Concept of Citizenship

Brexit is an opportunity to re-shape the concept of citizenship. Let’s stop treating it as a birthright, and make it more democratic

RESIDENCE IN MALTA, contact Maltaway for any advice and support for all your relocation needs … citizenship residence in malta

Somewhere in the depths of the messy and multi-directional fallout of Brexit, an interesting counter-trend is crystallizing. Even as millions of voters around the world loudly embrace slogans like “Make America Great Again” or “Vote Leave, Take Control,” the notion of fixed national citizenship has probably never faced such a moment of reshaping. What started as a referendum on political membership for the United Kingdom may be the trigger for a radical redefinition of citizenship as a concept in the near future—more like a subscription membership than a birthright.

One immediate casualty of Brexit has been the notion of lifelong citizenship, most easily observed by a dramatic surge in applications for advantageous passports from countries like Ireland—part of the British Isles but not the UK, therefore remaining in the European Union. Facing an unprecedented run on applications forms, the Irish government asked aspiring passport-swappers hoping to take advantage of Irish ancestry to maintain a European foothold to take a breath. Many young British students and professionals who have staked their bet on remaining part of, and taking advantage of, the EU as a political, social, and economic project. For these British citizens, the Brexit vote was devastating.

Likewise, there is a rising apprehension among immigrants that they may also be booted from the UK. This led to an increase in the number of EU citizens applying for British passports in the run up to the June 23rd referendum, helping to fuel a 29% increase in applicants from 2014 to 2015. UK immigration lawyers also reported seeing a rush of new clients in the weeks following the shocking result.

Nationality-jumping isn’t solely a concern for those looking to protect relationships, investments, or livelihoods, however. Some national leaders are thinking aloud about how to sweeten the pot for those considering a new and improved citizenship status.  One immediate casualty of Brexit has been the notion of lifelong citizenship. A week after the Brexit vote, one German minister suggested re-opening the prospect of dual citizenship for UK citizens, while Italian prime minister Matteo Renzi suggested British students in Italy could apply for Italian passports.

Amid all of this unrest, Europe’s first hybrid digital residency program, Estonia’s e-residency offering, also reported a jump in applicants post-referendum. Though it doesn’t currently convey any right to actually live in the Baltic state or provide other EU residency rights, it does provide the ability to digitally open a bank account, and start and run a business. Yet, many new applicants are hopeful this digital foothold will eventually become more substantial in the longer term.

Single sign-on citizens

Is a form of digital citizenship the best way forward in a post-Brexit world? Unlike, say, the collapse of the Soviet Union, which reimposed old nationalities almost overnight a quarter century ago, the UK’s referendum comes at a moment when global flows of trade, travel, and technology have laid the groundwork for new ways of thinking about, and constructing, citizenship. It’s also shaking a generation that defines itself less through a national lens than through global connections.

Younger, more mobile, more tech-enabled citizens have grown up in a period of relative border permeability. These young people tend to see themselves more as global or regional citizens first, according to various surveys done prior to the Brexit vote. Interestingly, this sentiment has been growing fastest in countries like India and China, where middle classes have most recently emerged. These middle-class, relatively wealthy digital nomads have been the target of criticism post-Brexit as having escaped the negative fallout of globalization; but the desire to attract their skills—and taxes—has pushed governments to compete to meet their needs through new visa programs and new offers of hybrid citizenship. (Correspondingly, Harun Onder, a World Bank economist who also blogs at the Brookings Institution, has posited thatcountries with older populations tend to lean more nationalistic.) Young people tend to see themselves as global or regional citizens first. 

The Brexit situation specifically sparked some novel proposals for what could best be described as “fractional citizenship,” with holders paying costs in various countries based on length of residency. Many digitally native young people in both developed and emerging markets have already been nudged into pay-as-you-go utilities. So it’s not surprising that a similar idea would surface regarding the the hard and soft services—from healthcare to infrastructure to education to security—citizenship typically ensures.

Next stop: nation-as-a-service?

Technology as a carrier for identity is not new. Borderless platforms, such as the biggest global social networks or national digital identity programs (like those of Singapore, the UK and the Netherlands) could redefine how we identify ourselves—both domestically and internationally. Already some 70-odd countries have biometric passports, which are effectively simple digital IDs with paper backups. There are already several projects afoot to develop prototypeblockchain-based passports, and at least one country in the Middle East is rumored to be looking at blockchain-based e-citizenship, according to a source close to the project.

As countries become aggressive about attracting the digitally enabled, and build out more digital services of their own, the idea of nation-as-a-service comes into sharper focus. A country defined as a platform of digital services, social and cultural values, and economic rules, looks more like the cloud-based services of Dropbox, Spotify, Gmail than the nation-state as defined in the 17th century. While national identity is still a more complex notion, how that identity moves across borders is becoming more fluid.

 Could a country offer you a range of citizenship subscription options, and bill your taxes based on “membership”? Here’s a quick thought experiment: Could a country offer you a range of citizenship subscription options, and bill your taxes based on “membership” and services used? If countries like Germany, Italy, and Estonia are willing to reconsider what constitutes citizenship just to keep up with broader global pressures of economic competitiveness and migration, what package of benefits and protections might a forward-thinking country offer economic migrants, or extend to refugees seeking assistance while residing in another country? What if tapping the benefits of a third country wasn’t only the privilege of the wealthy, but something as easy as signing up for Netflix?

Right now, a migrant has to go through the complicated process of traveling to or visiting the physical embassy of, applying to, and waiting to enter a country in which they want to resettle. This involves both complex tangles of paperwork—and now data—that creates both intended and unintended friction. As a result, we have probably millions of people around the world stalled in limbo, awaiting the possibility of gaining new protections or opportunities.

Many European politicians have spent the days since Brexit openly questioning the borders of countries, mulling the possibility ofindependent city-states, and talking about dissolving longstanding political unions. It seems inevitable, then, given the stakes for citizens from these political upheavals, that citizenship might also be ripe for disruption. The fluidity of movement that’s been quietly, expensively—and exclusively—available to the super rich for decades may be entering its moment of actual democratization, and citizenship (or many citizenships) may just be a click away.

To avoid another Brexit let’s stop treating citizenship as a birthright


Bicycles, mobility, and the future of cities

Bicycles mobility and the future of cities

Just a bike for a better world, for a better governance, in Malta as well

“No single raindrop ever feels like it is responsible for the flood.”
This old & futuristic machine kills fascists, fat, and bankers
A Governance based on bikes…..

maltaway beach bike

In an interview, Jay Walder of Motivate discusses how new services and technology are changing how city residents are getting around.

Jay Walder is the president and CEO of Motivate, a bike-sharing company with operations in 11 locations. Before starting Motivate, Walder was CEO of Hong Kong’s Mass Transit Railway Corporation and also chairman and CEO of New York’s Metropolitan Transportation Authority (MTA). He has also worked with Transport for London. He spoke with Simon London, McKinsey’s director of digital communications.

McKinsey: What are the big trends in urban mobility?

Jay Walder: You have to start by asking, “What’s happening in cities?” They’re denser and more complex than ever before. Traditional travel patterns are being blown away, and that’s pushing us away from some traditional models. In New York, for example, we’ve seen a phenomenal shift downtown since 9/11, with the area becoming as residential as business. The far west side of Manhattan is becoming a combination of residential and office space. We’re seeing the development of technology hubs across the river in Brooklyn and Queens. You see such changes in many, many other cities as well. It’s not the same consolidation and centralization we saw before.

McKinsey: So what does that mean for planners, builders, and infrastructure?

Jay Walder: It’s harder. The traditional model of public transit is to get a lot of people into a vehicle that’s going to one place at one time, on a set schedule, and according to a pattern. Today, though, we’re used to things being on demand. So developing around the traditional urban infrastructure are a whole variety of nontraditional means of mobility, such as car sharing and bike sharing. In what I’ll call the Mad Men days of commuting, you commuted to work one way, and you went back the same way, and the pattern was very symmetrical. Now travel is becoming asymmetrical. You take a whole series of different modes across the day—a train, a bus, an Uber ride, bike share, walking, a ferry.

maltaway cycling malta

McKinsey: Which emerging technologies are most likely to be transformative?

Jay Walder: Bike sharing is actually one of the most revolutionary changes that we’ve seen within the urban transportation space. It’s redefined our idea of what public transit should be. Bike sharing creates a system for personal mobility. It is personalized mass transit. You distance yourself from the idea of stations and routes and schedules. Uber and Lyft in many ways reflect that, too, and there is great potential for autonomous vehicles. There are many challenges associated with this shift—technological, social, regulatory. But you can see them as the enablers of tremendous change in the city.

Millionaire entrepreneur explains why cycling — and not golf — is the new sport of choice for professionals people

Just a bike for a better world, for a better governance, in Malta as well

Urban residents shouldn’t buy cars. It’s both shockingly expensive and completely unnecessary. Urban Maltese this is for you

ITALIA addio, Residenza a MALTA

ITALIA addio, Residenza a MALTA

Un milione di italiani fuggiti all’estero negli ultimi 10 anni

Malta offre 300 giorni di sole all’anno, un ottimo sistema sanitario, scolastico e infrastrutture, stabilità politica e sicurezza, un efficiente sistema fiscale , un minor costo della vita e molto altro.

Voi dovete solo prendere la vostra decisione al resto – viaggio,casa, investimenti, corso inglese, residenza – ci pensiamo noi di Maltaway!!!


Gli italiani lasciano il Bel Paese: quasi un milione gli emigrati degli ultimi 10 anni. L’Italia è un Paese che non riesce a rappresentare un’opportunità per crescere e realizzarsi. Gli italiani sono sempre al primo posto tra le popolazioni migranti comunitarie, seguiti da portoghesi, spagnoli e greci.
Se la matematica ed i numeri non sono un’opinione il Rapporto del Centro studi Impresa Lavoro, realizzato su elaborazione di dati Eurostat non lascia spazio a dubbi: la crisi inverte i flussi migratori e l’Italia da Paese dell’immigrazione sta diventando Paese non più attrattivo e addirittura d’emigrazione.

Lo studio statistico rappresenta una fotografia sui movimenti migratori in uscita dall’Italia nel decennio compreso tra il 2005 e il 2014. Negli ultimi dieci anni gli italiani emigrati all’estero sono stati complessivamente 896.510, di cui 136.328 soltanto nel 2014 (+8,42% rispetto all’anno precedente): una cifra più che raddoppiata rispetto ai 65.029 connazionali che avevano lasciato il Paese nel 2005.

Nel periodo 2005-2014 ben 114.341 connazionali si sono trasferiti in Germania (17.236 nel 2014, +25,74% rispetto all’anno precedente), 84.955 nel Regno Unito (14.991 nel 2014, +6,65% rispetto all’anno precedente), 62.902 in Francia (10.334 nel 2014, +8,62% rispetto all’anno precedente), 73.613 in Svizzera (11.051 nel 2014, +4,88% rispetto all’anno precedente) e 39.687 in Spagna (4.701 nel 2014, +3,61% rispetto all’ anno precedente).

Nello stesso periodo di tempo 44.528 nostri connazionali hanno invece preferito stabilirsi negli Stati Uniti (5.951 nel 2014), 19.305 in Cina inclusa Hong Kong (2.944 nel 2014), 11.510 in Australia (1.873 nel 2014) e 9.479 in Canada (1.307 nel 2014).

A trasferirsi all’estero nel 2014 sono stati soprattutto giovani tra i 15 e i 34 anni: in tutto 51.906, con un incremento del 10,33% rispetto al 2013 e in numero più che raddoppiato rispetto al 2005 (quando erano stati 24.832). Le loro mete preferite sono state il Regno Unito (7.675 emigrati, +4,65% rispetto al 2013), la Germania (7.453, +27,49%), la Svizzera (4.242, +8,08%) e la Francia (3.714, +3.80%) e gli Stati Uniti (2.162, +10,48%).

Alla luce dei dati fin qui elencati, cresce costantemente negli ultimi anni il numero degli emigrati italiani e quel che preoccupa è l’elevato numero di giovani che scelgono di costruirsi un futuro lontano dal nostro Paese. Negli ultimi dieci anni il numero di italiani under 35 che cercano fortuna altrove è più che raddoppiato: è certamente un segno di un mondo sempre più globale ma anche e soprattutto di un Paese che non riesce a rappresentare un’opportunità per crescere e realizzarsi.

Perchè vivere, investire, fare business a Malta

MALTA è la tua nuova SVIZZERA e il tuo Nord Europa ma in mezzo al Mediterraneo, ispirata dal modello della Città-Stato dell’Isola di SINGAPORE

A parte il desiderio di essere qui a Malta ora, che questa foto suscita,  rispondi a queste domande:

Come vedi il futuro dell’Italia, di una persona o imprenditore, onesto, non parassita, competente, creativo, motivato a crescere e a creare?

Quale paese offre una qualità della vita, clima spettacolare 12 mesi all’anno,costi contenuti, collegamenti frequenti e low cost al massimo a 2 ore dalla tua città, un sistema di regole e fiscale competitivo in tutto il mondo?

Dove puoi trovare una comunità internazionale aperta e stimolata ad attirare persone, imprese, idee e capitali capaci di crescere insieme?

Noi, dopo un lungo e approfondito confronto di esperienze e analisi, abbiamo la risposta!

Trasferire a Malta la residenza, la tua vita, i tuoi familiari, il tuo business, il tuo patrimonio, significa migliorare la gestione del tuo rischio

MALTA è la tua nuova SVIZZERA e il tuo Nord Europa ma in mezzo al Mediterraneo, ispirata dal modello della Città-Stato dell’Isola di SINGAPORE. Con Maltaway Malta non avrà segreti per te.
Quale paese offre una qualità della vita, clima spettacolare 12 mesi all’anno,costi contenuti, collegamenti frequenti e low cost al massimo a 2 ore dalla tua città, un sistema di regole e fiscale competitivo in tutto il mondo?
MALTA è la tua nuova SVIZZERA e il tuo Nord Europa ma in mezzo al Mediterraneo, stabile e sicuro, ispirata dal modello della Città-Stato dell’Isola di SINGAPORE
ZERO imposte di successione, ZERO imposte sul capitale e patrimonio, ZERO imposte sul capital gain, ZERO imposte sugli immobili, 5% imposte sui redditi d’impresa


Dove puoi trovare una comunità internazionale aperta e stimolata ad attirare persone, imprese, idee e capitali capaci di crescere insieme?


