07Jul

Malta – Family Trust Company

7 July 2016 Acumum Legal & Advisory 43

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.

23Feb

Malta Credit Rating Stable – Positive

23 February 2016 Acumum Legal & Advisory 47

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

07Nov

Malta – Mexico Tax Treaty – Now In Force

7 November 2015 Acumum Legal & Advisory 32

Malta – Mexico Tax Treaty In Force

9th August 2014

The Malta-Mexico double tax treat provides for double taxation relief in relation to:

Mexico’s federal income tax and the business flat rate tax; and
Malta income tax.

The main features of this treaty are as follows:

Dividends – 0% withholding tax.
Interest arising in one Contracting States and paid to a resident of the other may be taxed in that other state and may also be taxed in the Contracting State in accordance with the laws of that State.

If the beneficial owner of the interest is a resident of the other Contracting State, the tax charged shall not exceed:

5% of the gross amount of the interest from loans granted by a bank;
10% of the gross amount of the interest in all other cases.

Royalties – the same rules apply as for interest, however if the beneficial owner of the interest is a resident of the other Contracting State, the tax charged shall not exceed: 10% gross of the royalties.

The Malta – Mexico double tax treaty with Mexico, following the Malta – Uruguay double tax treaty, signals Malta’s intention to strengthen economic relations with Latin American Countries, with the aim of concluding other similar agreements with countries of the same region.

About Acumum – Legal & Advisory

07Nov

Acumum Attends Women’s International Shipping & Trading Association (WISTA)

7 November 2015 Acumum Legal & Advisory 31

Acumum Attends

Women’s International Shipping & Trading Association (WISTA) in Cyprus

The Women’s International Shipping & Trading Association (WISTA) is holding its 40th International AGM and Conference in Limassol, Cyprus, between the 8 & 10 October 2014.

WISTA International’s first such AGM and Conference took place in 1981 in Hamburg.

WISTA Malta is the Malta branch (WISTA Malta) of WISTA International, both being non-profit organisations. WISTA Malta was established in September 2014 by a number of female professionals in shipping. The aims of WISTA Malta include the promotion of active participation within WISTA International and to support the involvement of females in the maritime industry.

WISTA Malta members will be attending the WISTA conference to network and exchange ideas and information with other members of the worldwide organisation.

Dr. Geraldine Spiteri, one of the founding members of WISTA Malta, has been appointed as the first treasurer of WISTA Malta. Geraldine Spiteri will also be attending on behalf of Acumum – Legal & Advisory and will be spreading the word about the incentives which the Maltese flag holds for the shipping industry, which include:

favourable tonnage tax
reputable jurisdiction, enjoying favour with international ports
compliance with all major international conventions
an open register
straightforward company registration and vessel registration procedures
the possibility to register bareboat charters and vessels under construction
a mortgage registration system
for those opting to register yachts in Malta a favourable VAT rate

Malta has a very long-standing maritime tradition. Furthermore, the strategic location of Malta, its deep natural harbours and the wide range of services available make Malta an excellent choice to register vessels.

Dr Geraldine Spiteri may be contacted on +356 2778 1700 Ext 102, Cell +356 9985 8000 or at [email protected] should you like to meet her at the conference or discuss Malta yacht or maritime solutions.

07Nov

Chartered Institute Of Taxation

7 November 2015 Acumum Legal & Advisory 33

Acumum provides Headline Editorial for Tax Adviser Magazine

of The Chartered Institute of Taxation (CIOT)

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 (CIOT) 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: CIOT Tax Adviser Malta – Sept 2014

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: [email protected] | Skype: acumum

07Nov

RUSSIA – MALTA TAX TREATY

7 November 2015 Acumum Legal & Advisory 41

Malta-Russia Tax Treaty

It is expected that the new tax treaty will be in force much quicker then its predecessor.

Following the Cyprus crises, Malta has remained a tax compliant and tax efficient jurisdiction for legitimate businesses.

Fitch has recently confirmed that Malta’s banking system is stable: Fitch Report: Malta Bank’s Stable – with the World Economic Forum stating that Malta is 13th in respect of sound banking systems – globally.

Added to which, French President Francois Hollande’s has recently endorsed the legitimacy and integrity of Malta’s banking sector, stating that Malta is ‘not a tax haven’ – but a legitimate low tax EU jurisdiction.

The terms of the Russian – Malta tax treaty allows for the following benefits:

5% for interest and royalties
5 to 10% on dividends
Business profits to be taxed at normal state tax

Malta, unlike the other contenders, provides unique tax benefits, which international groups with interests in Russia will be able to fully explore when the treaty becomes law in both countries.

Namely:

Malta allows for an effective 5% rate of corporation tax on business income
Companies, which are resident but not domiciled in Malta are taxed on the remittance basis of taxation

The Malta-Russia tax treaty provides generous exemptions for royalties and a quasi-full exemption from tax on foreign dividends. The absence of CFCs, little TP regulation and access to the EU tax directives also help. These combined factors make Malta an ideal jurisdiction to locate a group holding company, as well as a financing or an IPR holding SPV.

More importantly, Malta allows for the continuation of non-Maltese companies, for example a BVI holding entity subject to various restrictions can easily re-domicile (migrate) to Malta without losing its corporate personality.

Notably, on becoming Malta-resident the company can achieve a tax-free step-up in the base cost of its assets effectively avoiding tax on future disposals.

To see the text of the Russia – Malta Tax Treaty please go here.

07Nov

Acumum Sponsors International Taxation Conference

7 November 2015 Acumum Legal & Advisory 34

As part of its commitment to continued education and best practice, Acumum is a sponsor of the Malta Institute of Management’s International Taxation Conference.

Acumum’s Managing Partner Geraldine Noel says “We are delighted to be a sponsor of this prestigious event and strengthening our close ties with the Malta Institute of Management. Both of Acumum’s lawyers and accountants are committed to excellence in knowledge, which by sponsoring and attending events such as this, our clients can be assured in up to date and relevant knowledge and best practice”

For more information about the conference, please visit the Malta Institute of Management’s site: http://www.maltamanagement.com/2013/03/international-taxation-conference-2013/

malta tax

Malta – Family Trust Company

Family Wealth

& Family Trust Company

Malta Credit Rating Stable – Positive

Malta – Mexico Tax Treaty – Now In Force

Malta – Mexico Tax Treaty In Force

9th August 2014

Acumum Attends Women’s International Shipping & Trading Association (WISTA)

Acumum Attends

Women’s International Shipping & Trading Association (WISTA) in Cyprus

Chartered Institute Of Taxation

Acumum provides Headline Editorial for Tax Adviser Magazine

of The Chartered Institute of Taxation (CIOT)

RUSSIA – MALTA TAX TREATY

Malta-Russia Tax Treaty

It is expected that the new tax treaty will be in force much quicker then its predecessor.

Acumum Sponsors International Taxation Conference

&
Family Trust Company