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Malta : An Overview

 

Malta is emerging as one of the fastest growing international financial services centres in the world. Described as a well diversified finance centre, Malta has strong banking, insurance, investment funds and wealth management sectors, all of which are under-pinned by universally-praised, EU compliant legislation and regulation, a single regulator that has proved to be both flexible and accessible and a pool of highly-trained, experienced professional services providers, to drive the business now flowing into the country.

Malta addresses both the high net worth individual (HNWI) as well as the business community:

  1. HNWI

Non EU individuals can take up permanent resident status in Malta simply by purchasing (minimum 220 000 €) or renting (minimum 8750 €) their residence in Malta and paying a minimum tax of Euro 15,000 € per annum. This entitles the resident to a Schengen passport which opens the borders to a number of countries in Europe, including: Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, GreeceHungary, Iceland, Italy, LatviaLithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, Switzerland.

Hence, Malta has been considered a gateway to Europe.

  1. Business Community

Malta offers a portfolio of financial and fiscal opportunities to foreign business men and companies who want to set up their operations in Malta or who want to use Malta as a gateway to Europe or to the Middle East or to China, benefitting from a number of fiscal advantages. The Malta financial regime offers various corporate vehicles to address different fields and areas of business.

a. Maltese Company

Foreign shareholders of Maltese companies deriving income from abroad have their tax burden limited to 5% of the profits of the company. Furthermore, in the case of holding companies holding participating investment (over 10%) shareholders of these companies pay 0 tax.

This unique advantage is supported by a long list of double taxation treaties which Malta enjoys with many countries including:

Albania, Australia, Austria, Bahrain, Barbados, Belgium, Bulgaria, Canada, China, Croatia, Cyprus, Czech republic, Denmark, Egypt, Estonia, Finland, France, Georgia, Germany, Greece, Guernsey, Hong Kong, Hungary, Iceland, India, Ireland, Isle of Man, Italy, Jersey, Jordan, Korea, Kuwait, Latvia, Lebanon, Libya, Lithuania, Luxembourg, Malaysia, Morocco, Netherlands, Norway, Pakistan, Poland, Portugal, Qatar, Romania, San Marino, Saudi Arabia, Serbia, Singapore, Slovakia, Sloenia, South Africa, Spain, Sweden, Switzerland, Syria, Tunisia, Turkey, United Arab Emirates, United Kingdom, United States of America, Uruguay.

This company structure, and particularly this tax advantage can be adopted with regard to all types of commercial operations, including import/export, brokerage, intermediary services, ship management, back office, etc.

b. Trusts

Malta has one of the most modern and advanced tax legislation in the world. It has incorporated the concept of trusts and fiduciary obligations which originated under common law into its own civil law system. And all this is incorporated in one codified statute. What is particular about this legislation is that while offering its own regulated trust legislation, it allows foreign trustees to operate under the Maltese trust, as well as recognising trusts registered in Malta to be regulated by a foreign law. The importance of this is that it allows professional trust operators in other jurisdictions, either to be able to continue to work with Maltese trust as well as to feel confident using the trust legislation they are familiar with applying it to the Maltese trust.

c. Fund Management and Investment

Malta encourages the setting up of collective investment schemes (SICAVS, Trust funds etc.) to be set up in Malta under a friendly but serious regulator which is internationally recognised as such. Not only is the setting up of such trust funds relatively simple, it also offers unique tax benefits, such as 0 tax for the investor and 5% tax for the promoters.

d. Banking and Financial Institution

International banks are encouraged to set up in Malta. Again, a well-defined, serious and friendly regulator encourages the setting up of banks and financial institutions in Malta. Again, what is attractive is the fiscal status of the promoters of these institutions and the use of the double taxation agreements.

e. Shipping

Malta has the second largest fleet in the world. This is due to (1) its very efficient registry (2) its tax advantages (Nil tax), and (3) the balance between the protection of the owners’ rights with the security of the creditors particular of the financiers. In fact, it is one of the most convenient tax efficient countries for non EU vessels to get registered in the EU within the VAT system.

f. Aviation

Recently enacted aviation legislation puts the Maltese civil aviation registration a front liner with regard regulation and tax efficiency. Owners of small aircraft as well as airliners find convenience and security also because. In this case too, the strength of the legislation is due to (1) it’s very efficient registry (2) it’s tax advantages, and (3) the balance between the protection of the owners’ rights with the security of the creditors particular of the financiers.

  1. Arbitration

Malta is establishing itself as an international arbitration centre. The arbitrators can be chosen from any nationality and from any profession. Furthermore, what is interesting is that it can be agreed that the arbitration is done and completed within a definite and predetermined period of time.

Тэги: financial center, investments, Malta, permanent resident status in Malta, Schengen passport, tax, инвестиции, льготное налогообложение, Мальта, финансовый центр, шенгенский паспорт для нерезидентов

Опубликовано: 07.10.2013 Просмотров: 3207 Вернуться к публикациям

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