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:

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: | 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.

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.



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