“As a hard-nosed, self-made businessman, I believe that Malta represents the best destination for ambitious UK firms that must have a post-Brexit presence in the EU” – Michael Ashcroft
The departure of Europe’s number one destination for foreign direct investment has sent shockwaves throughout the world and created confusion and uncertainty for the European Asset Management Industry, particularly for UK-based asset managers whose access to the EU market has been left in an extremely vague state.
Albeit Brexit negotiations are not entirely over, choosing the right EU jurisdiction has become a significant consideration, for start-up and established companies, who require a Plan B to ensure continued use of passporting rights.
BUT … IS THIS SITUATION TOTALLY IMPOSSIBLE TO HANDLE?
Malta could be the Brexit Solution as well as the opportunity to keep one foot within the EU!
12 reasons to choose Malta
Being one of the youngest and most recent additions to the European Union, some of the reasons why Malta is the right jurisdiction for you include the following:
Maltese Legal System Heavily Based on English Common Law
Malta’s rapport with the UK together with its mixed legal system makes Malta the perfect domicile for both common and continental asset managers. Furthermore, this allows Malta to offer the best of each system and to provide businesses with the opportunity to smoothly continue their activities within the EU.
Attractive Maltese Tax System
One of the main reasons why many business owners chose to relocate their headquarters and operations to Malta, even prior to Brexit, is the island’s advantageous tax system and cheap costs compared to other European countries.
Single Accessible Regulator – modelled on the then UK FSA
Credits for Malta’s success as a financial services hub merely go the Malta Financial Services Authority (‘MFSA’). The adoption of an open-door policy not only provides asset managers with the opportunity to directly and informally communicate with the Regulator, but the latter offers instant advice and is flexible to incentivise those who wish to do business in Malta. Additionally, to decrease bureaucracy, the MFSA is presently improving the manner it regulates and serves individuals and businesses.
Relocation to Malta …. suitable for Brexiters?
Although the toughest and most challenging part for any corporate executive is to relocate to a niche destination, Malta’s residency scheme, particularly the introduction of the Golden Visa Programme (in addition to the citizenship-by-investment programme) could now be seen as a determining factor for highly paid individuals when choosing their next country of residency. In other words, Malta would be Europe’s gateway i.e. providing third-country nationals with visa-free access to the European Schengen Area.
While Malta is in no way trying to take over business from the UK, amidst this confusion, Malta’s straightforward and transparent process, constructive attitude and ever-growing financial services industry offers the leanest, pro-business jurisdiction in Europe.
Hence, to achieve your goals, it would be best to act now and prepare yourselves for all possible Brexit outcomes.
Within Dr. Werner & Partner we have people who can provide you with a to z assistance and advice.
Our tax team can help you plan the most effective tax structure. Our corporate team can assist you with all your company incorporation needs. Our relocation team can assist you with obtaining the necessary work and residency permits as well as help you look for living and office space.
In other words, partnering with Dr. Werner & Partner would definitely ease and enhance your Brexit Strategy.
Disclaimer: The above-mentioned article is simply based on independent research carried out by Dr. Werner and Partner and cannot constitute any form of legal advice. If you would like to meet up with any of our representatives to seek further information, please contact us for an appointment.