Director of INTERSERV Dr Priscilla Mifsud-Parker has been re-elected Chair of the Malta branch of private client professional organisation STEP, the Society of Trust & Estate Practitioners. Priscilla has accepted another term as the head of STEP in Malta after a first successful year in the same role. Before this, Priscilla served in the STEP Malta Branch Committee for many years in the capacity of Secretary and Chair of the Technical Committee. Priscilla is a Maltese Advocate and a senior partner in leading Maltese law firm Chetcuti Cauchi Advocates. At INTERSERV she heads up the Corporate, Estates and Trusts Practice Groups. She has more than 15 years’ experience as a corporate and tax lawyer specialising in private client advisory and structuring work. Priscilla is a Maltese advocate and tax advisor. INTERSERV and STEP INTERSERV runs one of the leading tax, trust and corporate services practices on the Island. The firm has a longstanding relationship with STEP since 2004 with INTERSERV ‘s private client lawyers contributing to the running of STEP Malta branch in various capacities. Dr Priscilla Mifsud Parker has occupied the positions of Secretary and Chair of the Technical Committee, prior to her appointment as branch chair in October … Read more
Malta, an island nation in the Mediterranean Sea offers far more than plentiful sun and idyllic sea. The country has history and charm to spare and investing in property continues to make sense. 1. A Resilient Property Market As an island that is geographically small, Malta has a limited footprint that may be built up. This restricted supply has given rise to a persistently strong demand for residential and commercial properties. Even during times of global recession, the value of Malta property has held stable or dipped only very slightly, backed by a prudent banking system.As Malta’s population continues to expand, both with locals moving out to their own place as well as an influx of expats, so the demand for rental units remains strong. 2. Range of Target Investments Malta offers an array of different investment opportunities. Property investment may begin with an apartment or commercial premises all the way up to large scale mixed-use developments. Malta offers small rural villages to larger cosmopolitan towns, with properties ranging from traditional buildings or palazzos dating back several hundred years, to modern builds with all amenities and luxuries. 3. Reduced Transfer Tax and Stamp Duty, 15% Flat Tax on Rental Revenue, … Read more
Promoting Enterprise in the EU As an entrepreneur or business decision maker, you know how important investment is to drive forward an enterprise or new venture. At the same time, there may be a reluctance to commit funds to new projects or ideas, particularly in times of higher uncertainty. Are you aware of the funding programs that are available to your business to stimulate investment and thus propel future growth? The European Union has an objective to encourage businesses to invest in member states to increase employment and productivity. Several funding programs have been launched to promote investment in different areas. Malta, an EU member state, also offers its own national funding schemes to attract business investment to the country. Funding Program – Not for New Projects Only While many business owners and executives imagine that one needs to have a striking new project to qualify for funding, the truth is that funding may also be available for something as mundane as a business plan, or expansion to larger offices. All funding programs vary and have their distinct: Areas funded Scope Maximum funding (capping of aid) Aid intensity (percentage of costs that the scheme will cover) Duration Project timelines & … Read more
As international bodies move to restrict aggressive tax planning, companies that operate across different borders need to ensure that their operations and structure do not unintentionally fall foul of measures recently put in place. Tax Residence as per the Income Tax Act in Malta Malta’s Income Tax Act holds that a body of persons “resident in Malta” refers to “any body of persons the control and management of whose business are exercised in Malta, provided that a company incorporated in Malta on or after 1st July 1994 shall be resident in Malta and any other company incorporated in Malta shall be resident in Malta from 1st January 1995 where the management and control of the business of the company is exercised outside Malta”. Tax Residence through Incorporation One starting point is that a company is deemed resident by virtue of its incorporation in Malta. Quite simply, a company that is incorporated in Malta is deemed to be resident and domiciled in Malta and is therefore subject to tax on a worldwide basis. Tax Residence by Management & Control in Malta The next point is that a foreign body of persons (including a company) may be subject to Malta tax to … Read more
We are proud to announce that Maltese law firm Chetcuti Cauchi Advocates and associated corporate and fiduciary firm Interserv are collaborating with Andersen Global in Malta. Andersen Global announced the addition of a collaborating firm in Malta today the 17th December 2020 in an official press release: Andersen Global Initiates Expansion into Malta “Chetcuti Cauchi Advocates has already established synergistic, working relationships with several of our member firms and collaborating firms in the region,” Andersen Global Chairman and Andersen CEO Mark Vorsatz said. “On top of our shared values, they have great expertise and understanding of the local market. This collaboration further strengthens our presence in the region and positions us for future growth.” Andersen Global is an international association of legally separate, independent member firms comprised of tax and legal professionals around the world. Established in 2013 by U.S. member firm Andersen Tax LLC, Andersen Global now has more than 6,000 professionals worldwide and a presence in over 227 locations through its member firms and collaborating firms.
Building the Industries of the Future Malta’s Prime Minister Dr Robert Abela announced that the nation will invest €470 million over the next eight years in an industrial infrastructure programme to boost local businesses and attract foreign investment. This programme was announced in the budget in October and has the objective of upgrading industrial estates to provide additional space for industrial purposes. The program continues the strategy of successive governments to provide solutions for investors looking to start business in, or move operations to Malta. Increasing the supply of space available for industry is critical as the present space is in high demand with several new investment projects in progress. Some €100 million will be committed to extend the Life Sciences Park, that will add five new blocks to the three existing ones, thus increasing the available space by 30,000 square metres. The Life Sciences Park has proved immensely successful and has already established itself as a leading industry hub, supported by its proximity to both Malta’s General Hospital and the airport and other logistical links. A civic amenity site in Luqa will be organised and rehabilitated into premises suitable for small to medium enterprises. Construction waste currently located at the … Read more