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Sector guides 2O15 -2O16

WEALTH MANAGEMENT A CountryProfiler Publication

FINANCEMALTA Sector guides 2O15 -2O16



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)


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



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.



FINANCEMALTA Sector guides 2O15 -2O16

Contents 1 2 4 6 7 16 18 20 24 26 28 30 32 34 36 38 40 42 44 48 52

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 Private Banking Malta Trusts The Malta Foundation Yacht & Aircraft Registration Pension Schemes Expat Residency The Malta Company Investment Funds Professional Investor Funds (PIF) Alternative Investment Funds (AIFs) and Managers (AIFMs) UCITS Schemes Key Opportunities A Guide for Doing Business in Malta Malta: A Cosmopolitan Lifestyle in the Med Who’s Who: Malta Business Profiles

FINANCEMALTA Sector guides 2O15 -2O16



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



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

FINANCEMALTA Sector guides 2O15 -2O16



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



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.

FINANCEMALTA Sector guides 2O15 -2O16





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



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

FINANCEMALTA Sector guides 2O15 -2O16



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



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

FINANCEMALTA Sector guides 2O15 -2O16



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.



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



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

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



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 Hedge funds, private equity and real estate – Malta offers all the favourite investment vehicles of high-net-worth individuals and families, while the EU member state allows investors to protect their assets through the establishment of trusts and foundations.


Resilient Industry Throughout the financial crisis, Malta has emerged as a key hub for wealth management and family offices, as well as for wealthy individuals, expats and pensioners seeking an advantageous residency location. Having won international respect for the excellence of its financial services industry and established itself as one of the safest and best run financial centres in Europe, high-net-worth individuals, globetrotting professionals and retirees from Europe and beyond are attracted by Malta’s asset management solutions. Tailor-made Structures Malta’s strengths as a wealth management centre lie in the foundations of its thriving finance centre, which offers a wide range of investment vehicles including

investment funds and trust companies. The country’s excellent physical and legal infrastructure has also been bolstered by seasoned professionals with a proven track record in structuring customised solutions and offering innovative approaches. The regulatory regime is widely respected, and as an EU member state with a low-risk environment, Malta offers a cosmopolitan lifestyle within easy access of most European and Mediterranean capitals. Reputable Banking Centre Ranked as the 10th-soundest banking system by the World Economic Forum’s Global Competitiveness Report 2014-2015, Malta’s strong banking infrastructure caters for all levels of wealth from the mass affluent to the ultrahigh-net-worth individual requiring the personalised services of a private banker.


FINANCEMALTA Sector guides 2O15 -2O16

Alternative Investment Tools Shipping has been an essential part of Malta’s economy for the millennia. In more recent years, Malta has aimed to position itself in niche areas and introduced extensive VAT incentives for the registration of yachts under the country’s flag. In addition to its maritime heritage, Malta has developed a strong legislative framework for the registration of aircraft. Private jets can now be registered under Malta’s law, which also allows the jet to be owned by a trust. In addition to providing high-net-worth families with a diversified investment portfolio and a place to live or holiday, purchasing real estate in Malta traditionally generates high returns, due to the limited land mass of the island, if one opts for re-sale.

Top Quality Service Providers Maltese professionals such as tax advisors, legal practitioners and accountants are recognised to be among the best in the world, and their excellent reputation has expanded Malta’s product-offering as a wealth management centre. A number of family offices have already chosen to locate their operations or certain functions to Malta. The country’s prudential regulatory and supervisory system, under which trustees and other investment services providers have to be licensed, gives comfort to the families by ensuring certain standards are met. With its excellent reputation for high standards of regulation and supervision, competitive costs and a highly educated workforce, Malta is prepared to satisfy the most diverse and sophisticated customer requirements.

Benefits of Wealth Management in Malta ▶ EU and eurozone location ▶ Multi-disciplined advisors able to adapt to the changing needs of HNWIs ▶ Sound and sophisticated banking system ▶ Fast-track authorisation for Professional Investor Funds (PIFs) ▶ Flexible investment structures (SICAVs, trusts, partnerships etc.) ▶ A reputable stock exchange

▶ One of the only civil law jurisdictions to have successfully developed a trust concept by integrating it with Roman law sources ▶ Recognition of foreign trusts ▶ Offering the set-up of both trusts and foundations ▶ Legislation published in English ▶ A stable macroeconomic environment

FINANCEMALTA Sector guides 2O15 -2O16

Private Banking Malta’s robust banking sector has attracted international attention as a secure location to manage wealth. The country’s banking infrastructure caters for all levels of wealth from the mass affluent to the ultrahigh-net-worth individual, requiring the more personalised services of a private banker.


anked 10th for soundest banking system out of 144 economies by The World Economic Forum’s Global Competitiveness Report 2014-2015, Malta has become synonymous with good governance and security.

Malta takes a prudent and conservative approach to managing its banks, and the sector has developed significantly over the last 15 years – from four retail banks serving the local population to an EUcompliant industry sector of world-class sophistication with 27 credit institutions. Truly international, Malta hosts banking institutions from countries such as Australia, Austria, Bahrain, Belgium, Greece, Portugal, Turkey, Cyprus, Finland, Italy, Kuwait, Switzerland, and the UK, who have set up operations in Malta.






Soundest Banking System out of 144 economies (2014-2015)


FINANCEMALTA Sector guides 2O15 -2O16

Sound and Conservative The country’s banks suffered no systemic shocks or failures during the financial crisis, and the sector has continued to be at the top of the list of safe international banking jurisdictions. Its deep-rooted conservative approach to banking has supported the stability of the sector. Bank funding in Malta depends on retail deposits, not wholesale borrowing, and has over the years stuck to the conventional banking approach, based on oldfashioned intermediation between retail depositors and borrowers. Maltese banks do not rely on wholesale funding to support lending and maintain substantial liquidity and adequate capital ratios based on prudent lending policies. Private Banks Malta’s key location at the centre of the Mediterranean has made it one of the top locations for wealth management services and family offices from Europe, North Africa and increasingly from the Middle East. Specialist wealth managers such as Mediterranean Bank are offering Swiss-style private wealth management, while foreign banks such as Akbank T.A.S., Sparkasse

and BAWAG all offer management solutions. In addition, retail banks such as Bank of Valletta and HSBC also provide professional financial advice and products to high-net-worth, corporate and institutional clients. Investment Banking Malta banks are well placed to serve the growing fund sector. With more than 580 funds already licensed by the MFSA, the country’s banks have a strong track record in setting up and managing different investment vehicles for institutional and individual investors ranging from mutual and real estate funds to pension funds, as well as other investment and financing products and services, such as M&A advisory, equity and debt capital markets and the provision of tailor-made discretionary portfolio management services. Six custody service providers, among them Custom House, Sparkasse Bank, Deutsche Bank and Bank of Valletta, are present on the Island. In addition to the banks, a number of investment management companies provide services to investors and have strong relationships with international custodians.

Benefits of Banking in Malta ▶ Secure location for savings and assets ▶ Around 70 double taxation treaties ▶ The country’s banking sector has been judged the 10th soundest in the world ▶ Diverse industry providing a wide range of services, including custodian banking, trade and project finance as well as specialist wealth management services

FINANCEMALTA Sector guides 2O15 -2O16



Malta Trusts Malta is one of the few jurisdictions that cater for both trusts and foundations. While trusts are peculiar to systems of law based on common law and are not generally found in civil law countries, Malta, a civil law country, is an exception to this rule.


uilt on the key concepts of certainty, security and confidentiality, Malta’s EU membership makes the country an attractive location for the establishment of trusts. It gives high-net-worth individuals (HNWI) the peace of mind that comes with a highly regulated environment that remains faithful to the original concept of a trust.

As a reputable trust jurisdiction and with the number of authorised trustees increasing every year, Malta introduced new amendments to its trust law in 2014. The updated law brings Malta in line with international developments and more importantly saw the introduction of the Private Trust Company (PTC), which offers interesting opportunities to HNWIs and families who favour tailormade trustee solutions.

