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Acumum – Legal & Advisory

News

Home / News / News
13Dec

Key Employee Initiative

13 December 2016 Acumum Legal & Advisory News 23

The Key Employee Initiative (KEI) has been introduced in Malta, providing a new, efficient programme for third country nationals / non – EU nationals (TCN) seeking employment and residence in Malta.Key Employee Initiative

The Key Employee Initiative aims to facilitate and to provide a fast track application process to highly-specialised third-country nationals who seek employment in Malta; applications will be approved within five working days from the date of submission of the application.

Eligibility

An individual may apply for a work/residence permit under the scheme if the employment position concerns a managerial or a highly-technical post which requires specific qualifications or adequate experience.

This scheme is also open to innovators who are involved in start-up projects which are specifically approved by Malta Enterprise.

Individuals applying under the KEI must:

  • Have an annual gross salary of at least € 30,000; and
  • Provide certified copies of the relevant qualifications, warrants or the necessary work experience;
  • Provide a declaration by the employer stating that they have the necessary credentials to perform the duties which they have been assigned.

Validity

Once the application is validated and approved, the applicant will be issued with a residence permit which is valid for 1 year. The permit may then be renewed for a maximum period of 3 years, subject to the submission of the documentation requested by Identity Malta, namely:

  1. A definite or an indefinite contract of employment, and
  2. The original annual tax declaration form stamped by the Inland Revenue Department.

Government Fee

The Government of Malta’s fee for the submission of the application is €280.50, to be paid at the time of submission.

Time-frame

Permits are issued within five working days from the date of submission of the application. The applicant does not need to be physically present to submit the application, therefore the applicant would not need to travel to Malta to submit the application.

Documents Required

1.  Application for a residence permit on the basis of employment – the form must be  endorsed by the employer with an official stamp and signature of the responsible official;
2. Identity Registration Form – Non-Maltese Nationals along with the application fee of
€280.50;
3. Full copy of passport;
4. Declaration by the employer stating that the applicant has the necessary credentials to perform the duties being assigned;
5. Draft work contract showing an annual gross salary of €30,000;
6. Curriculum Vitae of the applicant;
7. Certified copies of the relevant qualifications, warrants or reference letters;
8. Full health-insurance policy, showing all aspects being covered, which supports the applicant in the eventuality of requiring any type of medical assistance or hospitalisation during the first year of stay in Malta;
9. Lease agreement or purchase agreement of property.
10. Depending on type of job, a relevant health screening approval from the Health Promotion and Disease Prevention Directorate.

How can we help?

Acumum can advise and assist third country nationals with the application process under the Key Employee Initiative. Applications for the Key Employee Initiative are required to be made to and processed by Identity Malta by an Authorised Registered Mandatory.

Acumum is an Authorised Registered Mandatory for all Malta Citizenship and Malta Residency programmes.

Kindly contact us on [email protected] for more information.

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02Nov

Acumum Wins: Best in Corporate Financial Law Services 2017

2 November 2016 Acumum Legal & Advisory News 17

Acumum Wins Best in Corporate Financial Law 2017

Acumum is pleased to have been awarded Best in Corporate Financial Law 2017 by Corporate Livewire. Corporate Livewire Finance Award is the leading global awards program celebrating growth and strong performance in the finance industry.

Via an extensive judging process, the awards recognise individuals, teams and businesses that have demonstrated excellence over the last 12 months. This awards programme champions the success of industry leaders across the entire finance sector, with specialised category awards recognising achievements in Financial Services, Tax and Accountancy.

Over the past calendar year we have invited over 100,000 professionals working across the various corporate industries, the general public and our subscriber base to nominate associations, companies & individuals based on their achievements and strengths. Additionally Corporate Livewire’s extensive research team has put forward a selection of individuals who have excelled within their sector.

This year saw an unprecedented number of nominations, providing strong competition in every category and the judging panel had the unenviable task of selecting those firms & professionals most worthy of an award.

