News

Malta Retains ‘A’ Fitch Rating

Malta, EUMalta Retains ‘A’ Fitch Rating

LONDON, September 12 

Affirms Malta’s Long-term foreign and local currency Issuer Default Rating (IDRs) at ‘A’. The Outlooks are Stable. The issue ratings on Malta’s senior unsecured foreign and local currency bonds have also been affirmed at ‘A’. The agency has also affirmed Malta’s Short-term foreign-currency IDR at ‘F1′ and the Country Ceiling at ‘AAA’.

As one of the most stable and one of the few EU jurisdictions to report increased growth, Malta’s economy has received added boost by retaining its ‘A’ Fitch credit rating.  As Fitch states in respect of 2013: [Malta's] “economy grew by 2.9%, better than 2012 (1.1%) and higher than the euro zone average (negative 0.4%).”

Further praise by Fitch that Malta’s economic growth will continue to outperform the euro zone, averaging at 2.5% in 2015-16.

Main Highlights:

  •  1H14 real GDP grew by 3.5%
  • Expects above potential growth averaging 2.5% in 2015-16, continuing above the eurozone average
  • Unemployment rate of 5.7% in July was below both the ‘A’ median and the eurozone average
  • General government gross debt (GGGD) peaked at 72% of GDP in 2013 (73% in 2014-15 previously) and will decline marginally in the medium term, reaching 70% of GDP by 2020

The rating, was welcomed by Malta’s Minister for Finance, Prof. Edward Scicluna, stating “Fitch’s country rating for Malta, wherein it reaffirmed Malta at ‘A’ with a stable outlook, confirms the country’s economic growth as sustainable and geared to keep outperforming other EU states on GDP growth and employment” and that “Fitch projects the deficit to decline further to 2.5% of GDP in 2014 and 2015. Nevertheless, Government is confident that Malta will again exceed various international institution’s expectations with regard to the deficit-to-GDP ratio, and we remain committed to reducing the deficit to 2.1 per cent as targeted in the 2014 Budget”.

Malta – A Fiscally Competitive EU Jurisdiction

To find out more about the Malta, please

 

Malta Shipping Register – An Option Worth Choosing

Malta Shipping Register – An Option Worth Choosing

.Transport Malta

 

  • Updated Regulatory Fee Calculator
  • Low Cost Corporate Structures
  • Tax & VAT Efficient Jurisdiction
  • Protection for Financiers & Mortgagees

Update Regulatory Fee Calculator

Transport Malta has recently updated the regulatory fee calculator for registering a vessel in Malta.

The automatic calculator enables individuals to establish fees for the registration of a vessel under the Maltese flag – allowing for certainty in cost planning when deciding to register a vessel.

Malta has committed itself to the welfare of seafarers of any nationality who are working on Maltese flagged ships, by becoming a signatory to the Maritime Labour Convention, which came into force internationally on the 20th August 2013. As such, there are no restrictions on the nationality of the master, officers or crew, making it easier to recruit for a Maltese ship.

Ships and yachts may be registered on behalf of legally constituted corporate bodies or entities irrespective of nationality – all that is required is the appointment of a Malta authorised representative agent.  Acumum can act as the Malta Representative Agent at competitive fee rates.

Transport Malta’s updated maritime regulatory fee calculator can be found here.

Setting Up a Shipping or Yacht Company in Malta

Malta companies can be set up with minimal costs; €245 share capital, €240 registry fee. A competitive tax and VAT European jurisdiction, Malta has a number of very attractive fiscal incentives for the yachting industry  - encouraging commercial operation of these high-value assets. For more information: Malta Companies.

Furthermore, the VAT scheme allows for importation of the yacht into the EU at advantageous VAT rates – as little as 5.4%, depending on the size of the yacht. For more information: Yacht VAT Scheme.

Other advantages are: no restrictions on the sale or transfer of shares of a company owning Maltese ships, or on the sale and mortgaging of Maltese ships; neither are there trading restrictions. Preferential treatment is also given to Maltese ships in certain ports. This freedom allows for efficient transactions and for peace of mind, making it an attractive registration option for both those wishing to obtain finance and financiers alike.

