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Professional Investor Funds in Malta

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Professional Investor Funds in Malta Professional Investor Funds in Malta June 2019 www.kpmg.com.mt Table of contents Why Malta? 2 Funds in Malta 5 Professional Investment Funds 9 Setting Up in Malta 13 Taxation for Funds and Fund Managers 26 Appendices: 33 Comparison between Fund Jurisdictions 34 Living in Malta 42 Why Malta? Joint 1st for 17th for 3rd for 22nd for the timely Soundest Inter-national Technological Some Key data Factors contributing to Malta’s project finance, syndicated implementation Banking bandwidth readiness competitive advantage loans, treasury, custody of EU’s Internal Systems per user • Malta became the smallest and depositary services. in the World member state in the EU in May • Flexible legal and regulatory Malta also hosts a number Market Rules 2004, and joined the Euro Zone environment with a of institutions specialising in into national law in 2008. legislative framework in line trade-related products such with EU Directives. Malta as structured trade finance, • GDP per capita is at 95% of the is fundamentally a civil factoring and forfeiting EU average, at €24,450 (June law jurisdiction, however 2017). • Major international business legislation is accountancy firms, including • Malta was relatively unscathed principally based upon the Big 4 firms, are present during the years following the English law principles on the island. Legal firms financial crisis of 2008, and (World Economic Forum’s Global Competitiveness Report 2017-2018, 137 countries reviewed) • Malta boasts a high level of tend to be local, though most stabilised by 2012. education with graduates form part of international • Malta has one of the highest representing a cross-section legal networks. Many figures of sunshine hours in of the various disciplines professionals in both areas Europe with an average of related to financial services. pursue studies and training 3,000 per year. Specific training in financial overseas services is offered at • English widely spoken and • Maltese standard time is one various post-secondary and written in Malta, and is the hour ahead of Greenwich tertiary education levels. principal language for education Mean Time (GMT) and six The accounting profession and business. hours ahead of US Eastern is well-established on the Standard Time (EST) so island. Accountants are either business runs smoothly with university graduates or in the international community possession of a certified accountant qualification (ACA/ • International Financial ACCA) Reporting Standards, as adopted by the EU, are • A flexible and proactive entrenched in company regulator that is very legislation and applicable approachable and business- since 1997, so there are no minded and robust local GAAP requirements to • An ever-growing supply of deal with high-quality office space for • A very competitive tax rent at cheaper prices than system, also for expatriates, Western Europe and an extensive and growing • Malta’s development as double taxation treaty an international financial network World Economic Forum centre is reflected in the The Global Competitiveness Report, compiled by the World Economic • No restrictions on the range of financial services Forum’s centre for Global Competitiveness and Performance, provides an granting of work permits for available. Complementing analysis of the strengths and weaknesses of countries, related to national EU and EEA nationals the traditional retail competitiveness using the Global Competitiveness Index as the functions, banks are main methodology. Competitiveness is defined as “the set of institutions, increasingly offering private policies, and factors that determine the level of productivity of a country” and investment banking, and is gauged on 12 pillars. Global Competitiveness Index 2017-2018 rankings How Malta scored Overall, Malta has placed number 37 out of 137 countries in the 2017-2018 report. Malta remained in the top-tier category, that groups ‘innovation driven economies’. Malta has again scored highly in education, innovation, macroeconomic environment, business sophistication and technological Funds in Malta readiness. It ranked 16th with regard to tax incentives encouraging investment. Global Competitiveness Index Rank Score (out of 140) (1 -7) GCI 2016 - 2017 40 4.5 GCI 2015 - 2016 48 4.4 GCI 2014 - 2015 (out of 144) 47 4.4 GCI 2013 - 2014 (out of 148) 41 4.5 GCI 2012 - 2013 (out of 144) 47 4.4 Basic requirements (20.0%) 29 5.4 1st pillar: Institutions 38 4.5 2nd pillar: Infrastructure 42 4.8 3rd pillar: Macroeconomic environment 21 5.8 4th pillar: Health and primary education 11 6.6 Efficiency enhancers (50.0%) 37 4.6 5th pillar: Higher education and training 30 5.2 6th pillar: Goods market efficiency 29 4.9 7th pillar: Labor market