Malta FinTech, un vero hub della finanza e della Tecnologia dell’ eGaming e eCommerce, servizi di eFinance e eBanking a supporto del mondo Consumer e Corporate

MALTA 2 world best place to retire live invest

Foreign nationals looking at taking up residency in Malta or Gozo, have a new financially advantageous programme to entice them, adding to the existing attractions that the Mediterranean islands already offer.

The Maltese authorities have just published a new residency scheme aimed at mature adults considering retiring or taking up residence overseas.

Malta is an ideal place to take up residence. Besides its pleasant climate, safe environment and hospitable English-speaking population, it offers a range of benefits to individuals seeking to acquire residence on the island, given its advantageous tax regime and competitive cost of living. The latest scheme, referred to as the Malta Retirement Programme 2012, forms part of number of new schemes that are being introduced in Malta, offering several financial incentives to attract them to take up residency, relocate or invest in Malta.

MALTAway is the ideal choice to advise and support you to move in Malta you and your pension

I’m always curious to see the latest best places in the world to retire rankings from expat experts. But I have to tell you: Some of the Top 10 spots on the new 2016 Retire Overseas Annual Index, from Live and Invest Overseas, made my head spin like a globe.

Getty Images

No. 2: Valletta, Malta. Classic Mediterranean, with a lingering British presence.

No. 2, Valletta, Malta? (Could you find it on a map?) No. 5, Ljubljana, Slovenia? (Could you spell it? Pronounce it?) No. 6, Kota Kinabalu, Malaysia? (Same questions; pardon my provincialism.)

MALTA your new SWITZERLAND, your Northern Europe but in the middle of the Mediterranean Sea, inspired by Island City-State Model of SINGAPORE

Apart from the desire to be here in Malta now , that this picture arouses , answer these questions :

Why in Malta with Maltaway?

Which country offers a quality of life , gorgeous weather 12 months a year , cost effectiveness , frequent connections and low cost flights (max of 2 hours from your city) , a stable country system of rules and tax, very competitive in the global arena and in Europe as well?

Where you can find an open large international community and a Regulations’ model designed to attract great people , companies , ideas and capital, able to grow together in a multi-cultural country ?

We, after a long and in-depth comparison of experience and analysis, we have the answer !

MALTA is the best place to move in, with an Anglo-Saxon Business Culture and Regulatory environment in the middle of the Mediterranean Sea, to prosper, develop and protect the Business and the Assets of a Corporation and HNWIs…with a plan to be the next SINGAPORE of the MED SEA


Which country offers exceptional quality of life, gorgeous weather 12 months a year, low cost of living, frequent and low cost flights to a maximum of 3 hours from your EU city, a system of rules and competitive tax around the world ?


MALTA is your new SWISS and your Northern Europe but in the middle of the Mediterranean, stable and secure, inspired by the model of the City – State of the Island SINGAPORE


Zero inheritance tax, ZERO capital & wealth tax, ZERO capital gain tax, ZERO real estate tax, 5% corporate tax


Where you can find an open international community, with country regulations shaped to encourage and to attract people, companies, ideas and capital ? These are the rare and valuable resources from the world that MALTA needs to grow together


Malta FinTech, a true hub of Finance and Technology from eGaming and eCommerce to eFinance and eBanking, valuable solutions, services and support for the Consumer and Corporate world


I suppose part of the fun of dreaming about far-flung places to retire is learning about the ones that are unfamiliar. On that score, the Live and Invest Overseas folks have a winning list. And it’s worth noting that this year’s No. 1 place, the scenic beachfront region of the Algarve, in Portugal, often shows up on great places to retire lists. (It was No. 1 on Live and Invest Overseas’ 2015 and 2014 lists, too.)


No. 3: Puerto Vallarta.

Below are the top 10, followed by an explanation of how the creators came up with it. You’ll note that four of the top 10 are in Europe, three are in North America and the Caribbean (two of those are in Mexico); two others are in Central America (both in Belize). And one’s in Asia. And nearly all are not just peachy, according to Live and Invest Overseas, but beachy.

No. 1: Algarve, Portugal.

No. 2: Valletta, Malta.

No. 3: Puerto Vallarta, Mexico.

No. 4: Cayo, Belize.

No. 5: Ljubljana, Slovenia.

No. 6: Kota Kinabalu, Malaysia.

No. 7: Playa del Carmen, Mexico.

No. 8: Crete, Greece.

No. 9: Las Terrenas, Dominican Republic.

No. 10: Ambergris Caye, Belize.

The way author, entrepreneur and international retirement expert Kathleen Peddicord and her Live and Invest Overseas team come up with their annual ranking is part objective, part subjective. They gather local data in 12 categories (from climate to taxes to health care to cost of living to entertainment to the existing expat community in the area), weighted equally, and get on-the-ground opinions from correspondents; this year’s list has 21 winners overall.

65mb from Georgia, U.S./Wikipedia

No. 4: Cayo, Belize.

“Algarve and Valletta check all the boxes,” says Lief Simon, the Live and Invest Overseas real estate editor who’s also Peddicord’s husband.

Why Algarve and Valletta are tops

Peddicord says the Algarve has “everything the would-be retiree could want — great weather, an established and welcoming expat community, top-notch health care, an extremely affordable cost of living (a retired couple could live comfortably on as little as $1,400 a month), undervalued and bargain-priced property buys, including right on the ocean, a great deal of English spoken thanks to the longstanding British presence, First World infrastructure and easy access both from the U.S. [and] to and from all Europe.”

Miran Rebrec/Wikipedia

No. 5: Ljubljana, the capital of Slovenia.

Valletta, the capital city of Malta, is, according to Live and Invest Overseas, “quintessential Mediterranean Europe — from its weather and food to its history and culture.”

Sometimes, places bubble up on the Live and Invest Overseas list in a given year because they’ve become more affordable. That’s one reason that four European spots — and two Mexican areas — made the top 10 for 2016.

AFP/Getty Images

Workers arrange baskets of fish at the Kota Kinabalu, Malaysia, central fish market. Kota Kinabalu is ranked No. 6 on the list.

AFP/Getty Images

No. 7: Playa del Carmen, Mexico.

“The strong dollar is helping from a budget perspective. That helped bring Europe back into the mix,” says Simon. “People think, ‘I can’t afford to retire there,’ but the euro has been about a buck-ten for the past year or so, which is much more affordable than if it was a buck-sixty.”

In fact, Simon says, the current currency-exchange rate is so favorable to Americans that you might want to “buy a retirement home in Europe now. Then your real estate costs are locked in and you can create a buffer should the currency go against you.”

AFP/Getty Images

No. 8: Crete is the largest and most populous Greek island.
Why places drop off the list

Sometimes, popular expat spots don’t make the cut because they’ve grown relatively more expensive. It’s why Cuenca, Ecuador, isn’t on the 2016 list, for example.

And sometimes, tweaks in the methodology either boost or nick potential retirement locales around the world.

I wondered, though, how the new list could be so different from the one Live and Invest Overseas published in January 2016, where Medellín, Colombia; Pau, France; Abruzzo, Italy; George Town, Malaysia; and Chiang Mai, Thailand, were in the Top 10, while the current list’s Valletta, Ljubljana, Kota Kinabalu, Playa del Carmen, Crete and Ambergris Caye weren’t.


No. 9: Las Terrenas, Dominican Republic.

Peddicord’s explanation: The January list consisted of her personal picks; the new list, which is described in great detail in a Live and Invest Overseas 211-page report, comes from her data crunchers and correspondents. “This is much more data-intensive,” Peddicord reports. “We invest months of research and have dozens of editors and researchers involved.”

One thing to keep in mind, says Simon: “No place anywhere is perfect.” Even some of this year’s top-ranked places scored low in certain categories. Valletta, the report notes, has poor air quality; the two Belize communities get D grades for health care, and Kota Kinabalu scores a D+ for infrastructure.


No. 10: Ambergris Caye, Belize.

And, of course, the factors that matter to you in choosing a place to retire might not match up with what the number crunchers looked at. With those caveats, happy retirement-home hunting!

Tax Haven Blacklist: OECD Presents Its Criteria

G20 Finance Ministers met last week of July 2016 and vowed to work closer together to combat tax avoidance.

Furthermore, the OECD presented them with the set of criteria it will use to develop its new blacklist of non-cooperative jurisdictions.

Earlier this week, the G20 finance ministers met in Chengdu, China, and decided to work closer together to maximize tax collection and curtail tax avoidance by multinational companies in their jurisdictions.

A Communiqué by the Ministry of Finance of the People’s Republic of Chinasummarized the meeting’s accomplishments, welcoming “the recent progress made on effective and widespread implementation of the internationally agreed standards on tax transparency.”

As part of these discussions, the statement reiterated the G20 countries’ “call on all relevant countries including all financial centers and jurisdictions which have not yet done so to commit without delay to implementing the standard on automatic exchange of information by 2018 at the latest and to sign the Multilateral Convention on Mutual Administrative Assistance in Tax Matters.”

Likewise, the announcement highlighted the G20 countries’ full support for “the Global Forum’s monitoring of the implementation of automatic exchange of information” as they have high expectations for the full report’s release towards the end of 2016.

Speaking on behalf of the United States, Treasury Secretary Jacob Lew said, “When the current cross-border tax rules were developed they were tied to concepts that reflected geography and national boundaries” and not to today’s world of advanced “technology and cloud computing.”

Lew urged ministers in attendance to develop “a common standard across countries on important issues of transfer pricing” to “collectively” tackle issues of tax avoidance and evasion.

Most importantly, the aforementioned communiqué expressed the group’s choice to “endorse the proposals made by the OECD working with G20 members on the objective criteria to identify non-cooperative jurisdictions with respect to tax transparency.”

Prior to the meeting in China, the OECD presented the G20 countries with a proposal on how it will assemble the list of non-cooperative jurisdictions that will be released in July 2017.

According to MNE Tax, countries will be considered a non-cooperative jurisdiction if they do no meet two out of the three following criteria: “the country must achieve a rating of “largely compliant” with respect to the exchange of information on request (EOIR) standard; must commit to the automatic exchange of information (AEOI) standard, with the first exchange by 2018; and must join the multilateral Convention on Mutual Administrative Assistance in Tax Matters or have a sufficiently broad network permitting both EOIR and AEOI.”

After studying this proposal, various tax justice proponents criticized the criteria and claimed that it falls short of what’s needed to develop a comprehensive and realistic list of non-cooperative jurisdictions.

The Tax Justice Network’s Nicholas Shaxson, author of Treasure Islands, says, “The OECD doesn’t seem to have learned its lesson from its last big war on tax havens, which began in 1998. It identified the small, weak players as the miscreants and whitewashed the big players. That campaign collapsed under the weight of its own contradictions. If the OECD doesn’t summon up some courage to do the right thing this time, it puts this whole promising edifice of global transparency at risk.”

Furthermore, according to Moran Harari, a Tax Justice Network analyst, “The litmus test of the value of the new OECD criteria will rest with the treatment of USA. That only two of the three criteria must be met is a worrysome feature, and combined with the requirement that signature of the multilateral tax convention is enough, appears to be tailored to let the US wriggle through.”

However, according to the OECD’s Secretary-General Angel Gurría, this set of criteria is already working and will bring forward greater transparency.

During the meetings in China, Gurría said, “These proposals do have an impact, and it was with recognition of the pending application of those Objective Criteria, that at the end of last week, Panama took the first step to join the multilateral Convention on Mutual Administrative Assistance. In terms of delivering on their commitment to undertake automatic exchange of financial account information by 2018, this is a very big step forward, and we hope will be swiftly followed by completing the other necessary steps to full compliance.”




STUDIARE INGLESE A MALTA : 5 + 1 consigli per impararlo

L’inglese e’ una delle lingue piu’ parlata al mondo ed e’ divenuta essenziale per il lavoro, gli  affari, il viaggio.


Ecco 5 semplici consigli per imparare la lingua inglese:

  1. Leggere libri, giornali o siti web (anche se un sito ha la versione italiana provate a farlo in inglese) , ascoltare canali you tube o la radio o TV in inglese , guardare film in inglese sono tutti mezzi per imparare l’inglese.

Ecco alcuni siti per iniziare a impararlo on line

Ecco alcune APPs davvero interessanti e divertenti per studiarlo in qualsiasi momento :

  • Duolingo
  • Busuu
  • Abaenglish

2) Arrivati ad un certo punto sentirete l’esigenza di andare all’estero, per mettervi alla prova, per migliorarvi, per interagire, per vivere l’esperienza di immergervi in una realta’ differente  in un paese di madrelingua inglese.


MALTA e’ un paese dove l’inglese e’ lingua ufficiale, con il vantaggio di essere vicina, raggiungibile comodamente , con un clima straordinario quasi tutto l’anno, con mare e ricchezze storiche artistiche e culturali, con corsi qualificati a prezzi competitivi.

3) Quando siete all’estero vi verra’ sicuramente la voglia di frequentare italiani ma questo vi porterebbe  inevitabilmente a parlare in italiano in una cosiddetta area di comfort.

A Malta, come del resto a Londra ,e’ facile incontrare italiani ma e’ necessario, per immergersi nella nuova lingua, soprattutto all’inizio,  frequentare comunita’ internazionali.

Qui tutto e’ piu’ facile perche’ i maltesi sono un popolo davvero socievole e aperto, amanti delle chiacchiere…anche se conoscono l’italiano sforzatevi di parlare con loro in inglese.

Malta e’ piena di persone provenienti da tutto il mondo , inglesi compresi che considerano l’isola come la loro spiaggia. Non e’ difficile incontrare  anche spagnoli, francesi, tedeschi , russi , norvegesi, finlandesi che approdano sull’isola per lavorare o studiare.

Cogliete ogni occasione in un bar, ristorante , negozio, sull’autobus, in spiaggia, nelle piazze per conversare in inglese.

Siate curiosi e chiedete, ascoltate e parlate.

4) Un consiglio che vale per Malta ma per qualsiasi paese ove decidiate di imparare la lingua inglese e’ la modalita’ di approccio alla lingua.

Cosa vuol dire?

Significa non aver paura di parlare e sbagliare , di far sentire il proprio accento (mi spiace ma lo capiscono facilmente!) di non saper costruire frasi complesse o di tenere una conversazione fluida.

Parlate senza timore!

offerte speciali Maltaway Travel

5) Imparare divertendosi

Malta e’ un posto dove abbinare allo studio il sole, il mare , laspiaggia, le visite culturali e artistiche, il cibo buono e variegato, ildivertimento notturno, e si sa che studiare divertendosi e’ molto piu’ facile!!

+1 ) Ci permettiamo un ultimo consiglio: dovete trovare la scuola giusta per Voi !

