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A CountryProfiler Publication

WEALTHMANAGEMENT

Sector guides 2O15 -2O16

FINANCEMALTA Sector guides 2O15 -2O16 WEALTH MANAGEMENT2


About FinanceMaltaA Culture of Getting Things Done

FinanceMalta, 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.

MembershipFinanceMalta 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 www.financemalta.org.

Board Members Kenneth Farrugia (Chairman)Prof. Joe V. Bannister (Vice-Chairman)Charles Borg / Mark WatkinsonMatthew BianchiChris J. NaudiAnnalise MicallefJohn HuberAndré Borg

Bernice Buttigieg (Secretary to the Board)

Benefits of FinanceMalta Membership:• Directaccesstothe

experience and knowledge of fellow members.

• Receiveregularupdates,newsletters,andpublicationsonrelevantissues.

• Attendpartnerseminars,training and workshops on a wide range of specialist subjectsatheavilydiscountedrates,withsomeeventsbeing complimentary.

• Influencethemarket,regulators and law makers through FinanceMalta’s lobbyingactivities.

• BenefitfromFinanceMalta’smarketingandPRinitiatives.

• Regularopportunitiestoshowcaseyourfirmontheinternational scene under the umbrella of FinanceMalta.

• Opportunitytopublishwhite papers and articles on FinanceMalta’s website and to take part in topical webcast series.

FinanceMalta Leadership Team

“Overthepasttenyears,Malta’sfinancialservicesindustryhasdevelopedfromonethatwasprimarily led by the domestic market intoatrulyinternationalfinancialservicescentre,attractingmanytop-ratedfinancialservicesfirms.”

Kenneth [email protected]

“FinanceMalta is working with all stakeholders to ensure that morequalifiedindividualsentertheindustryasthefinancecentregrows. We also offer training and re-traininginitiativesinordertohelpprofessionalsremaininformed.”

Bernice ButtigiegHead of [email protected]

“We are aiming to take Malta tothenextlevelandcreateaglobally recognised international financialservicessectorthatisbasedonourskilledworkforce,astableregulatoryenvironmentandbusiness-friendlypolicies.”

Ivan [email protected]

Promoting and Fostering Malta’s Finance Centre

FinanceMalta @FinanceMalta FinanceMalta FinanceMaltaYT

FinanceMalta,GarrisonChapel,CastillePlace,VallettaVLT1063-MaltaE: [email protected]:+35621224525·F:+35621449212

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Email: [email protected]: www.countryprofiler.com

Main PhotographyFritz Grimm

Additional PhotographyAlan Carville / Malta Stock Exchange

DesignRamon Micallef - [email protected]

PrintingGutenberg Press, Malta

Publication DateApril 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.

Meet the Team

Garvan KeatingRegionalDirector

[email protected]

Heidi MarttinenEditor

[email protected]

Sonja LindenbergEditor

[email protected]

Melissa PuglisevichOfficeManager

[email protected]

Morgane SteinBusinessExecutive

[email protected]

Daniel GeraldesBusinessExecutive

[email protected]



Contents

About FinanceMalta Publisher InformationFinance Industry StakeholdersMalta at a GlanceInternational Finance Centre: A Partner for SuccessKey Reasons to do Business in MaltaPrivate BankingMalta TrustsThe Malta FoundationYacht & Aircraft RegistrationPension SchemesExpat ResidencyThe Malta CompanyInvestment FundsProfessional Investor Funds (PIF)Alternative Investment Funds (AIFs) and Managers (AIFMs)UCITS SchemesKey OpportunitiesA Guide for Doing Business in MaltaMalta: A Cosmopolitan Lifestyle in the MedWho’s Who: Malta Business Profiles

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Malta Association for Retirement Scheme Practitioners (MARSP)

Chairman:Bethell Codrington

Malta Bankers Association (MBA)

Chairman: Mark Watkinson

www.maltabankers.org

Additional Resources

Malta Fund Industry Association (MFIA)

Chairman: Kenneth Farrugia

www.mfia.org.mt

Malta Insurance Association (MIA)

DirectorGeneral:AdrianGalea

www.maltainsurance.org

Malta Insurance Management Association (MIMA)

Chairman: John Tortell

www.mima-malta.com

Institute of Financial Services Practitioners (IFSP)

President: Christopher J. Naudi

www.ifsp.org.mt

Association of Insurance Brokers (AIB)

Chairman: Mark Spiteri

www.aibmalta.com

Society of Trust & Estate Practitioners (STEP) Malta

Branch Chair: DrJean-PhilippeChetcuti

www.step.org/malta

Malta Institute of Taxation

www.maintax.org

Malta Institute of Accountants (MIA)

www.miamalta.org

Malta Institute of Management (MIM)

www.maltamanagement.com

Malta Chamber of Commerce

www.maltachamber.org.mt

Institute of Directors (IoD) Malta

www.iod.com/malta

Malta Enterprise

www.maltaenterprise.com

Malta Chamber of Advocates

www.avukati.org

Finance Industry Associations

Finance Industry Stakeholders

Ministry for Financewww.mfin.gov.mt

Prof. Edward SciclunaMinister for Finance

Ministry for the Economy, Investment and Small Businesswww.economy.gov.mt

Dr Christian CardonaMinisterfortheEconomy,InvestmentandSmallBusiness

Malta Financial Services Authority (MFSA)www.mfsa.com.mt

Prof. Joseph BannisterChairman

Central Bank of Maltawww.centralbankmalta.org

Prof. Josef BonniciGoverner

FinanceMaltawww.financemalta.org

Kenneth FarrugiaChairman

Dr José HerreraParliamentary Secretary forCompetitivenessandEconomicGrowth

Malta Stock Exchangewww.borzamalta.com.mt

Paul SpiteriChairman



Recession ProofMalta 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 GrowingAs 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.

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

European Economic Forecast (Winter 2015)

Forecasts for Malta 2014 2015 2016GDPgrowth(%,yoy) 3.3 3.3 2.9Inflation(%,yoy) 0.8 1.0 1.9Unemployment(%) 6.0 5.9 5.9Structuralbudgetbalance(%ofGDP) -2.7 -2.4 -2.2Grosspublicdebt(%ofGDP) 68.6 68.0 66.8Currentaccountbalance(%ofGDP) 3.3 3.5 3.6

Economic PowerMalta 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 EconomyOver the past years, Malta has diversified and thrived. Popular as a safe and sunny tourist destination for sun-starved 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

INTERNATIoNAl FINANCE CENTRE

A Partner for Success

Central locationLocated 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 BusinessMalta’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.

Country Knowledge 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 BanksMuch 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 FutureAs 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.

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.

Population421,000(2014)

RainAnnual rainfall

600mm

Sunshine 300days

a year

TemperatureWinter12ºCSummer31ºC

Time1hourahead

ofGMT

CurrencyEuro

Total areaMalteseIslands:

316km2

Tax rate35%

Redomiciled Companies

In2013,111companiestransferredtheirdomiciletoMalta,whichrepresentsanincreaseofover60percentfromthepreviousyear,70percentoftransferred companies were from non-EU countries whiletheremaining30percentfromEUcountries.

2011 2012 2013

57 68 111

0.8%Inflationrate(January2015)EU:-0.5%

6.0%Unemployment rate (January2015)EU:9.8%

3.3%GDPGrowth(2014)

IFRSAccountingStandards

€136.8bnFDI

(June2014)

68Number of DoubleTax

Treaties

A(Fitch,2015)

A3(Moody’s,2014)

BBB+/A-2(Standard&Poor’s,2015)

Sove

reig

n Ra

ting

s

Wealth Management Domicile at a Glance

Finance Centre (2014)

MAlTA

GoZo

3.3%GDP Growth in 2014

75%Services sector share in Malta’s economy



A leading CentreMalta 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 PerformanceUnlike 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.

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 pro-business attitude, excellent regulation and competitive cost of doing business, Malta has become the go-to finance centre for start-ups, growth-minded entrepreneurs and Fortune 500 companies alike.

Europe’s Fund GatewayThe 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 2014-2015 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

Finance Centre

Competitiveness

parent banks of domestic subsidiaries – such as HSBC – have passed the EU-wide stress tests of recent years.

