Until the 1st April 2018, an exceptional incentive is available providing that stamp duty at the rate of 1.5% shall be payable by family members transferring gratuitously shares and immovable property used in a family business to other eligible family members. Upon the lapse of this period, the following terms would apply with respect to…
The exceptional incentive providing that stamp duty at the rate of 1.5% shall be payable by family members transferring gratuitously shares or immovable property used in a family business to other eligible family members, shall end of the 1st April, 2018.
On the 1st January, 2018, the following Regulations came into force in Malta, implementing the relevant provisions on beneficial ownership information of Directive (EU) 2015/849 of the European Parliament and the Council of 20 May 2015: Legal Notice 376 of 2017 – Civil Code (Second Schedule) (Register of Beneficial Owners – Associations) Regulations, 2017; Legal…
On the 23rd October, 2017, the MFSA issued a Consultation Document on the proposed regulation of collective investment schemes investing in virtual currencies. Below is a summary of the main proposals, which require the scheme and in certain cases its service providers to: Prove competence in the field of information technology, virtual currencies and their…
On Monday, 2nd October 2017 the bill to amend the Prevention of Money Laundering Act, Chapter 373 of the Laws of Malta received its first reading in parliament. The amendments will become effective once the legislative process is completed.
The Malta Gaming Authority (‘MGA’) has published a White Paper which proposes the introduction of new gaming laws to replace the current legislation. The main changes proposed by the White Paper include the following: Elimination of the multi licence system to be replaced by two types of gaming licenses: (a) Business-to-Consumer (B2C) Licence; (b) Business-to-Business (B2B) Licence;…
A Consultation Exercise was launched by the Financial Intelligence Analysis Unit (“FIAU”) in connection with a proposal to repeal and replace the current version of the Prevention of Money Laundering and Funding of Terrorism Regulations. This is part of an exercise to transpose into Maltese law, Directive (EU) 2015/849 of the European Parliament and of the…
Nicolai Xuereb delivered a presentation during the course of an event organised by the Malta Italian Chamber of Commerce on the setting up of Companies and Private Foundations in Malta during which he described the salient characteristics of each vehicle.