La location, il tipo di scuola, la preparazione degli insegnanti sono solo alcuni dei tanti motivi per scegliere la scuola giusta.

Non preoccupatevi per aiutarvi a scegliere un corso di ingleseci siamo NOI di Maltaway Travel .

Non e’ presunzione ma solo la sicurezza di rivolgervi a professionisti che hanno sede a Malta e che hanno selezionato, visitato, conosciuto personalmente le scuole con cui collaborano.

Noi vi assistiamo con piacere nella vostra scelta, capiamo insieme a voi  le vostre esigenze, vi consigliamo la scuola giusta per Voi selezionata nell’ampio panorama di scuole presenti a Malta.

Di certo vi sara’ capitato di perdervi nella miriade di offerte presenti!

Noi vi offriamo  la scuola piu’ adatta che sia per un corso standard, un corso intensivo, un corso di preparazione agli esami o ancora un corso accademico, vi forniamo le offerte e gli sconti disponibili, vi assistiamo nella fase di iscrizione, vi assistiamo nella ricerca di alloggio o hotel, e ….

quando arrivate a Malta….ci trovate qui..

(..scherziamo, non siamo piu’ cosi’ piccoli ma ci conoscerete!)


Compilate il modulo per un preventivo e …pronti a studiare con Maltaway Travel

Per tutto il resto vi possa interessare per Malta, Business, Società, Residenza, Investimenti, Protezione Patrimoniale … contattate MALTAway

Foreigner in Malta and Utilitiy Bill

Foreigner in Malta and Utility Bill


The infamous “foreigner rate” for utilities, as it’s often (incorrectly) called, is perhaps one of the major nuisances of those renting property in Malta.

And a nuisance it is – one that can cost you thousands of Euros every year, for no good reason. According to an estimate by the Times of Malta, some 5,000 expats in Malta are paying nearly double for their water and electricity than they should be.

The Background

To understand the issue and how to solve it, let’s first look at how and why it exists in the first place.

Generally speaking, there are three different electricity and water tariffs in Malta:

  • The “residential” tariff – the cheapest of all three;
  • The “domestic” tariff – considerably more expensive;
  • The “non-residential” tariff – even more expensive.

For now, let’s ignore the non-residential tariff, as that’s the one that applies for businesses, and look at the difference between the residential and domestic tariffs.

Residential Tariff

This is the “main” tariff and the cheapest of all three. It’s aimed for the majority of households. Specifically, houses and apartments that are the main home of its occupants.

This means that if you were to buy yourself a home and sign up for utilities, this is the tariff that you’d be paying. In an ideal world, at least.

Domestic Tariff

The domestic tariff is significantly higher than the residential tariff and appears to be primarily aimed for secondary residences. The unfortunate reality, however, is that a very large number of expats are paying just this tariff.

To understand it better, if someone (your landlord) has more than one apartment or house, then unless they inform ARMS – the company that deals with utilities – that someone lives in their secondary apartment, the second one will be charged the more expensive rate.

And even informing ARMS isn’t enough if the person has more than two homes on their name, as the residential tariff can only be applied for two properties.

How and Why Tenants are Being Milked


It’s now (hopefully) clear where the problem comes from, but why does it exist in the first place?

Well, for a variety of reasons, actually:

  1. Several landlords, unfortunately, neglect to either inform ARMS that their “secondary residence” has been rented out, and is now occupied. That’s often for the simple reason that they avoid paying taxes on their rent income and therefore don’t want anyone to know of their tenants’ existence.
  2. Landlords also often neglect to switch the utilities over to their tenant’s name (the recommended procedure), both for the above reasons, but also from the fear of a lot of paperwork once the tenant leaves. This is especially true for shorter lets, and is of course perfectly justified.

As a result, thousands of expats and locals alike are left with the high tariffs and spending thousands of extra euros a year (literally!), with many of them not even knowing it!

And this applies to both locals and foreigners – with the only difference being that the latter are perhaps less informed and have less “pull” to sort things out.

But it Gets Even Worse

Whilst the domestic tariff is “only” about 30% higher than the residential tariff, in some cases it gets significantly worse.

In Malta, electricity and water tariffs also depend on the number of people declared to live in a household, with significant reductions in tariffs in case there’s more than 1 person residing in a house or an apartment.

This means that if you’re, for example, a family of four living in a property that falls under the domestic tariff, you can expect to pay 81.9% more than you would be if you were on the correct tariff with the correct benefits.

And with the utility bills of large families often being significant, this can easily amount to the price of a small car each year!

How to Fix It and Start Paying Less?

Luckily, there’s light at the end of the tunnel!

For years, the situation was fairly bleak, and many tenants were in a complete gridlock, as in order to change the tariff, one needed their landlord’s signature under the corresponding form – something that was often impossible to get in the case of dishonest, tax evading or simply lazy landlords.

Things have slowly started to change, though, … from now on, even if the landlord does not sign Form H, a tenant can go to ARMS, show them the [rental] contract and start benefitting from the residential tariff immediately. 

Unfortunately, we haven’t had a chance to test this out in practice yet, but the fact that there’s even been development in this regard is very promising, and great news to many who have so far been out of luck.

In short, if you’re currently on the domestic tariff, you should do the following:

If the Utility Bill is in your name then you’re in luck. Simply print out and fill the ARMS Form H, which you can download from here, take it with you to one of theContact Centres of ARMS, and making sure you have your (Maltese) ID/eResidence card with you, file it then and there.

If the Utility Bill is in your landlord’s name then your best option is to ask your landlord to fill the ARMS Form F, which you can download from here, in order to change the utilities to your name, and then proceed with the above.

If you and your landlord agree not to change the account to your name then fill out the Form H as if the bill was on your name, have your landlord sign it and provide a copy of their ID card, and take it to ARMS. If your landlord refuses to sign it, then take the form to ARMS together with your rental contract.

Regardless of whether the bill is in your name or on your landlord’s, if you’re a EU citizen then you should ALSO fill the Form H1, which you can download from here, and claim a refund on the excessive fees that you’ve already paid. You should also do this if ARMS refuses your Form F (which, according to some, is still happening), as the Form H1 clearly states that “EU citizens may exceptionally apply for redress in cases where no prior application was made, provided that they submit appropriate evidence of their primary residence in Malta at the address which is linked to the account, at the time in question.” Again, you need to couple the form with your rental contract.

And hopefully, this should be it!

How to Check Which Tariff You’re On?

But how do you even know whether you’re overpaying or not?

It’s actually quite simple.

Malta Utility Bill - Residential Tariff

Just look at your utility bill, and pay attention to where it says “No of residents” and “Consumer Scheme”. If the number of residents is wrong, or Consumer Scheme says something other than “Residential”, then it means you’re overpaying – simple as that.


Bottom Line

There’s much more to all of this than you saw in this article – such as the whole scheme being likely against the EU regulations, a group of foreigners having taken ARMS to court in a class action lawsuit 6 years ago, and much more. Whilst it’s all incredibly interesting, I decided to keep the article as simple as straightforward as possible, so I apologise in advance for leaving out some details that could be of interest.

It’s extremely pitiful, though, that something like this is still happening, and in such capacity, but I’m hopeful that with enough information being spread around, the situation can change for the better.

The best thing you can do to do your bit, apart from making sure that you’re on the correct tariff yourself, is spread the word and make sure that as many people who are overpaying will stop doing it, as this is the ONLY way things will change once and for all.

What’s YOUR experience with electricity and water tariffs in Malta? Are you paying the Residential rate or are you overpaying?

Contact MALTAway to assist, advise and support you in your relocation needs




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In Europa stiamo assistendo ad una situazione di debolezza dei prezzi delle case nel Sud tra la Spagna, Francia e Italia con un mercato che ha un’offerta elevata ma una domanda in costante calo, al contrario nelle capitali Nord Europee e in particolare a Londra  vi sono mercati surriscaldati e prezzi alle stelle


Malta  spesso non e’ neppure considerata dalle classifiche internazionali perché piccola e lontana dai titoli di giornali ma invece è nota agli investitori piu’ smart .

PERCHE’ INVESTIRE IN UN IMMOBILE A MALTA: 5 motivi per cui e’ conveniente acquistare una casa

Ecco 5 motivi per cui e’ conveniente un investimento immobiliare a Malta

  1. Malta è parte dell’Europa, ha una economia in espansione, unmercato immobiliare in forte crescita , un sistema fiscale vantaggioso che continua ad attirare capitali e investitori, uncosto della vita  basso , un ottimo livello scolastico e sanitario,un livello di sicurezza elevato ed una qualità della vita molto altae non da ultimo  un clima favorevole.
  2. Malta è una nazione e un mercato piccolo, per il momento ancora lontana dalla mente e immaginazione delle folle, con prezzi medi degli immobili relativamente ancora convenienti rispetto agli altri mercati ed un trend in crescita sul valore degli immobili stessi.
  3. Malta non ha tasse sugli immobili e non si paga neppure la tassa rifiuti (se non quelle che si pagano all’acquisto o sui proventi in caso di vendita)
  4. La proprieta’ e’ tutelata in caso di affitto ad inquilini che non pagano il canone dovuto in quanto le  procedure per liberare l’immobile sono semplici, snelle e veloci.
  5. Il rendimento medio in caso di affitto e’ intorno al 5-6% e la tassazione sugli affitti e’ del 15%

Ma perchè conviene investire in un immobile a Malta?


Perchè è un rendimento sicuro in quanto la domanda di case in affitto è esplosiva e non ci si deve meravigliare se qui un immobile viene affittato dopo 24-48 da quando viene immesso sul mercato, grazie a diversi fattori:

Ecco i 5 punti chiave per riassumere la convenienza di un investimento immobiliare a Malta e la redditivita’ dello stesso:

  1. l’economia maltese in costante crescita
  2. l’afflusso di capitali esteri per grandi progetti di investimento e infrastrutture
  3. la crescente domanda da parte del mercato estero, sia individui sia imprese, nella ricerca di immobili residenziali e commerciali per vivere, lavorare, fare business, investire
  4. la costante crescita dei flussi turistici e l’afflusso di studenti per i  corsi di inglese o universitari
  5. una costante crescita della domanda da parte del mercato locale Maltese, dovuta al miglioramento del potere di acquisto e alla chiara scelta di destinare le proprie risorse all’investimento immobiliare.

Investire a Malta in un immobile vuol dire :

  • avere bassi costi di gestione (le spese condominiali sono sempre contenute)
  • non avere nel corso degli anni tasse sulla proprietà o comunalicome la tassa rifiuti ed altro,

e per contro

  • avere costanti  flussi di cassa.


Le aree di maggior interesse per gli investitori esperti risultano essere sicuramente nella fascia costiera da Sliema , Gzira, St Julians, Swieqi fino a Valletta dove si concentrano le maggiori richieste di affitti per la presenza piu’ alta  sia di lavoratori che studenti per i corsi di inglese nonche’ di turisti,  ma molti stanno rivolgendo la loro attenzione anche in altre zone dell’isola sia piu’ a nord o sud o nelle aree centrali.

Località come  Birkirkara, Naxxar , Mosta, St Pauls Bay e Melliehahanno registrato un interesse da parte degli investitori ed una crescita della domanda degli affitti.

Iniziano a rivestire un certo interesse le  splendide Tre Città in particolare Vittoriosa per persone alla ricerca di soluzioni piu’ esclusive oppure il sud dell’isola con Marsascala per chi e’ alla ricerca di soluzioni piu’ economiche ed ancora la splendida isola diGozo per chi e’ alla ricerca di pace e tranquillita’ in splendide farmhouse con piscina.

Ad esempio investire in un immobile a Sliema , un appartamento moderno, vicino al mare con 3 camere vuol dire spendere circa 300.000 euro ma vuol dire assicurarsi un ritorno di investimento annuo a partire dal 7% e destinato a salire con gli affitti short term.

Comprare un appartamento a Gzira o St Pauls Bay con una spesa intorno ai 200.000 euro assicura un rendimento annuo minimo del 5% oppure a San Gwann con un investimento di 130.000 per un appartamento con 2 camere si puo’ avere un rendimento anche superiore al 5%.

A Marsascala con un investimento tra 150 e 180.000 si puo’ avere un rendimento del 4%.

Ecco alcuni dati per fare una scelta ragionata e consapevole perinvestire il proprio patrimonio: un investimento immobiliare a Malta vuol dire assicurarsi un alto rendimento.

Contattate  Casa Malta per capire dove e come investire e per farvi assistere nelle procedure di acquisto.

casamalta part of MALTAway



Will EU student visa status change following Brexit?

[et_pb_section fullwidth=”on” specialty=”off” admin_label=”Sezione”][et_pb_fullwidth_slider admin_label=”Slider a Larghezza Piena” show_arrows=”on” show_pagination=”on” auto=”off” auto_ignore_hover=”off” parallax=”off” parallax_method=”off” remove_inner_shadow=”off” background_position=”default” background_size=”default” hide_content_on_mobile=”off” hide_cta_on_mobile=”off” show_image_video_mobile=”off” custom_button=”off” button_letter_spacing=”0″ button_use_icon=”default” button_icon_placement=”right” button_on_hover=”on” button_letter_spacing_hover=”0″] [et_pb_slide background_image=”” background_position=”default” background_size=”default” background_color=”rgba(0,0,0,0.48)” use_bg_overlay=”off” use_text_overlay=”on” alignment=”center” background_layout=”dark” allow_player_pause=”off” text_border_radius=”3″ header_font_select=”default” header_font=”||||” body_font_select=”default” body_font=”||||” custom_button=”off” button_font_select=”default” button_font=”||||” button_use_icon=”default” button_icon_placement=”right” button_on_hover=”on” heading=”No immediate change’ to EU student visa policy after Brexit” text_overlay_color=”rgba(0,0,0,0.48)” image_alt=” student visa”] [/et_pb_slide] [/et_pb_fullwidth_slider][/et_pb_section][et_pb_section admin_label=”section”][et_pb_row admin_label=”row”][et_pb_column type=”4_4″][et_pb_text admin_label=”Testo” background_layout=”light” text_orientation=”left” use_border_color=”off” border_color=”#ffffff” border_style=”solid”]

No immediate change’ to EU student visa policy after Brexit

Universities Minister, Jo Johnson has made a statement about the status of international students in the UK from the EU following Brexit.