Winning in Wealth ManagementThe 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 CaptivesMalta 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.

10THSoundest Banking SystemWorld Economic Forum2014-2015GlobalCompetitivenessIndex

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

Diversified International Finance Centre

low-Risk EnvironmentAs a European Union member with a long-established 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 long-term 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 TimeMalta’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.

25%Annual expansion of Malta’s financial sector

EU & OECDApproved financial services framework



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 TelecomsIn 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

Global Business GatewayMalta’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 PassportSince 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

Market Access

Infrastructure

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 MarketsMalta 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 double-taxation treaties, covering most of the world’s high-growth markets facilitating international business.

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 ClusterIn 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 ConnectionsLocated 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 SpaceA 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.

Perfect TimingMalta 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 CurveIn 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.

MALTA

GOZO

•St.Julians

•VallettaSliema•

MaltaInternationalAirport•

COMINO

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

3RDout of 144 countriesMalta’s ranking

for International bandwidth per user

World Economic Forum2014-2015GlobalCompetitivenessIndex



Robust RegulationThe 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.

Regulation and Legislation

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 PartnershipThe 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.

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

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 Anglo- Saxon 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.

Risk-based Regulator

The Malta Financial Services Authority

living the High lifeAside 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 BestMalta 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 ActivitiesMalta 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 HomeIt 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 AtmosphereIt 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.

Lifestyle



outstanding Human CapitalMalta’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

Value for MoneyNo 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 FrameworkMalta 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

Costs and Fees

Advice and Assistance

as Lex Mundi and Lexis Nexis and regularly ranked on Chambers, Martindale-Hubbell or other similar institutions. Malta also provides an array of corporate service providers offering solid business advisory and back-office support.

Finely Honed SkillsService 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.

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 ExpensesMalta 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 RatesSalaries 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.

from the economy and management faculty than any other in 2013-2014.

Established Service ProvidersMalta 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

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 ServicesThe 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.

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

10,000+Employed in international financial services in Malta

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



Key Reasons to do Business in MaltaHedge 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 IndustryThroughout 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 ultra-high-net-worth individual requiring the personalised services of a private banker.

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.

▶ EU and eurozone location

▶ Multi-disciplinedadvisorsable to adapt to the changingneedsofHNWIs

▶ Sound and sophisticated banking system

▶ Fast-track authorisation for ProfessionalInvestorFunds(PIFs)

▶ Flexibleinvestmentstructures(SICAVs,trusts,partnershipsetc.)

▶ A reputable stock exchange

Benefits of Wealth Management in Malta

▶ Oneoftheonlycivillawjurisdictionstohavesuccessfullydevelopedatrust concept by integrating itwithRomanlawsources

▶ Recognitionofforeigntrusts

▶ Offeringtheset-upofbothtrusts and foundations

▶ LegislationpublishedinEnglish

▶ A stable macroeconomic environment



Private BankingMalta’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 ultra-high-net-worth individual, requiring the more personalised services of a private banker.

Ranked 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 EU-compliant 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.

Sound and ConservativeThe 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 old-fashioned 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 BanksMalta’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 BankingMalta 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.

▶ Securelocationforsavingsandassets

▶ Around70doubletaxationtreaties

▶ The country’s banking sector has been judged the10thsoundestintheworld ▶ Diverseindustryprovidingawiderangeofservices,includingcustodianbanking,tradeandprojectfinanceaswellasspecialistwealthmanagementservices

Benefits of Banking in Malta

10THSoundest Banking System out of 144 economies (2014-2015)



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 tailor-made trustee solutions.

Malta TrustsMalta 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.

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 lawTrusts 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.

Maltese law caters for all the main types of trust normally found in traditional common law jurisdictions such as:• Discretionarytrusts• Accumulationand

maintenance trusts• Fixedinteresttrusts• Spendthrifttrusts• Charitabletrusts• Unittrusts

The Private Trust Company (PTC)TheTrustsandTrusteesActwentunderreviewin2014andculminatedintheTrustsandTrustees(Amendment)Act,ActXIof2014,publishedonthe25thofApril2014.Provingthatthisisindeedadynamicarea,theamendmentswereaimedatimprovingMalta’slegislativeframeworkregulatingbothtrustsgovernedbyMalteselawandtrusteesresidentoroperatinginorfromMalta.ThechangeshaveprovidedgreatercertaintyandatthesametimebringingMalta’strustlawprovisionsinlinewithinternationaldevelopmentsinthearea.Possiblyoneof the most – if not the most – noteworthy amendments is theintroductionofthePrivateTrustCompany(PTC)forfamilytrustsinthenewarticle43B.Afamilytrustisdefinedas‘atrust created to hold property settled by the settlor or settlors for the present and future needs of family members and family dependants’.Thisnewarticleprovidesthatatrusteecompany:• whoseobjectsandactivitiesarelimitedtoactingas

trusteeinrelationtospecificsettlorsandprovidingadministrativeservicesinrespectofspecificfamilytrusts;

• whichdoesnotholditselfoutastrusteetothepublicand• whichdoesnotacthabituallyasatrustee(inany

caseinrelationtomorethan5settlorsatatime)• isnotrequiredtobeauthorisedbutisrequiredtomerely

registerwiththeMFSA.TheaimofthisnewprovisionisthatofincentivisingtheuseofPTCsinMalta,inthecontextoffamilytrusts,byfacilitatingtheauthorisationprocedureinviewofthefactthattheyaretypicallydesignedaroundtheneedsofaspecificfamilyandinanycasewouldnotbeofferingtheirservicestothegeneralpublic.PTC’soffersomeveryinterestingopportunitiestoHNWI’sandfamilieswhofavouratailor-madetrustee solution in the design of which they can take part (and possibly also a role) when compared to the mainstream professional or institutional trustees.

▶Oneofthefewcivillawjurisdictionsthathasdevelopedits own domestic trust law

▶Recognitionoftrustssetup under foreign laws

▶Offeringtheset-upofdomestictrusts and foundations

▶LegislationpublishedinEnglish

▶ EU and eurozone location

Benefits of Malta Trusts & Foundations

▶ High professional standards withmanyaccountants,bankers,lawyers,notariesandinvestmentadvisorsholdingoverseasqualificationsandhavingoverseasexperience

▶ Fast-track authorisation for trustees licensed in other (approved)jurisdictions

▶ English-speaking country with apro-businessgovernment

Built 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.



Means of establishment: A trust may be created unilaterally or bilaterally,byoraldeclarationor in writing. A unit trust must always be created in writing.

The Settlor: The settlor is the person who sets up the trust. Thesettlormustbeofage,havefullcapacitytocontractand a free disposition of the assets settled on trust. While imposingfiduciaryobligationsuponthetrusteeinfavourofthebeneficiaries,trustsdonotleavethesettlorwithanyrightsin relation to the trust property –exceptasspecificallyprovidedfor 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:• Thesettlorhasthepower

toseekcourtdirectivesastotrustvalidity

• ThesettlorhastherighttoavariationoftermsandrevocabletrustswheretheTrustDeedsoprovides

• Incasesoftrusttermination,interest lapses or no existing orpossiblebeneficiary,the trustee holds the trust property for the settlor (or his or her heirs)

• Itisthetrustee’sdutytoprovidethesettlorwithinformation,subjecttothetermsoftheTrustDeed.

NEW: The settlor may reserve or grant himself:

• Anybeneficialinterestin the trust property

• Anypowertoappoint,add or remove trustees, protectors or beneficiaries

• Anypowertoappointaninvestment 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 investmentadvisor.Subjecttothetrustterms,theprotectortypically has the power to:• Appointnewand/or

additional trustees• Removetrustees• Requiretrusteestoobtain

the protector’s discretion (includingapproval)inrelation to particular matters e.g. purchase / sale of trust property.

The Beneficiary: Thebeneficiaryisthepersonwhomaybenefitfrom the assets of the trust. Allbeneficiarieshavetobementioned by name or are ascertainable by class or by relationshiptoapersonaliveordead.Forinstance,childrennotyetbornorconceivedmaybepotentialbeneficiaries.Therightsofthebeneficiaryarepersonalandareregardedasmovableproperty. Subject to the trust deed,thebeneficiarymaysell,charge or deal with his or her interestinanymanner,providedthat this is done in writing. Thebeneficiaryhastherightto information from the trustee andmayseekcourtdirectivesregardingthevalidityofthetrust.Thebeneficiarymayalsodisclaimhisorherinterest,orpartthereof.

