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Financial statements audits
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Programmes
Grant Thornton is authorised and regulated by the Government of Malta to handle and submit applications for both citizenship applications as well as residence permits under the various residence programmes available in terms of Maltese law.
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Ordinary residency in Malta
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, including: Self-Sufficiency, Employment or Self-Employment, Family Members, Permanent Residence, Study Purposes.
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Qualifying Employment in Aviation Rule
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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Qualifying Employment in Innovation and Creativity (Personal Tax) (Amendment) Rules, 2019
These Rules allows persons employed in a role directly engaged in carrying out, or management of research, development, design, analytical or innovation activities, to enjoy a 15% flat personal tax rate on income generated from their direct employment in Malta.
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Qualifying Employment in Maritime and Offshore Oil & Gas Industry Rule
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.
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Nomad Residence Permit
The nomad residence permit, which was launched in June 2021, allows third-country nationals who would normally require a Visa to travel to Malta, to retain their current employment based in another country whilst legally residing on the island.
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Citizenship by naturalisation
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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Citizenship for Exceptional Services by Direct Investment
With the continuously changing global dynamics and evolving geopolitics, there is an ever-growing number of highly-talented high-net-worth individuals who are willing to invest and relocate to give themselves and their family members the chance to broaden their horizons and become part of a welcoming community.
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Acquisition of citizenship by registration
The Maltese Citizenship Act (Cap 188) establishes who can register as a citizens of Malta. The Act was amended on 1st August 2007, this making it possible for second and subsequent generations born abroad to acquire Maltese citizenship by registration.
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A compliance audit is a detailed review which focuses on whether an organisation is in conformity with statutory laws as well as internal rules and decisions. This type of audit also assesses the effectiveness of an organization’s internal controls by identifying weaknesses in compliance processes whilst finding measures to enhance such processes.
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Our business solutions for family businesses center on alignment of all aspects of the family and business, including culture, vision, mission, values, governance, ownership, leadership, communication and policy development.
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Quantitative small caps
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Data analytics is the process through which businesses leverage data to gain actionable insights and enhance their performance. This is based on a solid foundation of well-organised and accurate data. Many businesses have a large amount of data at their disposal however, most of them do not have the expertise to analyse the available data.
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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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Using a combination of reason and instinct, we can work with clients to develop a strategy that helps them understand and manage their tax liability in a transparent and ethical way.
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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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Exit strategies
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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The General Data Protection Regulation (GDPR) is the EU's data protection law which brings a lot of changes for your business to prepare. Grant Thornton can help your business make sure it complies to the new regulation.
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We are providing a service for listed companies that fall in scope to report in xHTML. Our service includes the mapping of the taxonomy, as well as the output of the audit/regulator ready xHTML report
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Information systems strengthens an organisation’s financial and operational processes. Grant Thornton Malta strengthens your organisation’s need for IT and information assurance.
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BOR
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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At its simplest, VAT is a tax on consumption and is a multi-stage tax (ie applied at every stage of the production process), which is applied to both goods (ie tangible property) and services. Additionally, although the tax is ultimately borne by the consumer (by getting included in the price paid), responsibility for charging, collecting and passing the tax on to the tax authorities, rests with the supplier.
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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
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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Project financing
Project financing
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Valuations
Valuations
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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.
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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.
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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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Financial regulatory services
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Ship and aircraft registration
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.
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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.
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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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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.
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Maritime
For Maritime, Grant Thornton provide direction with regards to VAT guidelines for yacht leasing, as well as ship and aircraft registration.
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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.
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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.
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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.
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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).
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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.
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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.
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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.
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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.
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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?
Skills concerns hit new high as investment in technology creeps up
Global business concerns over a shortage of skilled workers hit a record high in the second quarter of 2018, according to research from Grant Thornton’s International Business Report (IBR). Some of the world’s largest economies, drivers of global trade, report significantly higher fears. Business leaders struggling to recruit skilled staff should consider automating processes where skilled worker problems are most acute.
Fears that lack of skills will hamper growth
The proportion of business leaders who cite a lack of skilled workers as a constraint to growth sits at 40% worldwide in Q2 2018. This is the highest figure recorded in over a decade of IBR research and represents a 4pp increase from the previous quarter.
Concerns have increased most notably in some of the world's biggest economies. The proportion of businesses in the US citing skills shortages as a growth constraint sits at an all-time high of 38% - up 8pp on Q1. In China concerns have also risen 8pp to 38%, the highest figure in over three years. German firms also report their highest ever level of concern, a huge increase of 25pp to 74%.
This sharp uptick is not only confined to these economies, however. Across the Asia Pacific region, the proportion of firms citing skilled worker shortages as a constraint has increased 5pp to 48%. In the European Union, it stands at 40%, an increase of 4pp. Likewise, North American firms report an 8pp rise to 39%. Only Africa (where the proportion of firms concerned over skills fell 8pp) and Latin America (down 9pp) buck the trend in Q2.
Major trading nations could be victims of their own success
Businesses in China, the United States and Germany have become much more worried about skills shortages in recent months. These were the three biggest exporting nations in the world in 2017.[i] Japan, the country in fourth place for exports, consistently tops the IBR charts for the highest concerns over a lack of skilled workers.
Japan’s worries over skills are due in part to an ageing population and extremely low unemployment rates, which hit a 24-year low at the end of 2017.[ii] But, together with China, the US and Germany, it appears heavy trade flows could also be a contributing factor, since the supply of skilled staff is not increasing in step.
According to Francesca Lagerberg, Global leader – network development at Grant Thornton: “These major economies are victims of their own success when it comes to skilled workers. Despite recent fears over potential trade wars, in previous years global trade flows have increased significantly. These economies have been at the forefront of that increase. As demand grows for their products and services, it appears that for some the supply of skilled staff is not keeping pace.”
Investing in technology could help offset skilled worker shortage
As the right workers become harder to find, businesses could meet demand and boost their productivity by turning to technology and automating certain processes.
Indeed, as concerns around skilled workers rise, some businesses are already starting to invest more in their technology. Germany witnessed the biggest increase in skills concerns worldwide in Q2. Net 49% of firms there say they plan to invest more in technology over the next 12 months. This is an increase of 5pp compared to the previous quarter.
Globally, the proportion of businesses who plan to invest more in technology has crept up from net 44% at the end of last year to net 48% now. However, plans to boost research and development (R&D) remain stubbornly flat.
Conversely, in China, while expectations for increased R&D spend have ticked up in Q2, plans to increase investment in technology are unchanged at net 49%. And in the US, the proportion of firms who plan to increase technology investment has dropped 3pp to net 60%.
There is no single solution to the skilled worker shortage. IBR data shows that in recent years, businesses have planned pay increases to retain the skilled staff they already employ. Alongside this, greater use of automated processes may also reduce the dependence on humans with the right combination of skills, a resource which many firms are reporting is scarce.
Francesca Lagerberg adds: “Automation will not solve these skilled labour problems overnight. But with business fears hitting record levels, all possible solutions are worth exploring. Businesses should consider ways to research or invest in new technologies that take the strain off their workforce. And which reduce the need to employ more staff from what, for many firms, must feel like a shrinking talent pool.”
Contact us to find out more or visit International Business Report (IBR).
[i] Source: Statista, Top 20 export countries worldwide in 2017
[ii] Source: Financial Times, 2017