Malta has since 1994 moved from an offshore to an onshore jurisdiction and has become a reputable international financial services centre. It has throughout this period introduced legislation in line with international best practice and was one of the first countries in the world to reach an advanced accord on fiscal matters with the Organisation for Economic Co-operation and Development (OECD). Malta is also actively involved in a number of international fora including the Commonwealth, OECD and EU in framing regulatory policy and developing international best practice.
The financial services sector is considered to be one of the main pillars of the Maltese economy and is also its fastest growing sector. Malta has established itself as a reputable jurisdiction which adopts a serious approach to regulation with embedded flexibility, thereby ensuring an attractive environment for market participants to carry on business.
EU membership has certainly made Malta an even more attractive jurisdiction in the financial services sector. Apart from a very extensive network of double Malta taxation treaties, skilled multi-lingual workforce, state-of-the-art telecommunications infrastructure and comparatively low running costs, one can benefit from a number of fiscal and other incentives and advantages including the single passport regime.
In fact, since EU accession, Malta has witnessed significant growth in this sector with substantial interest being shown particularly in the establishment of Malta companies and investment firms, collective investment schemes and Malta funds (both retail and professional schemes/funds), captives and protected cell companies in the insurance field, as well as the setting up of back office operations in the financial services sector.
The firm advises and assists financial services operators including investment services companies, collective investment schemes, insurance companies, financial institutions and credit institutions in both the setting up process and on an ongoing basis thereafter. We are in a position to advise on the most appropriate structure to be adopted in the particular circumstances of the case and assist in the compilation and filing of any necessary applications for the attainment of any licence or authorisation from the competent authorities. The firm also provides compliance advisory services in order to ensure adherence to applicable legislation. Advice is also tendered on any applicable tax implications, including any possible fiscal incentives.