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: TheTrustDeedistheinstrument whereby the trust is created and includes the terms of the trust and may also be in the form of a unilateral declaration oftrust.Forexample,aTrustDeedmayprovidefortheadditionofnewbeneficiaries(e.g.forunborn children) or the exclusion ofaspecificbenefittocertainbeneficiariesunderconditionsclearlystatedintheTrustDeed.

Letter of Wishes: The settlor can guide the trustee in a separate letter of wishes on how the trustee should exercise his discretion.Dependingontherelationship between the settlor andthebeneficiaries,thesettlorcaninformthebeneficiariesofthisletter,however,he/shemay also choose not to disclose thislettertothebeneficiaries.A letter of wishes is not legally bindingonthetrustee,butrather constitutes general guidance on a settlor’s wishes.

Legal Form: A trust does not haveitsownlegalpersonality.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 inMalta.Therefore,thetimerequired depends on the particular circumstances and mainly relates tothedraftingoftheTrustDeed.

Termination: The Malta trust has been amended to extend the permitteddurationto125years(formerly maximum duration

was100years),however,itcan be terminated earlier if all beneficiariesactinginunisondemandtermination,whichthetrustees 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 licensedbytheMFSA,whichhasalso issued a code of conduct toprovideguidancetotrusteesas to the standards required under the Trusts and Trustees Actandotherfinancialserviceslegislation,aswellastothebestpractice in the industry. Trustees mustexercisetheirfiduciaryduties prudently and competently and,subjecttothetermsofthetrustandtheprovisionsoftheTrustsandTrusteesAct,considertherightsofallbeneficiarieswhen making decisions affecting the administration of the trust. Ifatrusteefailstoadministeratrust in accordance with the law andtherespectivetrustdeed,the trustee is liable for such a breach and can be sued for it.

NEW: the amendments include:• trusteeshavetheduty

to avoid any conflicts of interests

• uponacceptingappointment,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

• trusteesareobligedtokeep accounts and records of their trusteeship for at least 10 years from the date of termination of the trust/trusteeship

Key Features of a TrustReliable Service ProvidersIn 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 CostsAnother 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 TrustsMaltese 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.

Recognition of Foreign Trust lawMalta’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.

130+Fiduciary companies

offering trust/trustee services



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:• Foranycharitable,

philanthropic or other social purpose

• Asanon-profitmakingorganisation

• Foranyotherlawfulpurpose (not necessarily a social purpose and can be a private purpose)

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.

Means of Establishment: A foundation can only be constituted inwriting,eitherbyapublicdeedpublishedbyaNotary,orbyawill. The foundation deed must beregisteredwiththeOfficeoftheRegistrarofLegalPersons.

Assets: The assets of a foundation may originate from anylawfulbusinessoractivityand may consist of present or future assets of any nature. The minimum endowment of money or property to set up a privatefoundationmustbeworthatleast€1,165(and€233for a foundation established exclusivelyforasocialpurposeorasnon-profitmaking,inthecase of a purpose foundation).

Foundation deed: The foundation deed must contain the following information:• Thenameofthefoundation,

which must include in it theword‘foundation’

• Theregisteredaddress in Malta

• Thepurposesorobjectsof the foundations

• Theconstitutiveassets with which the foundation is formed

• Thecompositionoftheboardofadministrators,andifnotyetappointed,themethodof their appointment

• Thelegalrepresentation(alocalrepresentativeisnecessary,iftheadministrators of the foundation are non-Maltese resident)

• Thetermforwhichit is established

• Inthecaseofaprivatefoundation,thedeedoffoundation must contain the namesofthebeneficiaries,or in the absence of such indication,adeclarationthat the foundation is

Conditions for the founder:• Thefoundermayalso

be an administrator• Thefoundermaybe

abeneficiaryduringhis lifetime but in this case,he/shecannotactas sole administrator of the foundation.

Administrator: Dutiesofthe administrator:• Theadministrators(whether

natural or legal persons) are responsible for maintaining possession and control of the propertyofthefoundation,safeguarding such property and ensuring compliance with the statute of the foundation and the law

• Theyareboundbyfiduciaryobligations stipulated in the CivilCode.Anyfiduciarywhobreaches such obligations shall be bound to return anyproperty,togetherwithallotherbenefitsderivedbyhim,whetherdirectlyorindirectly,tothepersontowhom the duty is owed.

Conditions for the administrator:• Theadministratorcan

be based outside Malta. However,apersonresident in Malta must be appointed to act as the localrepresentativeofthefoundationinthiscase;

• Theadministratormaybethefounder;however,insuchsituation,thefoundercannotbe the sole administrator.

Supervisory Protector: Thedeedcanprovideforasupervisorycouncilortheofficeofprotector.Theyusuallyexercisesupervisionovertheactsoftheadministrators,andmaybevestedwithpowers of appointment or removalofadministrators.

constitutedforthebenefitofthebeneficiaries.Inthelattercase,thebeneficiariesmustbe indicated in a separate legalinstrument,knownasabeneficiarystatement,which must be signed by thefounder,addressedtothe administrators and authenticated by the Notary Public who has published thefoundationdeed.Inordertoprotectconfidentiality,thebeneficiarystatementdoesnotneedtobefiled;in its stead a note of reference referring only to thefounderisfiledwiththeRegistrarofLegalPersons.

Legal Form:Oncethefoundationisestablished,thedeedispublished,andthefoundationisregisteredwiththeRegistrarforLegalPersons,anewlegalperson is created and the foundation itself becomes the owner of the foundation property.

Termination: Except when foundations are used as collectiveinvestmentvehicles,insecuritisation transactions or in the case of purpose foundations (which may be established for an unlimitedterm),foundationsarevalidforamaximumtermof100years from their establishment.

Founder: The rights of the founder:• Thefoundermay

exercisesupervisionoveradministration of the foundation,obtainacopyorcopiesofaccounts,inventoryanddescriptivenotes of property

• He/shemayintervenein court proceedings concerning the appointment of administrators or the disposal of assets

Key Features of a Foundation

FoundationsHave a separate legal personality

Defined in terms of the assets making up the foundation

Foundation is the legal owner of its own assets

TrustsDo not have a separate legal personality

Defined in terms of relationship

Trustee is the legal owner of the assets

Salient Differences between Malta Trusts and Foundations

Separate legal IdentityUnlike 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.

The Malta Foundation



Yacht & Aircraft RegistrationAlternative 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 BoatsThe 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 YachtUnder 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 StructureAs 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 MaltaSimilar 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

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

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

Aircraft Registration Act is fully compliant with EU legislation and allows the following persons/entities to register an aircraft in Malta:• CitizensofEUorEEA

member states, or Switzerland with a place of residence or business in the EU, the EEA or Switzerland.

• Anundertakingformedand 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

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 RegistrationThe Maltese aircraft register was first established in the 1960s, however, the country introduced a new Aircraft

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 RegistrationApplications 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

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.

• Anaturalpersonwhoisacitizen 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.

▶ An internationally-recognised and reputable jurisdiction

▶ EU compliant legislation

▶ Clear technical rules

▶Awell-organisedandefficientCommercialYachtregistrationsystem

▶Lowregistrationcostsforcommercialyachts

▶Efficientholdingandadministrativestructures

Benefits of Registration of Ships and Yachts under the Maltese Flag

SUPERYACHTSREGISTERED IN MALTA

450+



Pension SchemesThe 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.

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.

The British ConnectionMalta’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 SchemesToday, 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 cost-effective 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 SectorAround 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.

Retirement schemes have become an

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

▶Retirementschemesandtheir administrators are licensed and fully regulated by the Malta Financial ServicesAuthority(MFSA).

▶ Thanks to Malta’s EU membership,companiesestablished in other EU member states can sponsor occupational schemes established in Malta.

Benefits of Pensions and Retirement Schemes in Malta

▶ Fees for the administration and management of the schemearecomparativelylowerthan in other jurisdictions.

