector guides 2O15 -2O16

QGen Limited QGen is a unique Business Process Outsourcer, providing a one stop shop for risk management and back office solutions. QGen’s core services include the first truly global KYC solution by providing electronic and document verification solutions for both individual consumers and corporate clients; a 24/7 fraud monitoring service and full call centre services; chargeback processing; multilingual customer support functions; and a wide range of risk related and payments consultancy services. With an impressive global client list, and with a management team with years of experience in financial services, QGen provides expertise, competency and quality, with a global reach to support your business in customer acquisition and retention.

Chief Executive Officer

RSM Malta Every firm that carries the RSM name is driven by a common desire – to assist clients in achieving their goals and outperform their competitors. At RSM Malta, we have developed in-house capabilities to help organisations anticipate and meet complex challenges. We are the firm that entrepreneurs count on. We focus our efforts on all the regulatory, statutory, tax, audit and accounting services required to operate in the financial services sector.

George Gregory Tax and Corporate Services Partner

St Julians Business Centre, Elia Zammit Street, St Julians, STJ 3151 - Malta T: (+356) 2248 4400 E: W: Contact: Damian Mifsud Chief Executive Officer

Cobalt House, Level 2, Notabile Road, Mriehel BKR 3000 - Malta T: (+356) 2149 3313 E: W: Contact: George Gregory - Partner

Simon Tortell & Associates Simon Tortell & Associates is a full-service law firm with a particular focus on financial services and corporate law. Our lawyers are trained to not only apply the law to any given transaction or scenario but to familiarise themselves with the markets in which they operate with the ultimate goal of finding the best solutions for our clients. 188 Old Bakery Street, Valletta VLT 1455 - Malta T: (+356) 2122 8862 E: W: Contact: Katya Tua - Partner

Katya Tua Partner

Sparkasse Bank Malta Plc The Bank forms part of the Austrian Savings Banks and the Erste Group Bank AG network. From Malta the Bank provides Private Banking, Wealth Management, Custody and Depositary solutions. Fund custody is a core business for the bank and its experience in the field allows for flexible and practical workable solutions. The bank provides custody services to UCITS, AIF and PIFs providing a personal, tailored and seamless banking, execution and settlement solution.

Paul A Mifsud Managing Director

STM Malta Trust & Company Management Ltd STM Malta Trust & Company Management Ltd part of STM Group Plc, a company listed on the London Stock Exchange with offices in Gibraltar, Spain, Cyprus and Jersey. STM Malta Trust & Company Management Ltd is authorised by the Malta Financial Services Authority (MFSA) to act as Trustees and registered to act as Administrators of Trusts, Foundations and Retirement Schemes, providing these services to a growing international client base. Our dedicated staff have helped the business grow in offering retirement schemes recognised as QROPS, EURBS and QNUPS. Deborah Schembri Managing Director

101 Townsquare, Ix-Xatt ta’Qui-siSana, Sliema SLM 3112 - Malta T: (+356) 2133 5705 E: W: Contact: Paul A Mifsud - Managing Director

Tagliaferro Business Centre, Level 2, Gaiety Lane c/w High Street, Sliema SLM 1549 - Malta T: (+356) 2133 3210 E: W: Contact: Deborah Schembri Managing Director

FINANCEMALTA Sector guides 2O15 -2O16

George Bonnici


FINANCIAL INSTITUTIONS & ancillary services

Tumas Developments Described as Malta’s most enterprising and exciting entrepreneur in property development, Tumas Developments, has been instrumental in developing many of the island’s most prestigious projects. Launched in the 1960s by Tumas Fenech, the company grew quickly based on its values of ingenuity, expertise and skill, and successfully revolutionised the local property industry. There have been numerous milestone projects over the years but none more magnificent than the international award-winning, marina, hotel, leisure and residential development. Commencing construction in the late 90s, Portomaso represents a unique multi-million investment that has revolutionised the way people live, think and work in Malta.


