Whether you’re looking for a (last-minute) summer holiday destination, a cultural city break or a foodie weekend getaway - Malta has it all! With history that spans 7,000 years, unique prehistoric temples, medieval towns and some of the oldest architectural designs in the world, on top of its breath-taking landscapes and clear blue waters, the small Mediterranean island is richly packed with things to do, see and discover.
The capital Valletta is brimming with grand architecture, hidden restaurants and picturesque back streets, but drive 8 kilometres inland and you’ll find yourself in the chic residential area where Corinthia Palace Hotel is located. Peppered between traditional Maltese houses, the hotel is far removed from the island’s touristy areas, whilst remaining perfectly connected.
The General Vibe
Opened in 1968, the 147-room hotel is the original flagship of Corinthia Hotels – a collection of five-star hotels worldwide. Stepping into the spacious marble foyer, you’re greeted with a glass of fresh orange juice and the instant feel that the staff will do their best to help you with any request. The rooms are traditional, elegant and they all come along with a balcony overlooking the hotel's extensive gardens.
The Restaurants
With three restaurants to choose from – Asian, fine dining or a relaxed al fresco restaurant serving summer favourites, Corinthia Palace Hotel caters to most tastes.
With a menu that is a colourful mix of dishes from Thailand, Japan, Singapore and China, the award-winning Rickshaw restaurant takes you on a gastronomic journey to the Far East. From pork, cabbage and water chestnut gyozas, through to Singaporean frog porridge – the food is exotic, innovative and absolutely mouth-watering.
For an authentic Mediterranean meal cooked with sustainably sourced, local produce, or a quintessentially British afternoon tea, cosy up in the elegant Villa Corinthia restaurant, housed in a stunningly restored century-old villa.
If you’re spending the day lazing around the pool, have lunch in Corinthia Palace’s al fresco venue - the Summer Kitchen. Set within the hotel’s lush gardens and overlooking the pool, the restaurant serves anything from fresh salads, grilled fish and meat, through to scrumptious pasta dishes and pizza cooked in their brand new wood-burning oven.
The Athenaeum Spa
With its stunning outdoor pool that calls for a relaxed afternoon of soaking up the sun with a good book and a cocktail in your hand and a spa that offers everything from a Jacuzzi and a sauna through to a steam garden, Corinthia Palace is the kind of hotel that you’ll probably struggle to leave after breakfast. The extensive list of treatments and procedures at the Athenaeum Spa includes manicure, pedicure, bridal and evening make-up, tanning and ‘healthy glow’ treatments, as well as rejuvenating massages, anti-ageing, body exfoliation and detoxifying body wrap therapies.
And if you get a sudden burst of energy after a day of relaxation or like to start your day with a workout, the gym at Corinthia Palace boasts state-of-the-art cardio equipment, a resistance area and a studio with morning and afternoon classes, including pilates, yoga, and more. Private training sessions and tennis lessons with a qualified coach are available too in the hotel's own tennis court.
Rates at Corinthia Palace Hotel start from €180/night withbreakfast for a double room and from €330/night with breakfast for a suite. For more information, please go to: www.corinthia.com/palace
RSM Malta is a professional services and advisory firm with a strong team of professionals with decades of experience assisting clients from a range of industries. The firm’s goal is to be the firm of choice to leading businesses in Malta, offering an excellent and personalised service.
To hear about Tax in Malta, this month Finance Monthly spoke with Dr Timothy Zammit, who has recently been made partner at RSM Malta within the tax and corporate services unit, after having joined the firm in 2010 as a tax lawyer. Together with a team of professionals, Timothy is responsible for assisting clients with their corporate and tax advisory needs.
As a newly appointed Partner at RSM Malta in the tax advisory and corporate services, what are the key services that you assist clients with?