Maltese law caters for all the main types of trust normally found in traditional common law jurisdictions such as: • Discretionary trusts • Accumulation and maintenance trusts • Fixed interest trusts • Spendthrift trusts • Charitable trusts • Unit trusts


The country hosts both international top-tier firms as well as various boutique firms, both local and foreign, that assist with the establishment and administration of trusts and foundations in Malta. Protecting and enhancing the value of assets is increasingly important amidst the ongoing market volatility, and Malta trusts and foundations are an ideal financial instrument for those seeking solutions to their wealth management requirements. Flexible Trust Law Trusts have been established in Malta since 1988, however, the law governing trusts has in recent years undergone major changes. The Maltese trust laws were originally adapted from the 1984 Jersey Trust laws but were updated in 2004 under the new Trusts and Trustees Act. This law makes Malta one of the only countries to successfully incorporate the Anglo Saxon Trust concept with its Roman law based legal system. This new system has accelerated the process of setting up a trust by allowing the creation of customised solutions for each individual trust set-up making Maltese trusts an attractive solution to personal and business needs.


FINANCEMALTA Sector guides 2O15 -2O16

Benefits of Malta Trusts & Foundations ▶ One of the few civil law jurisdictions that has developed its own domestic trust law ▶ Recognition of trusts set up under foreign laws ▶ Offering the set-up of domestic trusts and foundations ▶ Legislation published in English ▶ EU and eurozone location

▶ High professional standards with many accountants, bankers, lawyers, notaries and investment advisors holding overseas qualifications and having overseas experience ▶ Fast-track authorisation for trustees licensed in other (approved) jurisdictions ▶ English-speaking country with a pro-business government

The Private Trust Company (PTC) The Trusts and Trustees Act went under review in 2014 and culminated in the Trusts and Trustees (Amendment) Act, Act XI of 2014, published on the 25th of April 2014. Proving that this is indeed a dynamic area, the amendments were aimed at improving Malta’s legislative framework regulating both trusts governed by Maltese law and trustees resident or operating in or from Malta. The changes have provided greater certainty and at the same time bringing Malta’s trust law provisions in line with international developments in the area. Possibly one of the most – if not the most – noteworthy amendments is the introduction of the Private Trust Company (PTC) for family trusts in the new article 43B. A family trust is defined as ‘a trust created to hold property settled by the settlor or settlors for the present and future needs of family members and family dependants’. This new article provides that a trustee company: • whose objects and activities are limited to acting as trustee in relation to specific settlors and providing administrative services in respect of specific family trusts; • which does not hold itself out as trustee to the public and • which does not act habitually as a trustee (in any case in relation to more than 5 settlors at a time) • is not required to be authorised but is required to merely register with the MFSA. The aim of this new provision is that of incentivising the use of PTCs in Malta, in the context of family trusts, by facilitating the authorisation procedure in view of the fact that they are typically designed around the needs of a specific family and in any case would not be offering their services to the general public. PTC’s offer some very interesting opportunities to HNWI’s and families who favour a tailor-made trustee solution in the design of which they can take part (and possibly also a role) when compared to the mainstream professional or institutional trustees.

FINANCEMALTA Sector guides 2O15 -2O16

Recognition of Foreign Trust Law Malta’s trust law also allows settlors to establish trusts governed by a foreign law, and foreign trusts are fully recognised. The country not only recognises trusts created voluntarily and evidenced in writing as required under the Hague Convention, but also recognises any other trust of property arising under the law of another country, meaning that even constructive or resulting trusts arising under foreign law will be recognised and enforced in Malta. Maltese law ensures that rules such as the forced heirship rules only apply in cases where the settlor was domiciled (given the Anglo-Saxon interpretation) at the time of creating the trust. Accordingly, foreign investors seeking to use the Maltese trust to streamline their assets or organise their estate need not be concerned about the Maltese public policy rules.



Reliable Service Providers In Malta, a professional trustee and a foundation administrator have to be licensed by the Malta Financial Services Authority (MFSA). This system ensures that certain standards are met and provides settlors with a higher degree of assurance. The MFSA has already licensed some 130 Maltese and international fiduciary companies to offer trust and trustee services in the country, including Maitland Group and Bentley Trust, proving this is a rapidly expanding segment of the financial services sector.

Lower Set-up Costs Another key attraction Malta offers for those considering where to set up a trust is its significantly lower set up and administrative costs. On average, setting up a trust in Switzerland will cost a minimum of €5,000, while in Malta the cost of setting up a fully-fledged trust is around €1,500. Professional fees in Malta, including trust management fees, legal fees and audit fees, are also significantly lower than in other jurisdictions, while the country’s professional classes enjoy an excellent international reputation.

Private Trusts Maltese regulation also envisages the possibility of setting up a trust by notarial deed whereby the trustee is a family member of the settlor or someone who the settlor has known for at least 10 years. This procedure is supplemented by the role of the depositary notary who supports the lay trustee. This mode of setting up trusts is particularly attractive for smaller scale trusts where settlors opt to charge a trusted family member or a person they have known for a considerable number of years with the all-important function of the trustee.


Fiduciary companies offering trust/ trustee services



FINANCEMALTA Sector guides 2O15 -2O16

Key Features of a Trust Means of establishment: A trust may be created unilaterally or bilaterally, by oral declaration or in writing. A unit trust must always be created in writing. The Settlor: The settlor is the person who sets up the trust. The settlor must be of age, have full capacity to contract and a free disposition of the assets settled on trust. While imposing fiduciary obligations upon the trustee in favour of the beneficiaries, trusts do not leave the settlor with any rights in relation to the trust property – except as specifically provided for in the Trusts and Trustees Act. The Trusts and Trustees Act lists the settlor’s rights (which may be supplemented by the trust deed) as follows: • The settlor has the power to seek court directives as to trust validity • The settlor has the right to a variation of terms and revocable trusts where the Trust Deed so provides • In cases of trust termination, interest lapses or no existing or possible beneficiary, the trustee holds the trust property for the settlor (or his or her heirs) • It is the trustee’s duty to provide the settlor with information, subject to the terms of the Trust Deed. NEW: The settlor may reserve or grant himself: • Any beneficial interest in the trust property • Any power to appoint, add or remove trustees, protectors or beneficiaries • Any power to appoint an investment adviser or investment manager

The Protector: The protector is typically a person who is in a trustworthy position (e.g. the family lawyer). The protector may also act as investment advisor. Subject to the trust terms, the protector typically has the power to: • Appoint new and/or additional trustees • Remove trustees • Require trustees to obtain the protector’s discretion (including approval) in relation to particular matters e.g. purchase / sale of trust property. The Beneficiary: The beneficiary is the person who may benefit from the assets of the trust. All beneficiaries have to be mentioned by name or are ascertainable by class or by relationship to a person alive or dead. For instance, children not yet born or conceived may be potential beneficiaries. The rights of the beneficiary are personal and are regarded as movable property. Subject to the trust deed, the beneficiary may sell, charge or deal with his or her interest in any manner, provided that this is done in writing. The beneficiary has the right to information from the trustee and may seek court directives regarding the validity of the trust. The beneficiary may also disclaim his or her interest, or part thereof. NEW: all the beneficiaries who are in existence and have been ascertained, provided that none of them is interdicted or a minor, may request the trustee to terminate the trust and distribute the trust property. The new amendments preclude this rule from applying in the case of protective trusts.

Trust Deed: The Trust Deed is the instrument whereby the trust is created and includes the terms of the trust and may also be in the form of a unilateral declaration of trust. For example, a Trust Deed may provide for the addition of new beneficiaries (e.g. for unborn children) or the exclusion of a specific benefit to certain beneficiaries under conditions clearly stated in the Trust Deed. Letter of Wishes: The settlor can guide the trustee in a separate letter of wishes on how the trustee should exercise his discretion. Depending on the relationship between the settlor and the beneficiaries, the settlor can inform the beneficiaries of this letter, however, he/she may also choose not to disclose this letter to the beneficiaries. A letter of wishes is not legally binding on the trustee, but rather constitutes general guidance on a settlor’s wishes. Legal Form: A trust does not have its own legal personality. Trusts are not registered anywhere and there are no formalities for the annual maintenance of trusts other than statutory obligations that are imposed on trustees in the administration of trusts (for example the duty to prepare accounts). Set-up time: There are no statutory restrictions that could delay the setting up of a trust in Malta. Therefore, the time required depends on the particular circumstances and mainly relates to the drafting of the Trust Deed. Termination: The Malta trust has been amended to extend the permitted duration to 125 years (formerly maximum duration

was 100 years), however, it can be terminated earlier if all beneficiaries acting in unison demand termination, which the trustees must accept under the conditions outlined in the Trusts and Trustees Act. With most trust deeds it is usual for the trustees also to be able to bring the trust to an end during the trust period. Ensuring trustees’ performance: Professional trustees are licensed by the MFSA, which has also issued a code of conduct to provide guidance to trustees as to the standards required under the Trusts and Trustees Act and other financial services legislation, as well as to the best practice in the industry. Trustees must exercise their fiduciary duties prudently and competently and, subject to the terms of the trust and the provisions of the Trusts and Trustees Act, consider the rights of all beneficiaries when making decisions affecting the administration of the trust. If a trustee fails to administer a trust in accordance with the law and the respective trust deed, the trustee is liable for such a breach and can be sued for it. NEW: the amendments include: • trustees have the duty to avoid any conflicts of interests • upon accepting appointment, trustees are duty-bound to draw up a written inventory of the trust assets and declare it includes all the trust property of which the trustees are aware • trustees are obliged to keep accounts and records of their trusteeship for at least 10 years from the date of termination of the trust/trusteeship

