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Malta provides qualified persons employed in the field of aviation with an opportunity to enjoy a 15% flat personal tax rate on income generated from their direct employment in Malta. For a candidate to qualify, their annual income must exceed €45,000. This does not include the value of fringe benefits and applies to the derived income received from an eligible office.
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RESIDENCY Applying for residence in Malta

01 Oct 2019

Any EU, EEA or third country national who resides in Malta for more than 3 months is obliged to apply for a Residence Permit. There are various grounds upon which an applicant may apply to require a residence permit

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The Maltese Citizenship Act (Cap 188) establishes who may become a citizen of Malta by naturalisation, provided that the applicant satisfies the relative provisions.
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Family businesses

Our business solutions for family businesses center on alignment of all aspects of the family and business, including culture, vision, mission, values,...

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Maltese Family Businesses Resource Centre
For over 30 years Grant Thornton’s advisory teams have assisted family businesses in navigating the challenges of leadership and succession across generations
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Preparing the next generation for leadership and ownership is an integral part of any succession process. Grant Thornton can help formulate the necessary grooming plan for all the potential successors.
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Like all companies, family businesses need finance. As an ongoing business concern looking at expanding, when it comes to raising capital, it’s important that this is done wisely to minimise the risk of collateral damage.
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Having a proper governance structure is essential to ensure that the family and business strategies are achieved. Grant Thornton can advise on this, and facilitate the implementation of the ideal governance structure based on the exact scenario.
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Letting go of your family business is difficult for all owners and even more so for founders; however, in a family business the additional challenge presented by the family component increases the complexity of this process. Our team of family business advisors will ensure that such ownership issues are dealt with in an effective and structured approach.
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There are many 'exit strategies' that need to be considered to minimise the risk of conflict. They can arise from the eventual exit of a family member from the ownership ranks and can have many causes. See how we can help.
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By implementing our family business guidelines to family succession and a proper governance structure, the management succession process can be completed with minimal conflict and will result in the most competent successor being chosen.

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Entities in Malta, including companies, partnerships, foundations, trusts and associations, have an obligation to disclose the ultimate beneficial owner/s (physical person) of the entities. A beneficial owner is defined as the individual (s) who ultimately owns or controls a legal entity or arrangement through direct or indirect ownership of a sufficient percentage of the shares or voting rights or ownership interest in that entity.

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2018 Amendments of the Income Tax Act
The following is a brief overview of the new tax provisions introduced in 2018 by the Budget Implementation Act (Act VII of 2018) and other legislative enactments

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Mergers and acquisitions
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Prospects MTF
As of 2016, small and medium-sized enterprises in Malta can access the capital markets through Prospects - a market of the Malta Stock Exchange (MSE) designed specifically for Small and Medium sized Enterprises (SME). Prospects offers a cost-effective opportunity for entities looking to raise up to €5 million per issue.
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Foreign direct investment
Foreign direct investment (FDI) is the category of international investment that echoes the objective of obtaining a lasting interest by an investor in one economy in an enterprise resident in another economy.
Wholesale Securities Market
WSM is a joint venture between the Malta Stock Exchange and the Irish Stock Exchange, combining the best of each partner’s processes and technical skills.
Investment Support
The government of Malta has made available several incentive programmes, aimed at supporting Maltese SMEs and start-ups. These support schemes are targeted at different stages of a company’s lifecycle and cover from the start-up to the consolidation and expansion phases. Such incentives are usually promoted and managed by Malta Enterprise, while Trade Malta focuses on supporting businesses to penetrate foreign markets.