Malta is already, Brexit or NO Brexit, a great alternative for English Courses and Higher Education and MBA courses as well, and without any Visa for the EU student

Moreover for a EU students, the advantages, in case of Brexit, will enlarge significantly on Visa, fees and funding size

We have a valid Education offer here in Malta with many English courses and MBA, contact us for any query

maltaway surf

Students from the EU currently studying at UK universities, enrolled on, or about to start, courses in the coming year will see no changes to their funding status, says Jo Johnson, universities minister and brother of Leave campaign leader Boris Johnson.

In the lead up to the referendum, UK universities questioned of the impact that leaving the EU would have on higher education in Britain and shared their particular concern over changes to immigration laws, the implications of changes to EU university grants and the UK’s membership of the Erasmus student mobility programme.

How will Brexit affect higher education and research?

“We understand that there will be questions about how the referendum result affects higher education and research,” said Mr Johnson in a statement this week following Britain’s majority vote to leave the European Union.

“Many of these questions will need to be considered as part of wider discussion about the UK’s future relationship with the EU, but where we can provide further information, we will do so. The UK remains a member of the EU, and we continue to meet our obligations and receive relevant funding.”

Will EU students continue to receive funding in the UK?

As members of the European Union, the UK is obliged to offer the same financial support to EU students studying in the UK as is offered to UK nationals. Mr Johnson confirmed in his statement that EU students, who are eligible under current rules to receive loans and grants from the Student Loans Company, will continue to do so for courses they are currently enrolled on or about to start this coming year.

The Student Loans Company, which administers student loans for UK and qualifying EU students sets out the eligibility criteria in detail.

Mr Johnson went on to explain that the future of student funding arrangements with the EU will be determined as part of the UK’s discussions on its membership.

Will EU student visa status change following Brexit?

Jo Johnson reassured EU students this week that there would be “no immediate change” to the circumstances of either British citizens studying in the EU, or European citizens studying in Britain.

“For students, visitors, businesses and entrepreneurs who are already in the UK or who wish to come here, there will be no immediate change to our visa policies,” Mr Johnson confirmed.

How will the Erasmus programme be affected post-Brexit?

It is still not clear what will happen in the long-term to the Erasmus programme, which offers academic exchange opportunities for students from within the European Union. More than 15,000 students from the UK participated in the programme in 2013-14 demonstrating the global outlook of many of the UK’s domestic students.

“The referendum result does not affect students studying in the EU, beneficiaries of Erasmus+ or those considering applying in 2017,” said Mr Johnson. The UK’s future access to the Erasmus+ programme will be determined as a part of wider discussions with the EU, according to Mr Johnson’s statement.

“More broadly, existing UK students studying in the EU, and those looking to start in the next academic year will continue to be subject to current arrangements,” he said.

“There are obviously big discussions to be had with our European partners, and I look forward to working with the sector to ensure its voice is fully represented and that it continues to go from strength to strength.”

Russell Group highlights value of EU higher education funding

However, Dr Wendy Piatt, Director General of the Russell Group, has not been so optimistic.

“Leaving the European Union creates significant uncertainty for our leading universities,” she said in a statement following the announcement of the referendum result.

However taking a more conciliatory tone, Dr Piatt vowed to work together with the government to secure the best results for students and higher education institutions within the group.

“Throughout the campaign both sides acknowledged the value of EU funding to our universities,” she said, “and we will be seeking assurances from the government that this will be replaced and sustained long term.”

“The UK has not yet left the EU so it is important that our staff and students from other member countries understand that there will be no immediate impact on their status at our universities.”

Dr Piatt believes that the free movement of talent and research networks across the EU have played a crucial role in the success of Russell Group universities and explains that she will be working closely with the government to secure the best deal as negotiations move forward.



The Most Lucrative MBA Career Consultants versus small-business owners.

The Most Lucrative MBA Career
Consultants versus small-business owners.

For more, read “Which MBAs Make More: Consultants or Small-Business Owners?”

MALTAway offers a MASTER BUSINESS ADMINISTRATION (MBA)  with 2 different programmes and time commitment and dedication…low cost, high return 

maltaway surf

Compensation is, of course, more than money. It includes other aspects such as: how much you enjoy your career, whether it provides fulfillment, how much flexibility you get and how much influence you have over what you do and when you do it.

In our work studying entrepreneurship-through-acquisition (EtA) — in which individuals purchase an existing small business to own and run themselves — we’ve found that most graduating MBA students agree that being the CEO of a small firm dominates traditional post-MBA careers like consulting, investment banking, private equity, and the like on these non-pecuniary dimensions. Owners of small businesses can set their own hours, make their own management decisions, and take pride in the ownership of their work.

Also, as we explained in an earlier article, we believe that being an established CEO of a small firm involves much less angst than being a senior member of a consulting, investment banking, or private equity firm.

So, the remaining question about being a small firm CEO is the monetary reward; if the money is nearly the same, then the compensation as a small business CEO dominates other careers.

To ground our analysis, let’s assume that the alternative to being a small firm CEO is to follow a traditional post-MBA career and recognize that, at best, we can only compare expected paths because everyone’s experience will be different. So, we begin by assuming that the traditional path offers cash compensation equal to the average starting salary. (It might be tempting to turn to the highest starting salary paid, which typically goes to the graduate with the most experience in the most competitive market, who often earns crazy money their first year. But these are rare occurrences, and we believe that using the average yields a more accurate outcome.)

That average is actually hard to nail down, however. Some large sample surveys report that MBAs nationwide have an average starting salary of about $100K. Graduates from so-called elite schools make more, with some estimates of elite school average starting salaries in the $150K range.  The relative compensation of a traditional career and entrepreneurship through acquisition hinges on salaries in the next 10 years and the carry from deals with investors who provided money to acquire the business. These are of course unknown and highly dependent on the job and the success of the small business itself.  But here is a sketch based on the information we have at hand.

We’ll assume the salary in a traditional post-MBA job grows at a 12% compound annual growth rate (CAGR) so that it more than triples in the first 10 years, which is in line with post-MBA salary surveys we’ve done here at the Harvard Business School.  We’ll also assume the cash compensation for a new CEO of a small business starts off at the average post-MBA salary, and its growth is generally tied to the performance of the company — both of which are typical from our experience as board members of these types of companies.  Because we generally argue that those searching for a small business to buy should target slow-growing dull businesses, we’ve put this at 5% per year.  The chart below shows that over the first 10 years of employment, the cash compensation from the traditional job dominates.


But the annual cash compensation only provides part of the pecuniary payoffs of the purchase of a small business because the entrepreneur also has a significant ownership interest in the company.  The size of that ownership interest varies on how they structured their funding throughout the process, but for now let’s assume the entrepreneur has a 20% carried interest in the acquired company. (That means that the CEO keeps 20% of any cash distribution after the investors’ investment is returned and they are paid a preferred dividend.)  The value of that carried interest, of course, depends on the performance of the business, its size, amount of debt used to finance the acquisition and the eventual pricing of a subsequent sale.

To make the analysis tractable, we’ll make some simplifying conservative assumptions: we’ll assume no growth in the business and, because there is no growth, we’ll assume that the selling multiple exactly equals the purchase multiple. We’ll also assume the entrepreneur acquired a $1.5 million EBITDA company for 4x paying $6 million and using 50% debt financing.

To keep things simple, we’ll take advantage of our assumptions of no growth and a constant multiple and ignore the actual timing of the cash flows. That means that, in this example, the purchase price and the eventual selling price will be the same so that the debt and the equity investment can be assumed to be repaid at the sale. This leaves us only with the cash flows that occur between the purchase and the eventual sale.

In this example, the annual cash flow is $1.5 million; the debt is half of the purchase price, or $3 million; and the interest on that debt (assuming a 5% interest rate) is $150,000 annually. This leaves $1,350,000 to be split 80%/20% between the investors and the CEO. The CEO’s implicit annual cash flow from the carried interest is therefore 20% of $1,350,000, or $270,000.

Add this to the cash salary and the entrepreneurship through acquisition path dominates the traditional post-MBA career path, as shown in the chart below.


What happens if we take into account the timing of the cash flows? The usual timing of cash flows is that the debt gets repaid first, then the equity investors get their investment plus preferred return second, next the entrepreneur gets paid 20% of the preferred return, and lastly, the remaining cash flows are split 80% for the investor and 20% for the CEO.  The bank and investors get paid off before the CEO gets any cash for the carried interest. But the advantage to the traditional path in the early years is very much offset by the impressive EtA cash flows that occur once the carry starts getting paid and even more so upon exit (which we’ve assumed in year 10 in this example).  Here is the revised comparison:

maltaway malta mba

Analytical readers may think this is a great opportunity to compute the present values of the two paths, perhaps using different discount rates the reflect the perceived risks of the two paths (the present values are close at 15% for the traditional path and 25% for the EtA path) in hopes of determining which path offers the highest compensation. (We recognize that some believe that the EtA path is more risky and thus would assign a higher discount rate. We are not so sure of that.) We don’t advise that approach. Instead, we think you should recognize that there are a lot of differences that we haven’t fully modelled. On one side of the coin, there are likely tax advantages from the EtA payouts and increases from growing the acquired business. On the traditional path side of the coin, there might be pensions or bonuses that we’ve not captured.

Overall, we think that this financial analysis shouldn’t be used to show that one path dominates another. To us, it shows that the compensation is reasonably similar across the two paths; certainly individual variations in experiences will dominate any systematic differences. With money out of the calculus, and the general assessment from MBA graduates that the non-pecuniary aspects of being a small business CEO dominate those of more traditional careers, we imagine that more graduating MBA students will choose the EtA path.

Of course, being a small firm CEO doesn’t appeal to everyone so the decision turns, as we think it should, on whether you appreciate and will thrive in a small business environment.


Pensions, Pensioners, Brexit and pensions’ passporting throughout Europe

Pensions, Pensioners, Brexit and pensions’ portability throughout Europe


From expatforum

British expats living in European Union countries, especially popular ones such as France and Spain, are still trying to come to terms with how Brexit will affect their finances and living plans.

One big area of concern are pensions and Brexit could be a trigger for more people to move their British pensions out of the UK, according to finance experts.

The issue revolves around whether or not the UK tax authority, HMRC, will continue to recognise Qualifying Recognised Overseas Pension Scheme, or QROPS, which have been popular for expats worried about currency fluctuations.

Brexit will be a trigger for even more people to move their British pensions out of the UK, according to Nigel Green, chief executive of independent financial advisory firm, deVere Group.

‘As the reality of what a Leave result in the EU referendum means for personal finances sinks in, people will now be reassessing their retirement planning strategy. We can fully expect demand for HMRC-recognised overseas pension transfers to be further boosted thanks to the UK’s decision to leave the European Union,’ he said.

‘Due to the huge amount of uncertainty that’s created, more and more people who are eligible to do so, that’s to say expats and those who are considering retiring outside Britain, will be seeking to safeguard their retirement funds by transferring them into a secure, regulated, English speaking jurisdiction outside the UK,’ he added.

The main concern for finances has been the significant fall in the pound following the referendum decision. For those living in the EU and in receipt of a UK pension, a plummeting pound has serious consequences as the cost of living becomes more expensive.

An established way to help mitigate these problems of currency fluctuations, which can seriously erode retirement income, is to transfer a UK pension into a QROPS. However, there have been some questions raised over the legalities of QROPS due to the Brexit decision.

‘QROPS started under EU law, but now there are separate agreements in place between the UK and individual jurisdictions, such as Malta, regarding pensions transfers. This means that when the UK leaves the EU, these agreements will remain intact.

Therefore, the pension funds established in these jurisdictions will still meet the criteria to be recognised as Overseas Pensions Schemes under UK legislation,’ Green pointed out.

‘Considering the wider post-Brexit vote scenario we are facing, we can assume that the wider international financial advisory sector is about to enter a phase of enormous activity and growth,’ he added.

Pensioners are the biggest group of British expats in Europe, and they can use the years they have worked in one member state to qualify for pensions in another. For example, in Germany EU citizens can count years worked elsewhere to meet the minimum requirements for a pension.

MALTAway, Corporate & Assets Governance, World Class, MALTA, Worldwide

We believe that many Corporations and Individuals  seek what we have found , and we want to share , we need only starting to think and act differently … and our contribution 

MALTAway is a web portal driven by an holistic vision to offer integrated services such as Corporate Services, Tax & Legal, Management Consulting, Governance, Investment, Business Advisory,  Relocation, in favor of the Corporations, Business, Finance, HNWIs;

MALTA is the best place to move in, with an Anglo-Saxon Business Culture and Regulatory environment in the middle of the Mediterranean Sea, to prosper, develop and protect the Business and the Assets of a Corporation and HNWIs as well

Malta, Italia, Europa: estero e mancata iscrizione AIRE per cittadino Italiano

Malta, Italia, Europa: Residenza estero e mancata iscrizione AIRE per cittadino Italiano

Ogni paese ha le sue regole ben distinte anche all’interno dell’Europa e dello spazio economico Europeo SEE e EFTA, sia per la domanda o permesso di residenza, sia per gli accordi bilaterali sulle doppie imposizioni … ma una cosa rimane costante se sei CITTADINO ITALIANO, ovunque tu sia residente, sono i vincoli formali e sostanziali per NON essere più considerato FISCALMENTE RESIDENTE in Italia

Questa considerazione è davvero rilevante sul lato patrimoniale (la vostra ricchezza, i vostri assets) e sul lato reddituale per qualunque categoria di reddito da quello da pensione o professionale

maltaway donna mare

TRIBUTARIO 11 Luglio 2016 sentenza recente AIRE e residenza estero

Senza l’iscrizione all’Aire non c’è residenza in Svizzera

di Marco Nessi

Non può invocare la residenza fiscale svizzera il soggetto che, pur trascorrendo gran parte dell’anno all’estero, non sia iscritto all’Aire e svolga un’attività professionale, ancorché …

ma anche il contrario

La residenza non dipende dall’iscrizione all’Aire...  L’iscrizione all’Aire non è un elemento determinante per escludere la residenza fiscale in Italia, allorchè il soggetto abbia nel territorio la residenza (intesa quale abituale e volontaria dimora) ovvero il domicilio (inteso come sede principale degli interessi ed interessi economici.


