There were changes to the Malta Residence and Visa Programme as per Legal Notice 189 of 2017 as below:
- Additional EUR5000 non-refundable contribution per parent or grandparent of the main applicant or of the spouse at application stage
- EUR30,000 contribution fee now covers main applicant, spouse and the children of the main applicant and/or the spouse
- Age limit (27) for unmarried, economically dependent children was waived off. Moreover, children of the main applicant and/or spouse, will not lose the residency rights on their 27th birthday, or if they become economically active or get married. Option to obtain residency for their suppose and direct dependants is also available (subject to EUR5000 non-refundable administration fee per person and successful due diligence check)
- The requirement for the main applicant and his/her dependants to spend outside of Malta a period that exceeds either six consecutive months or an aggregate period of ten months in any four-year period from the appointed day was removed. The main applicant and dependants will be eligible to apply for long term residence
- The main applicant may include children born or adopted after the approval date (subject to EUR5000 non-refundable administration fee per person and successful due diligence check)
As from the 1st January 2017 The Authority for Transport Malta introduced new provision that allows yachts, which are registered for pleasure use, to carry more than 12 people (excluding the crew) without being compulsively submitted to the Convection for the Safety of Life at Sea (SOLAS) or the Passenger Yacht Code (PYC).
Previous Legislation
The previous Legislation stated that the private yacht capacity corresponded to the amount of 12 passengers on board. The only exception to this limit was in the case in which the yacht would had been under construction according to SOLAS and PYC regulations and registered with the Red Ensign Flag.
New Legislation
These new guidelines draw a set of requirements for pleasure yacht, to be able to carry more than 12 people, and they complement the Commercial Yacht Code introduced in 2010 (latest version dated 2015):
- Issued with a valid Class certificate (requirement applicable for yachts of more than 500 gross tonnes);
- Compliance with the requirements of the Malta Commercial Yacht Code;
- Possession of an approved Stability Booklet, which defines the loading conditions being requested;
- Install and carry the appropriate safety equipment depending on the expected number of person on board;
- Carry 100% life raft capacity;
- Carry a crew compliment in line with the Malta Commercial Yacht Code;
- Issuance of a Safety Radio Statement of Compliance for yachts of more than 300 gross tonnes and a Safety Radio Certificate for yachts of more than 500 gross tonnes;
- Comply with the International Convention for the Prevention of Pollution from Ships (MARPOL) requirements as detailed in the Malta Commercial Yacht Code; and
- Navigation restricted within 150 nautical miles from safe haven.
Furthermore, the law requires an intermediate survey to be effected every two and a half year, for all those yachts who obtain the permission to carry more than 12 people. The aim of this test is to verify the constant compliance with the minimum requirements.
This new set of guidelines will – with no doubt – consolidate Malta’s position as the largest registry in Europe and as one of the strongest in terms of reputation.
Contact
Simona Angotzi
Corporate Administrator
simona.angotzi@whitenovember.com
Simona Angotzi is a Corporate Officer in White November Group Corporate Department.
German credit rating agency Creditreform Rating AG, one of the leading rating agencies in Europe, assigned an A+ long-term sovereign rating to Malta. Creditreform described its future outlook as stable.
Malta’s potential growth is among the highest of all Euro area members
In its report, Creditreform claims that the positive sovereign rating was based on “Malta’s high level of creditworthiness mainly based on its strong macroeconomic performance and strong fiscal sustainability.”
The report also pointed out, that Malta’s potential growth is among the highest of all Euro area members. Additionally, such dynamic growth is supporting Malta’s income convergence towards the EU-28 average.
According to this report, a favourable growth prospect for the Maltese economy is forecasted in the coming years. This is mainly due to moderate growth in investment and growth in private consumption reflecting further improvements in labour market conditions and wage growth.
Full article
With more than a 100% increase in 2016, the number of newly established securitization vehicles in Malta is on the rise making Malta more and more attractive in the securitization market. Below are just some of the benefits of setting up this type of structure on our sunny island. Seruritisation: Why Malta?
Maltese legal framework offers a unique combination of benefits for investors. All securitization transactions are regulated by several regulations:
- The Securitization Act (chapter 484 of the laws of Malta)
This Act is also supported by:
- Securitization Transaction (Deductions) Rules, Subsidiary Legislation number 123.128 of the Laws of Malta, and
- Securitization Cell Companies Regulations, Subsidiary Legislation 386.16 of the Laws of Malta.
How does it work?
Securitization is the financial practice of pooling various types of contractual debt or other non-debt assets that generate receivables into a single asset-backed security (or mortgage backed in case of bonds), and selling their related cash flow to third parties.
What type of structure can be used?
The types of securitization transactions that can be included within a Maltese securitization vehicle are vast: from synthetic risk transfer securitization to multiple asset-classes such as credit card receivables, lease/charter payments for aircraft and ships, passing through income/loyalty streams for intellectual property assets like copyrights, trademarks and patents, present assets or future assets, movable or immovable. These are just some of the types, the range of possibilities is much broader, and they all are covered under the license of the MFSA.
What are the rights for securitization creditors?
Some enforcement power on the sale?
The Act requires a “true sale” in asset securitization transaction. The transfer of a securitization vehicle is valid and enforceable on its term, and at the same time it is not subject to the claims of the originator’s creditors in insolvency or otherwise.
Bankruptcy risk?
Securitization vehicles established under Maltese law are bankruptcy remote from the originator by operation of the law. There is an express disposition in the Act which states that no proceedings taken in relation to the originator under any law will have effect on the securitization vehicle, on the securitization assets acquired or any other asset of the securitization vehicle.
Any priority right?
Under Maltese Law, creditors and investors can also benefit from a first ranking privilege with regards to all assets held by the securitization vehicle (except for other securitization creditors to whom the priority was given with the consent of the investors).
Contact
Simona Angotzi
Corporate Administrator
simona.angotzi@whitenovember.com
Simona Angotzi is a Corporate Officer in White November Group Corporate Department.
The Initiative provides fast-tracked service to highly-specialised third-country nationals who would like to work in Malta. The scheme facilitate work/residence permits issued to prospective employees within five working days from the application submission.
The Key Employee Initiative
New programme for highly-specialised Third-Country Nationals endorsed in Malta
Please see the following conditions:
- Annual gross salary of at least €30,000 per annum.
- Certified copies of the relevant qualifications, warrants or the necessary work experience.
- Declaration by the employer stating that the candidate have all necessary credentials to perform the duties.
- Health Insurance.
- Property rental declaration form.
Don’t hesitate and contact White November for more information!
Send us an email info@whitenovember.com, give us a call +356 2010 4000 or fill a Contact back request in our website whitenovember.com/contact-us/.
