Today’s world is characterised by a very fast pace of change, be it legislation, consumer behavior or disruptive technological innovation. Considering our own experience of running a SME – an advisory family business in Malta and our work with international clients over the years, here are five thoughts on how to ensure your business is geared for tomorrow.   The first three may sound obvious to the point of being boring, but it’s surprising how many businesses fail to do this – protect what you already have. Develop a mindset of Compliance   Whilst most entrepreneurs associate compliance with banks and financial institutions, the truth is that every business nowadays is required to comply with a range of commitments. These may be as routine as company secretary filings with the business registry or submitting tax declarations, but failure here tells of deeper problems. If accounts are not maintained up to date, how is the business staying on top of financial and cash management? Penalties for delayed statutory submissions have increased from a mere slap on the wrist to significant financial fines and the personal liability of company directors and senior management.  Enterprises that wish to survive into the long-term would do well to cultivate in staff a mentality of compliance so that such matters that are sometimes brushed off as basic housekeeping are brought to the fore – starting from those at the top.  Other areas where companies may wish to evaluate their obligations include … Read more

A new residence program, the Malta Start-Up Residence Permit is to be introduced by the Malta Residency Agency and the state investment agency Malta Enterprise, as announced by Malta’s Finance Minister. The new program seeks to attract entrepreneurs to use Malta as their operational base and therefore will permit those who meet the requirements of the program to reside in Malta and contribute to the economy. Entrepreneurs seeking to relocate under the Malta Start-Up Residence Permit program will be required to demonstrate a successful entrepreneurial track record together with a solid business plan and intended commercial purpose. The Malta Start-Up Residence Permit sits alongside the recently launched Malta Nomad Residence Permit that is already attracting global digital nomads to take up residence in Malta whilst continuing their business or maintaining their foreign employment on a remote basis. Benefits of the Malta Start-Up Residence Permit Entrepreneurs choosing Malta as their primary base for business will find a welcoming environment, include a professional English-speaking workforce, world-class healthcare facilities and a warm climate all through the year. Malta is cosmopolitan and the business community in Malta benefits from the presence of multicultural investors. Entrepreneurs moving to Malta may thus be able to interact … Read more

The Malta Budget 2022 comes at a time when Malta is making inroads to recover economically from the impact of the pandemic. Real GDP is forecast to grow by 6.5% in 2022 while unemployment remains contained at very low figures. These indicators are promising for Malta’s fortunes over the next years. The Malta Budget for 2022 introduced no new taxes, rather it presented a raft of new incentives and benefits to steer the country forward. Tax and Property Purchase In a drive to promote the regeneration of Malta’s traditional village cores, a series of tax exemptions and grants have been announced in the Malta Budget 2022: Exemption from property transfers tax and duty on documents and transfers on the first EUR 750,000 of the price of qualifying properties that: Were built over 20 years ago and have been vacant for more than 7 years; Are built in an urban conservation area (UCA); or Are new properties built in a traditional Maltese style. First-time buyers of such properties will further benefit from a grant of €15,000 (€30,000 for Gozitan first-time buyers of such properties in Gozo). VAT refunds for the restoration and renovation of qualifying property have also been extended and … Read more

On the 1st and 4th October 2021, Dr Priscilla Mifsud Parker will be presenting a lecture at the Malta Stock Exchange Institute “Understanding Trusts”.  Understanding Trusts  Participants will learn how trusts are a legal relationship created by one party and places assets under the control of another party referred to as the trustee for the benefit of the beneficiary. Participants will learn the intricacies of trusts and the legal and tax ramifications of their set-up. There will also be discussions related to how to properly create trust deeds and articulate the powers of trustees. Attendees will learn why trusts are formed, such as for the protection of assets or estate planning, and why trustee independence helps avoid any suggestion that the settlor continues to The setting up of trusts have control of the trust assets. Topics covered Probate and charitable giving Types of trusts Imposition of conditions on the distribution of assetsfollowing the settlor’s death Wealth legacy planning Express trusts and implied trusts Protection of assets from claims and creditors Maltese trust tax treatment Constructive trusts Drafting of trust deed The trustee, settlor, protector and beneficiary The Maltese regulatory environment for trusts Malta Trusts and Trustees Act The trust deed The minimization of … Read more

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