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

▶Legislationallowsforanumberof customised structures that suit therequirementsofindividualsor international businesses.

▶MaltasatisfiesthecurrentHMRCrequirements,enablingMalta retirement schemes to self-certify in terms of the UK’sQROPSlegalisation.



Expat ResidencyMalta 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 ResidencyMalta’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.

▶ Malta’s economy is stable and one of the star performers in the EU in termsofGDPgrowth.

▶ A great selection of luxury propertyisavailable,withanumberofdevelopmentsearmarked as Special DesignatedAreas(SDA)with no restrictions on acquisition for foreigners.

▶ Malta is a signatory to around70doubletaxtreaties,many of them guaranteeing thatprofitsgeneratedfromthesaleofimmovableproperty in Malta shall be taxable only in Malta.

▶ Malta is a Mediterranean country with a fantastic climate and infrastructure and Englishasanofficiallanguage.

Benefits of Investing in Maltese Property

Residency ProgrammesTwo 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

and magnificent architecture, Malta boasts an abundance of lifestyle properties, ranging from sea-front apartments to exclusive villas with pool. Malta also offers a unique blend of period homes and character houses dating back hundreds of years as well as ultra-modern apartments and villas for sale.

Individual Investor Programme Malta recently introduced an Individual Investor Programme, which has been endorsed by the European Union. The programme offers foreign nationals the possibility to obtain Maltese citizenship after having resided in the country for 12 months, by paying €650,000 to the National Economic 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.

20,000+ExPATS RESIDING IN MALTA

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

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.



The Malta Company

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.

• CompanyLaw:CompaniesAct1995

• TypeofCompany:PrivateandPublicLimitedLiabilityCompany

• LanguageofLegislationand Corporate Documents:English

• ExchangeControl:No• LengthoftimetoIncorporate:

approximately1week• RegistrationFee:Thereis

a minimum registration fee,payabletotheRegistryofCompaniesof€245(registration in paper) or€210(registrationinelectronic format). This increases in proportion to the amount of authorised share capital of the company

• ShelfCompaniesAvailable:No

Corporate Names• NameRestrictions:Names

identical or similar enough to createconfusion,offensiveor otherwise undesirable

• EndingsandAbbreviationsRequired:‘PrivateLimitedCompany’,‘Limited’oritsabbreviation‘Ltd.’

• LengthofTimetoVerifyNameAvailability:Lessthan24hoursdependingon name similarity

• ReservationofNamesPermitted: Yes

• LanguageofName:Any language using theLatinalphabet

Capital and Shareholders• MinimumNumber

ofShareholders:2(there are exceptional circumstances where one member is permitted)

• CorporateShareholdersPermitted: Yes

• LocalShareholdersrequired: No

• DisclosureofShareholders:Yes (Anonymity can be retained through a licensed Fiduciary or Trustee)

• MinimumAuthorisedSharestobeIssued:€1,164.69(onethousandone hundred and sixty four euro & sixty nine cents)

• BearerSharesPermitted:No• RegisteredShares

Permitted: Yes

Directors and Company Secretary • MinimumNumberof

Directors:1(private),2(public)

• MinimumNumberofCompanySecretaries:1

• CorporateDirectorsPermitted: Yes

• CorporateCompanySecretary Permitted: No

• LocalDirectors/CompanySecretaryRequired:No

• DisclosureofDirectors/Company Secretary: Yes

• AppointmentofSubsequentDirectors/Officers:Yes

Meetings • AnnualGeneralMeeting

ofShareholdersRequired:Yes–noticetobegiventoeverymemberofthecompany and its auditor

• AnnualGeneralMeetingofDirectorsRequired:No

• LocationofDirectorsandShareholders Meetings: Malta-forplaceofeffectivecontrol & management

• AdoptionbyConsentPermitted: Yes

• QuorumRequiredforPurposesofMeetings:2members personally present shall be a quorum in so far as the articles of the

company do not contain otherprovisions.Meanwhile,if any business is to be transactedatameeting,thequorum 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 therighttoattendandvoteatmeetings.Inthiscase,aproxy for a member will be taken into consideration in determining the quorum.

Local Requirements• RegisteredOffice:Yes• RegisterofDirectors/

OfficerstobekeptatRegisteredOffice:Yes

• CompanySealRequired:No• CopyofMinutestobekept

atRegisteredOffice:Yes,or at any such place as maybespecifiedinthememorandum of articles

• CopyofShareRegistertobekeptatRegisteredOffice:Yes,oratanysuchplaceasmaybespecifiedinthememorandum and articles

Annual Requirements• MinimumAnnualFeeor

FranchiseTax:Registrationofanannualreturn,€163.06where the authorised share capital of the company does notexceed€11,646.87

• RequirementtoFileAnnualReturn:Yes(42daysafterthedate to which it is made up)

• RequirementforFinancialAudited Accounts: Yes

• RequirementtofileFinancialStatements: Yes (ten months after the end of therelevantaccountingreferenceperiod+42days)

• RequirementtofileTaxReturn:Yes

Key Features of Malta CompaniesA 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.

7DAYSINCORPORATION PROCEDURE



Investment FundsThe 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.

Choice of Fund StructuresMalta’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, high-net-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 VehiclesMaltese registered funds can be formed in a number of possible vehicles, including open-ended and closed-ended 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

Although 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.

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 ProvidersFunds 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

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



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.

Key Features of PIFsPIFsareregulatedbytheInvestmentServicesActandaremostlyopen-orclose-endedinvestmentcompanies,butunittrusts,contractualfundsandlimitedpartnershipscanalsobeused.Self-managedPIFsarealsoallowedandthemanagermayalsoactasadministrator.

0

Self-Managed PIFs:PIFsmaybeself-managedwithouttheneedtoappointathird-partymanager.Thismeanspromotershavetheoptiontouseaself-managedfundwithouttheneedtohaveapresenceinMalta.Themanagementoftheassetsofthefundwouldbeundertakenbyaninvestmentcommittee with the day-to-day management performed by one or more internal and/or external portfolio managers. Self-managed funds are subject toparticularrulesregardingthecompositionoftheboardmembersandtheinvestmentcommittee,aswellassharecapitalrequirements.

Types of Professional Investor FundsA Professional Investor Fund (PIF) is an alternative investment fund and there are three different types:

• PIFspromotedtoexperiencedinvestors: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

• PIFspromotedtoqualifyinginvestors: 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

• PIFspromotedtoextraordinaryinvestors: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.

Minimum Investment

Setup Time

Investment Restrictions

Borrowing Restrictions

Offering Documents

Third Party Manager

Fund Administrator

Custodian

Auditor

Money Laundering Reporting Office (MLRO)

Compliance Officer (may also act as MLRO)

Listing

Experienced Investors

€10,000

2-3months

Yes

Upto100%ofNAV

Required

RequiredorSelf-Managed

Manager may delegate fund administration to third party administrator

Required.Mustbeindependentfrom fund manager.

Required

Required

Required

Optional

Qualifying Investors

€75,000

2-3months

None

Upto100%ofNAV

Required



Optional,providedadequatesafekeeing measures.

Required

Required

Required

Optional

Extraordinary Investors

€750,000

2-3months

None

Upto100%ofNAV

RequiredorMarketingDocument



Optional,providedadequatesafekeeing measures.

Required

Required

Required

Optional

Application for a Licence of a PIF:€2,000perscheme€1,000persub-fund

Supervisory Fee:€2,000perscheme€600persub-fund

Features applicable to all PIFs:Service Provider: Must be based in Malta or in a recognised jurisdiction.

Local Representative: Requiredifallofficialsandserviceprovidersareestablishedabroad.

Reporting Requirements:Half-yearly(PIFssoldtoexperiencedinvestorsonly),annualandcompliancereports

Application Fees and Expenses: Application fee for a preliminaryindicationofacceptabilityis€600

1STPLACE

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



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.

The 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 closed-ended and applies whatever the asset class invested in.

AIFs are collective investment undertakings which: • raisecapitalfroma

number of investors with a view to investing it in accordance with a defined investment strategy

• donotrequireauthorisationunder 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-managedPIFs€125,000• AIFM€125,000butif

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.

