The extent to which negotiations on the TransAtlantic Trade and Investment Partnership (TTIP) will pick up momentum following the Brexit referendum remains to be seen. It would appear that the EU’s negotiating position may have suffered a setback following Britain’s decision to leave the EU. Another factor which may slow down matters is the impending US presidential election, since it is unclear whether Obama’s successor will continue to support the negotiations.However, we are keen to know how our members in Malta may benefit from TTIP and the benefits it holds for Maltese entrepreneurs keen to expand their business in the US...................... read more
- We are currently seeking to employ a lawyer to work on a full time basis. Apart from other matters, the successful applicant will be directly involved in the field of property law and the examination of root of titles of immovable property. The selected individual will also be responsible to assist and represent clients on public deeds and interact with Notaries on a regular basis. The selected candidate is required to be willing to work as part of a team of professionals within a fast paced environment and should be highly organised and able to work with initiative. Applications should be sent to....................................... read more
Welcome to our new website. We hope that our website will give you a broad idea of the range of services which we offer. Our organisation consists of five different firms and companies, each of which offers a varied range of services. The website is divided into five sections, namely the Home page which is the page you're currently on, Our Profile page contains information about the five firms in our organisation, Our People provides you with information about our team, Our Services lists all the services we offer and finally Contact Us will give you all the contact information you need to get in touch with us...... read more
In the wake of the Joe Sammut scandal, Government has introduced another residency programme for non-EU nationals. This programme can be described as a lighter version of the Citizenship by Investment Programme, where an indefinite residence permit is granted to applicants who place an investment of €250,000 and who show that they own or rent property in Malta. The form of the investment has yet to be determined by Identity Malta. This programme is definitely aimed at individuals or their families who, whether for financial reasons or otherwise, are not eligible to buy Maltese citizenship or do not have the resources to do so but are able to afford..... read more
It is 8:15 am and all preparations are under way for the Dawson family to spend their third day house hunting in Malta. John and the family had already seen several candidate properties for the buying but Etienne, their real estate agent, wanted to show them a few more before they make up their mind. John's mobile phone rings. Mr Jones, his father in law is calling. John wonders whether all is fine with him back home and answers. 'Good morning John, it's David, I spoke to Anna yesterday and she told me that you and the family are in Malta with the intention of buying a property there.' 'Hi Mr Jones, yes we are all excited. We have spent the last...... read more
House hunting has always been an activity that steered up great excitement for Anna Dawson. Her parents, being relatively adventurous with their investments, had purchased a number of properties in Continental Europe throughout her youth. Her father would often return from a trip holding photo albums containing collections of pictures of properties that he had visited during his exploratory journeys. They would go through the albums together and he would describe every detail of the properties seen and the villages visited. It is now her turn to travel overseas in search of a place where she could escape to when the city life became too overwhelming......... read more
It is three o’clock in the afternoon. John Dawson is strolling down the Departure Lounge of the Malta International Airport. He is excited to get back at his office and embark on his new project. He had heard that Malta is a popular jurisdiction with respect to online gaming but never in his wildest dreams did he imagine that this little island is the leading European jurisdiction in this industry. It was by pure coincidence that John ended up attending ‘MIGS’, the country’s yearly online gaming expo and conference. He had walked into the lobby of his hotel which was buzzing with all sorts of entrepreneurs involved in the online gaming business......... read more
John Dawson is sitting on his scheduled Air Malta flight looking forward to spending the weekend lounging by his hotel pool, basking in the Mediterranean sun. His ever more frequent travels to Malta are without a doubt his favourite business trips. He fondly fits these visits into his business schedule, knowing that he will be spending the first day of his journey discussing his international trade exploits in his Maltese Companies’ board meeting, wherein he shall receive the usual great news from his Maltese accountant and auditor that his Maltese office has worked efficiently and that the profits seen locally shall enjoy the best net effective tax rate in Europe... read more
Mergers and acquisitions are regulated by the Companies Act (Chapter 386 of the Laws of Malta). A merger can be effected between limited liability companies, as well as between partnerships en nom collectif and/or en commandite. There are two ways in which a merger of two or more companies may take place:
- By means of a merger by acquisition; or
- By means of the formation of a new company.
