Over the recent years Malta has witnessed growth in the Aviation industry attracting various multinationals who choose Malta to set up their operations. The Aircraft Registration Act was enacted in 2010 with a vision to turn Malta into a competitive jurisdiction for aircraft registrations. The appropriate legal framework together with Malta’s accession to the Cape Town Convention, its EU membership status, the very competitive registration fees and the favourable tax treatment are few factors which have contributed to developing Malta as an aviation hub and create a successful base for aviation operations.
Malta has been slowly and surely establishing itself as a bona fide international banking hub with strong and renowned Maltese banks, based on traditional values, as well as more than 20 international credit institutions, offering their services from Malta. The thriving bank practice in Malta works hand in hand with the dynamic financial services industry, a pillar of the Maltese economy. The local banks remain some of the safest and most liquid banks in the Eurozone and hold strong solvency ratios and capital buffers. This is another major advantage of engaging in business in Malta.
In recent years, legislation regulating Malta’s energy sector was overhauled in order for the Maltese’ Government to forge ahead with its policies of shifting Malta towards the use of renewable energy and in a bid to liberalise the market. The Malta Resources Authority (MRA), a public corporate body set up in 2000 through the Malta Resources Authority Act (Chapter 423 of the Laws of Malta) regulates water, energy and mineral resources, promotes energy efficiency and renewables, and regulates responsibilities in oil exploration and climate change.
Malta has long been seen as a convenient retirement place or an ideal country to have a holiday home. The country’s predominantly warm climate, English speaking population, low crime rates and the small size of the islands have allowed many to create a home away from home in Malta. The attractiveness of Malta as a place to live only increased once the country joined the European Union in May 2004 and the Eurozone in January 2008.
In recent years, there has been a substantial drive by Malta’s Government to continuously develop Malta’s insurance market. In fact, around sixty international insurance companies are registered in Malta, albeit with only a few operating in the local market. The sector is regulated in an innovative and accessible manner under the auspices of the regulator, the Malta Financial Services Authority (MFSA).
The cornerstone of investment services regulation is the Investment Services Act (Cap. 370 of the Laws of Malta), as amended, which provides for two types of licences, namely Investment Services Licences and Collective Investment Schemes Licences. The Investment Services Act is intended to comprehensively regulate the provision of investment services whilst securing adequate investor protection.
At GMX we represent the full spectrum of those involved in the maritime industry, be they offshore, ship and/or yacht owners, charterers, P&I Clubs, banks, yards, marine insurance underwriters, governments and brokers. Maritime law remains very much at the core of our profession at GMX. We understand that night or day, the industry is at work. It is for this reason that GMX set up an emergency response team which is available around the clock.
The Maltese real estate sector has proved to be the bedrock of Malta’s economy for time immemorial and has consistently registered steady growth. Property has become a core investment in many Maltese investors’ portfolio, registering healthy financial returns. It has also attracted investors from all over the world, with some renowned investors and personalities choosing not only to invest in property in Malta but also to relocate.