Malta Shipping Registry

As a shipping register, Malta has achieved significant and consistent growth since it was established and is now one of the largest registries in the world in terms of tonnage.

Malta has long established itself as a flag of confidence: it is viewed as a serious and efficient maritime administration, adhering to and enforcing all major international conventions. The Flag State Inspectorate ensures adherence to international standards, while the registry provides services around the clock, seven days a week, for urgent matters.

Further, Malta boasts sound multilateral and bilateral relations, earning its reputation as a widely respected flag around the world. The flag is also actively participant in international shipping fora, including the International Maritime Organisation and the Comite’ Maritime International.

For more information, please contact Geraldine Spiteri, Head of Maritime, spiteri@acumum.com | +356 2778 1700 Ext 102.

Chartered Institute of Taxation

Chartered Institute of Taxation

Tax Adviser Magazine – Chartered Institute of Taxation

Acumum’s Managing Partner, Geraldine Noel, has been invited to provide the Malta editorial for the Tax Adviser magazine,the Chartered Institute of Taxation’s official publication.

The Malta editorial provides an overview of the main tax and other fiscal benefits that Malta can provide both individuals and companies.

To read the full article, please go to The Tax Adviser: http://www.acumum.com/chartered-institute-taxation/

About Malta: a full member of the European Union, Malta, an ex British colony is strategically situated in the Mediterranean.

Malta is a highly competitive jurisdiction in respect of tax and other fiscal benefits, some of which are:

  • 5% effective corporate tax rate
  • No withholding, no entry or exit taxes
  • Limited capital gains
  • No transfer pricing or CFC legislation
  • Remittance system for foreign vehicles
  • Low set up costs – i.e. hedge funds, captive insurance companies etc

About Acumum: a full service law firm located in Malta, Acumum engages highly experienced lawyers, advocates, tax advisers and accountants. Managed by Geraldine Noel, an English barrister – registered in Malta, Acumum’s areas of expertise includes:

Aviation, Corporate Services, Financial Services, Insurance, Maritime & Yacht, Residence and Relocation, Tax Structuring (individual & corporate),  Trusts & Wealth Planning….

If you would like to know more about Malta and our services, kindly contact Geraldine Noel: gnoel@acumum.com | Skype: acumum

Malta – EU Residence Programme Rules – 15% Income Tax

Malta – EU Residence Programme Rules – 15% Income Tax

The ‘Residence Programme Rules, 2014′, detailing new rules allowing for a special tax residency in Malta of EU/EEA/Swiss nationals have come into force pursuant to Legal Notice 270 of 2014 on the 8th of August 2014.

The legal notice and the programme have been given retrospective effect, thereby have been backdated from the 1st of July 2013.

Non-Eu nationals may apply under the Global Residency Scheme, the details of which can be found here.

Special Tax Status

Subject to satisfaction of the conditions of the programe, beneficiaries under the programme only pay

  • 15% tax on income brought into Malta (foreign sourced income), provided that a minimum amount of tax payable is €15,000 per year
  • Foreign sourced income not brought into Malta is not taxed in Malta
  • Capital gains are not taxed in Malta.

Under the Residence Programme Rules, the applicant must:

  • Property Rental: of at least €9,600 per year in Malta, or not less than €8,750 per year in Gozo or in the south of Malta;
  • Property Purchase: of at least €275,000 in Malta or €220,000 for a property situated in Gozo or in the south of Malta, OR
  • Cannot benefit from other tax programmes of Malta – Residence Scheme Regulations, the High Net Worth Individuals Rules, the Malta Retirement Programme Rules, the Global Residence Programme Rules, the Qualifying Employment in Innovation and Creativity (Personal Tax) Rules or the Highly Qualified Persons Rules;
  • Has stable and regular resources that are sufficient to maintain the applicant and his dependents;
  • Be in possession of a valid travel document;
  • Have EU wide sickness insurance, covering himself and his dependents;
  • Speak adequately in English or Maltese;
  • Fit and proper person; and
  • Not stay in any other jurisdiction for more than 183 days in a calendar year.

Acumum – Legal & Advisory is an Authorised Registered Mandatory by the Malta Government, allowing us to assist individuals and families in residency in Malta.

 

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.