Contattaci perchè cambiare paese e giurisdizione richiede conoscenza, esperienza, pratica INTERNAZIONALE, noi ti sappiamo consigliare e proteggere

MALTAway offre servizi integrati di Corporate Services, Tax & Legal, Management Consulting, Governance, Investment, Business Advisory, Relocation, rivolti al mondo Corporations, Business, Finance, HNWIs 

Riteniamo ci siano 4 elementi fondamentali per garantire un supporto unico e di valore alle persone e alle aziende:

  • 1) un team professionale che conosca e abbia esperienze di vita e professionali in Italia e a Malta, ma anche in diverse locations del mondo, per capire se e perchè Malta sia la soluzione ideale
  • 2) offrire un servizio chiavi in mano, capace di supportarvi sia sugli aspetti regolatori e fiscali di Malta, sia su quelli Italiani, per chiudere il cerchio e non lasciare aperti varchi potenzialmente pericolosi
  • 3) operare in loco una minuziosa selezione di partners locali,costruendo partnerships in grado di offrire le specifiche soluzioni necessarie a consentirvi di partire in poco tempo  con la massima efficacia
  • 4) e da ultimo, ma davvero importante, l’assenza di conflitti di interesse e l’ indipendenza sia nei Board sia nell’Advisory

MALTA leader area EURO per crescita del PIL

MALTA leader area EURO per crescita del PIL

maltaway saupload_monetary-strangulation-summer-2016

MALTA in Europa, con l’Euro, con nessuna svalutazione dei salari ma con una loro crescita continua che alimenta i consumi, debito in discesa e con i migliori parametri a livello mondiale….che ci sia qualcos’altro nello spiegare la capacità di un paese di competere e attrarre cervelli e capitali???

Maltaway ha delle risposte e delle azioni da intraprendere per la tua residenza a malta che tu sia un individuo, un professionista, un’impresa o una grande corporation

MALTA, a Passport of Convenience

MALTA, a Passport of Convenience

 MALTA Individual Investor (Citizenship) Programme

MALTA way offers you the services of legal advisory for the residence scheme, on the basis of the different formats required by existing rules of the Maltese Regulations, according to the different applicants subjective profiles and citizenship
We advise and assist global corporations to relocate to Malta for the company and their executives or employees, professionals, families, individuals, HNWIs and retirees as well

MALTAway per la tua residenza a Malta

maltaway sea woman

From IMF

“Are you a Global Citizen? Let us help you become one.” You may have seen such an advertisement in an in-flight magazine designed to lure some business class passengers, largely from less-developed economies, into acquiring a passport that can smooth their entry at the border of their next destination. A whole new industry of residence and citizenship planning has emerged over the past few years, catering to a small but rapidly growing number of wealthy individuals interested in acquiring the privileges of visa-free travel or the right to reside across much of the developed world, in exchange for a significant financial investment.

A growing phenomenon

The rapid growth of private wealth, especially in emerging market economies, has led to a significant increase in affluent people interested in greater global mobility and fewer travel obstacles posed by visa restrictions, which became increasingly burdensome after the terrorist attacks of September 11, 2001. This prompted a recent proliferation of so-called citizenship-by-investment or economic citizenship programs, which allow high-net-worth people from developing or emerging economy countries to legitimately acquire passports that facilitate international travel. In exchange, countries administering such programs receive a significant financial investment in their domestic economy. Also contributing to the rapid growth of such programs is the pursuit of political and economic safe havens, in a deteriorating geopolitical climate and amid increased security concerns. Other considerations include estate and tax planning.

Economic citizenship programs are administered by a growing number of small states in the Caribbean and Europe. Their primary appeal is that they confer citizenship with minimal to no residency requirements. Dominica, St. Kitts and Nevis, and several Pacific island nations have had such programs for years: the St. Kitts and Nevis program dates back to 1984. More recently, a number of new programs have been introduced or revived, including by Antigua and Barbuda, Grenada, and Malta, with St. Lucia the most recent addition to the list. While some of these programs have been in place for years, they have only recently seen a substantial increase in applicants, with a corresponding surge in capital inflows.

The price of citizenship

Similarly, economic residency programs were recently launched across a wide range of (generally much larger) European countries, including Bulgaria, France, Hungary, Ireland, the Netherlands, Portugal, and Spain. Almost half of EU member states now have a dedicated immigrant investor route. Also known as golden visa programs, these arrangements give investors residency rights—and access to all 26 Schengen Area countries, which have agreed to allow free movement of their citizens across their respective borders—while imposing minimal residency requirements (see table). Although these programs differ in that one confers permanent citizenship while the other provides just a residency permit, they both allow access to a large number of countries with minimal residency requirements, in return for a substantial investment in their economies (see Chart 1).

Chart 1. Pick a country, any country

In contrast, some advanced economies, such as Canada, the United Kingdom, and the United States, have had immigrant investor programs since the late 1980s or early 1990s, offering a route to citizenship in exchange for specific investment conditions, with significant residency requirements. In 2014, Canada eliminated its federal immigrant investor program, but the provinces of Quebec and Prince Edward Island continue to run a similar scheme that leads to Canadian citizenship. And the United Kingdom and the United States continue to run and expand their programs.

The cost and design of the programs vary across countries, but most involve an up-front investment, in the public or the private sector, combined with significant application fees and an amount to cover due diligence costs. The programs in the Caribbean allow for either a large nonrefundable contribution to the treasury or to a national development fund, which finances strategic investment in the domestic economy, or an investment in real estate (which can be resold after a specified holding period). Other programs provide the option to invest in a redeemable financial instrument, such as government securities. In Malta, the program requires contributions in all three investment routes.

Economics of citizenship

The inflows of funds to countries from these programs can be substantial, with far-reaching macroeconomic implications for nearly every sector, particularly for small countries (see Chart 2). Inflows to the public sector alone in St. Kitts and Nevis, which has the most readily available data, had grown to nearly 25 percent of GDP as of 2013. Antigua and Barbuda and Dominica have also experienced significant inflows. In Portugal, inflows under the country’s golden visa program may account for as much as 13 percent of estimated gross foreign direct investment inflows for 2014; in Malta, total expected contributions to the general government (including the National Development and Social Fund) from all potential applicants—which are capped at 1,800—could reach the equivalent of 40 percent of 2014 tax revenues when all allocated passports are issued.

Chart 2. A big boost

The macroeconomic impact of economic citizenship programs depends on the design of the program, as well as the magnitude of the inflows and their management. The foremost impact is on the real sector, where inflows can bolster economic momentum. Programs with popular real estate options generate an inflow similar to that of foreign direct investment, boosting employment and growth. In St. Kitts and Nevis, inflows into the real estate sector are fueling a construction boom, which has pulled the economy out of a four-year recession—to a growth rate of 6 percent in 2013 and 2014, one of the highest in the Western Hemisphere. The rapid increase in golden visa residency permits in Portugal, which has issued more than 2,500 visas since the program’s inception in October 2012, has reportedly bolstered the property market, leading to a steep rise in the price of luxury real estate.

However, a large and too rapid influx of investment in the real estate sector could lead to rising wages and ballooning asset prices, with negative repercussions on the rest of the economy. And the rapid expansion in construction could erode the quality of new properties and eventually undermine the tourism sector, since most of the developments include (or are repurposed for) tourist accommodations.

Moreover, inflows under these programs are volatile and particularly vulnerable to sudden stops, exacerbating small countries’ macroeconomic vulnerabilities. A change in the visa policy of an advanced economy could suddenly diminish the appeal of these programs. It’s conceivable that advanced economies could act together to suspend their operations, triggering a sudden stop. Increasing competition from similar programs in other countries or a decline in demand from source countries could also rapidly reduce the number of applicants.

If they are saved rather than spent, inflows from these programs can substantially improve countries’ fiscal performance. In St. Kitts and Nevis, budgetary revenues from the program boosted the overall fiscal balance to more than 12 percent of GDP in 2013, one of the highest in the world. But these inflows can also present significant fiscal management challenges, similar to those caused by windfall revenues from natural resources (see “Sharing the Wealth” in the December 2014 F&D). Such revenues can lead to pressure for increased government spending, including higher public sector wages, even though the underlying revenues may be volatile and difficult to forecast. The resulting increase in dependence on these revenues could lead to sharp fiscal adjustments or an acute increase in debt, if or when the inflows diminish.

A country’s external accounts are also significantly affected by large program inflows. The budgetary revenues can improve the country’s current account deficit, and substantially so if they are saved, and the capital account can be strengthened by transfers to development funds and higher foreign direct investment. But increased domestic spending as a result of higher government expenditures and investment will substantially boost imports, particularly in small open economies, offsetting some of the initial improvement in the balance of payments. Risks to the exchange rate and foreign currency reserves are also magnified as these inflows become a major source of external financing. In addition, rising inflation from economic overheating can cause the real exchange rate to appreciate, lowering the country’s external competitiveness over the long run.

Large program inflows can also boost bank liquidity, especially if the bulk of the budgetary receipts are saved in the banking system. At the same time, they can threaten financial stability in small states. While some increase in liquidity may be welcome, large accumulation of program-related deposits presents new financial risks, reflecting small banking systems’ limited and undiversified options for credit expansion. Risks to financial stability may be magnified if banks face excessive exposure to construction and real estate sectors already propped up by investments from the economic citizenship program. In that case, a sharp decline in program inflows could prompt a correction in real estate prices, with negative implications for banks’ assets, particularly if supervision is weak.

Another challenge is the risk to governance and sustainability. Cross-border security risks associated with the acquisition of a second passport are likely to be the main concern of advanced economies. Reputational risks are also magnified: weak governance in one country could easily spill over to others, since advanced economies are less likely to differentiate between citizenship programs. In addition, poor or opaque administration of programs and their associated inflows—including inadequate disclosure of the number of passports issued, revenues collected, and mechanism governing the use of generated inflows—could prompt strong public and political resistance, complicating, or even terminating, these programs. Programs have indeed been shut down in the past as a result both of security concerns and domestic governance issues.

Weeding out the risks

Country officials can implement policies to reduce and contain the risks small economies face from large economic citizenship program inflows while allowing their economies to capitalize on the possible benefits.

Prudent management of government spending has an important role in containing the impact of these inflows on the real economy, but it should be accompanied by sufficient oversight and regulations to pace inflows, particularly to the private sector. For example, annual caps on the number of applications or the size of investments would limit the influx of investments to a country’s construction sector. A regulatory framework for the real estate market would reduce risk and limit potentially damaging effects of price distortions and segmentation in the domestic property market as a result of investment minimums imposed by these programs.

Changing key parameters of the program can also be an effective way to redirect investments to the public sector, allowing countries to save the resources for future use and to invest in infrastructure.

Saving is a virtue

Large fiscal revenue windfalls tend to trigger unsustainable expansions in expenditure that leave the economy exposed if the revenue stream dries up. Given the potentially volatile nature of these inflows, program countries—and small economies in particular—need to build buffers by saving the inflows and reducing public debt where it is already high. Prudent management of citizenship inflows would allow for a sustainable increase in public investment and accommodate what economists call countercyclical spending—spending when times are bad—and relief measures in the face of natural disasters. As in resource-rich economies, managing large and persistent inflows is best undertaken via a sovereign wealth fund. This would help deal with fluctuations in program revenues and stabilize the impact on the economy, possibly also providing scope for intergenerational transfers.

In any case, all fiscal revenue from economic citizenship programs, whether application fees or contributions to development funds, should be channeled through the country’s budget to allow for proper assessment of the fiscal policy stance and avoid complications in fiscal policy implementation. In particular, development funds financed by economic citizenship programs should have their role properly defined and their operations and investments fully integrated in the budget.

Effective management of inflows, combined with prudent fiscal administration, will also reduce risk to the external sector, by containing the expansion of imports, limiting the rise in wages and the real exchange rate, and accumulating international reserves—to serve as a buffer in case of a sharp slowdown in program receipts. Strengthening banking sector oversight is also needed to moderate risks arising from the rapid influx of resources to the financial system. Caps on credit growth, restrictions on foreign currency loans, or simply tighter capital requirements may be needed to dampen the procyclical flow of credit.

Managing a reputation

Preserving the credibility of the economic citizenship program is perhaps the most critical challenge. A rigorous due diligence process for citizenship applications is essential to preclude potentially serious integrity and security risks. And a comprehensive framework is needed to curtail the use of investment options as routes for money laundering and financing criminal activity. Such safeguards are integral to the success of economic citizenship programs. A high level of transparency regarding economic citizenship program applicants will further enhance the program’s reputation and sustainability. This could include a publicly available list of newly naturalized citizens. Complying with international guidelines on the transparency and exchange of tax information would reduce the incidence of program misuse for purposes of tax evasion or other illicit activities and minimize the risk of adverse international pressure. Countries with similar programs should also collaborate among themselves and with concerned partner countries to improve oversight and ensure that suspicious applicants are identified.

Moreover, to help garner necessary public support for these programs, the economic benefits should accrue to the nation as a whole. They should be viewed as a national resource that may not be renewable if the nation’s good name is tarnished by mismanagement. A clear and transparent framework for the management of resources is necessary, including a well-defined accountability framework with oversight and periodic financial audits. Information on the number of people granted citizenship and the amount of revenue earned—including its use and the amount saved, spent, and invested—should be publicly available.

The ever-surprising effects of globalization have given rise to a new dynamic whereby passports can carry a price tag. Economic citizenship programs facilitate travel for citizens of emerging and developing economy countries in the face of growing travel restrictions and are an unconventional way for some countries, particularly small states, to increase revenue, attract foreign investment, and bolster growth. Keeping these programs from being shut down calls for efforts to ensure their integrity, and the security and financial transparency concerns of advanced economies must be duly addressed. Small states offering these programs must develop macroeconomic frameworks to deal with the potential volatility and inflationary impact of the inflows, by saving the bulk of them for priority investment in the future and by pacing and regulating their flow into the private sector. ■

Judith Gold is a Deputy Division Chief and Ahmed El-Ashram is an Economist, both in the IMF’s Western Hemisphere Department.

This article is based on a 2015 IMF Working Paper, “Too Much of a Good Thing? Prudent Management of Inflows under Economic Citizenship Programs,” by Xin Xu, Ahmed El-Ashram, and Judith Gold.

EU and Monaco sign new tax transparency agreement

EU and Monaco sign new tax transparency agreement

Brussels, 12 July 2016

MALTA, the best jurisdiction in EU for Cost, Tax, Transparency, Compliance

MALTA, la migliore giurisdizione per Costi, Tasse, Trasparenza, Compliance

and business & life quality

maltaway sexy rider woman

Today the EU and Monaco signed a new tax transparency agreement, under which they will automatically exchange information on the financial accounts of each other’s residents from 2018.

This will ensure that both sides are better equipped to detect and pursue tax evaders, who will nolonger be able to hide income and assets in financial institutions abroad.

Pierre Moscovici, Commissioner for Economic and Financial Affairs, Taxation and Customs, said: “Today’s agreement reinforces Monaco’s commitment to international tax transparency standards. The EU and Monaco have today sent a joint clear signal: we are allies when it comes to tax transparency and allies in the fight against international tax avoidance and tax evasion.”