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Ship and aircraft registration
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Medical cannabis licensing in Malta
A study published in 2018 by market intelligence and strategic consultancy firm Prohibition Partners, has forecasted that the European cannabis market will be valued €115.7 billion by 2028. According to the same study, while patient numbers are currently below 100,000 across the region, their number is set to grow to over 30 million in the next decade. In 2018 Malta introduced a bill to legalise the use of medical marijuana and attract companies willing to produce high-grade medical cannabis for the European market.
Trust and trustee services
As an entrepreneur, business owner, parent or guardian, you will want to ensure that whatever happens in the future, the rewards from your hard work can be protected as efficiently as possible. Grant Thornton Fiduciaire Limited (Grant Thornton) understands this and provides a professional and holistic trust management service.
Family trusts
The law establishes the requirement of a license for one to be able to act as a trustee subject to certain limited exceptions. One such exception is found in the Rules for Trustees of Family Trusts which provide for an exception to this rule where a trust is set up to hold property settled by a settlor or settlors for the present and future needs of family members or of family dependants who are clearly identifiable.

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Collective Investment Schemes

Transport

Due to the breadth of expertise available, Grant Thornton can provide players in three main sectors of the transport industry; these being Maritime, Aviation,...

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Aviation
The Maltese Government is constantly remaining to improve the position as the best place to do business within the aviation industry through exhaustive tax agreements, powerful legislation, and many aviation professionals. This is the best time for airlines, financiers and aircraft owners to be located in Malta.
Maritime
For Maritime, Grant Thornton provide direction with regards to VAT guidelines for yacht leasing, as well as ship and aircraft registration.
Automotive
We offer a broad range of services relating to automotive, ranging from Transaction advisory, access to finance, business advisory, process and inventory management, tax advisory, audit and advisory, outsourced support services.

Consumer goods

The industry is emerging at a very fast rate. Consumers are building the industry by demanding lower prices and findings new ways to buy food and drinks,...

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EU funding

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SME Growth
SME Growth
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SME Diversification and Innovation
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SME Internationalisation
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SME eCommerce

Fintech and Innovation

At Grant Thornton we help innovative firms and entities operating in the fintech space launch new propositions and grow their business. We also help...

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Blockchain technology
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The Malta Virtual Financial Assets Act
The Virtual Financial Assets Act provides a sound legislative framework for Malta to regulate and responsibly promote the use of cryptocurrencies, crypto-exchanges and other crypto-related services, through which Malta aims to promote further technological innovations and growth, and continue building on its robust financial services industry.
Our role as a VFA agent
Our role as a VFA agent consists to assist, monitor and provide guidance throughout the full licensing process, and beyond the licensing stage. The VFA agent will be required to apply for the VFA license on behalf of the issuer.
Initial Coin Offerings
Initial Coin Offerings (ICOs) in Malta have risen to prominence as a method to raise capital from the public, institutions or venture capitalists by selling a percentage of cryptocurrency to investors in the form of tokens in exchange for legal tender (smart contracts).

Public sector

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iGaming

With a sound jurisdiction that steers clear of bureaucracy and that has a proven track record, the iGaming industry in Malta is continuing to build on its...

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Gaming Regulations
Malta recently overhauled the framework regulating the iGaming sector. Going forward operators will still be required to obtain authorisation to carry out regulated activities.
Licensing Process
Prior to submission all applicants are advised to go through a pre-application process with one of the MGA’s Licensing Officers. This will ensure that the application has been correctly compiled and all the key ingredients are present.

Startups

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Real estate

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Malta Real Estate Investment Trust (REIT)
As part of the 2019 budget, the government has pledged to introduce a Real Estate Investment Trust (REIT) framework in Malta.

Hospitality & tourism

The hospitality and leisure industry is going through a period of extraordinary, inevitable change and will look very different in 2020 than it does today. On...

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Healthcare

Healthcare is a swiftly changing sector. Providers and commissioners of healthcare encounter the challenges of rising public expectations, an ageing...

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Financial services

Financial services businesses engage in an increasingly complex and heavily regulated environment. Grant Thornton's multi-disciplinary Financial Services Group...