All winners of the 2017 Corporate LiveWire Awards are subject to the same rigorous assessment criteria, carried out by our experienced in-house professionals. This ensures that only the most deserving teams, practices and individuals walk away with one of these prestigious accolades. Award winners will gain a place in our soon-to-be published awards winners’ guide, which will be distributed to over 500,000 businesses and professionals around the world.

Corporate LiveWire Awards

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01Nov

Standard & Poor’s Malta Credit Rating Upgraded to ‘A-‘

1 November 2016 Acumum Legal & Advisory News 15

Standard & Poor’s Credit Rating increases

Malta’s Credit Rating to ‘A-‘

First Increase in 20 yearsMalta Credit Rating

  • Malta’s Economy Predicted to increase 25%
  • Influx of Foreign Workers a Contributing Factor

Continuing Malta’s unprecedented and unmatched growth within the EU, Standard & Poor’s has raised Malta’s long-term rating to ‘A-‘, predicting that the economy will continue to grow by an average of 3 per cent a year until 2019.

The agency raised its long-term sovereign credit ratings on Malta to ‘A-‘ from ‘BBB+’. The upgrade reflected what S&P called “Malta’s improved credit metrics”, including:

  • Strong real GDP growth
  • Deficits below 1 per cent for the 2016-19 period
  • Durable current account surpluses

Malta’s outlook remains stable, reflecting S&P’s view that:

the upside potential of Malta’s economic and fiscal performance is counterbalanced by downside risks related to Brexit, external flows, and the structure of the financial sector.”

 

Malta’s short-term foreign and local currency sovereign credit rating remained stable at ‘A-2’.

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07Jul

Malta – Family Trust Company

7 July 2016 Acumum Legal & Advisory News 18

Family Wealth

&
Family Trust Company

A Malta Family Trust Company is Malta’s latest initiative to service families, as Malta is a particularly favourable jurisdiction in which to establish family wealth structures.
Providers of both trusts and foundations in Malta are highly regulated by the Malta Financial Services Authority.

In conjunction with Malta’s tax and fiscal rules, the establishment of holding, operating, investment and special purpose vehicles, including trusts and foundations.

Family Trust Companies
Legislation enacted pursuant to Article 52(3), amending the Trusts and Trustees Act has resulted in the introduction of the concept of Family Trusts Companies – property settled upon trust for the present and future needs of family members and family dependants.
Family Trust Companies offer some very interesting opportunities for HNWI’s and families who favour a tailor -made trustee solution in which they can actively take part on a formal or informal basis, especially when compared to the mainstream professional or institutional trustees.

Family Trust Companies that satisfy the prescribed legal requirements are not required to obtain full authorisation, although they must apply for registration with the Malta Financial Services Authority and adhere to on-going compliance and other regulatory conditions.

  • set up as a company (Ltd) with objects and activities limited to acting as a trustee to
  • specific settlors in respect of the family estate, for the benefit of the family members
  • maximum of 5 settlors
  • minimum of 3 board directors – one of which must have knowledge of trust law and administration
  • limited to acting as a trustee to specific settlors in respect of the family estate, for the benefit of the family members
  • Money Laundering Reporting Officer (MLRO) required

Acumum’s Service Offering

Our essential starting point when advising on establishment, restructuring & re-domiciliation, is to understand the particular circumstances & dynamics of the family & the purposes of the office. This provides the framework for effective & enduring legal & structuring advice.

  • Organising the implementation & on-going maintenance of family wealth & investment structures
  • Establishment of family trusts / foundations & family trust companies
  • Acting as ‘knowledgeable’ director of family trust companies
  • Ensure on-going legal & regulatory compliance
  • Regular asset summaries, activity reports & accounts
  • Oversight of asset, investment strategies and 3rd party providers
  • Preparation of management and financial accounts

Our overall aim is to ensure that the operating & tax structures are established & governed sensibly, as well as run efficiently & effectively.

