Why Malta

Malta has been developing rapidly as a financial centre since becoming a Member State of the European Union in 2004. Malta adopted the Euro as its currency in 2008. Maltese regulations are consistent with those adopted throughout the European Union and provide a secure and stable framework for capital and liquidity adequacy, prudential supervision, customer protection, and prevention of money laundering.

In addition, Malta offers the following benefits which are key for the Bank to carry out its planned operations:

  • Malta has a long-standing history as a hub for international trade, as can be seen with, for example, the Freeport operations, has an open economy and a disposition towards international business and also provides political and economic stability;
  • Malta's banking sector has a strong reputation given its resilience during the recent crises;
  • Malta's growing status as a financial services centre;
  • Malta has a strong legislative framework which has been tailor-made to the trade finance industry;
  • Malta is a reputable jurisdiction combining both a common law and a civil law approach and has a reputable and approachable regulatory authority – the MFSA;
  • Quality and cost-effectiveness of the Maltese work force, including well-trained professionals: Maltese accountants are trained under International Financial Reporting Standards ("IFRS"), which Malta adopted in 1998. The World Economic Forum Report on Competitiveness (2012) places Malta 15th on the strength of auditing and reporting standards. The Maltese legal profession is a long established profession and most professionals have had further training at major institutions overseas, particularly in the UK;
  • English is an official language in Malta, and all laws are available in English. This presents a significant advantage given that English is the primary language in which MFC operates;
  • Reasonableness of the cost-environment;
  • Malta has an excellent business infrastructure, EU compliant legislation and a competitive tax regime that is based on the imputation system of taxation. Malta benefits from being on the Organisation for Economic Co-Operation and Development's 'white list' of countries and territories that embrace and substantially implement relevant tax standards.

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