RequiredInformationoneachAIF:• InformationontheAIF’s

investment strategies• Informationonwherethe

master AIF is established if the AIF is a feeder AIF

• Therulesorinstrumentsofincorporation of the AIF

• Informationonthearrangements made for the appointment of the custodian

• Additionalinformationinrelation to information to be disclosed to investors

Passporting:The AIFMD provides a harmonised framework for the cross-border 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

of interest arise. UntilJuly2017,theentityappointedasCustodianofanAIFdoesnotneedtobeaMalteseentitybutmaybeacreditinstitutionestablishedinanyotherEUMemberState.

EligibleCustodians:• aMaltesecreditinstitution• abranchestablishedin

Malta of a credit institution authorised in an EU or EEA Member State

• abranchinMaltaofanoverseas credit institution which is subject to prudential requirements at least equivalent to the requirements applicable to Maltese credit institutions

• aMaltesecompanywhichis 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

Tax Benefits for a Malta-domiciled AIF:

• Anexemptionfromincometaxandcapitalgainstaxatboththefundlevelandatanon-residentinvestorlevelaslongasmorethan85%ofthevalueofitsassetsissituatedoutsideMalta

• Investmentincomereceivedbythefundisnot subject to any withholding tax

• Nowithholdingtaxisdueondividendspaidouttonon-residents

• Notaxispayablebynon-residentinvestorswhentheydisposeoftheirinvestment

• Nostampdutychargedonshareissuesortransfers

• Notaxonthenetassetvalueofthescheme

Maltese credit institutions)• aMaltesecompanywhichis

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 paid-up share capital of €5m or its equivalent in foreign currency

• aninvestmentfirminMaltaor 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.



UCITS SchemesMalta 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.

UCITS (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.

Structures: Open-endedSICAVs.However,unittrusts,contractual funds and limited partnerships can also be used.

Legislation: InvestmentServicesAct

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,setup,strategyand distribution. No eligibility requirements apply for the promoterofaMaltaUCITS.

Corporate Requirements: • Thescheme’sheadofficeand

registeredofficearetobeboth established in Malta

• Theremustbeaminimumof2directors,atleastone independent from the manager and the custodian. Self-managed schemes shallhaveatminimumoneMaltese resident director.

• Localsubstanceisarequirement,yetdependson the fund’s structure

Custodian:Required.Mustbe a licensed institution or such other body or association acceptabletotheMFSA,witha place of business in Malta

Administrator:Optional.• Themanagerisresponsible

for the administration of the scheme when a third-party administrator is not appointed.

• Yetwhereappointed,theadministrator must be a recognised administrator.

• Maybedifferentfromthe custodian.

• Servicesmayinclude;valuation,transferagencyandregistrar,corporatesecretariat and listing agent

Fund Manager:Optional• Thefundmayeither

be self-managed or managed by a company approvedbytheMFSA

• Musthavesatisfactoryfinancialresourcesandliquidity at its disposal

• Managersmustdemonstratesufficientandrelevantexperience

• Allroles,responsibilitiesandexperience must be described in the fund prospectus.

Investment advisor: Optional.• Musthavesatisfactory

financialresourcesandliquidity at its disposal

• Mustdemonstratesufficientandrelevantexperience

Compliance Officer: Required.

Money Laundering Reporting Officer:Required.

Auditor:Required.MustbeapprovedbytheMFSAandheld responsible for certifying the fund’s annual report andaccounts,whichshouldinclude an audit report.

License Application: Amongst others,thedocumentsrequired are the:• Constitutionaldocuments• Prospectusandmarketing

documentstoinvestors.• Detailsonallservices

providersinvolved• Agreementswiththe

fund’sserviceproviders• Personalquestionnaire

andcurriculumvitaeof the directors

• Threeyearmarketingplan• Otherdocumentswhich

haveaneffectonthemember’s rights

General Requirements: TheLicenceHoldershallnotengageinactivitiesotherthanthemanagementofUCITS,withtheexceptionoftheadditionalmanagementofotherSchemeswhicharenotUCITS,but the units of which cannot be marketed in other MemberStatesorEEAStatesandforwhichtheLicenceHolderissubjecttotheMFSA’sprudentialsupervision.

Management of a UCITS includes the following functions:• Investmentmanagement• Marketing• Administration:

• legalandfundmanagementaccountingservices

• customerinquiries• valuationandpricing(includingtaxreturns)• regulatorycompliancemonitoring• maintenanceofunit-holderregister• distributionofincome• unitissuesandredemptions• contractsettlements(including

certificatedispatch)• recordkeeping

The MFSA may authorise the Licence Holder to provide, in addition to the Management of UCITS, the following services:• managementofportfoliosofinvestments

includingthoseownedbypensionfunds,inaccordancewithmandatesgivenbyinvestorsonadiscretionary,client-by-clientbasis,wheresuchportfoliosincludeoneormore of the instruments listed in the Act

• asnon-coreservices:• investmentadviceconcerningoneormore

of the instruments listed in the Act• safekeepingandadministrationinrelationto

unitsofcollectiveinvestmentundertakings

Approval time: Generally2to3months,butdependenton factors such as the fund’s complexity and the submission of complete applications.Nevertheless,theMFSAwillreviewthedraftapplication and the support documentation,whilstprovidingfeedbackwithinthree weeks from submission of the application.

Listing:UCITsmayapplyfor a listing on the Malta Stock Exchange.

Capital Requirement: • Third-partymanaged:

UCITSManager’sminimum capital requirement€125,000

• Self-managedUCITS:€300,000

Reporting requirements: Monthly statistical return totheMFSA,half-yearlycompliance reports and annual reports

Regulatory fees: ApplicationforaLicense• €2,500/scheme• €450/subfund• Nonefor16sub-funds or more

Supervisory Fees:• €3,000/scheme• €500/subfund• Nonefor16sub-funds or more

Taxation: Exempt from incomeandcapitalgainstax,subjecttonotinvestinginimmovablepropertyinMalta

VAT: Exempt without credit

Key Features of UCITS

Management Company passport (MCP)InthewakeoftheimplementationoftheUCITSIVDirectiveandtheadoptionoftheAlternativeInvestmentFundManagersDirective(AIFMD)Maltahasbecomeparticularlyattractivetofundmanagers. The management company passport (MCP)undertheUCITSIVdirectiveendedtherequirement that the management company needs to be established in the same country inwhichtheUCITSisestablished.AMalta-basedUCITScannowbemanagedbyaUCITSManagement Company established in another EUmemberstate.TheprovisionsoftheUCITSIVDirectivealsoenablethesetupofmaster-feederUCITSstructures,bywhichoneUCITSinvestsatleast85percentofitsNetAssetValueinanotherUCITS.Theadvantagesofthistypeofstructuringmean that the management and administration of the master fund may be centralised in one jurisdiction allowing promoters to rationalise theirplatforms,buildupeconomiesofscaleandpotentiallyreducecoststotheinvestor.BoththeUCITSIVMaster-FeederprovisionsandtheMCPmakeMaltaanattractivefunddomicilefortheset-up of new funds and for re-domiciliation.

UCITS Passporting ProcedureUCITSschemesbasedinEUmemberstateswishing to market their units in Malta are only requiredtocompletethenotificationprocedureundertheInvestmentServicesAct(MarketingofUCITS)Regulations.UnderUCITSIV,thisprocessis completely regulator-to-regulator based. The UCITSonlysubmitsanotificationletteranddocumentationtoitshomestateregulator,whichthen transmits the information electronically totheMFSAwithin10workingdays.ThehomeregulatorwillnotifytheUCITSofthedateoftransmission of the documentation and the UCITScanstartmarketinginMaltaimmediately.Conversely,Malta-basedUCITSwishingtomarket their units outside Malta must inform the MFSAoftheirintentionandawaitconfirmationthatthehostregulatorshavebeennotified.

UCITS Management CompanyLicence Conditions Applicable To UCITS Management Companies

▶ EU passporting rights: UCITSestablishedinMaltacan be marketed in all EU/EEA member states.

▶ Up-to-date regulatory framework: Malta is ranked firstfortransposingEUdirectivesintonationallaw.