FINANCEMALTA Sector guides 2O15 -2O16



The Malta Foundation While foundations have been recognised and regulated in Malta for almost 200 years through Maltese case law and doctrinal writings, Malta enacted specific legislation to clearly define their legal framework in 2008. Today, Maltese foundations are regulated by the Second Schedule of the Civil Code (Chapter 16 of the Laws of Malta), which dedicates an entire subtitle to foundations. The legislation allows for the set-up of two types of foundations: Private and Purpose Foundations, which have particular uses and benefits for certain clients. Private Foundations: Set up for the benefit of a named person or class of persons called beneficiaries. The foundation’s patrimony is owned by the foundation itself (due to its separate legal personality) and is administered by designated persons (known as ‘administrators’) for the benefit of such beneficiaries. Purpose Foundations: Set ups that have no ascertained or ascertainable beneficiaries, but are established exclusively: • For any charitable, philanthropic or other social purpose • As a non-profit making organisation • For any other lawful purpose (not necessarily a social purpose and can be a private purpose)

Salient Differences between Malta Trusts and Foundations

Separate Legal Identity Unlike trusts, foundations have a legal personality and the foundation itself becomes the legal owner of the foundation property. Based on Maltese company law principles and Italian and French civil law provisions, Maltese foundations require the appointment of administrators who are responsible for the administration of the foundation’s property. These are regulated under the Trusts and Trustees Act. The public deed creating a foundation must be registered. However, only a minimum of information is available to the public and confidentiality is retained.



Do not have a separate legal personality

Have a separate legal personality

Defined in terms of relationship

Defined in terms of the assets making up the foundation

Trustee is the legal owner of the assets

Foundation is the legal owner of its own assets



FINANCEMALTA Sector guides 2O15 -2O16

Key Features of a Foundation Means of Establishment: A foundation can only be constituted in writing, either by a public deed published by a Notary, or by a will. The foundation deed must be registered with the Office of the Registrar of Legal Persons. Assets: The assets of a foundation may originate from any lawful business or activity and may consist of present or future assets of any nature. The minimum endowment of money or property to set up a private foundation must be worth at least €1,165 (and €233 for a foundation established exclusively for a social purpose or as non-profit making, in the case of a purpose foundation). Foundation deed: The foundation deed must contain the following information: • The name of the foundation, which must include in it the word ‘foundation’ • The registered address in Malta • The purposes or objects of the foundations • The constitutive assets with which the foundation is formed • The composition of the board of administrators, and if not yet appointed, the method of their appointment • The legal representation (a local representative is necessary, if the administrators of the foundation are nonMaltese resident) • The term for which it is established • In the case of a private foundation, the deed of foundation must contain the names of the beneficiaries, or in the absence of such indication, a declaration that the foundation is

constituted for the benefit of the beneficiaries. In the latter case, the beneficiaries must be indicated in a separate legal instrument, known as a beneficiary statement, which must be signed by the founder, addressed to the administrators and authenticated by the Notary Public who has published the foundation deed. In order to protect confidentiality, the beneficiary statement does not need to be filed; in its stead a note of reference referring only to the founder is filed with the Registrar of Legal Persons. Legal Form: Once the foundation is established, the deed is published, and the foundation is registered with the Registrar for Legal Persons, a new legal person is created and the foundation itself becomes the owner of the foundation property. Termination: Except when foundations are used as collective investment vehicles, in securitisation transactions or in the case of purpose foundations (which may be established for an unlimited term), foundations are valid for a maximum term of 100 years from their establishment. Founder: The rights of the founder: • The founder may exercise supervision over administration of the foundation, obtain a copy or copies of accounts, inventory and descriptive notes of property • He/she may intervene in court proceedings concerning the appointment of administrators or the disposal of assets

Conditions for the founder: • The founder may also be an administrator • The founder may be a beneficiary during his lifetime but in this case, he/she cannot act as sole administrator of the foundation. Administrator: Duties of the administrator: • The administrators (whether natural or legal persons) are responsible for maintaining possession and control of the property of the foundation, safeguarding such property and ensuring compliance with the statute of the foundation and the law • They are bound by fiduciary obligations stipulated in the Civil Code. Any fiduciary who breaches such obligations shall be bound to return any property, together with all other benefits derived by him, whether directly or indirectly, to the person to whom the duty is owed. Conditions for the administrator: • The administrator can be based outside Malta. However, a person resident in Malta must be appointed to act as the local representative of the foundation in this case; • The administrator may be the founder; however, in such situation, the founder cannot be the sole administrator. Supervisory Protector: The deed can provide for a supervisory council or the office of protector. They usually exercise supervision over the acts of the administrators, and may be vested with powers of appointment or removal of administrators.

FINANCEMALTA Sector guides 2O15 -2O16



Yacht & Aircraft Registration Alternative wealth management tools have seen consistent interest from high-net-worth individuals, who are attracted to Malta by its favourable conditions in terms of yacht and aircraft registration.

Yachts and Pleasure Boats The Malta flag is the largest flag fleet in Europe. All types of vessels, including pleasure yachts, can be registered in the name of legally-constituted corporate bodies or entities irrespective of nationality, or by European Union citizens who are limited to pleasure yachts. Malta is an especially attractive base for superyachts and the owners of more than 450 superyachts – vessels over 24 metres in length – have already chosen Malta as a base to take advantage of the location of the country and its cost-effective services provided by marinas and ancillary companies. Registration as Commercial Yacht Under the Commercial Yacht Code small yachts and superyachts, which do not carry cargo or more than 12 passengers, can be registered as commercial yachts. If such a Maltese registered vessel is owned, chartered or managed, then no income tax is due in Malta on or in relation to the ownership, operation or management of the yacht. The owner, charterer or manager is only subject to paying an annual tonnage tax that is calculated according to the size of the vessel.

Yacht Leasing Structure As far as yachts, which are not commercially registered are concerned, the Maltese VAT guidelines address scenarios where a Maltese company purchases a pleasure yacht and enters into a ‘lease-sale’ of the yacht with a third party. The aim of this structure is to enable owners to pay VAT on their yachts calculated on the percentage of the time that the vessel is deemed to sail in EU waters – based on the assumption that the larger the yacht, the less time it stays there. For example, a 24-metre sailing boat or motor yacht is presumed to spend only 30 per cent of its time in EU waters and thus, VAT (at 18 per cent) should only be calculated at 30 per cent of the lease fee paid. The VAT department in Malta has issued guidelines which contemplate the deemed usage percentage in EU waters and reduces the effective VAT rate up to 5.4 per cent. Purchase and Lease of Aircraft through Malta Similar to its yacht leasing programme, Malta also introduced a system in 2012 that makes the purchase and the subsequent lease of an aircraft through Malta much more attractive. The country has developed a simplification measure to

Benefits of Registration of Ships and Yachts under the Maltese Flag ▶ An internationally-recognised and reputable jurisdiction ▶ EU compliant legislation ▶ Clear technical rules ▶ A well-organised and efficient Commercial Yacht registration system ▶ Low registration costs for commercial yachts ▶ Efficient holding and administrative structures determine VAT payments that will only be due for the time the aircraft is being used in the European Union. The factors taken into consideration when calculating the chargeable proportion of the lease are the aircraft type, the Maximum Take-off Mass (MTOM) and the range of the aircraft, amongst others, to easily assess the time an aircraft is flying in or outside the EU. The system allows for an aircraft owned by a Maltese company to

be leased to third parties with an option to purchase the aircraft at the end of the lease. The incentive is expected to become a major draw for the industry, making Malta a serious contender with other European aircraft leasing centres such as Ireland. Private Aircraft Registration The Maltese aircraft register was first established in the 1960s, however, the country introduced a new Aircraft



