Increased interest in Malta by Payment and EMIs following Brexit
The outcome of the recent UK EU membership referendum has created a major concern for Payment and Electronic Money Institutions established in the UK.
The major concern lies in the fact that Payment and Electronic Money Institutions established in the UK would no longer be able to benefit from the financial services passporting regime which are enjoyed by other institutions established in the other member states in the European Union (EU) and in the European Economic Area (EEA).
Such financial institutions are now likely to consider investigating the possibility of moving their operations from the UK to elsewhere in other EU countries such as Malta.
As an English speaking jurisdiction with an educated workforce and developed financial services sector, Malta is the ideal jurisdiction to which UK Financial Institutions can relocate to.
A sound technological infrastructure, an accessible and innovative but yet prudent regulator and highly competitive costs are some of the advantages which Malta has to offer to such financial institutions, not to mention the tax advantages to Maltese companies, their shareholders and to highly qualified expatriates working such financial institutions in terms of Malta’s Highly Qualified Persons’ Rules. Such rules provide expatriates working in the financial services industries in certain eligible offices, with a beneficial income tax rate of 15% on their employment income. Malta also has a wide tax treaty network which ensures that the same income will not be subject to tax twice.
For further information on Payment and Electronic Money Institutions, please contact the firm’s tax and corporate services partner Stephen Balzan on [email protected].
Maltese companies are subject to tax at the rate of 35% on their world wide income and capital gains. Malta grants various fiscal incentives to both companies and their shareholders upon distribution of a dividend. Malta is a membe...Learn More
Setting up a Company
Setting up a company in Malta is a relatively straight forward procedure and can be set up within 2 working days, provided we are in receipt of all the information, funds and due diligence documentation we need. The Act that regulates Malte...Learn More
Taking up Residence
Warm climate, friendly people, excellent communication infrastructures, low criminality and many other features of the Maltese islands have made Malta an excellent destination for people to take up residence in. Moreover low rates of taxati...Learn More
Malta was the first EU Member State to specifically regulate the remote gaming industry in 2004 and has ever since established itself as one of the prime jurisdictions for remote gaming operators. The Malta Gaming Authority (“MGA”) is the regulatory of gaming in Malta. The success o...Learn More
Malta has become a destination of choice for the setting up of Payment Institutions (also referred to as Payment Services Providers or PSPs). A number of advantages has contributed to this success, mainly but not limited to the fiscal incentives granted not only to the payment institutions ...Learn More
Electronic Money Institutions
Malta has recently seen an increase in the number of Electronic Money Institutions (EMIs) looking to set up their operations in Malta. This has been largely due to the growth in the e-commerce and the i-gaming industries. Such EMIs are regulated by the Financial Institutions Act and t...Learn More
Initial Coin Offering (ICO) Services
Malta has always been on the forefront of technology and innovation. In the past months, a number of initiatives have been launched, aimed at establishing an innovative and attractive regulatory framework for entities operating in blockchain (and distributed ledger technologies), virtual cu...Learn More
Prospects – Services of a Corporate Advisor
‘Prospects’ is a new platform set up by the Malta Stock Exchange in line with its commitment to open up new capital market opportunities, create economies of scale and to afford businesses more competitiveness and sustainability. Through ‘Prospects’, SME’s wil...Learn More
Assistance to Family Businesses
Malta has recently introduced legislation to encourage good governance in the management of family businesses, to assist family businesses to operate their business in an efficient way and to assist such family businesses to transfer their business from one generation to the other. Malta is...Learn More