efficiency 45 4.7 8th pillar: Financial market development 43 4.4 9th pillar: Technology readiness 22 5.9 10th pillar: Market size 119 2.7 Innovation and sophistication factors (30.0%) 34 4.2 11th pillar: Business sophistication 31 4.6 12th pillar: Innovation 38 3.6 What Others Say about The Malta Financial Services Authority (MFSA) The Malta Financial Services Authority (MFSA) is the single regulator for Malta as a Fund Jurisdiction financial services in Malta and regulates banking, insurance, pensions and investment services (securities) business. The MFSA adopts a firm but flexible approach to regulation. The conservative policies which Malta is a jurisdiction that is very Maltese financial institutions attractive to fund promoters. Malta’s • The licensing process is personalised have induced in the running of economy has come through the their business, with regards to credit crunch and market crisis • Regulation is business-friendly and mindful of business needs structured financial products, remarkably unscathed. Malta has lending policies and borrowing in stable financial institutions and a traditional retail funding model, offers a firm but flexible regulatory • Business oriented and efficient at transposing all potentially beneficial have in fact safeguarded Malta’s regime for investment services. As financial stability from systemic an EU Member State, the Maltese discretionary clauses in EU Directives events, adversely encountered in regulatory framework is based on other economies. the EU model, however in adopting a • Supervision is risk based and minimally intrusive principle-based approach rather than a strictly rules-based approach, the • Several institutions in Malta choose to target “niche” segments of the market MFSA (Malta’s single regulator for Praude Asset Management Ltd financial services activities) ensures • The MFSA is open to new business models that fund promoters’ requirements are addressed satisfactorily. • MFSA is dynamic, approachable, and business minded Many of these larger hedge funds, The Capstone Group while serviced from Malta, remain legally domiciled elsewhere, so The reputation those assets aren’t counted in and suitability Malta’s official tally. of the applicant and all other parties involved ‘We have recommended Malta in the scheme Bloomberg Markets Report as a jurisdiction to three of our funds in the regulatory incubator The experience now, and all are having a good Promotion of and track competition record of all experience’ and choice parties involved MFSA in the scheme Seonaid Mackenzie, Founder at Stugeon Ventures LLP, United FOCUS Kingdom ‘Many speak of Malta as a fund domicile of the future’ The protection The protection of investors and of Malta’s the general Stuart Martin, Partner at reputation law firm Dechert public The Malta Financial Services Authority (MFSA) Professional Investor Funds • Regulatory Development Unit - co-ordinates the development of cross-sector policy initiatives and enables the MFSA to address market and regulatory developments as they arise • Authorisation Unit - receives and processes all applications for authorisations to conduct regulated financial services in Malta • Supervision Units - responsible for the post-licensing ongoing supervision of the regulated entities in their respective area • Conduct Supervisory – responsible for conduct supervision of investment services license holders, insurance undertakings and intermediaries. As of 2018, the Conduct supervision function assumed the same responsibilities for credit and financial institutions. • The Banking Supervision Unit - has continued to build upon the relationship of mutual trust with all key players in the financial sector following the transfer of the banking supervisory function from the Central Bank • Insurance and Pensions Supervision Unit - conducts its regulatory and supervisory role to safeguard the safety and the soundness of the Maltese insurance sector. Through the supervisory process, action is taken to protect the interests of the industry as a whole, the interests of policyholders, and to minimize as far as possible consumer risk Professional Investor Funds (PIFs) PIFs may be structured in any of the following forms: Contractual Fund Limited Partnership Incorporated PIFs Cell Company (IC) Unit Trust Background on Professional Investor Funds (PIFs) SICAV or INVCO A PIF is a non-retail type of collective investment scheme licensable in terms of the Investment Services Act, 1994; • Investment in a PIF is restricted to persons who meet the criteria applicable to Qualifying Investors; • The minimum amount of investment required in a PIF is EUR 100,000 • No investment, borrowing or leverage restrictions, unless the fund invests in immovable property. Any of the above legal forms may be set-up as a multi-fund /multi-class CIS,
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