News

Family Office Editorial

campdenFollowing the highly successful Campden Family Office Wealth Management conference, held in London, Acumum’s Managing Partner, Geraldine Noel, has provided the Malta focus editorial for the Campden FSC Wealth Directory.

The editorial focuses on Malta’s key tax and other fiscal benefits – particularly in relation to:

To read the editorial: Malta-A Fiscally Competitive Jurisdiction-Editorial Campden Wealth Directory 2014.

Insurance – Insolvency II

The MFSA has issued Insurance Rule 31 of 2013 which entered into force on 1 January, 2014. The scope of this new rule is to implement the four sets of guidelines published by EIOPA for the preparatory phase of the Solvency II regime.

Insurance Rule 31 of 2013 applies to (re)insurance undertakings whose head office is in Malta and which are authorised to carry on business in terms of the Insurance Business Act. These (re)insurance undertakings are required to adhere to:

1. The Guidelines on System of Governance;

2. The Guidelines on Forward Looking Assessment of Own Risks (based on the ORSA Principles);

3. The Guidelines on Submission of Information to National Competent Authorities; and

4. The Guidelines on Pre Application of Internal Models.

These guidelines are applicable from 1 January 2014 to 31 December 2015 during which the undertakings concerned are expected to illustrate that they are taking active steps towards adopting the relevant aspects of the Solvency II regulatory framework.

The Solvency II Directive is subject to a final approval by the Council of the EU and a plenary vote by the European Parliament, currently expected to be held in February 2014, before it can be implemented into European legislation. The expected timeline is for the Solvency II Directive to be fully operational from 1 January, 2016.

 

AIFMD -MiFID – MFSA Updates FAQs

14 February, 2014 the Malta Financial Services Authority (MFSA) has updated its frequently asked questions (FAQs) on the Alternative Investment Fund Managers Directive (AIFMD) and Malta’s implementation of AIFMD.

Version 2 of the FAQs amends the Q&A by clarifying the passsporting of Markets in Financial Instruments Directive 2004/39/EC  (MiFID) services in accordance with the European Commission’s revised views in respect of MiFID 5 negotiations.

The MFSA has been accepting and replying to queries on Malta’s implementation of AIFMD since early 2013. These FAQs group up the most common queries faced by the Maltese regulator as well as the MFSA’s responses.

The FAQs are divided into a number of topics ranging from high-level queries such as applicable legislation to detailed guidance on the MFSA’s interpretation of common management and control.

The FAQs will continue to be updated.

14 February 2014 -FAQ_MFSA_AIFMD_MIFID

 

Acumum to attend Campden Family Office Wealth Management & Structuring Conference

campdenGeraldine Noel, Acumum’s Managing Partner will be attending the Campden Family Office Wealth Management & Structuring Conference.

Joao Verdades dos Santos, Partner, Portuguese & Luxembourg dual – qualified advocate, will also be attending.

Acumum is attending the conference due to their provision of editorial in the forthcoming FSC Wealth Directory on the benefits Malta can provide in relation to tax structuring of corporate and personal assets.

The Family Office Wealth Management & Structuring Conference is to be held on the 8 & 9 April 2014 in London.

Participants of the conference who should like to meet with Geraldine are asked to kindly email her via gnoel@acumum.com, or Joao via joao@acumum.com to set an appointment.

For further information about the conference please go to: http://www.campdenconferences.com/content/family-wealth-management-structuring-conference.

 

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Malta Citizenship – Individual Investor Programme (IIP)

Malta Citizenship

Individual Investor Programme (IIP)

The Government of Malta has recently reached an agreement with the EU Commission on the Individual Investor Programme (IIP) which allows Malta to grant Maltese citizenship to foreign individuals and their families.

The new citizenship programme – Malta Individual Investor Programme – is aimed at high net worth individuals and families wishing to secure citizenship of an EU member state with high standards of living.

The IIP grants Maltese residency to suitable applicants who qualify under the strict due diligence standards and vetting process, and who make a significant contribution to the economic development of Malta via the National Development Fund established by the Government.

Eligible persons will be required to meet the following minimum requirements:

  • Contribute at least €650,000 to the Maltese National Development and Social Fund;
  • Hold a property in Malta (of a value of minimum €350,000 if purchased or annual payments of minimum €16,000 if rented) for a period of at least five years;
  • Invest at least €150,000 in local stocks, bonds, debentures, special purpose vehicles or other investments accepted by Identity Malta for a period of at least five years.

Individuals must satisfy a residency requirement of a minimum period of 12 months and will be subject to extensive due diligence checks, including a personal interview before naturalisation is granted.

Please see:

Malta Immigration

Malta Residency – 15% tax

Malta Citizenship