▶ Lower costs: Cheaper set-up and running costs.

▶ Economies of scale: LargerdistributionnetworkthatcanbeachievedthroughaUCITSschemeresults in a reduction in costsforinvestment.

▶ Structuring opportunities: Possibility to set up umbrella funds,allowingdifferentsub-funds and share classes.

▶ Flexible regulator: The MFSA combines a high standard of regulation withanefficientresponsetoindustryneeds.Everylicence is subject to standard conditions. These standard conditions can be adapted to suitspecificcircumstancesas long as standards are not compromised.

Benefits of Malta-based UCITS

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.

EU location of Excellent Repute

Malta offers a highly-regulated, 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.

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.

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.

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.



A Guide for Doing Business in Malta

Short Travel Times: Byair,mainEuropeanhubs and North Africa can be reached in two to three hours

Excellent ICT Connections: Satellite technology and high capacityfibre-opticsubmarine cables link Malta with Europe

Major Transhipment Centre: Malta Freeport is a main regional hub

Business CultureAs 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 first-name basis is appropriate.

LanguageMaltese 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.

Business HoursTypical 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

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.

OPEN

Investment and Trustee Services

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.

Custodian Banking

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.

Professional Services

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 post-graduate 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.

Location, Location, Location

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.

EU Member State: Passporting rights for servicesandcompanies

Regional Ties: Malta has cultural and historic connections to countries in North Africa and the Middle East

CET Time Zone: OnehouraheadofGMT

Schengen Zone: Malta is part of the Schengen area,whichallowstravelbetweenmemberstates without internal border controls

Key Facts



Real EstateMalta 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

CommunicationsMalta’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.

Human CapitalHighly 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 96,000CFO 75,750FinancialController 49,000ManagementAccountant 32,000QualifiedAccountant 32,500AccountsAdministration 15,000Senior Compliance Manager 43,129ComplianceManager 30,242Fund/PortfolioManager 36,400SeniorFundAdministrator 29,590FundAccountant 25,000TrustManager 38,550SeniorBranchManager 41,500BranchManager 34,872SeniorInsuranceManager 55,000TechnicalInsuranceExecutive 24,760TreasurySeniorManager 42,255TreasuryDealer 30,569

Source:CastilleResources,SalarySurvey2013

What employers need to know:

• Probation:The length of the probation period is normally six months unless otherwise agreed by both parties.

• Weeklyworkingtime:40hours.

• Leave:Employees in full-time employment are entitled to24daysofvacationleaveperyear.Maternityleavefor female employees in full-timeemploymentis18weeks.Thelawalsoprovidesfor up to three months unpaidparentalleaveinthecaseofbirth,adoptionor legal custody of a minor.

• Socialsecurity:Employers pay social security contribution at a rateof10percentofthebasic wage paid to their employees,subjecttoaminimumof€15.35perweekandamaximumof€35.39per week. Employees pay another10percentofbasicwages,subjecttothesameminimum and maximum.

TaxationMalta’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.

Taxation of Key Vehicles

BanksandFinancialInstitutions: Banks and financial institutions are taxed like all companies registered in Malta.

InsuranceCompanies:Special provisions apply to the determination of total income from the business of insurance.

InsuranceManagers: 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.

FundManagers/FundAdministrators:Fund managers and fund administrators are taxed like all companies registered in Malta.

InvestmentFunds:Malta-domiciled 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.

▶ PRESTIGIOUSSmartCity:

€220-€280perm2

per annum

▶ PRESTIGIOUSPortomaso:

€300-€427perm2

per annum

▶ PROFESSIONALSliema / St. JuliansTa’Xbiex/Gzira

€60-€267perm2

per annum

▶ ECONOMICALCentral / North / South

part of the island €30-€80perm2

per annum

Examples of Commercial Property Rental Rates

easy commuting distance of residential areas. Overall rental costs are around two-thirds 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.

RetirementSchemes: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 tax-free. To qualify for this tax incentive the employee must earn a minimum of €81,205 (basis year 2014) per year, amongst other criteria.

A B

C D

A

B

C

D



A Short Flight AwayAs 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.

MALTAA Cosmopolitan Lifestyle in the Med

More 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.

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 ClimateWith 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 EnglishAs 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.

A Home in the SunFor 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 CostlyWhether 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.



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 StreetsFew 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 lifeMalta has a highly family-oriented 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 HealthcareMalta 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 FreeAs 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 visa-exempt countries and visa application procedures on the website of the Ministry for Home Affairs and National Security (www.mhas.gov.mt). 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.

Active in MaltaThe 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.



Who’s whoMalta Business Profiles

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

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

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

Financial MarketsArgentarius ETI Management Limited ....................................54Malta Stock Exchange plc ..........................................................61

Foreign ExchangeFXDD Malta Limited ................................................................58

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

Insurance ManagementAbacus Risk Management Services PCC Ltd ..........................53Marsh Management Services Malta Limited ...........................62

Insurance ServicesFirstUnited Insurance Brokers Ltd ...........................................58GasanMamo Insurance ..............................................................59

Investment ServicesCurmi & Partners Ltd ................................................................56Jesmond Mizzi Financial Advisors Ltd.....................................61

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

Outsourcing ServicesCentrecom ..................................................................................55

Promotional AgencyFinanceMalta ..............................................................................58

Real Estate

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

ABACUS CoRPoRATE SERVICES lIMITEDAbacus 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 multi-disciplined 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.

Level3,GasanCentre,Mriehel,MriehelBypass,BKR3000-MaltaT:(+356)20650500E: [email protected]: www.abacusmalta.comContact:PaulKneen-ChiefExecutiveOfficer

Paul KneenCHIEFEXECUTIVEOFFICER

ABACUS RISK MANAGEMENT SERVICES PCC lTDAbacus 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.

LF3GasanMamoHeadOffice,MsidaRoad,Gzira-MaltaT:(+356)23490167E: [email protected]: www.abacus.com.mtContact:BaudouinDeschamps-Director&InsuranceManager

Baudouin DeschampsDIRECTOR&INSURANCEMANAGER

Abacus Risk Management Services PCC Ltd.

ACUMUM lEGAl & ADVISoRYOur 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.

260StAlbert’sStreet,Gzira,GZR1150-MaltaT:(+356)27781700E: [email protected]:acumumW: www.acumum.comContact:GeraldineNoel-ManagingPartner

Geraldine NoelMANAGINGPARTNER

AlTER DoMUS (SERVICES) MAlTA lIMITEDAlter 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.

DomesticaBldg,MsidaValleyRoad,MsidaMSD9020

TerritorialsStreet,MriehelBKR3000-MaltaT:(+356)22051000E: [email protected]: www.alterdomus.comContact: Chris Casapinta -CountryExecutive-Malta&Italy

Chris CasapintaCOUNTRYEXECUTIVE–MALTA,ITALY

AMICoRP MAlTA lTDAmicorp 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.

Level1,BlueHarbourBusinessCentre,Ta’XbiexYachtMarina,Ta’XbiexXBX1027-MaltaT:(+356)22584700E: [email protected]: www.amicorp.comContact:RudolphPsaila-ManagingDirector

Rudolph PsailaMANAGINGDIRECTOR



ARGENTARIUS ETI MANAGEMENT lIMITEDOur 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.

116/8‘SanJuan’StGeorgesRd,StJuliansSTJ3203-MaltaT:(+356)20107357E: [email protected]: www.argentarius-group.comContact:AndreasWoelfl-ManagingPartner

Andreas WoelflMANAGINGPARTNER

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.

BlueHarbourBusinessCentreLevel1,Ta’ Xbiex Yacht MarinaTa’XbiexXBX1027-MaltaT:(+356)27300045E:[email protected]:www.avanzia.com.mtContact:WalterCutajar-ManagingDirector

Walter CutajarMANAGINGDIRECTOR

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 supportof clients’ business goals.

Level5,RosaMarinaBuilding,216MarinaSeafront,PietaPTA9041-MaltaT:(+356)20109500E:[email protected]: www.bakertillymalta.com Contact:DonaldSant-Managing Partner & Head of Audit

Donald SantMANAGINGPARTNER&HEADOFAUDIT

BANK oF VAllETTA PlCBank 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 WealthManagement 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.