More Information: Trusts – Foundations – Family Wealth & Estate Planning

About Acumum – Legal & Advisory

Acumum Legal & Advisory is a well-established set of multidisciplinary legal, tax and accounting firms located and managed in the tax efficient EU jurisdiction of Malta. It operates as a full service law firm with services including aviation, corporate formation, accounting, estate & wealth planning, taxation, intellectual property and more. The firm is overseen by Geraldine Noel, a British barrister – registered in Malta, working alongside an expert team of lawyers and accountants with extensive specialist commercial and private client expertise, particularly to an individual, corporate and family office clientele.

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27Jun

BREXIT – the EU Passport Opportunity for Malta

27 June 2016 Acumum Legal & Advisory News 17

BREXIT – Britain’s momentous decision to leave the European Union has put into question what rights will British nationals and companies located in Britain have in relation to the European market? In particular, there is doubt whether the passporting rights pursuant to European directives will continue to apply.

Following Brexit, Malta offers a number of advantages to individuals and companies looking for a secure and stable entry point into the European market.

Malta, a full EU member, has transposed all applicable EU directives into its domestic law, particularly in relation to the financial services sector, covering such areas as Funds, Investment Services, Pensions etc.

Added to which, Malta’s long term, special relationship with the UK, provides UK located individuals and businesses comfort in the face of the forthcoming Brexit changes.BREXIT - Malta's Opportunity

Why Malta?

  • Full EU member
  • Malta’s long standing special relationship with England – the Maltese and British Governments are currently in talks to discuss bilateral arrangements
  • English is an official language
  • Malta’s corporate and commercial laws are based on English law and EU directives
  • EU and OECD recognised and compliant jurisdiction
  • EU financial services directives fully implemented
  • Tax and fiscal advantages – 5% effective corporate tax rate, reduced from 35% after application of tax refunds
  • Currency – Euro
  • Single, accessible regulator – Malta Financial Services Authority
  • Certain financial services sectors, such as funds, can achieve 0% tax on income and distribution
  • Highly Qualified Persons Programme – 15% income tax cap on certain employees within financial services sector
  • Multilingual, knowledgeable workforce
  • Excellent communications infrastructure

What is ‘Passporting’?

Passporting is the exercise of the right (known as a single market passport, or single licence), available to a firm authorised under one of the EU single market directives to carry on activities in another EEA member state, on the basis of its home state authorisation. The activities can be conducted through a branch in the host member state (the right of establishment) or on a cross-border services basis without using an establishment in the host state (a services passport).

Single market directives
The single market directives are currently:

  • The Alternative Investment Fund Managers Directive (2011/61/EU) (AIFMD)
  • The CRD IV Directive (2013/36/EU), which repealed and recast the Banking Consolidation Directive (2006/48/EC) (BCD)
  • The Insurance Mediation Directive (2002/92/EC) (IMD)
  • The Markets in Financial Instruments Directive (2004/39/EC) (MiFID).
  • Mortgage Credit Directive (2014/17/EU) (MCD)
  • The Solvency II Directive (2009/138/EC), which repealed and recast the First Non-life Insurance Directive (73/239/EEC), Second Non-life Insurance Directive (88/357/EEC), Third Non-life Insurance Directive (92/49/EEC), Life Assurance Consolidation Directive (2002/83/EC) and the Reinsurance Directive (2005/68/EC)
  • The UCITS IV Directive (2009/65/EC), which repealed and recast the original UCITS Directive (85/611/EEC)

Which types of firms does Passporting apply to?

