20Jul

Acumum – Legal & Advisory attended the 2022 Superyacht Symposium in Malta

20 July 2022 Acumum Legal & Advisory 385

July 2022. Acumum – Legal & Advisory attended the Superyacht Symposium in Malta – a first event of its kind, hosted by the Malta Chamber of Commerce and the Malta Maritime Lawyers Association, of which Acumum is a member.

The symposium was held over two days and featured important discussion topics such as: Malta as a yacht refit center, yacht marina facilities, Malta as a destination for superyachts, the interests of seafarers (including training) and regulatory issues surrounding superyachts. Hon. Dr Aaron Farrugia, Minister of Transport, Infrastructure and Capital Projects and the Registrar General for Shipping, Mr Ivan Sammut attended, alongside ley speakers and panel moderators, from different areas in the industry so as to hold a wide-spectrum discussion on various matters of interest to stakeholders and their clients alike.

The aim of the symposium was to chart the future of the superyacht industry in Malta and the Minister announced the first National Superyacht Policy in his opening address. Indeed, the highly active discussions across all sessions indicated that this is very much an in demand initiative and will continue to ensure that Malta provides quality services to the superyacht industry.

The symposium acknowledged that the superyacht industry in Malta has continued to register growth, reflecting the success of the Maltese flag. The symposium identified a number of key strengths which can continue to be developed as the industry evolves. The Malta Ship Registry declared itself committed to continue to work hard with partners and stakeholders to take the superyacht industry to the next level. Industry stakeholders, including owners of shipyards, yacht builders, marine surveyors, accountants and auditors, tax advisors and lawyers were present to share ideas as to the full spectrum of services which is offered across Malta.

The Maltese flag for yachts provides a number of benefits: the strong reputation it enjoys as well as the robust legal framework and the ability for a foreign owner to register a Malta flag are just some of these incentives. Malta’s Commercial Yacht Code has long provided guidance to those superyachts wishing to engage in charter; for even larger yachts carrying more than 12 passengers, the recently published Passenger Yacht Code also continues to give further guidance, while ensuring the safety of those vessels carrying larger numbers of passengers, in compliance with international conventions. It was also suggested that guidelines for privately owned superyachts be issued, which would ensure speedier registration processes and the high quality of yachts registered in Malta.

Dr Geraldine Spiteri Director and Advocate – Acumum Legal & Advisory

Acumum Legal & Advisory’s Marine & Aviation team was present and participated in the discussions surrounding areas of interest to its maritime clients. The team is headed up by Dr Geraldine Spiteri, whose main practice areas are maritime and yachting, aviation and transport and corporate law. Dr Spiteri has worked in the yachting industry for over ten years, brings with her a range of experience and contacts that enables Acumum to ensure an all-round service to yacht-owning clients.

Dr. Geraldine Spiteri. I Head of Marine & Aviation.

[email protected] +366 2778 1700 ext 403

18May

Acumum Director receives Excellence Award, Maritime & Aviation, at the Women’s Economic Forum

18 May 2022 Acumum Legal & Advisory 350

Last night, Dr Geraldine Spiteri, director and advocate at leading Maltese specialists Acumum – Legal & Advisory received an award for Exceptional Women of Excellence in Maritime Law & Aviation, during a ceremony held at the Women’s Economic Forum networking event at the Valletta Waterfront, Malta. The 18^th May, is ‘International Women in Maritime Day’, a day when the global maritime industry celebrates the encouragement of women to work in the maritime industry.

The event was organised as part of a series of networking events for the Women’s Economic Forum (WEF), that is a part of the Women’s Indian Chamber of Commerce International (WICCI), Malta Branch – a business and industry that boosts and builds women’s entrepreneurship and businesses through greater engagement with government, institutions, global trade and networks. WICCI includes various free platforms, including the All Ladies League (ALL), and the SheEconomy. The group hosted leading women across the world working in high profile industries and established the new headquarters of WICCI Malta.

During her speech to express her thanks for this recognition, Dr Spiteri mentioned the ever-increasing role that women in maritime contribute to the maritime industry. Dr Spiteri promised to work within the industry to continue to promote the role of women in high positions in the maritime world. “I believe that women can also play an important role in the maritime economy and Malta is very well placed to put this matter on the agenda for continued developments in the maritime industry,” she said in her speech. “Together, this is something we can work on across our industries to be able to promote accessibility of these roles to women all over the world.” Dr Spiteri has also headed up a number of initiatives and spoken at key events, including a Women in Maritime held at the IMO International Maritime Institute on the empowerment of women in the maritime industry in 2019.

Dr Geraldine Spiteri celebrating the wining of her Women Economic Forum award

Within Acumum, Dr Spiteri heads up the Marine & Aviation team, which services clients wishing to register their yachts and aircraft, as well as those wishing to set up the ownership and operation of these assets within a corporate structure. Dr Spiteri is a Maltese advocate and lectures in maritime and aviation law.

Acumum Legal & Advisory is a fullservice boutique firm, providing a range of services including those relating to the registration and management of ships, yachts and aircraft.