Together with fellow tax partner, George Gregory, and a team of financial and legal professionals, I assist clients with enhancing their fiscal efficiencies through the setting up of companies, special purpose vehicles and corporate restructuring while providing transactional support in acquisitions, mergers and divisions, together with business succession planning while ensuring clients’ full compliance with their tax and corporate obligations. I also advise clients on matters including personal taxation, benefitting from one of the tax residence programmes, taking up residency in Malta and applying for Maltese citizenship.
How complex is the tax system in Malta?
Malta’s tax system is fully compliant with EU Directives and also includes a number of elements that are attractive to both businesses and individuals. Malta is the only EU Member State that has maintained the full imputation system while imposing tax according to the nature of the income’s source. A cornerstone of Malta’s tax system is that universal taxing rights are claimed on persons (both individuals and companies) that are both resident and domiciled in Malta. Malta has also been moving towards a system based on final taxation at source, primarily on property transactions, in the past years. It is the interoperation of these complexities that makes Malta such an attractive option.
In your opinion, are there any unique advantages of conducting business in Malta from a tax perspective?
While Malta’s corporate tax rate is one of the highest in Europe at 35%, at a time where there is a trend of lowering corporate tax rates, the full imputation system offers a business-friendly environment, while eliminating economic double taxation. Malta’s tax system provides shareholders the right to credit the tax paid by the company to their personal tax liability. Where the shareholders’ tax rate is lower than the 35% corporate tax rate, they may apply for a refund between their applicable tax rate and that of the company. This is available to both residents and non-residents, offering a favourable and business-friendly tax environment.
Malta not only offers an attractive tax regime. The ‘can do’ attitude that is adopted by the authorities in regulating and doing business in general, coupled with the Mediterranean lifestyle gives investors a very appealing option.
How do you help your clients mitigate their tax liability whilst remaining fully compliant with tax laws?
When dealing with cross border businesses, an international tax advisor can never only look at the situation in one jurisdiction – as any solution is only a solution if it works in all the right jurisdictions. It is through the availability of reliable professionals globally with the right experience and background being part of RSM, that we may truly assist clients ensuring that they are fully compliant.
You’ve recently been made Partner – what does this mean to you? How will your current responsibilities change? What are the goals that you’re arriving with?
Being made Partner in a firm with 170 professionals is a strong vote of confidence by my fellow Partners that gives me renewed enthusiasm to continue contributing to the firm’s growth and solidifying RSM’s position as the mid-tier firm of choice. My role as Partner comes at a challenging time where the industry is facing a multitude of challenges, ranging from changes to tax systems globally in the light of the financial crisis, BEPS and the trend of full disclosure and exchange of information to the industry disruption that will be caused by technologies such as the Blockchain and Artificial Intelligence in the coming years. The challenge is to be able to help identify and adopt the right approach that will guarantee our clients’ continued future success while ensuring that they are fully compliant with their obligations in all the jurisdictions that they operate.
Website: www.rsm.com.mt
Phone: +356 2278 7000
Joseph Camilleri, Executive Head Business Development & Corporate Services at BOV Fund Services, talks to Finance Monthly about Malta’s fund industry, Brexit and the hurdles that the fund services sector is faced with in a scenario of on-going regulatory developments.
Within the context of a highly regulated fund industry, how is Malta coping in ensuring that it keeps pace with bigger fund domiciles?
I trust we’d all agree that the fund industry is increasingly becoming overcrowded with regulation, well intended as that may be. We’d also agree that such poses challenges to all stakeholders, be they investors, investment managers, service providers and fund domiciles too of course. Malta is in no way an exception to this.
The challenges may seem somewhat bigger and more difficult to address if the domicile is a relatively new and upcoming one; particularly if the domicile has built its fund and fund management industry on the small and medium sized funds and fund managers, as is the case for Malta, which by the very nature of their size, are impacted to a larger extent by the over-regulation in the industry.
Notwithstanding the above statements hold true, Malta has in my view, weathered the storm in a convincing manner. The key word here is “adopting” rather than adapting to new regulation, and ensuring that its pre-emptive stance pays dividends. The island’s positioning as a fund domicile has seen it consolidating its strengths in particular niche areas which it has continued to develop over the past few years. All of this further underpinned by the pro-active mindset of stakeholders (service providers in particular) in ensuring compliance to new regulations through the timely provision of additional services to the industry, in a cost competitive backdrop.
