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Jurisdictions

The jurisdictions we operate in
Our objective is to assist other fund managers deal with the myriad of regulatory requirements in a number of jurisdictions. Our success comes from helping others achieve success.

Malta

  • Tax exempt on income and capital gains (excluding income from Maltese immovable property) derived by nonprescribed funds (i.e. where the value of assets situated in Malta does not reach 85% or more of the particular sub fund’s assets). No withholding tax on distributions made to non Maltese
    investors (subject to the satisfaction of certain straightforward conditions).
  • CIT 35% However with reliefs, effective tax suffered post-refund and post distribution should result in an effective rate of around 5%.
  • Double tax treaties- 69 treaties, 3 signed but not in force
  • Name of regulatory body: Malta Financial Services Authority
  • Depositories: 11
  • Regulatory fees: AIFs: Application fee of €2,000, €1,000 per sub-fund plus annual supervisory fee of €2,000 and €600 per sub-fund. EU AIFs: Annual fee of €2,500, €450 per sub-fund; annual supervisory fee of €3,000 and €500 per sub-fund (up to 15). PIFs: €1,500 for the scheme and €1,000 per sub-fund.
  • Time to set up a fund: It can take up to three months for authorization as an AIFM. For Professional Investor Funds (PIFs) targeting experienced investors, the MFSA will review the application within 7 business days from receipt of the application documents.
  • 12th soundest Banking Sector (World Economic Forum’s Global Competitiveness Report 2011 – 2012 (142 countries reviewed))
  • 15th position in Financial Market Development (World Economic Forum’s Global Competitiveness’ Report 2011 – 2012 (142 countries reviewed))
  • 1st place in both Online Sophistication and Full Online Availability (European Commission’s 2010 Benchmarking report on eGovernment Services)
  • 1st place in the timely implementation of Internal Market Rules into national law
  • 15th for Soundest Banking Systems in the World (World Economic Forum’s Global Competitiveness Report 2015-2016, 140 countries reviewed)
  • 3rd out of 144 countries Malta’s ranking for International bandwidth per user (World Economic Forum’s Global Competitiveness Report 2014–2015)
  • Joint 1st for the timely implementation of EU’s Internal Market Rules into national law
  • 1st place Europe’s favored fund domicile (Hedge Fund Review’s 2013 and 2014, Service Provider Ranking)

Cayman Islands

  • No fund level tax imposed in the Cayman Islands.
  • No corporation tax imposed in the Cayman Islands.
  • Double tax treaties – 35 signed Tax Information Exchange Agreements signed
  • The CI Government is having ongoing discussions with the IRS regarding FATCA
  • Name of regulatory body: Cayman Islands Monetary Authority
  • Depositories: 12 Class A banks
  • Regulatory fees: Initial registration fee for an Exempted Limited Partnership is $1,220,
    alongside an expedited registration fee of $488. Annual fees cost $1,463 (if registered with CIMA) or $2,439 (if not registered with CIMA).
  • Time to set up a fund: Registration of an ELP and GP can take place the a same-day, with
    certificates of following within 3 to 5 working days or in around 48 hours if fast-tracked.
  • Estimated that in excess of 70% of all offshore hedge funds are established in the Cayman
    Islands.
  • 27% of Cayman Islands Regulated Funds (by $NAV) have NAV Services provided by a Cayman
    Islands contracted Administrator
  • 37% of Cayman Regulated Funds (by $NAV) have RTA Services provided by a Cayman Islands
    contracted Transfer Agent.