Bob Rottinghuis

United International Management (Malta) Limited United International Management (Malta) Limited is part of the United Bank & Trust Group. We are a fully independent and privately owned financial services group with a proven track record in the industry. We provide banking, corporate and fund services to an international private, corporate and institutional client base from our offices in the major regulated financial centers. We combine an international presence with local expertise resulting in total client commitment and tailored client service. In Malta our full range of corporate services include: company formation, (re-)domiciliation, management, administration and accounting, tax compliance, structuring and transaction coordination.


Dr Jonathan De Giovanni Partner

Ruth Galea

WDM International WDM International is a full service firm, offering a multidisciplinary service, ranging from tax and legal consultancy to audit and business advisory. WDM Lex Advisory, the firm’s legal services arm, is at the forefront in offering consultancy in the following lines of expertise: International and local tax consultancy; residence, citizenship planning and private client services; regulated industry solutions such as setting up of funds, fund managers, forex companies, credit and financial institutions; setting up of iGaming operations; registration of aircraft, yachts and commercial vessels. WDM Lex Advisory is an approved company services provider and an accredited person for Malta’s Citizenship by Investment Programme. Through WDM Trustees, the firm is also licensed to act as a trustee or co-trustee and as an administrator in the context of private foundations.

WH Partners WH Partners is a Malta-based business law firm with focus and a sound reputation for its work in gaming and gambling, e-payments, ICT, digital industries, privacy and data protection, corporate finance, M&A and taxation. The firm’s approach combines an in-depth understanding of clients’ industries with a result-oriented attitude to work, a strong dose of enthusiasm and perseverance. Lawyers at WH Partners are known for their pan-European experience and seek to give clients a competitive advantage which is also facilitated through solid relations with the regulators. The firm has won international awards for its service levels and is highly ranked by the foremost independent legal directories.


10 52 Portomaso, St Julians STJ 4011 - Malta T: (+356) 2138 6802 E: W: Contact Person: George Bonnici Sales & Marketing Director

The Plaza Commercial Centre, (Level 6 – Suite 1), Bisazza Street, Sliema, SLM 1640 - Malta T: (+356) 2010 8648 E: W: Contact: Bob Rottinghuis - Manager

35, The Penthouse, Salvu Psaila Street, Birkirkara, BKR 9072 - Malta T: (+356) 2123 2096 E: W: Contact: Dr Jonathan De Giovanni - Partner

Level 5 Quantum House, 75 Abate Rigord Street, Ta’ Xbiex XBX 1120 - Malta T: (+356) 2092 5100 E: W: Contact: Monique Dingli Marketing Coordinator

ZETA ZETA is a privately held independent group of companies based in Malta offering targeted services which include: Transaction Advisory & Structuring; Company Incorporation; Corporate Administration & Management; Fund Services; Directorship Services; Trusts & Foundations Administration; Insurance Advisory, Insurance Brokerage & Insurance Management.

David Zammit Managing Director

43A/1 St. Paul’s Buildings, West Street, Valletta VLT 1532 - Malta T: (+356) 2011 9700 E: W: Contact: David Zammit - Managing Director

Promoting and Fostering Malta’s International Finance Centre


2014-2015 EDITION


European with a Global Outlook Published by


Sector guides 2O15 -2O16

Sector guides 2O15 -2O16

Sector guides 2O15 -2O16



INSURANCE & reinsurance

A CountryProfiler Publication

A CountryProfiler Publication

A CountryProfiler Publication

Sector guides 2O15 -2O16

Sector guides 2O15 -2O16

Sector guides 2O15 -2O16

INVESTMENT funds & asset management



A CountryProfiler Publication

A CountryProfiler Publication

A CountryProfiler Publication


The culture of getting things done securely regulated ➤ market driven ➤ competitively skilled ➤

Financial Institutions & Ancillary Services 2015  
Financial Institutions & Ancillary Services 2015