Malta’s fund industry has established itself as a domicile of choice to many start-up hedge fund managers. Its highly competitive package, the pro-business approach and accessibility of Malta’s single regulator, the robust yet flexible regulatory framework for deminimis (out-of-scope) funds in terms of the AIFMD, the efficient process for licensing, as well as the presence of several service providers on the island, within the context of a cosmopolitan lifestyle have and are attracting several investment managers to our shores.
Within the AIFMD realm, Malta too has identified its own niche segments: the past couple of years have been characterised by full scope AIFMs, whether based in Malta or other EU member states, structuring fully compliant AIFs having diverse strategies. Most notable, we have seen a growing number of AIFs being set up investing in real estate and other real assets, we have seen Private Equity funds being set-up, as well as the emergence of loan funds. Thus funds that require depo-lite services, as opposed to fully fledged depositary services, have been very conspicuous in Malta’s development of its fund industry.
The recently introduced Notified Alternative Investment Fund (NAIF) has thereagain been an innovative and positive contributor to the growth of the industry in the AIFMD space. Full scope AIFMs across the EU now can have their fund structures, SICAVs, Contractual Funds, Limited Partnerships, or Unit Trust Funds up and running within 10 working days of notifying the regulator. A far cry from passing…
How do you see the Brexit realities impacting Malta’s fund and fund management industry?
Difficult to tell given that the Brexit realities are still an unknown. The shape of things to come post conclusion of negotiations between the parties is still to be seen. Having said that, we’re already seeing major cities within the EU taking rather aggressive approaches in an attempt to position themselves in time (particularly should all go the hard Brexit way) to attract London-based businesses their way.
To a degree, I tend to think that attempts at unseating London as Europe’s main financial services centre is rather delusional. There’s likely to be a repositioning of course, yet London is London and will remain a major player, not necessarily very different to what it is today.
The way Malta is looking at Brexit is quite different; rather than adopting a vulture approach, as seems to be the case for the other EU contenders for the top spot in financial services, Malta’s approach is a softer one - one that augurs for a strengthening of the legacy relationship between the UK and its former colony Malta.
Malta is in fact in an ideal position to act as a bridgehead for UK-based businesses (and not limitedly to financial services businesses at that) to access the wider EU market.
There are various reasons why Malta sees it differently; apart from the legacy relationship mentioned earlier, there are other realities that are worth mentioning that render the relationship one based on mutual respect and understanding:
- English being an official language of Malta.
-The island’s membership and active participation in the Commonwealth.
-The British business ethics deeply rooted in Malta’s own conduct of business.
-The similarities in the socio-political make-up of the two countries.
It is thus of no surprise that we are seeing London-based operators teaming up with ManCo and Super ManCo platforms in Malta to explore alternative solutions for different Brexit scenarios that would allow them access to the EU market. Others are setting up their own “lean” fund management operations in Malta, as UCITS managers or AIFMs, to carry out the risk management function for their fund vehicles, whereas the day-to-day portfolio management activities are outsourced back to base, in London.
Malta’s way of looking at the opportunities coming out of Brexit are of the win-win sort; and it is precisely this that is elevating Malta’s stature in the eyes of UK-based operators.
What are the major challenges for a company like BOV Fund Services in a scenario of on-going regulatory developments?
There are various facets to regulation: some see regulation as a safeguard to investors, others to the system itself, some see it as an overkill and an unnecessary money drain.
Whichever line one might take, it is indisputable that regulation presents both challenges and opportunities for service providers, particularly fund administration companies. BOV Fund Services is in this space, and it too is not immune to such.
Regulation has predominantly meant additional and extensive reporting. In view that most fund data is held by fund administrators, it follows that the latter are in such scenarios are best placed to provide additional services to funds and their fund managers, thereby enabling these to comply with the newly introduced obligations.