FINANCEMALTA Sector guides 2O15 -2O16


superyachts registered in malta

Registration Act in 2010, which streamlines and sets a defined legal framework to regulate aircraft registration in Malta. It also widens registration possibilities for aircraft not used for air service and implements the Cape Town Convention, now widely recognised as a market standard in aircraft finance transactions. The legislation also provides for modern trends in aircraft ownership for business and private jets and pays specific consideration towards

fractional ownership and the ownership of aircraft by trusts. In addition, it creates the unique possibility to register an aircraft while it is still under construction. Applying for a Private Aircraft Registration Applications for aircraft registrations are to include particulars and evidence relating to the aircraft, the ownership, acquisition, chartering and operation thereof and the qualifications of the registrant. The Maltese

Aircraft Registration Act is fully compliant with EU legislation and allows the following persons/entities to register an aircraft in Malta: • Citizens of EU or EEA member states, or Switzerland with a place of residence or business in the EU, the EEA or Switzerland. • An undertaking formed and existing in accordance with the laws of Malta, a member state of the EU, the EEA or of Switzerland. The undertaking (which must be owned and controlled to at

least 50% by EU/EEA/Swiss citizens or by an EU member state government) must have its registered office, central administration and principal place of business in the EU, the EEA or Switzerland. • A natural person who is a citizen of or an undertaking established in an approved jurisdiction other than those referred to above. These shall be qualified to register an aircraft in construction or one which is not used to provide air services provided they satisfy certain conditions.

FINANCEMALTA Sector guides 2O15 -2O16



Pension Schemes The dynamic pensions sector is spurring on Malta’s ambition to establish itself as a key European hub for pension schemes. Multinational corporations and individuals alike are increasingly turning their focus to the island in a bid to put their benefit plans on solid ground.


etirement schemes have become an important element of investment planning and Malta provides the ideal solution for the setup of international pension pooling vehicles for highnet-worth individuals, international workers planning for retirement or international corporations seeking to establish and administer pension schemes for their staff.

While Malta has primarily been catering to the UK market so far, other European cross-border schemes are currently being established and rapid growth is expected. The creation of international pension plans became a possibility fairly recently, as pension provision has traditionally been considered from a purely domestic perspective. However, the increasing mobility of both people and companies has facilitated this paradigm shift.

Benefits of Pensions and Retirement Schemes in Malta ▶ Retirement schemes and their administrators are licensed and fully regulated by the Malta Financial Services Authority (MFSA). ▶ Thanks to Malta’s EU membership, companies established in other EU member states can sponsor occupational schemes established in Malta.

▶ Fees for the administration and management of the scheme are comparatively lower than in other jurisdictions.

▶ Legislation allows for a number of customised structures that suit the requirements of individuals or international businesses.

▶ A strong regulatory framework and the MFSA ensure the integrity of the plan and peace of mind for the scheme’s members.

▶ Malta satisfies the current HMRC requirements, enabling Malta retirement schemes to self-certify in terms of the UK’s QROPS legalisation.



FINANCEMALTA Sector guides 2O15 -2O16

The British Connection Malta’s growth as a financial service centre created a market for UK-linked pension products, following the UK’s launch of Qualifying Recognised Overseas Pension Schemes (QROPS) in 2006 to transfer pensions to UK pensioners living overseas. In 2009, the Malta Financial Services Authority (MFSA) procured confirmation from the British tax authorities that pension schemes established on the island, and regulated by the MFSA, are eligible for recognition as QROPS thus allowing the transfer of pension rights into the scheme without a UK tax charge. Interest in Malta as a QROPS jurisdiction has been on the increase ever since establishing the country as the main market for UK expats’ pensions. The Rise of Occupational Pension Schemes Today, the QROP scheme is well-established, with the addition of the Qualifying Non-UK Pension Scheme (QNUPS), and Malta is now making a name for itself in relation to Institutions for Occupational Retirement Provision (IORPs). In

line with the EU’s single market, these schemes can be set up in Malta to be passported to other EU and EEA member states and are ideal for pan-European companies with branches and staff in many countries. By setting up an IORPS in Malta an international company can create a costeffective depository for its pension investment. With IORPs, the EU is trying to establish a second pillar for a pan-European pension system, and the island’s professionals believe that Malta is the ideal base for operators of such schemes. Evolving Sector Around 90 per cent of pension schemes based on the island serve the UK market, but Malta is seeing increased interest from other countries too, as international pension operators are beginning to see it as an ideal base for vehicles. The country and its regulator are determined to develop its cost-effective and beneficial regime further and to attract more multinationals, European employers, high-net-worth individuals as well as wealthy expatriates to base their pension provisions in Malta.

FINANCEMALTA Sector guides 2O15 -2O16



Expat Residency Malta successfully offers a truly unique and cosmopolitan lifestyle, combining luxury with comfort, the modern and the traditional, and work with pleasure – and has recently introduced new programmes which offer special benefits to foreigners wishing to move to the island.

Expat Residency Malta’s relaxed Mediterranean atmosphere and warm climate have attracted expats and high-net-worth individuals for centuries. Still relatively inexpensive, but offering a wide range of modern amenities, the island has become one of Europe’s top spots for affluent foreigners, expats as well as globetrotting professionals looking for a permanent or temporary home. Seduced by the island’s unique Mediterranean charm and 300 days of sunshine a year, some 20,000 foreigners already live in Malta, and the island’s expat community is growing steadily with its flourishing business environment.

Benefits of Investing in Maltese Property ▶ Malta’s economy is stable and one of the star performers in the EU in terms of GDP growth. ▶ A great selection of luxury property is available, with a number of developments earmarked as Special Designated Areas (SDA) with no restrictions on acquisition for foreigners. ▶ Malta is a signatory to around 70 double tax treaties, many of them guaranteeing that profits generated from the sale of immovable property in Malta shall be taxable only in Malta. ▶ Malta is a Mediterranean country with a fantastic climate and infrastructure and English as an official language.

Residency Programmes Two separate residency programmes, the Residence Programme for EU nationals and the Global Residence Programme for non-EU nationals, offer a flat tax rate of 15 per cent to people who purchase or rent property on the Maltese Islands. Investment

can be as low as €220,000 for property in the south of Malta or in Gozo. The value of property bought in the remaining parts of Malta has to be at least €275,000. Alternatively, they can rent property for €9,600 per year in Malta and €8,750 per year in Gozo or the South of Malta. Leveraging a rich legacy of historical buildings



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expats residing in malta

Individual Investor Programme Malta recently introduced an Individual Investor and magnificent architecture, Programme, which has been Malta boasts an abundance of endorsed by the European lifestyle properties, ranging Union. The programme from sea-front apartments to offers foreign nationals the exclusive villas with pool. Malta possibility to obtain Maltese also offers a unique blend of citizenship after having period homes and character resided in the country for 12 houses dating back hundreds of months, by paying €650,000 years as well as ultra-modern to the National Economic apartments and villas for sale. and Social Development

Fund, purchasing property having a minimum value of €350,000 or leasing a property for a minimum annual rent of €16,000, and investing €150,000 in government-approved financial instruments, in addition to fulfilling a number of other criteria. Expatriates can rest assured that they would be living in a country where crime is virtually non-existent.

Despite the island’s size, there are always new experiences to be enjoyed that range from scuba diving to jet-skiing. A country full of history, passionate people, excellent weather and crystal clear seas, Malta offers the best fusion of the traditional and the sophisticated, the luxurious and the intimate, and embodies the very best in Mediterranean charm.

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The Malta Company A Malta Company is the ideal vehicle for a number of activities, ranging from property ownership to the management of e-Commerce activities and licensed financial services provision. Incorporating a company in Malta is relatively easy and only takes about a week. The Maltese legal structure is a hybrid system of Civil and Common law. While it is based on the civil law pattern of continental Europe, most administrative and fiscal legislation is constructed on the British model. This offers Malta a particular advantage in company formation as practitioners have a cultural affinity with both systems and can easily bridge the gap between continental European and Anglo (UK) legal frameworks.


