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.
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
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)
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
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.