This has been true for AIFM Annex IV reporting, FATCA, CRS and others. So has regulation impacted all fund administrators in the same manner? The short answer to this question is no. There have been winners and losers in the game; the winners where those service providers that ensured a level of preparedness in good time. The ones losing out on the other hand have been the laggards, those that considered the aforementioned regulations as the Managers’ and the funds’ problems. In effect, such regulations place obligations, sometimes onerous ones, of the funds and their managers.
Yet, fund administrators that evaluated the regulations as their draft versions were published, that understood the implications, and that geared themselves up to provide timely solutions in a cost competitive environment, not only ensured that their clients were compliant as from d-day, but they also consolidated the loyalty from their client base as well as created new revenue streams for themselves.
BOV Fund Services is in this second category. It has invariably sought to be ahead of the curve in terms of assessing the likely requirements of its client base emanating from new regulation. It invested heavily in its IT infrastructure and entered into agreements with system providers to automate reporting.
This has ensured that the company consolidate further its market leadership in Malta as the island’s number 1 fund administration firm (in terms of Assets Under Administration as well as number of Malta-based funds administered by the company), within a context of crowded market of 27 fund administration firms operating from Malta.
What has the AIFMD meant to your clients in the alternative space?
Essentially there are three categories of clients that we service, and for whom the AIFMD and its implications came to the fore.
When the initial draft of the AIFMD was published, it was quite evident as of those early days, that the directive had two core outstanding features:
- Albeit purporting to be intended to address systemic risk, it was largely perceived as being an EU protectionist measure, and
- It was bound to negatively impact small-sized alternative fund managers and fund domiciles that catered for this segment of the market.
Malta’s financial regulator, the MFSA, thanks too to the listening ear, lends to the local operators in Malta, wisely decided to defend its territory. As mentioned earlier, Malta had by then attracted a relatively large community of international small and medium sized fund managers to structure their fund vehicles in Malta. It was thus imperative that the goose that laid the golden eggs be safeguarded from the overarching burden that the new regulation was set to bring to the table.
In effect, rather than replacing the old with the new, MFSA introduced a new fund regime, the Alternative Investment Fund rule book, as distinct from the already existing Professional Investor Fund rule book. This latter regulatory platform for alternative funds, with its inbuilt flexibility within a robust framework, had enabled hundreds of fund managers (several of whom small-sized) structure their alternative strategies, ranging from hedge funds, to private equity, real estate, fund of funds, distressed debt, high frequency trading funds to a myriad of others.
It was inconceivable that this segment should be burdened by the heavy regulatory baggage that the AIFMD promised to introduce. In view that the directive’s provisions become mandatory for alternative managers having in excess of Euro 100 million in AUM (leveraged funds), it followed that those below the threshold should be given the opportunity to retain the status quo in terms of the regulation they were subjected to.
Now that the directive has been up and running for a number of years, it is clearly evident that retaining the PIF regime was a wise decision: alternative funds subject to this rule book continue to grow year-on-year.
Back to the three categories:
- The deminimis fund managers and the below threshold self-managed funds were given an option to sign up for the regulation, be subject to all its provisions, and on the upside, benefit from the EU passport. In most cases, they opted to stay put!
- A second category was made up of those that actually “went for it”, driven by one or two factors: the growth potential arising from the passport, and/or the fact that their AUM was just short of the threshold, so it was a question of time for them to adhere to the regulation.
- The third category consisted of those that were captured by the directive due to their respective AUMs (which were already in excess of the threshold). This segment had no other option but to comply, and make the most of it through the passporting rights.
In conclusion, I’d say that Malta’s regulations for the alternative strategies is such that enables acorns to grow into oak trees, without imposing upon them at the early stages of their lives, the rigours of over regulation that the AIFMD seems to be riddled with.
Website: https://www.bovfundservices.com
The Maltese economy has grown strongly in recent years, with the online gaming sector playing a key role. Just how key that role is can be difficult to imagine for people that are not based on the Mediterranean island.