Incorporation PROCEDURE



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Key Features of Malta Companies • Company Law: Companies Act 1995 • Type of Company: Private and Public Limited Liability Company • Language of Legislation and Corporate Documents: English • Exchange Control: No • Length of time to Incorporate: approximately 1 week • Registration Fee: There is a minimum registration fee, payable to the Registry of Companies of €245 (registration in paper) or €210 (registration in electronic format). This increases in proportion to the amount of authorised share capital of the company • Shelf Companies Available: No Corporate Names • Name Restrictions: Names identical or similar enough to create confusion, offensive or otherwise undesirable • Endings and Abbreviations Required: ‘Private Limited Company’, ‘Limited’ or its abbreviation ‘Ltd.’ • Length of Time to Verify Name Availability: Less than 24 hours depending on name similarity • Reservation of Names Permitted: Yes • Language of Name: Any language using the Latin alphabet Capital and Shareholders • Minimum Number of Shareholders: 2 (there are exceptional circumstances where one member is permitted) • Corporate Shareholders Permitted: Yes

• Local Shareholders required: No • Disclosure of Shareholders: Yes (Anonymity can be retained through a licensed Fiduciary or Trustee) • Minimum Authorised Shares to be Issued: €1,164.69 (one thousand one hundred and sixty four euro & sixty nine cents) • Bearer Shares Permitted: No • Registered Shares Permitted: Yes Directors and Company Secretary • Minimum Number of Directors: 1 (private), 2 (public) • Minimum Number of Company Secretaries: 1 • Corporate Directors Permitted: Yes • Corporate Company Secretary Permitted: No • Local Directors/ Company Secretary Required: No • Disclosure of Directors / Company Secretary: Yes • Appointment of Subsequent Directors /Officers: Yes Meetings • Annual General Meeting of Shareholders Required: Yes – notice to be given to every member of the company and its auditor • Annual General Meeting of Directors Required: No • Location of Directors and Shareholders Meetings: Malta - for place of effective control & management • Adoption by Consent Permitted: Yes • Quorum Required for Purposes of Meetings: 2 members personally present shall be a quorum in so far as the articles of the

company do not contain other provisions. Meanwhile, if any business is to be transacted at a meeting, the quorum stands at: a member or members holding in the aggregate at least one tenth of the paid up share capital of the company and who hold the right to attend and vote at meetings. In this case, a proxy for a member will be taken into consideration in determining the quorum. Local Requirements • Registered Office: Yes • Register of Directors / Officers to be kept at Registered Office: Yes • Company Seal Required: No • Copy of Minutes to be kept at Registered Office: Yes, or at any such place as may be specified in the memorandum of articles • Copy of Share Register to be kept at Registered Office: Yes, or at any such place as may be specified in the memorandum and articles Annual Requirements • Minimum Annual Fee or Franchise Tax: Registration of an annual return, €163.06 where the authorised share capital of the company does not exceed €11,646.87 • Requirement to File Annual Return: Yes (42 days after the date to which it is made up) • Requirement for Financial Audited Accounts: Yes • Requirement to file Financial Statements: Yes (ten months after the end of the relevant accounting reference period + 42 days) • Requirement to file Tax Return: Yes

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Investment Funds The funds sector is the fastest growing financial sector in Malta, attracting investors from across the world thanks to its innovative structures, flexible regulation and good governance.


lthough a highly sophisticated fund landscape, the country provides a less costly domicile for the establishment of funds, for fund administration and for global custody services than the more established finance centres. The growth this sector has seen has been exorbitant, in 1995 there were only five licensed collective investment schemes (CIS) compared to the over 580 today. EU membership in 2004, and the subsequent adoption of the euro in January 2008, provided the crucial catalyst for the initial development of Malta’s fund industry, while the country’s innovative and constantly revised regulation has kept the momentum going to this day.

Choice of Fund Structures Malta’s legislation, the Investment Services Act and subsidiary legislation, provides for the setting up of UCITS and non-UCITS retail funds as well as Professional Investor Funds (PIFs). But with the introduction of the EU’s Alternative Investment Fund Management Directive (AIFMD), Malta has now broadened its offering with the introduction of Alternative Investment Funds (AIFs) by choosing to also retain its PIF regime. PIFs are non-retail funds for financially literate, highnet-worth investors, and not as tightly regulated as UCITS. Hedge funds, private equity funds and property funds usually take the form of PIFs. The PIF regime caters for three classes of funds targeting experienced investors, qualifying investors and extraordinary investors. Innovative Vehicles Maltese registered funds can be formed in a number of possible vehicles, including open-ended and closedended corporate entities, contractual funds and limited partnerships. The investment company with variable share capital (SICAV) is to date the most widely used vehicle, particularly in the non-retail sector, and it can be structured to include master feeder funds and umbrella funds with segregated sub-funds. Malta

also enacted regulations which make it possible for a fund to be constituted as an Incorporated Cell Company (ICC) or as an Incorporated Cell in a Recognised Incorporated Cell Company (RICC) which can act as a fund platform. Asset management companies in Malta have already launched fund platforms exclusively open to family offices and third-party managers to provide them with an efficient and cost-effective solution to enter the market. The platforms are usually registered as PIFs, while clients can choose their own service provider for the management of their segregated sub-funds. High-Profile Service Providers Funds registered in Malta, while requiring at least one resident director, are not required to appoint a local administrator. In general, Maltese regulation allows service providers to be based anywhere in the world as long as it is in a jurisdiction recognised by the Maltese financial authorities. The existence of locally based administrators such as Valletta Fund Services, HSBC, Apex, Custom House and Citco, all offering fund administration services could be seen as a more convenient option – however, the regulation ensures flexibility and choice.

Along with the strong network of fund administrators, a number of other prominent service providers have moved to the island and together with local players they have built up a comprehensive industry cluster. Around 70


fund management companies have set up in Malta – most of them are foreign owned. Global custody service providers, as well as the Big Four accounting firms have a presence in Malta, adding extra weight to

the industry of small and medium-sized accountancy firms that have flourished in tandem with the growth of the fund sector. Most of the country’s legal firms are part of international networks such as Lex Mundi and


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Lexis Nexis, and are regularly ranked on Chambers and Martindale-Hubbell. The firms are well-versed in setting up corporate vehicles, preparing offering documents and regulatory procedures for licensing.

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Professional Investor Funds (PIF) An overwhelming majority of funds in Malta are Professional Investor Funds (PIFs), which are typically in the form of open-ended public or private limited liability investment companies with variable share capital (SICAVs). Voted the best European Fund Domicile by Hedge Fund Review in both 2013 and 2014, the island’s successful PIF regime will continue to be a popular choice for both EU and non-EU alternative fund managers.

Types of Professional Investor Funds A Professional Investor Fund (PIF) is an alternative investment fund and there are three different types: • PIFs promoted to experienced investors: with a minimum investment of €10k or equivalent, are subject to some investment restrictions, may be leveraged up to 100% NAV, must appoint a Custodian and issue an Offering Document • PIFs promoted to qualifying investors: with a minimum investment of €75k or equivalent, with no investment restrictions (other than in the case of property funds), unlimited leverage, appointment of a Custodian is not mandatory (provided assets are subject to adequate safekeeping arrangements), and must issue an Offering Document • PIFs promoted to extraordinary investors: with a minimum investment of €750k or equivalent, with no investment restrictions, unlimited leverage, appointment of a Custodian is not mandatory (provided assets are subject to adequate safekeeping arrangements) and can issue a simplified marketing document in lieu of a more detailed offering document The underlying assets in which these funds can invest range from transferable securities, private equity, immovable property and infrastructure, to the more complex asset classes pertaining to the world of debt financing and derivatives. Most Maltese PIFs are used for hedge fund set-ups.




Europe’s favoured fund domicile Hedge Fund Review’s 2013 and 2014, Service Provider Rankings



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Key Features of PIFs PIFs are regulated by the Investment Services Act and are mostly open- or close-ended investment companies, but unit trusts, contractual funds and limited partnerships can also be used. Self-managed PIFs are also allowed and the manager may also act as administrator. Experienced Investors

Qualifying Investors

Extraordinary Investors

0 Minimum Investment




Setup Time

2-3 months

2-3 months

2-3 months

Investment Restrictions




Borrowing Restrictions

Up to 100% of NAV

Up to 100% of NAV

Up to 100% of NAV

Offering Documents



Required or Marketing Document

Third Party Manager

Required or Self-Managed

Required or Self-Managed

Required or Self-Managed

Fund Administrator

Manager may delegate fund administration to third party administrator

Manager may delegate fund administration to third party administrator

Manager may delegate fund administration to third party administrator


Required. Must be independent from fund manager.