Under the new agreement, Member States will receive the names, addresses, tax identification numbers and dates of birth of their residents with accounts in the Principality, as well as other financial and account balance information. This is fully in line with the new OECD/G20 global standard for the automatic exchange of information.

Today’s agreement marks the latest in a series of international landmark deals the EU has signed with Switzerland, Liechtenstein, San Marinoand Andorra.

For more information, see:

MALTA casa e mercato immobiliare, confronto con Europa e Italia

MALTA casa e mercato immobiliare, confronto con Europa e Italia



maltaway valletta night

Questi sono i dati pubblicati ieri 12 Luglio 2016 da Eurostat

MALTA, notizie molto positive da Eurostat, dopo un 2015 con un mercato immobiliare in tensione per la forte crescita di domanda da investimenti, l’arcipelago vede il 1Q 2016 in raffreddamento con un -2,8% rispetto al 4Q del 2015, mentre se il dato viene confrontato con lo stesso Trimestre del 2015 (1Q) vediamo una crescita del +2,6%, rispetto a un dato EU medio del +3%….quindi stabilità in graduale crescita, il meglio per qualunque assets

maltaway House_Price_Index malta europe 1Q 2016

Inoltre , confrontando il dato HPI (house price index) deflazionato, vediamo chiaramente dove in Europa si presenta una bolla immobiliare, Svezia, Ungheria, Irlanda, Estonia, Danimarca, UK…. e dove i dati sono negativi come in Grecia, Latvia, Italia, Croazia, Francia, Finlandia

maltaway Annual_deflated_HPI_2015

MALTAway e CASAMALTA, sono a tua disposizione per la ricerca e advisory sulle migliori opportunità di investimento e abitative

 Una casa o un ufficio a Malta sono oggi di ancor maggiore interesse, sia vedendo questi dati, sia in relazione al potenziale Brexit, che vede molti HQ di aziende e corporations, alla ricerca di valide alternative a Londra per la sede dei propri uffici e per relocare i propri Executives…qui a Malta i costi comparati con le capitali Europee sono di grande interesse sia per investimento sia per il prezzo degli affitti per uffici e terziario
Eurostat HPI 1Q 2016
Data from first quarter of 2016 – extracted on 12 July 2016. Most recent data: Further Eurostat information, Main tables and Database. Next planned update: 12 October 2016.

This article describes the house price index (HPI) in the euro area and theEuropean Union (EU), presenting data on this indicator both at European and Member State level. It also provides examples of possible use of this indicator in relation to other statistics, such as consumer price indices, rent price indices and household disposable income. Finally, a summary description of the methodology used in the compilation of the HPI is given.

The HPI shows the price changes of residential properties purchased byhouseholds (flats, detached houses, terraced houses, etc.), both newly-built and existing ones, independently of their final use and independently of their previous owners. The Member States’ HPIs are compiled by the national statistical institutes, while Eurostat calculates the euro area and EU HPIs.

MALTA, il paradiso dove trasferire la pensione INPS

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Leggi anche qui sulla fuga dei pensionati dall’Italia

Già superata la soglia dei cinquant’anni, con alle spalle oltre trent’anni di esperienza professionale nelle global corporations, una moglie avvocato e  un figlio che  fin dall’età di 15 anni si è trasferito  a studiare in Inghilterra, alcuni anni fa ho deciso di trasferirmi a  vivere a Malta. Questa decisione è scaturita dopo un’analisi di dettaglio di vari paesi dagli USA a Panama e Costa Rica, da Sydney a Singapore, dalla Svizzera alla Gran Bretagna, per capire e valutare tanti elementi come la qualità della vita, il costo, la sicurezza, il sistema sanitario e scolastico, l’efficienza e tanti altri fattori. Negli anni ho avuto contatti lavorativi con quest’isola ed ho sempre apprezzato la mentalità aperta, diretta dei maltesi, la loro internazionalità e concezione meritocratica tipica della cultura anglosassone.

Malta è un’isola di circa 420.000 abitanti geograficamente a sud della Sicilia ma a molti sconosciuta. Qui la lingua ufficiale oltre al maltese è l’inglese, anche se gran parte della popolazione parla italiano, e da qualche anno fa parte dell’Unione Europea ed ha adottato l’Euro. E’ un paese con un clima mediterraneo e inverni brevi con temperature che non scendono mai al di sotto dei 12 gradi,  un’alta qualità della vita e livello di sicurezza, un ottimo sistema sanitario, costi della vita contenuti, collegamenti frequenti e low cost con l’Italia. Milano dista solo un’ora e quarantacinque minuti di volo.

Che dire, tutti ci siamo spesso persi a sognare mete paradisiache ma spesso irraggiungibili senza pensare a mete più vicine dove poter realizzare facilmente i propri desideri, senza dover recidere con i legami familiari, amicizie e abitudini….insomma con le nostre radici.

Malta l’ho conosciuta anche qualche anno fa durante una vacanza, ed ho apprezzato subito quel mix di cultura e bellezze naturali che è in grado di offrire. Qui puoi fare mare in baie suggestive e fondali stupendi ma puoi anche perderti alla scoperta dei suoi siti millenari, delle sue cittadine medievali, dei suoi palazzi barocchi. I miei amici mi dicevano che era un’isola troppo piccola per me ma in realtà non finisci mai di scoprirla e di stupirti.

I costi della vita sono contenuti e la qualita’ davvero alta.

Mi ritrovo ad avere più vita sociale e a vivere fuori più qui che a Milano, anche perché il clima lo consente. Manifestazioni, concerti, feste tradizionali si susseguono per tutta la lunga estate che va da marzo a novembre. Dopo il lavoro o nella pausa potersi permettere una fuga al mare per una nuotata o una passeggiata al tramonto, andare a pescare, cenare in spiaggia o andare a tutte le feste sono esperienze ineguagliabili anche per un nordico e lacustre come me per di più appassionato della montagna e dello sci.

Non ho voluto per scelta avere un’auto (la sharing economy avanza…) e giro sia con i bus, perché c’è una rete capillare che collega tutta l’isola , sia in bicicletta o scooter.

Malta vanta un efficiente sistema sanitario considerato tra i primi in Europa e il recente ospedale Mater Dei è una struttura di eccellenza.

Anche il mercato immobiliare maltese è molto interessante perché ancora lontano dall’immaginazione delle folle, con prezzi medi convenienti e con alte rendite grazie anche all’assenza di tassazioni. Qui non si paga neppure la tassa rifiuti.

I prezzi degli affitti partono da 450 euro al mese , con punte in salita nelle aree centrali tra Sliema e St.Julian’s o minori nella vicina e splendida isola di Gozo.

In Italia  vi è un dato evidente di fuga di pensionati Italiani verso l ‘estero, fenomeno che lo scorso anno ha raggiunto quasi le 6000 unità.

Quando si sceglie un paese ritengo che le sue condizioni di sicurezza, il sistema sanitario, i collegamenti, il sistema bancario, la comunità internazionale, la condizione economica, siano altrettanto importanti quanto la fiscalità ridotta e il basso costo della vita.

Questo, soprattutto, per evitare di trovarsi dopo poco tempo in una situazione peggiore di quella che si è deciso di lasciare, per la propria qualità di vita e per la protezione del proprio patrimonio e reddito, che i paesi in difficoltà ormai conclamata (PIGS) non sono più in grado di garantire.

Io che ho scelto di lasciare l’Italia dopo aver vissuto in diversi altri paesi, grazie alla mia precedente esperienza professionale e al mio modo personale di approcciare ogni progetto con profondo studio e conoscenza ma anche pratico e operativo, cerco innanzitutto di aiutare le persone a verificare punto per punto vantaggi e conseguenze economiche e personali di questo percorso di scelta che vorranno condividere con me. Io cerco prima di capire se Malta sia la soluzione giusta per il cliente, poi gli offro un servizio completo dal viaggio al cambio di residenza, alla casa, alla fiscalità, agli investimenti, per far si che l’esperienza di un trasferimento non si riveli un percorso tortuoso ad ostacoli ma una via dritta e semplice.

La cosa che mi interessa di più è soprattutto dare sempre una consulenza professionale, precisa, affidabile e soluzioni personalizzate. La conoscenza del sistema paese sia italiano che maltese mi consente di assisterli in entrambi i fronti per non incorrere in errori ed in costi aggiuntivi.

SE mi chiedono perchè un pensionato dovrebbe trasferirsi a Malta con la sua pensione io lo sintetizzo in ben 10 buoni motivi:

  1. Risparmio sulle tasse che può essere rilevante sino a diventare elevatissimo per le pensioni più alte
  2. Clima fantastico e ricchezza storica, artistica e culturale e costo della vita più basso
  3. Vicinanza con l’Italia e i propri interessi e legami famigliari con al massimo 90 minuti di volo al prezzo di una cena in pizzeria
  4. Sanità e assistenza con ospedali e centri per anziani all’avanguardia in Europa
  5. Sicurezza elevatissima e delinquenza praticamente inesistente, con un sistema bancario solido e sicuro
  6. Quasi tutti capiscono e parlano Italiano e un’ offerta di corsi di inglese per la terza età che consente di raccogliere nuovi stimoli e conoscere gente nuova
  7. Mezzi di trasporto nuovi ed efficienti che ti consentono di vivere, se vuoi, senza automobile
  8. Se compri casa, proteggi il tuo patrimonio, non avrai tasse di successione e lascerai un bellissimo regalo ai tuoi figli e nipoti
  9. Qualità della vita elevata per il sole , il mare, la comunità internazionale e una vita più semplice senza complicazioni burocratiche
  10. Malta è in Europa e adotta l’Euro, le norme e i regolamenti comunitari non consentono all’Italia di legiferare per un eventuale blocco la portabilità delle pensioni che invece può valere per i paesi extra-UE

Un pensionato che prende la residenza fiscale a Malta ha diritto , salvo alcune eccezioni da verificare, di trasferire la sua pensione LORDA (senza tasse di alcun tipo) a Malta e pagare qui la relativa tassazione in regime fiscale speciale o ordinario.

A Malta sono state introdotte regole che consentono ai pensionati che sono cittadini Europei o Svizzeri, nel rispetto di alcune condizioni , una condizione  fiscale agevolata, di sicuro interesse per chi percepisce pensioni  medio-alte con una aliquota fissa al 15% su qualsiasi fonte di reddito estera che sia ricevuta a Malta, da loro o dai loro famigliari a carico, soggetta a un’imposta minima annuale di €7.500 e di ulteriori €500 per ciascun famigliare a carico e assistente domiciliare.

Per pensioni piu’ basse e’ piu’ conveniente una tassazione ordinaria ben piu’ bassa che in Italia.

Suggerisco a chi e’ interessato di fare una vacanza esplorativa sull’isola ed e’ difficile non innamorarsene.

Noi vi aspettiamo qui e siamo a tua disposizione per tutte le altre necessità che dovessero emergere sia in relazione a valutazioni di convenienza sia per tutto quello che è necessario fare per una corretta e proficua relocation su Malta

Abbiamo una lunga esperienza sulla regolamentazione e fiscalità internazionale, i percorsi necessari sono a noi ben noti e supportati da practice ed esperienze di molti, pensionati italiani compresi, che stiamo assistendo in questo percorso sia per le necessità a Malta sia in Italia.







Tax Guidelines on Highly Qualified Persons Rules in MALTA

Tax Guidelines on Highly Qualified Persons Rules in MALTA

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Corporate & Assets Governance, World Class, MALTA, Worldwide

MALTAway is a web portal driven by an holistic vision to offer integrated services such as Corporate Services, Tax & Legal, Management Consulting, Governance, Investment, Business Advisory,  Relocation, in favor of the Corporations, Business, Finance, HNWIs;

MALTA is the best place to move in, with an Anglo-Saxon Business Culture and Regulatory environment in the middle of the Mediterranean Sea, to prosper, develop and protect the Business and the Assets of a Corporation and HNWIs as well


Since joining the EU in 2004, Malta has been modernising its economy. and is becoming recognized as a highly functional, low cost, well regulated jurisdiction with the underlying theme being availability of trained staff through investment in education and training.. However, the expansion of the financial services and the gaming services since joining the EU and the aviation services in recent years, is showing a significant need for additional highly qualified workers. Therefore, the need is being felt for the importation of knowledge particularly in those areas of the financial services sector, the gaming sector and the aviation sector where local expertise is lacking.

The objective of the Highly Qualified Persons Rules (SL 123.126), is the creation of a scheme to attract highly qualified persons to occupy “eligible office” with companies licensed and/or recognized by the Malta Financial Services Authority, companies licensed by the Lotteries and Gaming Authority and undertakings holding an Air Operators’ Certificate or an Aerodrome Licence issued by the Authority for Transport in Malta.

“Eligible office” comprises employment in one of the following positions:

  • Actuarial Professional
  • Aviation Continuing Airworthiness Manager
  • Aviation Flight Operations Manager
  • Aviation Ground Operations Manager
  • Aviation Training Manager
  • Chief Executive Officer
  • Chief Financial Officer
  • Chief Commercial Officer
  • Chief Insurance Technical Officer
  • Chief Investment Officer
  • Chief Operations Officer (including Aviation Accountable Manager)
  • Chief Risk Officer (including Fraud and Investigations Officer)
  • Chief Technology Officer
  • Chief Underwriting Officer
  • Head of Investor Relations
  • Head of Marketing (including Head of Distribution Channels)
  • Head of Research and Development; (including Search Engine Optimisation and Systems Architecture)
  • Portfolio Manager
  • Senior Analyst (including Structuring Professional)
  • Senior Trader/Trader
  • Odds Compiler Specialist

“Eligible office” in an aerodrome licensed undertaking refers to employment in the following position:

  • Chief Executive Officer

The rules for the scheme came into force with effect from 1 January 2010 and apply to income which is brought to charge in year of assessment 2011 (basis year 2010) and apply to individuals not domiciled in Malta, with the exception to the positions associated with the aviation sector where the rules are effective from 1st January 2012 i.e. year of assessment 2013.

The scheme’s termination date is 31/12/2025. No determinations shall be issued by the respective Competent Authorities after 31/12/2020.

Scheme Rules

a) Employment Income

Individual income from a qualifying contract of employment in an “eligible office” with a company licensed and/or recognised by the Malta Financial Services Authority is subject to tax at a flat rate of 15% provided that the income amounts to at least €75,000 (seventy five thousand euro) adjusted annually in line with the Retail Price Index. The 15% flat rate is imposed up to a maximum income of €5,000,000 (five million euro), the excess is exempt from tax.