In the government policy arena there is a global desire to create business and innovation “clusters”. These are geographic areas where many companies in a small number of sectors congregate. Great examples of this are the Silicon Valley and Wall Street. With that in mind, when it comes to online gambling, Malta is Europe’s Wall Street. There are now several hundred businesses in Malta covering the range of bingo, casino, live casino, lotto and sportsbook. This has encouraged the ecosystem to grow so that there is now a wide range of associated firms – payment providers, game creators, specialist recruiters, management services and many more – who are also located in the same small geographic area.
Malta worked hard to attract these businesses. It was early in creating legislation and oversight enabling gaming companies to relocate. While this might not sound like much of an advantage, there are many countries within the EU that are still discussing their own legislation a decade later. The combination of favourable tax laws and the right specific gaming legislation made it the clear choice for many companies. Over time that situation has evolved so that it is now difficult for most gaming firms to not have some sort of presence on the island.
There are other jurisdictions with a strong gaming presence, such as the Isle of Man and Gibraltar, but Malta’s onshore rules, easier access and larger working population provide it with an edge.
Europe’s gambling legislation is something of a muddle with very different rules in place from one country to another and some countries having almost no rules at all. The result is that where specific country rules are not in place, most firms use a Maltese license to market within Europe’s internal market.
As might be imagined, this confused situation provides opportunities for smaller, nimble, operators. In contrast, the biggest gambling companies are taking active steps to encourage more regulation because of the protection that more legislation and enforcement will provide them.
Is It All Fun In The Sun?
Estimates vary about just how many people are employed in Malta’s gaming sector, with the most common numbers nestling between eight and ten thousand people. While this number ought to be easy to verify, there are many firms using Malta as a base of operations because of the high concentration of experienced staff, but that are not actually licensed locally.
We spoke to Dan Andersson, co-founder and CEO of Vera&John, an international online casino, which is now part of the much larger UK-listed Jackpotjoy Group. As he explained, “Malta has become a great home for us and for online gaming. Any online business needs young, multi-lingual digital natives to help it operate. The combination of sunshine and a nice lifestyle helps to attract those people to Malta, while there are also many people with years of relevant gaming experience here as well”.
Trouble In Paradise?
This environment of fun online companies, cosmopolitan colleagues and great weather has attracted the talent that has helped to transform the Maltese economy into something much stronger than it once was.
However, this is putting some parts of Malta under great strain. One problem area is the rental market. The majority of the incoming gaming firms have settled in a small number of towns that are very close together. Many of their staff can live locally and walk to work, but the continual influx of people into what are actually very small towns has forced rents upwards substantially in the last few years.
In larger countries, people would simply live further away and commute each day, but on an island as small as Malta is, there are some very real constraints to this. Needless to say, many Maltese landlords have seen the value of their assets rise substantially, helping to share the wealth around, but for Maltese first-time buyers, getting onto the housing ladder is now very difficult.
Will It Last?
Malta’s position is possible, in part, because of the laws in place across the rest of the European Union. As more countries enact licensing laws, things may change. However, much of the work to operate online properties in country with strict rules, such as the UK, is currently being done within the offices of larger firms based in Malta.
With the prospect of the UK – and therefore Gibraltar’s – EU status changing because of Brexit, there are gaming operators investigating their options to relocate. Malta is an obvious potential beneficiary.
However, there have been moves within the European Union to change the way sports betting is regulated. The sizable potential impact to the sector has lead Malta to block these changes. Whether this tiny country can block the changes desired by much more powerful Member States forever remains to be seen. What seems clear is that Malta will resist for as long as possible to protect this economic crown jewel.
About the author:
Stuart Langridge is originally from the UK and has lived in Malta for 6 years. He has worked as a freelance writer on a wide range of economic and financial topics for many years and now works in marketing for an online gaming company.
Grant Thornton Malta’s Tax Partner Austin Demajo is responsible for local and international tax services and has provided tax advice to international clients involved in cross-border business ventures. Here, Austin offers his insight into Malta’s taxation sector and shares his predictions for the future with us.