Optional, provided adequate safekeeing measures.

Optional, provided adequate safekeeing measures.





Money Laundering Reporting Office (MLRO)




Compliance Officer (may also act as MLRO)








Self-Managed PIFs: PIFs may be self-managed without the need to appoint a third-party manager. This means promoters have the option to use a self-managed fund without the need to have a presence in Malta. The management of the assets of the fund would be undertaken by an investment committee with the day-to-day management performed by one or more internal and/or external portfolio managers. Self-managed funds are subject to particular rules regarding the composition of the board members and the investment committee, as well as share capital requirements.

Features applicable to all PIFs: Service Provider: Must be based in Malta or in a recognised jurisdiction. Local Representative: Required if all officials and service providers are established abroad. Reporting Requirements: Half-yearly (PIFs sold to experienced investors only), annual and compliance reports Application Fees and Expenses: Application fee for a preliminary indication of acceptability is €600

Application for a Licence of a PIF: €2,000 per scheme €1,000 per sub-fund Supervisory Fee: €2,000 per scheme €600 per sub-fund

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Alternative Investment Funds (AIFs) and Managers (AIFMs) Following the introduction of the EU’s Alternative Investment Fund Management Directive (AIFMD) that regulates both alternative fund managers and the promotion of alternative funds within the EU, Malta’s fund industry is entering a new phase in its development.


he AIFMD will act as a catalyst for further expansion in the coming years, attracting non-EU managers to set up shop in Malta. In addition to the newly introduced Alternative Investment Fund (AIF) regime that allows managers to launch funds under the AIFMD, the island’s successful Professional Investor Fund (PIF) regime was retained offering fund promoters diverse structuring opportunities. The remit of the AIFMD is particularly wide due to its all-encompassing definition of AIFs, as it covers all legal forms of AIFs, whether open or closedended and applies whatever the asset class invested in. AIFs are collective investment undertakings which: • raise capital from a number of investors with a view to investing it in accordance with a defined investment strategy • do not require authorisation under the UCITS Directive.

Therefore, hedge funds, private equity funds, real estate funds, venture capital funds and others all fall within the scope of the AIFMD. Authorisation: All AIFMs and AIFs (if self-managed) which do not fall out of scope or under any exemptions as set out in the directive, must be authorised by their home EU member state (where they have their registered office).


Initial Capital Requirements: • Self- managed AIFs €300,000 • Self-managed PIFs €125,000 • AIFM €125,000 but if the portfolio value of the AIFs managed by the AIFM exceeds €250 million, an 0.02 per cent of the amount exceeding €250 million is required. However, this amount shall not exceed €10 million and either 0.01 per cent of the portfolio value of the AIF or professional indemnity insurance cover. Required Information on each AIF: • Information on the AIF’s investment strategies • Information on where the master AIF is established if the AIF is a feeder AIF • The rules or instruments of incorporation of the AIF • Information on the arrangements made for the appointment of the custodian

• Additional information in relation to information to be disclosed to investors Passporting: The AIFMD provides a harmonised framework for the crossborder management and marketing of AIFs within the EU via an AIFM passport. The Custodian: The AIFM is required to appoint a single independent custodian for each AIF under management. Under certain conditions the MFSA may allow the appointment of a Category 4b custodian licensed under a lighter version of the custody framework open to fund administrators and other licensed service providers. AIFMs and prime brokers are specifically prohibited from acting as custodians. However, the prohibition is lifted in the case of prime brokers where measures have been taken to functionally and hierarchically separate the two functions and where no potential conflicts


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of interest arise. Until July 2017, the entity appointed as Custodian of an AIF does not need to be a Maltese entity but may be a credit institution established in any other EU Member State. Eligible Custodians: • a Maltese credit institution • a branch established in Malta of a credit institution authorised in an EU or EEA Member State • a branch in Malta of an overseas credit institution which is subject to prudential requirements at least equivalent to the requirements applicable to Maltese credit institutions • a Maltese company which is wholly owned by a credit institution (provided that the liabilities of such company are guaranteed either by a Maltese credit institution or by an overseas credit institution which is subject to prudential requirements at least equivalent to the requirements applicable to

Maltese credit institutions) • a Maltese company which is wholly owned by a Maltese or foreign institution or company which the MFSA deems to provide unit-holders with protection equivalent to that provided by the entities fulfilling the requirements listed above (provided that the liabilities of such company are guaranteed by the holding institution/company and provided that the holding institution/company has paidup share capital of €5m or its equivalent in foreign currency • an investment firm in Malta or a branch of an investment firm established in another Member State or EEA State subject to capital adequacy requirements in accordance with the Capital Adequacy Directive and authorised under MiFID and which also provides the ancillary service of safe-keeping and administration of financial instruments for the account of clients in accordance with MiFID.

Tax Benefits for a Malta-domiciled AIF: • An exemption from income tax and capital gains tax at both the fund level and at a non-resident investor level as long as more than 85% of the value of its assets is situated outside Malta • Investment income received by the fund is not subject to any withholding tax • No withholding tax is due on dividends paid out to non-residents • No tax is payable by non-resident investors when they dispose of their investment • No stamp duty charged on share issues or transfers • No tax on the net asset value of the scheme

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UCITS Schemes Malta was among the first countries to transpose the UCITS IV Directive and hosts a number of UCITS schemes, which have become popular due to their brand and tax efficiency. The UCITS IV provisions have further enhanced the country’s domicile appeal, making room for more growth.


CITS (Undertakings for Collective Investment in Transferable Securities) are harmonised European retail fund products that can operate throughout the EU on the basis of a single authorisation from one member state, provided that it follows certain notification procedures. UCITS offer a high degree of investor protection and are recognised by regulators worldwide. They can be marketed to both retail and institutional investors.

Benefits of Malta-based UCITS ▶ EU passporting rights: UCITS established in Malta can be marketed in all EU/ EEA member states. ▶ Up-to-date regulatory framework: Malta is ranked first for transposing EU directives into national law. ▶ Lower costs: Cheaper set-up and running costs. ▶ Economies of scale: Larger distribution network that can be achieved through a UCITS scheme results in a reduction in costs for investment. ▶ Structuring opportunities: Possibility to set up umbrella funds, allowing different sub-funds and share classes. ▶ Flexible regulator: The MFSA combines a high standard of regulation with an efficient response to industry needs. Every licence is subject to standard conditions. These standard conditions can be adapted to suit specific circumstances as long as standards are not compromised.

Key Features of UCITS Structures: Open-ended SICAVs. However, unit trusts, contractual funds and limited partnerships can also be used. Legislation: Investment Services Act Permitted business: Schemes may be offered to the Malta general public and in any other EU/EEA state. Fund promoter: The promoter is responsible for the fund’s structure, set up, strategy and distribution. No eligibility requirements apply for the promoter of a Malta UCITS. Corporate Requirements: • The scheme’s head office and registered office are to be both established in Malta • There must be a minimum of 2 directors, at least one independent from the manager and the custodian. Self-managed schemes shall have at minimum one Maltese resident director. • Local substance is a requirement, yet depends on the fund’s structure Custodian: Required. Must be a licensed institution or such other body or association acceptable to the MFSA, with a place of business in Malta Administrator: Optional. • The manager is responsible for the administration of the scheme when a third-party administrator is not appointed. • Yet where appointed, the administrator must be a recognised administrator. • May be different from the custodian. • Services may include; valuation, transfer agency and registrar, corporate secretariat and listing agent