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The Markets in Financial Instruments Directive (MiFID) II
MiFID II aims to protect investors and make sure that financial markets operate in the fairest and most transparent way possible. Building on stock and investment trading regulation introduced in 2007 it sets to ensure a more integrated financial market.

Collective Investment Schemes

At Grant Thornton we help innovative firms and entities operating in the fintech space launch new propositions and grow their business. We also help...

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Taxation of Malta Collective Investment Schemes
Malta-registered collective investment schemes (CISs) are generally not subject to Malta tax. Given that CIS are properly structured, such schemes generally can take advantage of a number of tax benefits. When it comes to taxation of investors in collective investment schemes, this will depend on what type of income is being received, whether the investor is a Malta resident or not, and if the shareholder is an individual or a body-corporate?

A collective investment scheme (CIS) is defined by the Malta Investment Services Act as a scheme or arrangement which has as its object the collective investment of capital acquired by means of an offer of units for subscription, sale or exchange and which has any of the following characteristics:

The scheme or arrangement operates according to the principle of risk spreading, and either;
The contributions of the participants and the profits or income out of which payments are to be made to them are pooled; or
At the request of the holders, units are or are to be re-purchased or redeemed out of the assets of the scheme, or arrangement, continuously or in blocks at short intervals; or
Units are, or have been, or will be issued continuously or in blocks at short intervals.

A CIS may be set up in Malta as a:

SICAV (investment company with variable share capital (i.e. an open-ended fund)
Investment company with fixed share capital (i.e. a closed-ended fund)
Contractual Fund
Limited Partnership
Incorporated Cell Company; or
Unit Trust.

CISs can be licenced as follows:

UCITS Schemes: UCITS Schemes are open-ended schemes licenced in accordance with the provisions of the Investment Services Act. Within this framework these Schemes benefit from passporting rights within the EU and can hence be marketed in other EU or EEA Member States.
Alternative Investment Funds: This category of funds includes non-UCITS Retail Schemes and Professional Investor Funds (PIFs). Non-UCITS Retail Schemes can be open-ended or closed-ended retail schemes. On the other hand, PIFs are regulated under a separate framework which is particularly suited for funds sold internationally on a private placement basis. As is the case for UCITS, the AIF framework allows these funds to benefit from the EU passport throughout the EU.

Collective Investment schemed in Malta are monitored by the Malta Financial Services Authority which, besides having the responsibility for the licensing process, is also responsible for the regulation and ongoing supervision of Collective Investment Schemes. It is to be noted however that the following Malta CIS are exempted from the requirement to operate according to the principle of risk spreading:

Alternative investment funds marketed to professional investors;
A collective investment scheme licensed as a professional investor fund targeting qualifying investors in terms of the Investment Services Rules;
A collective investment scheme licensed as a professional investor fund targeting extraordinary investors in terms of the Investment Services Rules.

The nature, structure and operation of each fund will depend on the purpose and objectives of that specific fund.

Read more about the general features of the most common types of collective investment schemes availed of in terms of Maltese law:

Taxation of Malta Collective Investment Schemes

Malta-registered collective investment schemes (CISs) are generally not subject to Malta tax. Given that CIS are properly structured, such schemes generally can take advantage of a number of tax benefits. When it comes to taxation of investors in collective investment schemes, this will depend on what type of income is being received, whether the investor is a Malta resident or not, and if the shareholder is an individual or a body-corporate?

AIFs

An Alternative Investment Fund is an entity or other type of collective investment scheme where funds are raised from a number of investors with a view to invest them in accordance with a defined investment policy.

NAIFs

NAIF refers to a fund where participating AIFs only require their AIFM to notify the governing authority (MFSA) of their set up. NAIFs do not require authorisation or approval by the authority and are not subject to ongoing supervision.

UCITS

A UCITS is a mutual fund based in the EU that can be sold to any investor within the European Union under a harmonised regulatory regime. Designed to enhance the single market while maintaining high levels of investor protection, UCITS funds have also been successful in Asia and Latin America.