As a specialist within the tax arena, what would you say are the challenges of providing effective tax advice in Malta?
As with any advisory service, tax consultancy carries its challenges. I would say that mergers and acquisitions often prove to be amongst the most exigent, in view of the body of anti-avoidance provisions which are subject to interpretation due to their subjective nature. In these cases, when providing tax advice, it is opportune to place oneself in the shoes of the Commissioner and attempt to determine the matter from his perspective. In such instances, as well as in matters relating to restructuring of holdings, we always recommend that one fully understands and identifies the reasons which would have led to the enactment of relevant anti-avoidance provisions – and thus, be in a better position to address the issues.
Another taxing issue in tax matters is the creation of taxable presences in Malta, primarily by foreign investors either through a permanent establishment or branch issue. It is often unclear as to what level of business activity is needed in Malta to create a taxable presence for a foreign entity. To date, our tax legislation only provides that profits attributable to branches are taxable. This requires that each case is seen and investigated individually in great detail. Whilst certain cases are not too complex to determine, others often give rise to conflicting interpretation.
What are the complexities of operating within the taxation sector in Malta, in regards to the ever-changing regulatory environment of the field?
I do not believe that this is something unique to Malta. International taxation is currently sitting in the eye of a hurricane and there is much uncertainty as a result of different approaches and interpretations adopted by individual countries in their quest to implement, at the very least, the minimum standards established by the BEPS project.
We have recently seen more than 70 countries signing the OECD Multilateral Instrument with each jurisdiction making its own reservations and in many cases opting for different provisions as set out in the Instrument. The interpretation of tax treaties is set to become even more complex and perhaps contentious where different interpretations are adopted by countries, giving rise to tax uncertainty to businesses and individuals alike.
Within the EU, there is also huge political pressure to introduce CC(C)TB and in less than 2 years, Malta will introduce the provisions of the Anti-Tax Avoidance Directive(s). In this scenario, a tax advisor, be it in Malta or any other country operating within the EU, is obliged to include a number of caveats as a number of structures may not withstand the test of time.
How would you say has the tax system in Malta transformed throughout the years?
Specific provisions to attract economic activity to Malta have been in place since the late 1950s. The type and focus of these provisions have evolved in line with local and international developments, whilst retaining their attractiveness. Today, the Malta tax system and its extensive double tax treaty network mean that, with proper planning and structuring, investors can achieve considerable fiscal efficiency using Malta as a base. Malta has also refrained from introducing withholding taxes on outflows, such as dividends, interest and royalties making the Island an attractive location for international business.
Malta is the only EU member state operating the full imputation system of company taxation. In conjunction with this system of taxation, the Island operates a refundable tax credit system on dividends paid to shareholders and also offers a varied program of residence and citizenship options. – All this whilst being fully compliant with the EU’s non-discrimination system.
As a thought leader, do you believe there is potential for further significant legislative development in the tax field in Malta?
No legislation is set in stone and tax matters are no different. As mentioned earlier, international taxation is currently facing a number of challenges, the ripple effect of which will be felt on a local level and will eventually reflect in significant changes in Malta’s tax code especially upon the adoption of the provisions of the EU Anti-Tax Avoidance Directive.
The Government of Malta is determined to maintain the competitive edge of the Island whilst ensuring that our tax code embraces these newly adopted tax principles.
On a domestic level, attention is required to the lack of guidance notes on the interpretation of a number of subjective provisions of our tax legislation.
Way forward
A global spotlight is shining on tax like never before. More than ever, firms looking at international tax jurisdictions need to have assurance that they are paying the right amount of tax while ensuring that their stakeholders have a positive perception of their business. In a world of increasingly complex tax legislation, they need to know how the rules affect them.
Grant Thornton offers a professional advice that is reliable and personal. We take time to understand the issues that are important to our clients and from there, we can support them on every aspect of their tax affairs.
