Essential facts - Malta UCITS - Funds & Collective Investment Schemes

1. Malta’s International Law Firm & Advisory Boutique
UCITS - Main Features
15% Income Tax Rate For Highly
Malta - A Legitimate Low Tax EU Jurisdiction
Permitted Structures Mainly open-ended. However, unit trusts, contractual funds and limited
partnerships can also be used
Legislation Investment Services Act
Permitted business Schemes may be offered to the Malta general public and in any other EU/EEA
state
License Application: Main documents required are:
 Constitutional documents
 Prospectus and marketing documents to investors.
 Key Investor Information Document (KIID) in accordance with UCITS IV
rules
 Details on all services providers involved
 Agreements with the fund’s service providers
 Personal questionnaire and curriculum vitae of the directors
 Three year business plan
 Marketing plan
 Other documents which have an effect on the members’ rights
Approval time Dependent on factors such as the fund’s complexity and the submission of
complete applications.
The MFSA will review the draft application and support documentation and
providing feedback within three weeks from submission of the application.
Listing Listing schemes may apply for a listing on the Malta Stock Exchange (MSE)
Capital Requirements Third-party managed - €125,000 (if formed as a company)
Self-managed - €300,000
Reporting Requirements Monthly statistical return to the MFSA
Half yearly compliance reports
Annual reports
Regulatory fees Application for a License:
 €2000/ scheme
 €450/ sub fund up to 15 sub funds
 €250/ sub-fund for 16 sub-funds or more
 €2000 sub-fund in the form of an IC
Supervisory Fees  €2500/ scheme
 €450/ sub fund up to 15 sub funds
 €150/ sub-fund for 16 sub-funds or more
 €2500 sub-fund in the form of an IC

2. Malta’s International Law Firm & Advisory Boutique
UCTIS - Key Facts
Compliance Officer Required
Money Laundering Reporting Officer: Required
Auditor Required
Must be approved by the MFSA
Held responsible for certifying the fund’s annual report and ac-
counts, which should include an audit report.
Taxation Exempt from income and capital gains tax - subject to not invest-
ing in immovable property in Malta
VAT Exempt without credit
Highly Qualified Persons - 15% Income Tax
For individuals working in the financial Index. €78,207 for basis year 2012 and “Eligible office” is employment in one
services industry, in addition to the €80,100 for 2013 of the following positions:
‘one stop shop’ approach of the Malta
As such, Malta authorities have created
Financial Services Authority (MFSA) and a scheme to attract highly qualified  Actuarial Professional
the flexible regulations detailed above, persons who occupy as “eligible office” Chief Executive Officer
Malta has enacted a low, flat rate of with companies licensed and/or recog-  Chief Financial Officer
15%. 
nized by either the Malta Financial Ser- Chief Commercial Officer
vices Authority (MFSA).
 Chief Insurance Technical Officer
Malta wants to attract high income
The 15% flat rate is imposed up to a
 Chief Investment Officer
individuals and why not?
maximum income of €5 million - any  Chief Operations Officer
excess is exempt from tax. The 15% tax  Chief Risk Officer (including Fraud
Positioning itself as a premier financial and Investigations Officer)
rate applies for a consecutive period of
and commercial district, Malta employs
five years for EU, EEA and Swiss nation-  Chief Technology Officer
an attractive low tax regime for busi-
als and for a consecutive period of four  Chief Underwriting Officer
nesses. On a personal front, with its
years for third country nationals.  Head of Investor Relations
Mediterranean climate and lifestyle,
 Head of Marketing (including Head
there are numerous options and levels
EU. EEA and Swiss individuals who al- of Distribution Channels)
in Malta for accommodation, entertain-
ready have a qualifying contract of em-  Head of Research and Develop-
ment and schools.
ployment in an “eligible office” for two ment; (including Search Engine
Individual income from a qualifying years (or one year for 3rd party nation- Optimisation and Systems Architec-
contract of employment in an “eligible als) before 2008 may still benefit from ture)
office” with a company licensed and/or the 15% tax rate for the remaining  Portfolio Manager
recognised by the Competent Authority years of the statutory period.  Senior Analyst (including Structur-
is subject to tax at a flat rate of 15% on ing Professional)
an income of at least €76,136 adjusted
annually in line with the Retail Price
 Senior Trader/Trader
 Odds Compiler Specialist
Acumum Legal Group: Maltese, UK & International Lawyers & Accountants
info@acumum.com | www.acumum.com | Skype ID: acumum
Malta 356 2778 1700 | UK 44 (0)20 7060 4277 |USA 1646 569 9003
Information for guidance purposes only © Acumum. All Rights Reserved V.1a