To contact Dr Spiteri or to find out more about Acumum and its services call +356 2778 1700, email [email protected] or visit the company’s website at www.acumum.com.

16Apr

Brexit – Malta – Rules for British Persons

16 April 2019 Acumum Legal & Advisory 170

Why Malta?

The Republic of Malta, a former colony of Great Britain until 1964 has since maintained a special relationship with the UK.

Added to which, as the only one of two European Commonwealth members, Malta’s relationship with the UK, is based on mutual cultural, legal, and economic understanding.

Accordingly, Legal Notice No. 63 of 2019 (“Legal Notice”) goes some way to protecting British persons resident in Malta before the Brexit withdrawal date – whenever that may be.

Who is included?

The Legal Notice sets out persons to whom these provisions will apply: “British Citizen” means a person who holds British Nationality under the British Nationality Act excluding those holding the following British nationality status:

British nationals (Overseas),
British overseas territories citizens (BOTC),
British overseas citizens (BOC),
British protected persons (BPP),
British subjects (BS)

As well as a British citizen who holds a valid certificate under the Residents Scheme Regulations, if such person within 2 years from UK’s withdrawal date, exchanges their status to the residency status under the Legal Notice.

Family Members?

The provisions of the Legal Notice will apply to established family members of British persons, even if that family member is not residing in Malta as of the withdrawal date. The above rules apply to children adopted or born after the withdrawal date to the British person.

In cases where the British person has died, or divorced or separated, the family member may still have the right to reside in Malta if they have the right to reside under the Free Movement of European Union Nationals and their Family Members Order.

Length of Residency Permit

10 years, renewable subject to the person continuing to meet the requirements set out in the Legal Notice.

Application Process

Applications are to be submitted to the CEO of Identity Malta. The CEO of Identity Malta shall refer all applications to the Principal Immigration Officer to ensure the application is not against the public interest.

Until approval of the application under this Legal Notice, the British person’s (and residing family members’) previous residency rights shall continue to subsist.

Benefits & Related Rights

Except for regulated professions, all rights held by the persons shall continue, prior to Brexit with access to:

Healthcare – if a worker or student
Healthcare entitlements – if covered by the S1 scheme (formerly residual E106),
Healthcare entitlements if self employed
Access to education – except that grants or loans may only be given to persons who have resided in Malta for at least 5 years prior to the withdrawal date.

Equal treatment on par with a Maltese citizen as to :

Recognition of educational qualifications – provided that an application is submitted prior to the withdrawal date to recognise diplomas, certificates and professional qualifications in accordance with Maltese legislation
Access to goods and services
Social benefits, provided that the person does not become a burden on the Maltese social assistance programme.

British nationals will also be able to exchange their UK driving license for a Maltese license without having to take the test.

Loss of Rights

The rights granted to British persons (and appropriate family members) will be lost if the beneficiary is absent from Malta for a continuous period of 2 years, not including:

Temporary absences of 6 months in a year
Absences due to compulsory military service
One absence of a maximum of 12 consecutive months due to important reasons such as pregnancy, serious illness, study or vocational training or a work positing outside of Malta
It is contrary to the public interest or public security
After the withdrawal date the beneficiary is found guilty of an offence and subject to imprisonment of 1 year or more, whether in Malta or abroad
Does not have sufficient funds, equivalent to the national minimum wage, to support themselves, or becomes a burden on the Maltese social assistance system
No application for the Brexit Permit is received within 2 years of the withdrawal date
Concealment of any material fact, by way of fraud, false representation
Beneficiary is spouse or partner who is a 3rd country national, whom after the withdrawal date divorces or separates from the British citizen within 3 years of the marriage or registration of the partnership
A de-facto partner of a British citizen, whose relationship no longer exists.

Refusals & Appeals

Refusals by the Maltese Government should be supplied with reasons, in writing, for the basis of the decision, unless this is contrary to public security. An appeal can be submitted to the Immigration Appeals Board, on the basis and within the time period notified to the British national.

Next Steps

British nationals resident in Malta prior to the Brexit withdrawal date are urged to regularise their position.

Older persons and persons not deemed a worker or student on holding an S1 scheme permit should make inquiries as to an appropriate health insurance
Persons in ‘regulated professions’ such as lawyers, doctors, nurses, social workers, pharmacists, vets are urged to contact their regulating profession in Malta in order to ascertain their work / license status. You can find out whether you are part of a regulated profession here: http://ec.europa.eu/growth/tools-databases/regprof/index.cfm .

You are urged to submit their qualifications to the Malta Qualifications Recognition Information Centre prior to Brexit.

13Dec

Key Employee Initiative

13 December 2016 Acumum Legal & Advisory 148

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.

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:

A definite or an indefinite contract of employment, and
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.

30Jun

Acumum Sponsors STEP Global Conference

30 June 2016 Acumum Legal & Advisory 111

Acumum is very honoured to be able to sponsor the STEP Global Conference, being held in Amsterdam between 30th June – 1st July.