The former refers to a situation where an acquiring company takes on all the assets and liabilities of another company or companies. The acquired company’s shareholders receive shares in the acquiring company and a cash payment (if any) which does not exceed 10% of the nominal value of the shares so issued.............. read more
A company, like other commercial partnerships, such as partnerships en nom collectif and en commandite, is created by means of an agreement between its shareholders or members. It must be registered with the Registry of Companies. The limited liability company is the most commonly chosen vehicle for doing business in Malta, because it offers the advantage to shareholders of having their liability limited to the amount remaining unpaid on their shares (unless they are found guilty of wrongful or fraudulent trading). A company is considered as a legal person in its own right, and its assets and liabilities are separate from those of its shareholders.
Insofar as the name of the company is concerned, the founding members are free to choose it, however it will not be permitted if it is the same or too similar to that of an existing or reserved company. One may run a search to determine whether this is the case. The Registrar of Companies is also entitled to refuse to register a name which is offensive or otherwise undesirable. The desired named may be reserved for a period of up to three months......... read more
In many ways, Malta is extremely cost-effective as a location in which to establish one’s business. Particularly attractive is its favourable fiscal regime where foreign investors are concerned.The main pillars of the international taxation system of Malta are tax refunds and tax relief, while Malta’s vast treaty network includes double-taxation agreements with over fifty countries with the aim of avoiding the eventuality of the same income being taxed more than once where a company carries on operations in more than one country......... read more
Every company registered in Malta must have a company secretary, who must be a physical person, but is not required by law to be resident in Malta. A company must not have a company secretary who is also its sole director, unless it is a private exempt company. It is also prohibited for a company to have as its sole director a body corporate the sole director of which is its company secretary.......... read more
Earlier this month, Justice Minister Chris Said announced the new interest subsidy scheme targeting up to three hundred buyers purchasing their first house. By means of the scheme, which will be launched shortly, the Government will subsidise an amount of the interest payable on the bank loan obtained for the purpose of financing the purchase of one’s residence; in particular, the subsidy will be of 2.5% on the first €80,000 borrowed. As a result, each applicant will be able to save a maximum of €14,500 when acquiring their first home. In order to be eligible, the bank loan in question must not exceed €150,000 in total, including allowance for furnishings.
The High Net Worth Individuals Scheme has replaced the Permanent Residence Scheme, which was suspended in December 2010. The new scheme addresses two categories of applicants: those within the European Union (EU) and the European Economic Area (EEA) together with Swiss Nationals, and third country nationals, who are defined as persons who are not citizens of the EU, according to the meaning in Article 20 of the Treaty on the EU and the Treaty on the Functioning of the EU.
The relevant thresholds have been increased, requiring applicants to purchase property with a value not lower than €400,000, or rent property where the rent payable is of no less than €20,000 per annum. The emphasis is on the quality of person being attracted to Malta, particularly individuals who will contribute to the economy of the country, which is why the scheme targets high net worth individuals. Under the previous scheme no periods of stay were imposed. Under the new scheme, applicants need not be domiciled in Malta, but they must have health insurance and a stable and regular income, as well as pass a ‘Fit and Proper’ test. Through this test, undesirable applicants are filtered out. The registration process costs €6,000. This is according to Subsidiary Legislation 123.131.
Despite the global recession, auction houses around the world keep registering record bids. And despite the fact that the local auction market is small and somewhat restricted, collectors are nonetheless busy at every local auction in search for the right item at the right price.
The surge in local interest was not unaccompanied by relevant legislation. The Auctioneers Act is one such example; it serves to regulate the position of the licenced auctioneer. Among other responsibilities, the auctioneer is obliged to represent a correct description of the antique or item. He cannot, therefore, rely entirely on the owner’s description. Neither can he exempt himself - on the basis that he is acting in the role of mandatory - from responsibility should it transpire, for instance, that the object was wrongly attributed to the master instead of the pupil or that the zecchino was minted in a later period.
The logo of the Maltese medicines Authority
Successive Maltese governments have increasingly adopted new legislation to accomodate the generic drugs Industry in Malta and evidence of such manifests itself in the establishment of several companies involved in the production and distribution of generic medicines locally. The authorities are regularly upgraded the pharmaceutical patent legislation and regulations and have developed a National Health Action Plan that ensures a competitive and well regulated platform for pharmaceutical companies wishing to seek establishment and consequent development of production and international distribution lines in Malta.