Our close collaboration with other Grant Thornton member firms ensures our services are relevant to our clients’ tax affairs, wherever they are in the world.
Contact info:
- +356 9943 7892
- E. Austin.demajo@mt.gt.com
This month Finance Monthly had the privilege to speak to Gianluigi Montagner - the Chief Executive Officer of Malta-based Framont & Partners Management Ltd. In his interview with us Gianluigi tells us all about the services that the company offers, their business strategy and priorities towards their clients, while also providing a rich insight into the investment services sector in Malta.
How are most financial investments structured in Malta?
Malta holds a good reputation as a jurisdiction for smaller and medium financial companies and start-ups. Thus, the fund sector attracts asset management activities all around Europe, being a cost-effective and efficient solution with respect to other jurisdictions that are traditionally experienced in the same field but less appealing from this perspective.
Malta has been able to develop numerous investment funds, which is the main reason why we opted for a full AIF and UCITS licence as fund managers, both targeting professional and retail investors. Framont can offer even the traditional investment services, since we offer services of portfolio management, as well as advisory.
What are the main considerations that need to be followed when providing investment plans to your clients?
The main considerations to be followed always relate to the risk management and the investment objectives. This can either be in terms of target or timeline.
It is imperative to help the clients understand that all investment plans involve some degree of risk, as the reward of taking risk results to the potential for a greater investment return.
Can you outline the process Framont & Partners go through to assess your clients’ current financial situation and assist them with identifying financial goals and concerns?
We perceive it as imperative to hold a frequent and close relationship with each client we have, in order to update their characteristics, understands their needs while trying our best to accommodate them, as well as their personal financial positions. Therefore, this successfully allows us to assist the clients and reach their goals.
Since we are in close contact with our customers and form part of the network in the wealth management markets, trends are identified at an early stage. This is the main reason for offering solutions that are customised for the customers’ needs.
How do you assess levels of risks for investment strategies? How can you accurately assess the level of risk that an individual is prepared to accept?
In order to assess the risk levels, we make use of internal models that are drafted to combine risk profiles and goals. The risk manager assists us on a daily basis and we make sure clients are well informed about the investments in their portfolios by providing regular statements and information upon request at any time.
What strategies do you implement to ensure that your clients’ goals and objectives are achieved?
We always make sure to understand and acknowledge our client’s goals and objectives. Therefore, we periodically review the financial situation of the client and match such strategies and goals. Our team is always available for any needs or questions that the clients or any potential clients might have.
As CEO, how do you ensure you are directing the company in the correct direction? How do you advise your team to make the correct decisions for the company alongside clients?
As the CEO, I make sure that the company’s direction is assessed very often, in terms of competencies as internal goals. We also check closely the reference market in order to promptly meet together with the regulation requirements and the clients’ needs. Turnover may be possible but generally, the employees on board portray a desire to remain with the company. I think this is a signal of a positive and growing environment for the employees and the partners.
About:
Gianluigi Montagner is the Chief Executive Officer of Malta-based Framont & Partners Management Ltd. It is one of the main players for wealth management market and a well-developed and growing reality in the Maltese Financial marketplace. The Company holds a Category 2 Investment Services Licence, allowing a wide variety of products and services, including outsourcing services, structuring, coordination of fund launches, investor relations, investment management, as well as distribution services for investment funds from Malta.
Thanks to the wide ranging financial background of the Company’s founders and the support of a highly specialised team with a deep knowledge of today’s constantly evolving markets, Framont places particular emphasis on stability and flexibility. Its solid structure means that the company offers personalised investment services, which are in tune with the expectations of even the most demanding of customers.
As a Fund Manager, Framont is able to establish different ad hoc sub-fund types for the management family assets or for the implementation of particular investment strategies. The firm also offers support within the evaluation of investment strategies proposed by private customers, institutional or advisory to attain the product that best suits them.
The Company’s task is to be able to switch between being a facilitator of communication, to a supporter of the observance of agreements, rules and intensive choices. Furthermore, it aims to facilitate in the process of the transitions and handover of corporate assets in the least traumatic and linear way possible.