Fund Manager: Optional • The fund may either be self-managed or managed by a company approved by the MFSA • Must have satisfactory financial resources and liquidity at its disposal • Managers must demonstrate sufficient and relevant experience • All roles, responsibilities and experience must be described in the fund prospectus. Investment advisor: Optional. • Must have satisfactory financial resources and liquidity at its disposal • Must demonstrate sufficient and relevant experience Compliance Officer: Required. Money Laundering Reporting Officer: Required. Auditor: Required. Must be approved by the MFSA and held responsible for certifying the fund’s annual report and accounts, which should include an audit report. License Application: Amongst others, the documents required are the: • Constitutional documents • Prospectus and marketing documents to investors. • Details on all services providers involved • Agreements with the fund’s service providers • Personal questionnaire and curriculum vitae of the directors • Three year marketing plan • Other documents which have an effect on the member’s rights


Approval time: Generally 2 to 3 months, but dependent on factors such as the fund’s complexity and the submission of complete applications. Nevertheless, the MFSA will review the draft application and the support documentation, whilst providing feedback within three weeks from submission of the application. Listing: UCITs may apply for a listing on the Malta Stock Exchange. Capital Requirement: • Third-party managed: UCITS Manager’s minimum capital requirement €125,000 • Self-managed UCITS : €300,000 Reporting requirements: Monthly statistical return to the MFSA, half-yearly compliance reports and annual reports Regulatory fees: Application for a License • €2,500/scheme • €450/sub fund • None for 16 sub-funds or more Supervisory Fees: • €3,000/scheme • €500/sub fund • None for 16 sub-funds or more Taxation: Exempt from income and capital gains tax, subject to not investing in immovable property in Malta VAT: Exempt without credit


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UCITS Management Company Licence Conditions Applicable To UCITS Management Companies General Requirements: The Licence Holder shall not engage in activities other than the management of UCITS, with the exception of the additional management of other Schemes which are not UCITS, but the units of which cannot be marketed in other Member States or EEA States and for which the Licence Holder is subject to the MFSA’s prudential supervision. Management of a UCITS includes the following functions: • Investment management • Marketing • Administration: • legal and fund management accounting services • customer inquiries • valuation and pricing (including tax returns) • regulatory compliance monitoring • maintenance of unit-holder register • distribution of income • unit issues and redemptions • contract settlements (including certificate dispatch) • record keeping The MFSA may authorise the Licence Holder to provide, in addition to the Management of UCITS, the following services: • management of portfolios of investments including those owned by pension funds, in accordance with mandates given by investors on a discretionary, client-by-client basis, where such portfolios include one or more of the instruments listed in the Act • as non-core services: • investment advice concerning one or more of the instruments listed in the Act • safekeeping and administration in relation to units of collective investment undertakings

Management Company passport (MCP) In the wake of the implementation of the UCITS IV Directive and the adoption of the Alternative Investment Fund Managers Directive (AIFMD) Malta has become particularly attractive to fund managers. The management company passport (MCP) under the UCITS IV directive ended the requirement that the management company needs to be established in the same country in which the UCITS is established. A Maltabased UCITS can now be managed by a UCITS Management Company established in another EU member state. The provisions of the UCITS IV Directive also enable the setup of master-feeder UCITS structures, by which one UCITS invests at least 85 per cent of its Net Asset Value in another UCITS. The advantages of this type of structuring mean that the management and administration of the master fund may be centralised in one jurisdiction allowing promoters to rationalise their platforms, build up economies of scale and potentially reduce costs to the investor. Both the UCITS IV Master-Feeder provisions and the MCP make Malta an attractive fund domicile for the set-up of new funds and for re-domiciliation. UCITS Passporting Procedure UCITS schemes based in EU member states wishing to market their units in Malta are only required to complete the notification procedure under the Investment Services Act (Marketing of UCITS) Regulations. Under UCITS IV, this process is completely regulator-to-regulator based. The UCITS only submits a notification letter and documentation to its home state regulator, which then transmits the information electronically to the MFSA within 10 working days. The home regulator will notify the UCITS of the date of transmission of the documentation and the UCITS can start marketing in Malta immediately. Conversely, Malta-based UCITS wishing to market their units outside Malta must inform the MFSA of their intention and await confirmation that the host regulators have been notified.

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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.

A Leading Domicile for Asset Protection Malta is one of the few jurisdictions that cater for both trusts and foundations. While trusts are peculiar to systems of law based on common law and are not generally found in civil law countries, civil law Malta is an exception to this rule. Malta trusts and foundations benefit from a number of advantages when compared to other trust jurisdictions, and the country’s lower set-up and management costs are proving attractive to both corporate entities and high-net-worth individuals.

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

Attractive Pension Schemes Thanks to Malta’s EU membership, companies established in other EU member states can sponsor occupational schemes established in Malta, where they are fully regulated by the MFSA. Legislation allows for a number of customised structures that suit the requirements of individuals or international businesses, and set-up as well as operational costs are lower than in most other jurisdictions. Malta satisfies the current HMRC requirements, enabling Malta retirement schemes to self-certify in terms of the UK’s QROPS legalisation.


EU Location of Excellent Repute Malta offers a highlyregulated, well-respected, sophisticated EU environment, and the country is fast becoming the wealth management jurisdiction of choice for people from across the world. Internationally, the island’s reputation as a location to establish and manage private and commercial trusts is growing significantly as the demand for secure solutions to wealth management issues increases.

Innovative Yacht and Aircraft Registration An internationally-recognised and reputable jurisdiction with EU-compliant legislation, Malta has a well-organised and efficient Aircraft and Commercial Yacht registration system with clear technical rules and low registration costs.


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Enviable Mediterranean Lifestyle Malta offers the perfect luxury expat destination for anyone looking for an unpretentious, beautiful and refreshingly affordable destination. Investors looking to move to Malta can take advantage of the country’s residency option as well as its Citizenship by Investment Programme.

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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.



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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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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

B▶ Prestigious

Portomaso: €300 - €427 per m2 per annum

SmartCity: €220 - €280 per m2 per annum

C▶ Professional


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

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





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.


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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.

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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.


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.



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.


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



Who’s who Malta Business Profiles Accounting & Auditing

Insurance Management

Baker Tilly Malta.........................................................................54 Capstone Group .........................................................................55 Deloitte Malta..............................................................................56 EY ................................................................................................57 Grant Thornton...........................................................................59 KPMG..........................................................................................61 PwC..............................................................................................63 RSM Malta...................................................................................63

Abacus Risk Management Services PCC Ltd ...........................53 Marsh Management Services Malta Limited............................62

Banking Services Bank Of Valletta plc....................................................................54 HSBC Life Assurance (Malta) Limited......................................60 IIG Bank (Malta) Ltd..................................................................60 NBG Bank Malta Limited...........................................................62 Sparkasse Bank Malta plc...........................................................63

Corporate services Abacus Corporate Services Limited..........................................53 Amicorp Malta Ltd......................................................................53 Avanzia Taxand Ltd.....................................................................54 Bentley Trust (Malta) Limited...................................................54 Corporate Services Limited (CSL).............................................55 Equiom Malta Limited................................................................57 Francis J. Vassallo & Associates Limited...................................58 Henley Corporate Services (Malta) Ltd....................................60 Heritage Corporate Services (Malta) Limited..........................60 International Management Services Ltd...................................61 Premier Fiduciary & Trust Ltd...................................................62 STM Malta Trust & Company Management Ltd......................64 United International Management (Malta) Limited................64 WDM International....................................................................64

Financial Markets Argentarius ETI Management Limited.....................................54 Malta Stock Exchange plc...........................................................61

Insurance Services FirstUnited Insurance Brokers Ltd............................................58 GasanMamo Insurance...............................................................59

Investment Services Curmi & Partners Ltd.................................................................56 Jesmond Mizzi Financial Advisors Ltd.....................................61

Legal Services Acumum Legal & Advisory .......................................................53 Camilleri Preziosi .......................................................................55 Chetcuti Cauchi Advocates........................................................55 CSB Advocates.............................................................................56 David Griscti & Associates.........................................................56 David Zahra & Associates Advocates........................................56 Dingli & Dingli Law Firm..........................................................57 Fenech & Fenech Advocates.......................................................57 Fenech Farrugia Fiott Legal.......................................................57 Ganado Advocates......................................................................58 Gonzi and Associates, Advocates...............................................59 GTG Advocates...........................................................................59 GVTH Advocates........................................................................59 Mamo TCV Advocates................................................................62 Micallef & Associates..................................................................62 Simon Tortell & Associates.........................................................63 WH Partners ...............................................................................64

Outsourcing Services Centrecom...................................................................................55

Promotional Agency

Foreign Exchange


FXDD Malta Limited .................................................................58

Real Estate

Fund Administration

Malta Sotheby's International Realty........................................61 Tumas Developments.................................................................64

Alter Domus (Services) Malta Limited.....................................53 IDS Fund Services Malta Limited..............................................60 SGGG Fexserv Fund Services (Malta) Limited........................63


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



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

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

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.

chief executive officer

Bentley Trust (Malta) Limited Bentley Trust (Malta) Limited provides Trust and Company formation and administration on an international, multi-jurisdictional basis. We specialise in meeting the varied requirements of wealthy individuals and their families, entrepreneurs, corporate executive and charities. We can tailor solutions to address a broad range of client objectives. From our base in Malta and together with your chosen professional advisers, Bentley Trust (Malta) offers a highly personal, discrete service providing flexible, efficient administration of all client assets on a global basis. Bentley Trust (Malta) is regulated by the Malta Financial Services Authority. Malcolm Becker chief executive officer

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

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

Level 7, Portomaso Business Tower, St. Julian’s STJ 4011 - Malta T: (+356) 2137 8828 E: W: Contact: Malcolm Becker Chief Executive Officer



FINANCEMALTA Sector guides 2O15 -2O16

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

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.