  • Alternative investment fund managers (AIFMs) under the AIFMD
  • Credit institutions (that is, banks and building societies) under the CRD IV Directive, as well as unauthorised subsidiaries of credit institutions (referred to in the CRD IV Directive as financial institutions) that fulfil certain criteria
  • Insurance undertakings and reinsurance undertakings under the Solvency II Directive
  • Insurance intermediaries under the IMD
  • Investment firms under MiFID
  • Management companies under the UCITS IV Directive.
  • Mortgage intermediaries under the MCD

More Information:

Financial Services, Insurance, Funds, Malta Trading Companies & Holding Companies, Highly Qualified Persons Programme

Malta Citizenship & Residency

About Acumum – Legal & Advisory

Acumum Legal & Advisory is a well-established set of multidisciplinary legal, tax and accounting firms located and managed in the tax efficient EU jurisdiction of Malta. It operates as a full service law firm with services including aviation, corporate formation, accounting, estate & wealth planning, taxation, intellectual property and more. The firm is overseen by Geraldine Noel, a British barrister – registered in Malta, working alongside an expert team of lawyers and accountants with extensive specialist commercial and private client expertise, particularly to an individual, corporate and family office clientèle.

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02Jun

Acumum Accounting Granted Accountancy License

2 June 2016 Acumum Legal & Advisory News 20

Acumum AccountingAcumum – Malta’s International set of Legal, Tax & Accountancy firms are pleased to announce that Acumum Accounting Ltd has been granted its accountancy license by the Malta Institute of Accountants, pursuant to the Accountancy Profession Act, Chapter 281, Malta.

Acumum Accounting adds to Acumum’s service offering, by allowing the independent, boutique group located in Malta, additional service lines to clients, whilst maintaining its knowledge base and maintenance in respect of and over client matters.

Committed to providing the highest of client service, Acumum’s added service offerings include:

  • Accounting – GAAP, Maltese GAAP, IFRS
  • Advisory & Consulting
  • Royalty Audits
  • Tax
  • VAT

We are very pleased to be able to increase our service offering to clients thereby enhancing our clients’ experience.  We are positioned as an independent set of firms offering services to individuals, corporates as well as other service providers both in Malta and internationally’. Director, Geraldine Noel, M.A (Oxford), LLM (Fordham)

To find out more about Acumum Legal & Advisory, go to: https://www.acumum.com/
Facebook: https://www.facebook.com/acumum/
Twitter: https://twitter.com/acumum

Malta Institute of Accounting

About

Acumum Legal & Advisory is a well-established set of multidisciplinary legal, tax and accounting firms located and managed in the tax efficient EU jurisdiction of Malta. It operates as a full service law firm with services including aviation, corporate formation, accounting, estate & wealth planning, taxation, intellectual property and more. The firm is overseen by Geraldine Noel, a British barrister – registered in Malta, working alongside an expert team of lawyers and accountants with extensive specialist commercial and private client expertise, particularly to an individual, corporate and family office clientele.

Read more
24Feb

Russia Considers Access to Islamic Banking Markets

24 February 2016 Acumum Legal & Advisory News 23

A draft law on Islamic banking has been submitted to the State Duma in Russia concerning the establishment of new bank accounts allowing investment into only Shariah-approved assets.

 

The idea was first raised at the level of the State Duma a year ago after Western sanctions closed Russia’s access to the European and American capital markets. Linar Yakupov, President of the Foundation for the Development of Islamic Business and Finance stated that to associate Islamic finance with political or religious ideas would be to misunderstand the concept of it, as it is only a set of financial instruments largely unrelated to Islam itself.

A draft law was submitted to the State Duma in January. Under this law, banks could set up accounts with funds that could be invested only in line with an investment declaration, thus adapting the Russian banking system to the requirements of religious financial institutions. Individuals and organisations would need to be assured that their funds are invested in accordance with Shariah law, therefore outlawing use of the funds in industries such as alcohol and gambling.

Yakupov has advised that a better alternative for Russia would be to set up dedicated ‘windows’ in existing large banks to provide Islamic banking services, rather than setting up independent Islamic banks. This route has been taken by world-leading banks such as HSBC and Citibank, and would go some way to reducing competition between ‘ordinary’ and Islamic institutions.