“Framont & Partners Management Ltd aims to be a key market player within the financial markets where independency, quality and efficiency are met at all times. Excellent results mean satisfactory clients, team and partners, led by a professional approach and guidance.”
Website: http://www.framontmanagement.com/
This month, Finance Monthly introduces you to STM Malta Trust & Company Management and its Managing Director and thought leader with twenty years’ experience in the financial services -Deborah Schembri.
STMM primarily provides pensions administration services to international clients. The company is registered as a Retirement Scheme Administrator with the Malta Financial Services Authority. It is also authorised to act as trustee or co-trustee to provide fiduciary services in terms of the Trusts and Trustees Act.
The company administers a number of pension schemes, both trust-based and contract-based. Some of these schemes also qualify as QROPS (Qualifying Recognised Overseas Pension Scheme) or QNUPS (Qualifying Non-UK Pension Scheme) as applicable. STMM is part of STM Group plc - an independent firm listed on the London Stock Exchange. STM Group has offices in Gibraltar, Spain, Malta, Jersey and UK.
Deborah Schembri, the youngest member and the only woman on the STMM Board, is a Certified Public Accountant, who holds a Masters in Business Administration from Henley Management College, as well as a Diploma in Retirement Provision, pursued with the UK Pensions Management Institute. With over twenty years’ experience of holding senior managerial roles in the financial services industry, Deborah has formulated new strategic directions and implemented the necessary changes, while making a lasting impact in these organizations.
Deborah joined STMM in 2012 and was appointed Managing Director in 2014. Over the past five years, as a result of Deborah’s hard work and entrepreneurial spirit, the Company has registered exceptional and extraordinary growth.
Over the past few years, Malta has established itself as a centre for the management and administration of personal pension schemes. While it has primarily been catering to the UK market, other European cross-border schemes are currently being established and rapid growth in the pensions in Malta market is expected.
The creation of international pension plans in Malta became a possibility fairly recently, as pension provision has traditionally been considered from a purely domestic perspective; however, the increasing mobility of both people and companies has facilitated this paradigm shift.
The Retirement Pensions Act (Chapter 514 of the Laws of Malta) came into force on 1st January 2015. The new Regulations and Pension Rules also came into force on 1st January 2015.
A new set of Regulations and Pensions Rules have been issued under the Act to supplement the legal framework for the licensing and regulation of Retirement Schemes (both Occupational and Personal), Retirement Funds and Service Providers related thereto, as well as for the requirement of recognition for persons carrying on back-office administrative services.
For major multinationals, administering pension schemes in multi jurisdictions can be an expensive and highly complex process. This presents a key opportunity to introduce an international pension solution that enables multinationals to use Malta as a centre from which to manage and centralize their retirement benefits schemes and consolidate their employee pension schemes benefiting from greater economies of scale, while achieving sizeable cost savings by operating from one jurisdiction under one regulatory regime.
As a member of the EU, Malta provides a pan European platform that is secure, well-regulated, and innovative. Backed up by a professional support structure and experienced skills base, Malta's new pensions legislation has been well-received internationally and the provision of international pensions is considered as the next major development in the jurisdiction's financial services offerings.
Benefits of Pensions and Retirement Schemes in Malta
- Retirement schemes and their administrators are licensed and fully regulated by the Malta.
- Retirement schemes and their administrators are licensed and fully regulated by the Malta Financial Services Authority (MFSA).
- Thanks to Malta's EU membership, companies established in other EU member states can sponsor occupational schemes established in Malta.
- Fees for the administration and management of the scheme are comparatively lower than in other jurisdictions.
- A strong regulatory framework and the MFSA ensure the integrity of the plan and peace of mind for the scheme's members.
- Legislation allows for a number of customised structures that suit the requirements of individuals or international businesses.
STM Malta will be pleased to receive any enquires on the below contact details:
E-mail address: info@stmmalta.com
Telephone number 00356 21 333 210
