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UTIX Malta Limited has successfully registered its whitepaper with the Malta Financial Services Authority (MFSA).

Women in Business 2023: Now is the time to push for parity

On 1 March 2023, the Financial Intelligence Analysis Unit (FIAU) made available the Risk Evaluation Questionnaire (REQ) through CASPAR for all subject persons. As a result, subject persons must ensure that they are registered to the portal and that the Subject Person Profile is kept updated.

The Malta Gaming Authority (MGA) has published a new policy regarding operators using virtual assets. The policy took effect on January 30, 2023 and replaces the MGA’s Guidance on the use of Innovative Technology Arrangements. The new policy outlines the MGA’s position on Distributed Ledger Technology (DLT) applications and streamlines previous requirements. Operators must obtain MGA approval before using or accepting DLT assets on their platform. Virtual Tokens and Virtual Financial Assets may be used as payment on a case-by-case basis. Operators may use their own wallets for VFA deposits and use smart contracts on their platforms. Operators are expected to comply with Anti-Money Laundering and Counter Financing of Terrorism legislation and carry out necessary risk assessments. Grant Thornton's team can assist operators with classification of DLT assets, communication with the MGA, technical support, AML and CFT compliance, and other regulatory support.

For the 15th year in a row, FinanceMalta will be hosting their Annual Conference on 1 December 2022.

Many people do not seem to be aware about the potential consequences of climate change. As explained by the United Nations, climate change does not simply mean higher temperatures. It also refers to more severe consequences, such as melting of polar ice, flooding, and a reduction in biodiversity. Most individuals and organisations do care about this, but no drastic changes can be done if these all act in isolation.

The Maltese government has once again extended the tax reduction scheme on property transfers. Through this scheme, the first €400,000 of a property’s value will be subject to a reduced tax rate of 5% as well as a 1.5% reduction on stamp duty.

Technological advancements over the past years have brought about various positive societal changes, transforming the educational and health sectors as we know them today. Technology has become a necessity in our personal lives and in organisational structures, facilitating communication through different networks. However, this has also provided a way for people to use online platforms illegally, leading to what is now known as cyber-crime.

The Malta Financial Services Authority (MFSA) has launched its Corporate Governance Code. All MFSA authorised entities will have to abide by the code, which complements the existing provisions already in force in the legal and regulatory framework and is based on the principle of proportionality.

In recent years, concerns about housing affordability in Malta have become more pronounced due to the escalation in property prices. In essence, housing affordability relates to an individual’s ability to pay for housing – a basic human need. When housing affordability is being discussed, one could consider whether an individual is able to rent a property; or their ability to purchase a property in their lifetime. Here we are talking about the latter.

Housing market outcomes are the result of the interaction between user demand and supply of housing. For several years, additional housing demand exceeded additional housing supply leading to exceptional growth in selling prices. However, over the past two years, house prices grew at a slower pace. Thus, understanding the historical and expected developments in the demand and supply of housing is key for anticipating likely developments in the selling price of housing units.

For many years, the Maltese rental market was constrained by rental regulations. In the years preceding 1995, the Maltese property market witnessed excess property demand. This required property owners to either rent out their vacant property at below-the-market prices, or else sell their property. Many lessors followed the second course of action, resulting in a higher tendency for lessors to sell their property rather than rent.

The Maltese housing market has had an exceptional few years. In fact, the price increases have been so substantial that a property purchased in 2013 at €130,000 would cost €260,000 in 2022. This means that the housing prices have essentially doubled in a mere nine years.

From reporting periods starting 2024 onwards, the Corporate Sustainability Reporting Directive (CSRD) will require all large companies to report on sustainability policy and performance.

Investors, customers, governments, and the wider public are putting companies under ever greater pressure to place sustainability at the heart of their business models. In this article, we look at how the mid-market is responding – and what practical steps firms can take to embrace a more sustainable approach.

Applying for a medical cannabis license in Malta requires you to abide to specific technical requirements and present a comprehensive due diligence and business plan to Malta Enterprise. Grant Thornton is ready to assist you with all your queries and to initiate the application process.