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23Feb

Malta Credit Rating Stable – Positive

23 February 2016 Acumum Legal & Advisory News 15

Below is the most recent Malta credit rating assigned by the three largest credit rating agencies; Fitch, Moody’s, as well as Standard & Poor’s:

Rating Agency Long-term Short-term Outlook Last updated
Fitch A F1 Stable 20/02/2016
Moody’s A3 n/a Stable 28/10/2014
Standard & Poor’s BBB+ A-2 Positive 08/01/2016

Credit-rating agencies issue credit-worthiness opinions based on objective analytical methodologies and are intended to assist in overcoming information mismatches between issuers of debt securities (international financial institutions, sovereigns, public and private corporate sector) and investors. Credit-ratings are important for the rated entities/countries as they generally affect their cost of borrowing.

Links to the above ratings can be found here:

Fitch | Moody’s | Standard & Poor’s

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22Feb

Guernsey reforms Corporate Insolvency Laws

22 February 2016 Acumum Legal & Advisory News 14

A review of Guernsey’s personal and corporate insolvency laws has been compiled by the Commerce and Employment Department with significant input from key stakeholders. The Department’s proposals have now been published, outlining the areas that will be reformed and which projects will not be taken forward.

 

Regarding the reform of Guernsey’s corporate insolvency laws, the Department has decided not to introduce a single insolvency law, instead opting to amend the Companies (Guernsey) Law, 2008 with the following key changes:

  • The introduction of Insolvency Rules
  • A requirement that liquidators be independent in an insolvent voluntary winding up
  • Setting out the general objectives of liquidation
  • Allowing for greater information gathering powers by insolvency office holders including the ability to examine current and former directors
  • Introducing a provision to claw back undervalued transactions and disclaiming onerous assets
  • The introduction of a statutory duty on administrators and liquidators to report to the relevant authorities any misconduct on the part of a company’s directors and officers
  • The introduction of a process to establish and rank claims in a liquidation
  • The express power for administrators to make distributions to all creditors where these are in accordance with the objects of the administration.

The Department will not be pursuing the following projects:

  • Permitting out of court administration appointments
  • Providing for a procedure by which the Court may set aside a statutory demand
  • The appointment of a receiver as a pre-insolvency measure to protect assets
  • Reforming Guernsey’s Désastre and Saisie laws
  • Introducing a Company Voluntary Arrangement process
  • Avoidance of charges placed within a certain time period.

The publication of the Department’s proposals represents the culmination of many years’ hard work and co-operation. The proposed changes will enhance Guernsey’s corporate insolvency regime whilst maintaining the flexibility to respond to new challenges as they arise.

The Department will now submit policy letters to the States for consideration as a pre-cursor to drafting amending legislation.

Further information relating to the above can be found here.

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16Feb

IMF: Malta economy is ‘growing strongly’

16 February 2016 Acumum Legal & Advisory News 15

malta economy

 

The International Monetary Fund (IMF) has been reporting on the Malta economy in increasingly good terms over the last three months.

In February 2015, the IMF revised their forecast for Malta’s economic growth from 2.2 per cent to 3.1 per cent for 2014 and 2015, only a few weeks after making one of their biggest downwards revisions of its world economic growth forecast. Put simply, Malta continued to flourish even while the rest of the world did not.

The IMF notes that unemployment was at a record low, despite a large increase in the number of women working, praising the free childcare service and employment measures taken. Overall, the economic growth shown was predicted to lead to a reduction in Government deficit, with debt set to fall below 60 per cent by 2020.

Later the same year, in November 2015, a report was released by the IMF stating that Malta has weathered global shocks well and retained a strong outlook. They commented that a diverse economy and strong domestic funding has preserved stability, and a number of causes including infrastructure investments and income tax cuts accelerated growth to 5.1 percent in the first half of 2015, which levelled out to 4.3 per cent real growth throughout the year. Unemployment remained at record lows.

Looking ahead to next year, the IMF expects further solid growth owing to domestic demand supported by energy infrastructure projects, lower income taxes and a growing female labour force. Minister for Finance Edward Scicluna said of the IMF mission’s concluding statement that it “gives the Government the assurance that its economic and financial policies are well suited and are having the desired effects.”

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