In practice this means that the minimum income (based on the Retail Price Index published by the National Statistics Office) must exceed the following thresholds:

  • €75,000 for basis year 2010
  • €76,136 for basis year 2011
  • €78,207 for basis year 2012
  • €80,100 for basis year 2013
  • €81,205 for basis year 2014
  • €81,457 for basis year 2015
  • €82,353 for basis year 2016

The 15% tax rate applies for a consecutive period of five years for European Economic Area (ie EU countries plus Norway, Iceland and Liechtenstein) and Swiss nationals and for a consecutive period of four years for third country nationals. Individuals who already have a qualifying contract of employment in an “eligible office” two years before the entry into force of the scheme may benefit from the 15% tax rate for the remaining years of the scheme. This means that a national of the EEA and Switzerland who has a qualifying contract of employment in an “eligible office” starting in 2008 (basis year) will benefit for three years from the scheme, ie basis years 2010, 2011 and 2012, while a third country national will benefit from one less. This “grandfathering” only applies for eligible offices in the financial services and gaming sectors.

The four or five year period, as the case may be, commences from the year when the individual concerned first becomes taxable in Malta. In cases where the individual was taxable in Malta but not benefiting under this Scheme and subsequently comes to Malta and becomes eligible under the Scheme, he can benefit only if the four or five year period has not elapsed; the benefit is for the years remaining from the date of eligibility under the Scheme until the said four or five year period from the date of first being subject to tax in Malta elapses.

Nationals of the EEA and Switzerland who have availed themselves of the benefit under this scheme may apply for a one-time extension of five years to the qualifying period.

b) Qualifying Contract of Employment

An individual may benefit from the 15% tax rate if he satisfies all of the following employment conditions:

  1. derives employment income subject to income tax in Malta
  2. has an employment contract subject to the laws of Malta and proves to the satisfaction of the Competent Authority that the contract is drawn up for exercising genuine and effective work in Malta
    (Note: where an individual receives salaries from different companies in the same group and the group relationship of such companies is of 100% ownership, he will still be eligible if the aggregate salaries (excluding fringe benefits) are higher than the minimum thresholds as specified above).
  3. proves to the satisfaction of the Competent Authority that he is in possession of professional qualifications and has at least five years professional experience;
  4. has not benefitted from deductions available to investment services expatriates with respect to relocation costs and other deductions (under article 6 of the Income Tax Act);
  5. fully discloses for tax purposes and declares emoluments received in respect of income from a qualifying contract of employment and all income received from a person related to his employer paying out income from a qualifying contract as chargeable to tax in Malta;
  6. proves to the satisfaction of the Competent Authority that he performs activities of an eligible office; and
  7. proves that:
    1. he is in receipt of stable and regular resources which are sufficient to maintain himself and the members of his family without recourse to the social assistance system in Malta;
    2. he resides in accommodation regarded as normal for a comparable family in Malta and which meets the general health and safety standards in force in Malta;
    3. he is in possession of a valid travel document;
    4. he is in possession of sickness insurance in respect of all risks normally covered for Maltese nationals for himself and the members of his family.

Exclusions from the Scheme

The individual income derived from employment in an “eligible office” will not qualify for the 15% reduced rate if it is paid by an employer who receives any benefits under business incentive laws or is paid by a person who is related to the employer who received any benefits under any business incentive laws or if the individual holds more than 25% (directly or indirectly) of the company licensed and/or recognised by the Malta Financial Services Authority or the Lotteries and Gaming Authority or of a company holding an Air Operators’ Certificate issued by the Authority for Transport in Malta or if the individual is already in employment in Malta before the coming into force of the scheme either with a company not licensed and/or recognised by the Malta Financial Services Authority or the Lotteries and Gaming Authority or not holding an Air Operators’ Certificate issued by the Authority for Transport in Malta (in the case of aviation services) or not holding “eligible office” with a company licensed and/or recognised by the Malta Financial Services Authority or the Lotteries and Gaming Authority or not holding an Air Operators’ Certificate issued by the Authority for Transport in Malta (in the case of aviation services).

The individual income derived from employment in an “eligible office” will not qualify for the scheme if a claim is made for any relief, deduction, reduction, credit or set-off of any kind except for any income tax deducted at source.

Provisions in respect of split contracts have been introduced. An arrangement in terms of which a beneficiary receives a payment from a person related to his employer and such payment is not declared for tax purposes in Malta is considered to be an artificial arrangement.

Any rights are withdrawn with retrospective effect if a beneficiary is a third country national and he either:

  • Physically stays in Malta, in the aggregate, for more than four years; or
  • Directly or indirectly acquires real rights over immovable property situated in Malta or holds a beneficial interest directly or indirectly consisting in, inter alia, of real rights over immovable property situated in Malta.

Any individual who claims a benefit under the scheme when he is not entitled to do so is liable to a penalty equal to the amount of benefit claimed and if the benefit is paid the individual is liable to repay the benefit received plus additional tax of 7% per month or part thereof.

Application to Benefit from the Scheme

An application for a formal determination relating to eligibility under the Highly Qualified Persons Rules must be made to:

  • The Chairman, Malta Financial Services Authority using this form (in the case of Financial Services). Persons who already submitted a personal questionnaire to the Malta Financial Services Authority can apply using this form instead.
  • The Chairman, Lotteries and Gaming Authority using this form.
  • The Chairman, Authority for Transport in Malta using this form (in case of Aviation Services).

The benefit is exercised for each year of assessment by means of a declaration made on the form RA 17 signed by the beneficiary and endorsed by the Malta Financial Services Authority or the Lotteries and Gaming Authority or the Authority for Transport in Malta as the case may be. This form is to be attached to the income tax return and filed with the Inland Revenue Department by the tax return date.

UK’s woes, Malta’s deligh?

UK’s woes, Malta’s deligh?

Prime Minister Joseph Muscat has stated Malta could become the UK’s gateway to Europe and vice versa, and seize the bountiful opportunities that a Brexit could create for Malta


Corporate & Assets Governance, World Class, MALTA, Worldwide

MALTAway is a web portal driven by an holistic vision to offer integrated services such as Corporate Services, Tax & Legal, Management Consulting, Governance, Investment, Business Advisory,  Relocation, in favor of the Corporations, Business, Finance, HNWIs;

MALTA is the best place to move in, with an Anglo-Saxon Business Culture and Regulatory environment in the middle of the Mediterranean Sea, to prosper, develop and protect the Business and the Assets of a Corporation and HNWIs as well

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The UK’s exit from the European Union could prove to be extremely beneficial for Malta, while Brexit risks costing the City of London billions of pounds, thousands of workers and its spot as the world’s top financial centre.

This possible lost status hinges on one simple process that Malta could take over from the UK: passporting.

Passporting allows British-based financial institutions such as banks, fund managers and insurers to seamlessly sell their services across the 28 EU nations without having to get regulator approval or set up subsidiaries in each member state.

And in the immediate wake of the “leave” vote, the governor of France’s Central Bank fuelled the fears for London’s lost financial hub status.

François Villeroy de Galhau said that keeping the so-called “passport” would not be possible if the UK left the single market of trade in goods and services.

Passporting has proven extremely popular in the UK, where banks use it to expand their customer base in the union, while EU firms use it to tap into the international financial markets via London, as a global financial hub.

Non-UK and non-EU banks use passporting as a financial springboard to do business with the entire EU, with the benefit of only having to set up a base in one place.

Swiss and US banks, for example, use London for easy access to the European single market.

And given passporting is of vital importance, then it will mean a shake-up for the sector, and one would expect non-UK firms currently based there to relocate some or all of their operations to within the single market.

Enter Malta.

Following the Brexit vote, many – including prime minister Joseph Muscat – have indicated that Malta could serve as the UK’s gateway into the EU once the country left the union.

Joe Zammit Tabona, former Maltese high commissioner to the UK, told MaltaToday that Malta should set itself up as a base where UK companies would have a foothold into the EU, providing passporting services for those companies currently headquartered in the UK and offering services in other EU countries.

Malta should seize the opportunities that the UK’s exit from the EU could create, especially within the financial services sector, but also in other sectors like manufacturing,” he said.

Zammit Tabona said it would be best for everyone involved if the UK’s exit strategy was made clear as soon as possible, to limit speculation and let companies plan future strategy.

The top 14 global investment banks operating in the UK at the moment employ between them alone more than 60,000 people.

Attracting those companies to Malta would fall under the remit of Malta Enterprise and FinanceMalta, a non-profit public-private initiative set up to promote Malta’s international business and financial centre within and outside Malta.

A spokesperson for Malta Enterprise told MaltaToday that it was guided by the government on its position on Brexit and its possible effects on those economic activities for which Malta Enterprise is responsible.

As to whether any additional incentives could be introduced to attract those companies, banks and firms that could be considering leaving the UK following the Brexit vote, Malta Enterprise said it continuously monitored what other countries were offering in terms of incentives to attract Foreign Direct Investment.

“Of course, when we devise such incentives, we comply strictly with EU State Aid regulations,” the spokesperson said.

John Huber of advisory firm John Huber & Associates, and a member on the board of governors of FinanceMalta, said that potential opportunities for Malta could develop once the UK negotiating position became clear, but insisted it was way too early for tangible forecasts.

He acknowledged that Malta could be a very attractive option for companies which would potentially choose to leave the UK once the country officially left the EU.

“Our language and legislation could prove very attractive for such companies seeking to relocate outside the UK,” he said. “And having our tax system mostly based on the UK’s is an added bonus.”

Huber also expressed concern at one possible major negative effect Brexit could have on Malta.

“Once the UK leaves the EU, Malta will have lost its strongest ally within the bloc,” he said. “I wonder how that will affect Malta?”

My hope is that Malta realises itself as an attractive stepping stone for passporting services for UK-based companies who will need access to the EU, as we currently serve for Middle East and African companies,” he said.

Huber has served as an adviser to the Maltese government and as a technical reference point in the drafting of the Malta Retirement Programme, the Global Residence Programme and The Residence Programme.

He is also a member on the board of governors at FinanceMalta. But any decision – in the City of London and in Malta – will have to wait until the UK exit strategy becomes apparent in its negotiation with the EU.

And meanwhile, some argue that the Brexit fears are overblown.

“Leave” campaigners say that quitting the union would free London from the EU’s regulatory restraints and allow the financial services industry to become more competitive.

By leaving the union, the UK could, for example, revert the cap on banking bonuses that was introduced after the financial crisis against Britain’s will.

Removing that cap and letting bonuses run high again could provide a lift to financial activity in London, offsetting some of the negative impacts.

Soldi in ITALIA davvero a rischio

Soldi in ITALIA davvero a rischio a fronte di una crisi bancaria sistemica

Mancano evidentemente nel conteggio i valori relativi alle partecipazioni azionarie nel sistema bancario e quelle considerate protette dal fondo rischi sino a 100.000€ che sappiamo bene NON avere risorse sufficienti in caso di crisi sistemica quale quella che tutti vediamo

Quindi 427 Miliardi (barre blu) + 494 Miliardi (barra rossa) teoricamente coperti dal FITD (con le casse vuote) …tanti o pochi, basta che NON siano i vostri !!!

Pensiero e azione, vi aspettiamo

Corporate & Assets Governance, World Class, MALTA, Worldwide

Noi crediamo che molti cerchino quello che noi abbiamo trovato, e che vogliamo condividere, serve solo iniziare a pensare e ad agire differentemente…e il nostro contributo

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MALTAway è un portale che nasce con una visione olistica di servizi integrati di Corporate Services, Tax & Legal, Management Consulting, Governance, Investment, Business Advisory, Relocation, rivolti al mondo Corporations, Business, Finance, HNWIs 

MALTA è la nuova Svizzera e il meglio del Nord Europa in mezzo al Mediterraneo, il posto migliore per il successo, lo sviluppo e la protezione di una Corporation, del suo Business, dei suoi Assets

Da Truenumbers


Gli strumenti finanziari nei quali gli italiani hanno investito, sono sicuri? Ecco i numeri

D’ora in poi (e più di 10mila italiani se ne sono accorti) se una banca fallisce, a pagare i suoi debiti saranno i risparmiatori che hanno puntato su quella banca. Non tutti, però.

Quanto rischi

Il grafico mostra la quantità di risparmio degli italiani teoricamente assoggettabile alle regole del cosiddetto “bail-in”. Il totale dei soldi “a rischio” è pari a 921 miliardi di euro. Significa che se tutte le banche italiane fallissero contemporaneamente, la quota di risparmio che  verrebbe svalutata o convertita in capitale dell’istituto sarebbe quella: 921 miliardi.

Evidentemente si tratta di un’ipotesi puramente teorica, tanto è vero che la maggior parte dei fondi liquidi che gli italiani hanno impiegato in un qualche strumento finanziario bancario non sono assoggettabili alle regole europee di salvataggio bancario (Bank Recovery and Resolution Directive, Brrd meglio noto come, appunto, bail-in). I soldi che possono dormire sonni tranquilli sono quei 494 miliardi di euro che, alla fine del dicembre 2015, erano depositati in conti correnti che non raggiungevano la fatidica soglia dei 100.000 euro oltre la quale scatta proprio la possibilità che quei fondi vengano usati per salvare la banca dal fallimento. Sono teoricamente a rischio anche strumenti come il conto deposito, sempre per la quota eccedente i 100mila euro, mentre sono al sicuro i circa 100 milioni di euro investiti in obbligazioni senior garantite.

Chi dorme tranquillo

Quelli che, invece, rischiano sono i 225 miliardi di euro che sono depositati in conti correnti superiori ai 100mila euro, i 173 miliardi investiti in obbligazioni non garantite e i 29 miliardi investiti in obbligazioni subordinate, dello stesso tipo, cioè, di quelle che sono state comprate dai risparmiatori di Banca Etruria, Banca Marche, Chieti e Ferrara e che hanno rischiato seriamente non non rivedere mai più per interno. Poi è intervenuta la decisione del governo Renzi di concedere a quasi tutti un parziale indennizzo.

Secondo le regole del bail in i primi a vedersi svalutare o, anche, azzerare, il capitale sarebbero gli azionisti della banca in crisi. Se non bastasse a risollevare l’istituto verrebbero subito dopo colpiti i risparmiatori in possesso di obbligazioni subordinate. In terzo luogo verrebbero colpite le obbligazioni senior non garantite e i depositi per la quota eccedente i 100.000 euro perché fino a 100.000 i depositi sono garantiti da un apposito fondo chiamato Fitd. I depositi superiori a 100.000 euro detenuti da famiglie e piccole imprese sarebbero gli ultimi assoggettabili a bail-in.