Chief Executive Officer

Dr Jean-Philippe Chetcuti Managing Partner

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

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


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

FINANCEMALTA Sector guides 2O15 -2O16



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

David Griscti senior partner

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.

David Zahra & Associates Advocates David Zahra & Associates Advocates is a law firm based in Valletta, which focuses on the core areas of commercial activity, with particular strength in corporate and commercial law, mergers and acquisitions, trusts and foundations and financial services law (including Islamic Finance). The firm’s founder, David Zahra, together with the firm’s associates, strive to satisfy the requirements of the client by fostering a close relationship and taking a keen interest in the client’s business to better understand their needs. The firm provides a solutions-driven approach to the law to assist the client quickly and efficiently in obtaining the best results. Dr David Zahra Partner

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. Chris Curmi Leader Global Employer Services

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

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

Level 3, Theuma House, 302, St. Paul Street, Valletta, VLT 1213 - Malta T: (+356) 2124 0019 E: W: Contact: Marika Borg Bonello Administrative Assistant

Deloitte Place, Mriehel Bypass, Mriehel BKR3000 - Malta T: (+356) 2343 2000 E: W: Contact: Chris Curmi Leader Global Employer Services


Dr Kevin F. Dingli


FINANCEMALTA Sector guides 2O15 -2O16

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

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. Dr Rosanne Bonnici partner

Tonio Fenech Joint Managing Partner

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.

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

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

FINANCEMALTA Sector guides 2O15 -2O16



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

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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.


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 Stephen Attard Partner

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

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 Stephen Attard - Partner



FINANCEMALTA Sector guides 2O15 -2O16

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

Mark Bugeja

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 Managing PARTNER

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.

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

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

FINANCEMALTA Sector guides 2O15 -2O16



Henley Corporate Services (Malta) Ltd Henley Corporate Services (Malta) Ltd. is part of the Henley Trust Group, an international trust boutique. The Henley Trust Group focuses on the implementation and maintenance of global tax planning, estate planning and asset protection structures for corporate clients and (ultra)-high-net-worth individuals and their private and/or family-owned businesses. We work in close cooperation with the client’s own advisors in creating effective tax and legal solutions. The Henley Trust Group is proud to serve reputable families, entrepreneurs and their companies. We believe in top quality services with a personal approach against fair prices. Barry Woestenburg Managing Director

Heritage Corporate Services (Malta) Limited Heritage Corporate Services (Malta) Limited (“Heritage” ) is part of the Heritage Group. Heritage is an independent provider of trust, fiduciary and corporate services. Heritage provides specialist solutions for both corporate and private clients. These include the set-up and administration of trusts, companies, aviation & marine services and various financial and securities activities. Heritage provides management, administration, accounting, corporate governance, company secretarial and compliance services as part of its offering. Dr Neville Carabott Managing Director

HSBC Life Assurance (Malta) Limited Established in 1995 and a subsidiary of HSBC Bank Malta p.l.c., HSBC Life Assurance (Malta) Ltd. has developed into one of the leading local life assurance product providers. HSBC life delivers a full and diversified product range, including group and individual protection products, capital protected with-profits savings plans and the company’s highly successful unit-linked products. Our local expertise and wealth of global resources allows us to truly meet customers’ individual and corporate needs. Geoff L. Brooks Managing Director

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 managing director & CEO

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.

4, Independence Square, Valletta VLT 1520 - Malta T: (+356) 2099 6099 E: W: Contact: Barry Woestenburg Managing Director

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

80, Mill Street, Qormi - Malta T: (+356) 2380 8600 E: W: Contact: Geoff L. Brooks - Managing Director

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



FINANCEMALTA Sector guides 2O15 -2O16

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. Jesmond Mizzi Financial Advisors Ltd Jesmond Mizzi Financial Advisors prides itself in providing a personalised service. The company is licenced to provide investment advice to retail clients, professional as well as eligible counterparties. The company which re-branded as Jesmond Mizzi Financial Advisors relies on a tried and tested investment approach, drawing on the experience of the founder members – Jesmond Mizzi Financial Services and Atlas Investment Services. The company is the representative in Malta of Henderson Global Investors and Legg Mason Global Funds plc. The company is a member firm of the Malta Stock Exchange and a member of the Atlas Group.

Jesmond Mizzi Managing Director

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

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.

Eileen V. Muscat

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.

Michael J. Zammit


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

67, Level 3, South Street, Valletta VLT 1105 - Malta T: (+356) 2326 5706 E: W: Contact: Jesmond Mizzi - 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

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

FINANCEMALTA Sector guides 2O15 -2O16



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

Micallef & Associates Micallef & Associates is an established notarial practice offering bespoke services to local and international clients. Areas of practice include private law, particularly property conveyancing; succession planning and estate planning including the set up of trusts and foundations. Assisting individuals relocating to Malta, as well as offering services to corporate entities, fall within the areas of specialised assistance. Micallef & Associates is an Accredited Agent in terms of the Individual Investor Programme authorised to assist applicants to obtain Maltese citizenship. Annalise Micallef Partner

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

Premier Fiduciary & Trusts Ltd Premier Fiduciary & Trusts Ltd is a Maltese Fiduciary company licensed by the Malta Financial Services Authority (MFSA). At Premier we strive to set the standard in fiduciary, trusts and foundation services. Our service is structured around each client’s individual requirements and priorities. Whatever we do for you, you can be assured that we always act with uncompromising integrity, quality, personal service and attention to detail.

Dr George M. Hyzler Executive Chairman

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

149, Zabbar Road, Paola, PLA 1016 - Malta T: (+356) 2167 8380 E: W: Contact: Annalise Micallef - Partner

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

43 A/1, Saint Paul`s Buildings, West Street, Valletta VLT 1532 - Malta T: (+356) 2011 9797 E: W: Contact: Dr George M. Hyzler - Executive Chairman


Bernard Attard Partner


FINANCEMALTA Sector guides 2O15 -2O16

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. Malta has been particularly efficient in attracting high-net-worth individuals to organise their worldwide affairs through the country. PwC has a strong local and international network of professionals who provide high-quality service and the Malta team offers a variety of wealth management services, including tax advice, estate and succession planning, tax efficient structuring of business and personal assets, advice on tax residence, emigration and immigration and tax compliance services and dispute resolution with tax authorities.

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

SGGG Fexserv Fund Services (Malta) Limited SGGG Fexserv Fund Services (Malta) is your administrative partner for all your fund management requirements, bringing together the international expertise of SGGG Fund Services Inc, responsible for the administration of over 220 alternative strategy funds, together with Fexserv Financial Services, one of the leading and most established companies in the local financial services industry.

Anabel Mifsud Chief Executive Officer

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

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

Alpine House, Naxxar Road, San Gwann SGN 9032 - Malta T: (+356) 2576 2121 E: W: Contact: Anabel Mifsud Chief Executive Officer

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

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

FINANCEMALTA Sector guides 2O15 -2O16



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

George Bonnici

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

James Scicluna Partner

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.

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

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

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

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Sector guides 2O15 -2O16

Sector guides 2O15 -2O16

Sector guides 2O15 -2O16

INVESTMENT funds & asset management



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

Wealth Management 2015  
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