STEP – Society of Trusts & Estates Practitioners – is the leading practitioner organisation in the fields of trusts, foundations, estates, family office and wealth planning.

Acumum’s Managing Partner, Geraldine Noel, will be attending the conference and welcomes the opportunity to meet other practitioners and service providers in these fields. Please feel free to contact Geraldine Noel – [email protected].

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.

02Jun

Acumum Accounting Granted Accountancy License

2 June 2016 Acumum Legal & Advisory 104

Acumum – 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

About

24Feb

Russia Considers Access to Islamic Banking Markets

24 February 2016 Acumum Legal & Advisory 1340

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.

23Feb

Malta Credit Rating Stable – Positive

23 February 2016 Acumum Legal & Advisory 96

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

14Jan

Geraldine Noel Awarded Citywealth Powerwomen Award

14 January 2016 Acumum Legal & Advisory 275

Geraldine Noel, Managing Partner of one of Malta’s leading legal firms Acumum, has been honoured with a Citywealth Power Woman Award for a third consecutive year, cementing her status as one of Europe’s finest lawyers and an influential figure in the world of law and finance.

The Citywealth Power Woman Awards list the top two-hundred most powerful women in the world of government, philanthropy, private wealth, education and private client advisory spheres, building a comprehensive database of inspirational role models for women everywhere.

This year’s list was compiled by looking at last year’s list, as well as taking recommendations from leading figures in the financial service industry, and from submissions sent directly to the editor. As one of just four women selected from Malta, Geraldine’s inclusion for the third-year running is an honour for the international corporate and private client tax lawyer.

Geraldine says, “I’m thrilled to have been included in this list for the third consecutive year, alongside so many inspirational and talented women. To be classed as a trailblazer and an influencer in my field is truly an honour, and I’m happy to promote business excellence and work to consolidate the reputation of the financial services industry globally – both of which were criteria for the ultimate ‘Power Woman’.”

Citywealth’s Power Woman is defined as charismatic, results-oriented and kind, acting always with integrity and striving for excellence in every area of their work. Geraldine ticks each of these boxes in her work with Acumum, a leading Maltese law firm with a clutch of internationally experienced lawyers like Geraldine at the helm. Acumum tailors its services to each individual and guarantees a superb client experience for all. It’s this commitment to outstanding services, provided by seasoned professionals, that have catapulted Geraldine into the spotlight and made Acumum one of the go-to legal services providers in the country.

With Geraldine leading the way as Managing Partner, Acumum has also been honoured on the awards circuit recently, picking up one of Malta’s Best-In-Business Awards in the Best Law Firm category.

Geraldine adds, “It’s been a great year for me personally, being included on Citywealth’s Power Women Top 200, but it’s also been a fantastic year for Acumum, as we picked up another award from the Maltese business community. I’ll continue to strive to success over the coming year, in my professional endeavours with Acumum, and as a ‘Power Woman’.”

For more information about Acumum, please visit the website: https://devsrv.globalmark.mt/acumum/

07Nov

CEIP Conference: The Climate Challenge

7 November 2015 Acumum Legal & Advisory 90

The Commonwealth Environmental Investment Platform Conference at CHOGM

To be held on the afternoon of CHOGM Business Forum

In Conjunction with the Royal Commonwealth Society

Location	: InterContinental Hotel, St George’s Bay, St Julian’s STJ 3310, Malta
Date/Time	: 26 November, 2015 04:00 PM to 09:00 PM

The Commonwealth Environmental Investment Platform (CEIP) would like to invite you to our Climate Challenge conference and drinks reception, hosted by Commonwealth Argosy, in Malta this year, alongside the high profile Commonwealth Business Forum, and Commonwealth Heads of Government Meeting (CHOGM).The theme of the conference is ‘The Climate Challenge’ and we will be looking at how the global economy needs to transform in order to accommodate the inevitable risks imposed by climate change. We will be exploring some of the key themes of the recent New Climate Economy Report issued by The Global Commission on the Economy and Climate. Agenda

16:00 – 17:00	Registration and networking
	The Climate Challenge How does the global economy need to transform in order to accommodate the inevitable risks imposed by climate change in a business as usual scenario?
	Smart Cities Cities generate 80% of global economic output and 70% of global energy use and energy-related greenhouse gas emissions. What does the city of the future look like and how do we modernise existing cities and infrastructure?
	Climate Change CThe world is changing. What is really going on, how dangerous is it, and how worried do we need to be?
	Panel discussion and Q&A
19:00 – 21:00	Blue Economy themed drinks reception and networking
	Sponsored by Commonwealth Argosy

We are looking forward to thought provoking speakers, interesting debate, and the sharing of invaluable experience from across the Commonwealth.

Registration

To register for

> Climate Challenge conference and Blue Economy drinks reception

> Blue Economy drinks reception

Sponsorship

We also have a very limited number of sponsorship opportunities and exhibition space available; if you are interested in supporting us with this event, please view our sponsorship packages here .

We look forward to seeing you in Malta.