BOVCentre,Triqil-Kanun,SantaVeneraSVR9030-MaltaT:(+356)21312020E:[email protected]:www.bov.comContact:RomeoCutajar-ChiefOfficerInvestmentServices

Charles BorgCHIEFEXECUTIVEOFFICER

BENTlEY TRUST (MAlTA) lIMITEDBentley 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.

Level7,PortomasoBusinessTower,St.Julian’sSTJ4011-MaltaT:(+356)21378828E: [email protected]: www.bentleyreid.com.mtContact: Malcolm Becker - ChiefExecutiveOfficer

Malcolm BeckerCHIEFEXECUTIVEOFFICER

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.

Level3,VallettaBuildings,SouthStreet,VallettaVLT1103-MaltaTel:(+356)21238989E: [email protected]: www.camilleripreziosi.comContact:DrLouisdeGabriele-Partner

Dr louis de GabrielePARTNER

CAPSToNE GRoUPCapstone 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 semi-qualified accountants and support staff provide personalised solutions to clients structuring in and out of Malta.

Suite5,Level1,TowerBusinessCentre,TowerStreet,SwatarBKR4013-MaltaT:(+356)25496500E: [email protected]: www.capstonegroup.com.mtContact:DavidBorg-BusinessAdvisoryPartner

David BorgBUSINESSADVISORYPARTNER

CENTRECoMCentrecom 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 theright partner for your journey.

AviationCentre,FirstFloor,St.ThomasStreet,LQA5000,Luqa-MaltaT:(+356)23644000E: [email protected]: www.centrecom.euContact:NadiaPace-ChiefExecutiveOfficer

Nadia PaceCHIEFEXECUTIVEOFFICER

CHETCUTI CAUCHI ADVoCATESWith 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.

120,StUrsulaStreet,VallettaVLT1236-MaltaT:(+356)22056105W: www.ccmalta.comContact:DrJean-PhilippeChetcuti-Managing Partner

Dr Jean-Philippe ChetcutiMANAGINGPARTNER

ADVOCATES

CHETCUTI CAUCHI

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.

5/2MerchantsStreet,VallettaVLT1171-MaltaT:(+356)21230428E: [email protected]:www.corporateservices.com.mtContact: Anton Chetcuti - GanadoManagingDirector

Amanda Chetcuti-GanadoDIRECTOR



CSB ADVoCATESCSB 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.

ThePenthouse,TowerBusinessCentre,TowerStreet,SwatarBKR4013-MaltaT:(+356)25572300E:[email protected]:www.csb-advocates.comContact:DrAndrewJ.Zammit-ManagingPartner

Dr Andrew J. ZammitMANAGINGPARTNER

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.

FinanceHouse,PrincessElizabethStreet,Ta’ Xbiex XBX1102-MaltaT:(+356)21347331E: [email protected]: www.curmiandpartners.com Contact:DavidA.Curmi-ManagingDirector

David A. CurmiMANAGINGDIRECTOR

DAVID GRISCTI & ASSoCIATESDavid 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.

168,StChristopherStreet,VallettaVLT1467-MaltaT:(+356)25693000E:[email protected]:dglawfirm.com.mtContact:DavidGriscti-SeniorPartner

David GrisctiSENIORPARTNER

DAVID ZAHRA & ASSoCIATES ADVoCATESDavid 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, togetherwith the firm’s associates, strive to satisfy the requirements of the client by fosteringa 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.

Level3,TheumaHouse,302,St.PaulStreet,Valletta,VLT1213-MaltaT:(+356)21240019E:[email protected]:www.davidzahra.comContact: Marika Borg Bonello - AdministrativeAssistant

Dr David ZahraPARTNER

DEloITTE MAlTADeloitte 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.

DeloittePlace,MriehelBypass,MriehelBKR3000-MaltaT:(+356)23432000E: [email protected] W: www.deloitte.com/mt Contact: Chris Curmi - LeaderGlobalEmployerServices

Chris CurmiLEADERGLOBALEMPLOYERSERVICES

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.

18/2,SouthStreet,VallettaVLT1102-MaltaT:(+356)21236206E: [email protected]: www.dingli.com.mt Contact:DrKevinF.Dingli-Managing Partner

Dr Kevin F. DingliMANAGINGPARTNER

Dingli&DingliL A W F I R M

EQUIoM MAlTA lIMITEDEquiom 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.

2ndFloor,TowerBusinessCentre,TowerStreet,Swatar,BirkirkaraBKR4013-MaltaT:(+356)25466614E:[email protected]: www.equiomgroup.comContact:AnnieSanchez-Talavera-Director

Annie Sanchez-TalaveraDIRECTOR

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.

RegionalBusinessCentre,AchilleFerrisStreet,MsidaMSD1751-MaltaT:(+356)21342134E: [email protected]: www.ey.comContact: Jennifer Tonna - Marketing Manager

Ronald AttardCOUNTRYMANAGINGPARTNER

CSETASSOUTHCLUSTERLEADER

FENECH & FENECH ADVoCATESEstablished 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. 198,OldBakeryStreet,

VallettaVLT1455-MaltaT:(+356)21241232E: [email protected]: www.fenechlaw.comContact:DrRosanneBonnici-Partner

Dr Rosanne BonniciPARTNER

FENECH FARRUGIA FIoTT lEGAlFenech 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 acomprehensive and integrated approach, in collaboration with other professional disciplines, where required.

TowerBusinessCentre,Level1,Suite5,TowerStreet,SwatarBKR4013-MaltaT:(+356)25496400E: [email protected]: www.fff-legal.comContact: Tonio Fenech - Joint Managing Partner

Tonio FenechJOINTMANAGINGPARTNER



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.

25,VillaEden,PrincessElizabethStreet,Ta’XbiexXBX1103-MaltaT:(+356)21319000E:[email protected]:www.firstunited.com.mtContact: Jean Portelli

Kevin GaleaPARTNER

FRANCIS J. VASSAllo & ASSoCIATES lIMITEDFrancis 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.

FJVABusinessCentre,IndustryStreet,QormiQRM3000-MaltaT:(+356)22993100E:[email protected]:www.fjvassallo.comContact:AdrianaCamilleriVassallo-Director

Francis J. VassalloPRESIDENT

GANADo ADVoCATESAs 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. 171OldBakeryStreet,

VallettaVLT1455-MaltaT:(+356)21235406E:[email protected]:www.ganadoadvocates.comContact:DrStephenAttard-Partner

Dr Stephen AttardPARTNER

GASANMAMo INSURANCEGasanMamo 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.

MsidaRoad,GziraGZR1405-MaltaT:(+356)21345123E: [email protected]: www.gasanmamo.comContact:JulianJMamo-ManagingDirector

Julian J MamoMANAGINGDIRECTOR

GoNZI AND ASSoCIATES, ADVoCATESGonzi 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 (includingelectronic money), investment services, funds or igaming operations in Malta. 115B,OldMintStreet,

VallettaVLT1515-MaltaT:(+356)20157000E: [email protected]: www.gonzi.com.mtContact:DrDavidGonzi-Partner

Dr David GonziPARTNER

GRANT THoRNToNFounded 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 government-owned 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.

TowerBusinessCentre,TowerStreet,SwatarBKR4013-MaltaT:(+356)21320134E: [email protected]: www.grantthornton.com.mtContact: Mark Bugeja - Managing Partner

Mark BugejaMANAGINGPARTNER

GTG ADVoCATESGTG 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.

66,OldBakeryStreet,Valletta VLT1454-MaltaT:(+356)21242713E:[email protected]:www.gtgadvocates.comContact:DrRobertTufigno-Partner

Dr Robert TufignoPARTNER

GVTH ADVoCATESGVTH 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.

192,OldBakeryStreet,Valletta-MaltaT:(+356)21228888E:[email protected]:www.gvthlaw.comContact: Joseph J. Vella - Managing Partner

Joseph J. VellaMANAGINGPARTNER

GarrisonChapel,CastillePlace,VallettaVLT1063-MaltaT:(+356)21224525E:[email protected]:www.financemalta.orgContact: Kenneth Farrugia - Chairman

Kenneth FarrugiaCHAIRMAN

FINANCEMAlTAFinanceMalta, 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.

