Malta’s International Law Firm & Advisory Boutique                   UCITS - Main Features               15% Income Tax Ra...
Malta’s International Law Firm & Advisory Boutique                                                                        ...
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UCITS Key Facts


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Essential facts - Malta UCITS - Funds & Collective Investment Schemes

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UCITS Key Facts

  1. 1. Malta’s International Law Firm & Advisory Boutique UCITS - Main Features 15% Income Tax Rate For Highly Malta - A Legitimate Low Tax EU Jurisdiction Permitted Structures Mainly open-ended. However, unit trusts, contractual funds and limited partnerships can also be used Legislation Investment Services Act Permitted business Schemes may be offered to the Malta general public and in any other EU/EEA state License Application: Main documents required are:  Constitutional documents  Prospectus and marketing documents to investors.  Key Investor Information Document (KIID) in accordance with UCITS IV rules  Details on all services providers involved  Agreements with the fund’s service providers  Personal questionnaire and curriculum vitae of the directors  Three year business plan  Marketing plan  Other documents which have an effect on the members’ rights Approval time Dependent on factors such as the fund’s complexity and the submission of complete applications. The MFSA will review the draft application and support documentation and providing feedback within three weeks from submission of the application. Listing Listing schemes may apply for a listing on the Malta Stock Exchange (MSE) Capital Requirements Third-party managed - €125,000 (if formed as a company) Self-managed - €300,000 Reporting Requirements Monthly statistical return to the MFSA Half yearly compliance reports Annual reports Regulatory fees Application for a License:  €2000/ scheme  €450/ sub fund up to 15 sub funds  €250/ sub-fund for 16 sub-funds or more  €2000 sub-fund in the form of an IC Supervisory Fees  €2500/ scheme  €450/ sub fund up to 15 sub funds  €150/ sub-fund for 16 sub-funds or more  €2500 sub-fund in the form of an IC
  2. 2. Malta’s International Law Firm & Advisory Boutique UCTIS - Key Facts Compliance Officer Required Money Laundering Reporting Officer: Required Auditor Required Must be approved by the MFSA Held responsible for certifying the fund’s annual report and ac- counts, which should include an audit report. Taxation Exempt from income and capital gains tax - subject to not invest- ing in immovable property in Malta VAT Exempt without credit Highly Qualified Persons - 15% Income TaxFor individuals working in the financial Index. €78,207 for basis year 2012 and “Eligible office” is employment in oneservices industry, in addition to the €80,100 for 2013 of the following positions:‘one stop shop’ approach of the Malta As such, Malta authorities have createdFinancial Services Authority (MFSA) and a scheme to attract highly qualified  Actuarial Professionalthe flexible regulations detailed above, persons who occupy as “eligible office” Chief Executive OfficerMalta has enacted a low, flat rate of with companies licensed and/or recog-  Chief Financial Officer15%.  nized by either the Malta Financial Ser- Chief Commercial Officer vices Authority (MFSA).  Chief Insurance Technical OfficerMalta wants to attract high income The 15% flat rate is imposed up to a  Chief Investment Officerindividuals and why not? maximum income of €5 million - any  Chief Operations Officer excess is exempt from tax. The 15% tax  Chief Risk Officer (including FraudPositioning itself as a premier financial and Investigations Officer) rate applies for a consecutive period ofand commercial district, Malta employs five years for EU, EEA and Swiss nation-  Chief Technology Officeran attractive low tax regime for busi- als and for a consecutive period of four  Chief Underwriting Officernesses. On a personal front, with its years for third country nationals.  Head of Investor RelationsMediterranean climate and lifestyle,  Head of Marketing (including Headthere are numerous options and levels EU. EEA and Swiss individuals who al- of Distribution Channels)in Malta for accommodation, entertain- ready have a qualifying contract of em-  Head of Research and Develop-ment and schools. ployment in an “eligible office” for two ment; (including Search EngineIndividual income from a qualifying years (or one year for 3rd party nation- Optimisation and Systems Architec-contract of employment in an “eligible als) before 2008 may still benefit from ture)office” with a company licensed and/or the 15% tax rate for the remaining  Portfolio Managerrecognised by the Competent Authority years of the statutory period.  Senior Analyst (including Structur-is subject to tax at a flat rate of 15% on ing Professional)an income of at least €76,136 adjustedannually in line with the Retail Price  Senior Trader/Trader  Odds Compiler Specialist Acumum Legal Group: Maltese, UK & International Lawyers & Accountants | | Skype ID: acumum Malta 356 2778 1700 | UK 44 (0)20 7060 4277 |USA 1646 569 9003Information for guidance purposes only © Acumum. All Rights Reserved V.1a