FinanceMaltaFinanceMaltaYT@FinanceMaltaFinanceMaltaFollow us on:

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 andplatforms 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).

K2FirstFloor,ForniComplex,VallettaWaterfront,FlorianaFRN1913-MaltaT:(+356)20133000E: [email protected]: www.fxdd.comContact:LubomirKaneti-ExecutiveDirector

lubomir KanetiEXECUTIVEDIRECTOR



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.

SmartCityMaltaSCM01,Suite502,RicasoliSCM1001-MaltaT:(+356)20908900E:[email protected]: www.heritage.co.ggContact:DrNevilleCarabott-ManagingDirector

Dr Neville CarabottMANAGINGDIRECTOR

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.

80,MillStreet,Qormi-MaltaT:(+356)23808600E: [email protected]: www.hsbc.com.mt Contact:GeoffL.Brooks-ManagingDirector

Geoff l. Brooks MANAGINGDIRECTOR

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 andexperience 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. 276Fleur-de-LysRoad,

Birkirkara,BKR9067-MaltaT:(+356)22589500E:[email protected]:www.idsfundservices.comContact:MichaelKeyrouz-ManagingDirector

Michael KeyrouzMANAGINGDIRECTOR

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.

Level20,PortomasoBusinessTowerSt.JuliansSTJ4011-MaltaT:(+356)22484500E: [email protected]: www.iigbank-malta.comContact:RaymondBusuttil-ManagingDirector&CEO

Raymond BusuttilMANAGINGDIRECTOR&CEO

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

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.

RegentHouse,Office21,BisazzaStreet,SliemaSLM1640-MaltaT:(+356)21341219E: [email protected]: www.imscons.comContact:GordonMifsud-ManagingDirector

Gordon MifsudMANAGINGDIRECTOR

30 years of service1985-2015

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 MizziFinancial Advisors relies on a tried and tested investment approach, drawing on the experience of the founder members – Jesmond Mizzi Financial Services and AtlasInvestment 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.

67,Level3,SouthStreet,VallettaVLT1105-MaltaT:(+356)23265706E: [email protected]: www.jesmondmizzi.comContact:JesmondMizzi-ManagingDirector

Jesmond MizziMANAGINGDIRECTOR

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. PorticoBuilding,MarinaStreet,

Pieta’PTA9044-MaltaT:(+356)25631000E: [email protected]: www.kpmg.com.mtContact:TonioZarb-SeniorPartner

Tonio ZarbSENIORPARTNER

MAlTA SoTHEBY’S INTERNATIoNAl REAlTYMalta 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.

200,TowerRoadSliemaSLM1602-MaltaT:(+356)20108070E: [email protected] W: [email protected]:MichaelJ.Zammit-ManagingDirector&Joint-Owner

Michael J. ZammitMANAGINGDIRECTOR&JOINT-OWNER

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.

GarrisonChapel,CastillePlace,VallettaVLT1063-MaltaT:(+356)21244051E:[email protected]: www.borzamalta.com.mtContact:EileenV.Muscat-ChiefExecutive

Eileen V. MuscatCHIEFEXECUTIVE

HENlEY CoRPoRATE SERVICES (MAlTA) lTDHenley 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.

4,IndependenceSquare,VallettaVLT1520-MaltaT:(+356)20996099E: [email protected]: www.henleytrust.comContact: Barry Woestenburg - ManagingDirector

Barry WoestenburgMANAGINGDIRECTOR



MARSH MANAGEMENT SERVICES MAlTA lIMITED Marsh Management Services Malta Limited is licensed as an insurance manager inMalta 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.

StrandTowers,Floor1,36TheStrand,SliemaSLM1022-MaltaT:(+356)23423000E: [email protected]:www.marshcaptivesolutions.comContact: William Thomas-Ferrand - HeadofOffice

William Thomas-FerrandHEADOFOFFICE

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.

149,ZabbarRoad,Paola,PLA1016-MaltaT:(+356)21678380E: [email protected]: www.micallefnotaries.comContact: Annalise Micallef - Partner

Annalise MicallefPARTNER

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.

43A/1,SaintPaul`sBuildings,WestStreet,VallettaVLT1532-MaltaT:(+356)20119797E:[email protected]:www.premieradvisory.com.mtContact:DrGeorgeM.Hyzler-ExecutiveChairman

Dr George M. HyzlerEXECUTIVECHAIRMAN

PWCPwC 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.

78,MillStreet,QormiQRM3101-MaltaT:(+356)21247000E: [email protected] W: www.pwc.com/mtContact: Bernard Attard - Partner

Bernard AttardPARTNER

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.

CobaltHouse,Level2,NotabileRoad,MriehelBKR3000-MaltaT:(+356)21493313E: [email protected]: www.rsmmalta.com.mtContact:GeorgeGregory-Partner

George GregoryTAXANDCORPORATESERVICESPARTNER

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 alternativestrategy funds, together with Fexserv Financial Services, one of the leading and most established companies in the local financial services industry.

AlpineHouse,NaxxarRoad,SanGwannSGN9032-MaltaT:(+356)25762121E:[email protected]:www.sgggfexserv.comContact: Anabel Mifsud - ChiefExecutiveOfficer

Anabel MifsudCHIEFEXECUTIVEOFFICER

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.

188OldBakeryStreet,VallettaVLT1455-MaltaT:(+356)21228862E: [email protected]: www.simontortell.com Contact: Katya Tua - Partner

Katya TuaPARTNER

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.

101Townsquare,Ix-Xattta’Qui-si-Sana,SliemaSLM3112-MaltaT:(+356)21335705E: [email protected]: www.sparkasse-bank-malta.com Contact:PaulAMifsud-ManagingDirector

Paul A Mifsud MANAGINGDIRECTOR

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.

PalazzoPietroStiges,103,StraitStreet,Valletta,VLT1436-MaltaT:(+356)21232271E:[email protected]:www.mamotcv.comContact: Prof. Andrew Muscat - Managing Partner

Prof. Andrew MuscatMANAGINGPARTNER

NBG BANK MAlTA lIMITEDNBG 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 high-net-worth individuals and corporations worldwide. Furthermore, the bank also specialises in the provision of risk management and treasury products/solutions for its clients (Ex. Foreign Exchange and Derivative products).

302/304,Townsquare,Qui-Si-SanaPlace,SliemaSLM3112-MaltaT:(+356)21318969E: [email protected]: www.nbg.com.mtContact:CenkKahraman-ChiefExecutiveOfficer

Cenk KahramanCHIEFEXECUTIVEOFFICER


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INVESTMENT GUIDE & BUSINESS DIRECTORY 2014-2015 EDITION

Malta:European with a Global Outlook

Promoting and Fostering Malta’s International Finance Centre

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.

ThePlazaCommercialCentre,(Level6–Suite1),BisazzaStreet,Sliema,SLM1640-MaltaT:(+356)20108648E: [email protected]: www.united-itrust.comContact:BobRottinghuis-Manager

Bob RottinghuisMANAGER

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.

35,ThePenthouse,SalvuPsailaStreet,Birkirkara,BKR9072-MaltaT:(+356)21232096E: [email protected]: www.wdm.com.mt Contact:DrJonathanDeGiovanni-Partner

Dr Jonathan De GiovanniPARTNER

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.

Level5QuantumHouse,75AbateRigordStreet,Ta’XbiexXBX1120-MaltaT:(+356)20925100E: [email protected]: www.whpartners.eu Contact:MoniqueDingli-Marketing Coordinator

James SciclunaPARTNER

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.

1052Portomaso,StJuliansSTJ4011-MaltaT:(+356)21386802E: [email protected]:www.tumasdevelopments.comContactPerson:GeorgeBonnici-Sales&MarketingDirector

George BonniciSALES&MARKETINGDIRECTOR

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.

TagliaferroBusinessCentre,Level2,GaietyLanec/wHighStreet,SliemaSLM1549-MaltaT:(+356)21333210E: [email protected] W: www.stmmalta.comContact:DeborahSchembri-ManagingDirector

Deborah SchembriMANAGINGDIRECTOR


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MALTAThe culture of getting things done

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