No Brexit risk for global rich

No Brexit risk for global rich

Henley chairman Christian Kalin says UK’s future with EU will do little to curb right to settlement for those seeking to buy an EU passport

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 MALTA way offers you the services of legal advisory for theresidence scheme, on the basis of the different formats required by existing rules of the Maltese Regulations, according to the different applicants subjective profiles and citizenship
We advise and assist global corporations to relocate to Malta for the company and their executives or employees, professionals, families, individuals, HNWIs and retirees as well

Are the new citizens who acquired the Maltese passport for access to the Schengen zone and the United Kingdom about to get less bang for their €650,000?

Fear not, says Christian Kalin, the brains behind the ‘citizenship-by-investment’ scheme promoted by Henley & Partners, and which Malta adopted and renamed as the Individual Investor Programme. There’s little to suggest that holders of any EU passport will find it problematic to obtain access to the UK.

London has been a draw for ‘non-doms’ – a tax status for those living in the UK but whose father or grandfather was resident in another country when they were born, allowing them to avoid paying tax on money earned outside the UK. Supporters of the tax status, introduced back in 1799 for colonial traders, say it keeps capital and ‘talent’ inside the British capital.

But citizenship specialist Christian Kalin predicts that with Brexit negotiations soon to take place with the European Council, little might change for the free movement of labour in a future association agreement with the EU.

“The UK will now simply need to decide how much it wants to separate itself from the EU, which is unlikely to restrict significantly access to the EU for UK citizens,” Kalin says, listing as an example the European Economic Area (EEA) countries – Liechtenstein, Norway and Iceland – which still get the free right of settlement, or Switzerland – his home nation – which is part of the European Free Trade Agreement but not an EEA member. “It has opted for bilateral agreements with the EU which give its citizens the same rights of settlement throughout the EU.”

EU citizenship was introduced by the Maastricht Treaty in 1992 and affords rights such as the right to free movement, settlement and employment across the EU.

“It is foreseeable that the UK will end up under an EEA-type of arrangement or acquire a status similar to Switzerland’s. In this case, a form of free right of movement and settlement would likely remain, in particular for entrepreneurs, investors and financially independent people,” Kalin says, suggesting a return for the UK to its pre-EU status, when it was a founder member of the EFTA.

Kalin says there is nothing much to worry about for those who acquired or are looking to acquire Maltese citizenship.

In the unlikely event that the right of settlement vis-à-vis the UK is terminated with Brexit, this would damage the value of British citizenship far more than that of European citizenship,” Kalin says, warning that the UK would potentially lose free access to 27 countries.

“We have no doubt that the UK will find some form of association with the EU which will, at least for financially independent citizens, continue to provide access to settle in the UK.

“Brexit will of course not impair visa free travel between the UK and the EU countries, and also have no impact on the visa policy of either the UK or the EU as this has always remained separate with the UK setting its own short-term visa policy.”

Those who seek to reap rewards on corporate passporting by luring businesses from London to Malta, may have yet to wait for drastic moves.

On the corporate and investment side alone, Malta is very attractive and remains an interesting possibility for multinationals. Brexit, however… I don’t think that changes much at all. Malta is still a very good EU base, as are of course other EU jurisdictions like Dublin, Luxembourg and Frankfurt,” Kalin says.

MALTA BRexit EUROPE, partner instead of compete to offer better solutions for business and individuals

MALTA BRexit EUROPE, partner instead of compete to offer better solutions for business and individuals

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Corporate & Assets Governance, World Class, MALTA, Worldwide

We believe that many Corporations and Individuals  seek what we have found , and we want to share , we need only starting to think and act differently … and our contribution 

MALTAway is a web portal driven by an holistic vision to offer integrated services such as Corporate Services, Tax & Legal, Management Consulting, Governance, Investment, Business Advisory,  Relocation, in favor of the Corporations, Business, Finance, HNWIs;

MALTA is the best place to move in, with an Anglo-Saxon Business Culture and Regulatory environment in the middle of the Mediterranean Sea, to prosper, develop and protect the Business and the Assets of a Corporation and HNWIs as well

Malta was not looking for the “spoils of war” following the Brexit vote, but would offer assistance to the UK and to companies interested in using the country as a gateway to the European Union

ince the surprising decision by UK voters, a number of European financial services capitals, including Luxembourg, Paris, and Frankfurt have been actively ‘propositioning’ UK-financial services institutions in a bid to lure them away from London amid the uncertainty following the Brexit vote.

Defending Malta’s apparent lackadaisical reaction to the result – which could see it lose out to a number of European capitals that have are promoting themselves to poach investment – the prime minister insisted that Malta does not view the UK as an enemy to be exploited.

“The best results would be obtained through friendship and offering to work together with the UK … those who are going to fight for investments by stealing companies away from the UK would find short shrift in their methods.”

“While others may try to knock down the door into the UK, we want that door to be opened for us because of our behaviour,” Muscat said.

Malta had immediately provided a voice of caution even within the EU, and called for Britain to be given enough breathing space to get its house in order before pursuing exit negotiations, he explained.

The prime minister – who in the wake of the vote ruled out any Maltese referendum on leaving the EU on the basis that it would be tantamount to “suicide” – argued that though he did not agree with the UK’s decision to leave the EU, he understood why people would voted in favour of Brexit.

“I can understand why a man living in a housing estate in the UK would vote against the EU when he suddenly finds himself the only Englishman in his neighbourhood,” he said, while denouncing as “shallow” those who blamed Brexit on the elderly, poor and uneducated in Britain.

“Unless the EU understands that immigration is an issue that is close to the heart of many people and countries, more EU citizens will be turning to extreme groups and parties in greater numbers in the future,” he said.

The Prime Minister also said he sympathises with Birzebbugia and Marsa residents who frequently express concern at the number of refugees in their localities, and argued that whoever discusses migration should not be accused of being xenophobic, racist or far right.

Muscat said the EU should not have anything to do with leaders of extreme parties, but should engage in discussion those people who turn to such parties in a bid to protest against the union.

“The EU cannot remain a union of a few elite that forgets and ignores those with a humble background, dismisses pensioners or makes the young feel totally ignored,” he stressed.

Malta – an ideal breeding ground for start-ups

Malta – an ideal breeding ground for start-ups

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Comparison of Ideas and Actions for the Corporation and its Board , the Entrepreneur and his Company

Malta , in Europe , in the Commonwealth, in the World



Investing in start-ups is trending as 2016 takes a massive turn towards expediting innovation and entrepreneurship. We hear about a new idea being funded almost every minute. Right now, it is an exciting phase globally, with almost every country trying to nurture a start-up ecosystem to counter the uncertainties of economic imbalances and loss of jobs due to tectonic shifts in the investment and consumer markets.

Given the scenario, angel investors and venture capitalists have the potential to change the world by supporting the right founders and their start-ups.

Malta is an ideal breeding ground for start-ups, giving budding entrepreneurs access to quality talent and lower burn rates of capital. Most importantly, there are young entrepreneurs coming in from all over Europe to take advantage of what Malta has to offer.

One of the reasons why a start-up ecosystem thrives is the availability of capital for a founder to get started or to scale up. While funding for scaling a venture is the interest of venture capitalists, seed funding for starting up is mostly fuelled by angel investors.

There are two types of angel investors: structured and professional angel groups or unstructured and individual investors. Obviously, the structured and professional angel groups are making the most out of the windfall gains when a start-up makes it big.

However, there is still a huge gap between the number of aspiring entrepreneurs and available angel funding today. There are a few million of us who are yet to warm up for the game or may be sitting on the fence! Angel investors and venture capitalists are now seeking opportunities which allow them to expand their portfolios – investing in start-up is key. As an investor they would be contributing to an entrepreneur’s attempt to innovate for the betterment of society through a valuable product or solution.

For investors, participating in the bottom of the pyramid economy as one of the privileged few means they also benefit from managing a large enterprise which once was a small business or a start-up. For many investors, the appeal is securing a place in the innovation economy while being engaged in the routine of a large enterprise without any conflict of interest.

Investors also benefit from the growth of a start-up by taking up an active role, if and when the need arises, while getting to know the dynamics of a start-up ecosystem as an insider.

Diversifying the investment portfolio from standard offerings in the market such as fixed deposits, property and mutual funds to a direct experience of investing into those value creators who drive the stock markets eventually is attractive. Reap windfall gains of multiple times the original investment from an eventual exit by promoters to a larger acquirer or from a planned IPO is the ultimate goal.

The only obstacle to jumping on this bandwagon seems to be the fear of losing the small portion of one’s own net worth in case the venture idea does not take off as expected. Nevertheless, the feeling would be better than a rollercoaster ride at Disneyland.

The potential return for angel investors and venture capitalists can be huge. Profits from a successful start-up can be in the thousands of per cent and if a company is able to reach the level of going public profits can be in the thousands of per cent. However, any early stage or start-up business is considered very high risk, no matter what the business is. As a result many angel investors want a higher return in exchange for this risk, ideally 30 to 40 per cent.

Some will accept less and some will want more but this should be your realistic target and objective for what an investor wants for return on investment. The odds of increasing the investment returns can be increased by retaining close ties with the company even after the initial investment. When the angel investor continues to be attached with the business, their experience can help flourish the business. So far the typical angel investor tends to invest in local companies as it is easier to do due diligence in local companies before writing checks. Furthermore, mentoring local companies is convenient for angels.

Source: Times of Malta

MALTA. where high education combine Medsea lifestyle

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After Brexit, MALTA place 1st in computing and science graduates

In the context of a strong investment in the global market of EDUCATION, which has seen for a long time the leadership of the United Kingdom, Malta looks like the new and competitive alternative, thanks to infra-structural investments and more and more extended and qualified international community present on the island….now MALTAway offers great solutions for Individuals and Corporations as well with MBA Full & Executive & English Courses … from Brexit to MALTA to keep anglo-saxon way in EU

From MALTAwinds …. With 15% of Computing and Science graduates, Malta is technically at the top of the pile in the whole of the EU in this sector since the UK, which placed first with 17% is now no longer an EU member having voted for Brexit a week ago. Malta also registered a large share of female graduates as regards Education with 80% of graduates being women although this was just about the EU average.

Almost 5 million tertiary education students graduated in the European Union (EU) in 2014: 58% were women and 42% men.

Male dominated education fields are Engineering, manufacturing and construction (where men account for 73% of the graduates in this field) and Science, mathematics and computing (58%).

On the other hand, four out of five graduates in Education are women (80%). Another field where women are largely over represented is Health and welfare, with 75% female graduates.

One in three graduates studied social sciences, business or law

The largest share of graduates in all Member States studied Social science, business and law. In Bulgaria, this field was followed by nearly half of all graduates (49%). It accounted for a large share also in Luxembourg (46%), Cyprus (44%) and Lithuania (43%).

One in five graduates in Romania, Austria, Finland (all 21%) and Germany (20%) received their diplomas in Engineering, manufacturing and construction.

The share of graduates in Health and welfare was particularly high in Belgium (25%), where one in four graduates was in this field, and exceeded 20% also in in Sweden (23%), Denmark (21%) and Finland (20%).

Humanities and arts were popular in the United Kingdom and Italy (both 16%). In the United Kingdom, 17% graduated in Science, mathematics and computing. This field had a relatively large share also in Malta (15%) and Germany (14%). By far the largest share of Education graduates was in Luxembourg (26%).

80% of Education graduates are women

In all Member States, there were more women among tertiary education graduates than men (58% of graduates were women at EU level). The share of female graduates was particularly high in Estonia and Poland (both 66%). The most balanced gender distribution was observed in Germany (51%) and Ireland (52%).

Engineering, manufacturing, and construction is clearly dominated by men at the EU level (73% of the graduates in this field are men) and in all the Member States. The share of male graduates in this field ranged from 61% in Poland to 85% in Ireland. Science, mathematics and computing is another male field in most Member States – apart from Romania (41% of the graduates in this field are men), Portugal (43%), Cyprus (46%), Italy (47%) and Bulgaria (50%). The highest share of male graduates in Science, mathematics and computing was in Netherlands (73%), well above the EU level (58%).

Women are over represented in Education in all the Member States – their share in this field in the EU was 80% and ranged from 62% in Luxembourg to 97% in Romania. Also in Health and welfare, female graduates dominated both on the EU level (75%) and in all the Member States, with the highest share in Estonia (90%) and the lowest in Cyprus (65%).


Labour costs growing fast in Malta in 1Q 2016

Labour costs growing fast in Malta – up by more than 11% where Malta has clearly a skills’ shortage

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When economy heats up, the desire for the best heats up as well…..

MALTAWAY ? is the key question indeed!

Corporate & Assets Governance, World Class, MALTA, Worldwide

We believe that many Corporations and Individuals  seek what we have found , and we want to share , we need only starting to think and act differently … and our contribution 


Labour costs in Malta appear to be consistently on the rise with increases ranging from 1.1 per cent quarter to quarter up to an impressive 11% in certain sectors such as non-wage costs. Malta was well above the average for wage cost rises at just under 3% or in 11th place where nominal labour hourly costs were concerned.

Hourly labour costs rose by 1.7% in both the euro area (EA19) and the EU28 in the first quarter of 2016, compared with the same quarter of the previous year. In the fourth quarter of 2015, hourly labour costs increased by 1.3% and 2.0% respectively.

The two main components of labour costs are wages & salaries and non-wage costs. In the euro area, wages & salaries per hour worked grew by 1.8% and the non-wage component by 1.5%, in the first quarter of 2016 compared with the same quarter of the previous year. In the fourth quarter of 2015, the annual changes were +1.5% and +0.7% respectively. In the EU28, hourly wages & salaries rose by 1.7% and the non-wage component by 1.6% for the first quarter of 2016. In the fourth quarter of 2015, annual changes were +2.1% and +1.3% respectively.

Breakdown by economic activity

In the first quarter of 2016 compared with the same quarter of the previous year, hourly labour costs in the euro area rose by 2.0% in industry, by 1.4% in construction, by 1.7% in services and by 1.6% in the (mainly) non-business economy. In the EU28, labour costs per hour grew by 1.9% in industry, by 2.6% in construction, by 1.6% in services and by 1.5% in the (mainly) non-business economy.

Member States

In the first quarter of 2016, the highest annual increases in hourly labour costs for the whole economy were registered in Romania (+10.4%), Bulgaria (+7.7%), Estonia (+6.9%), Lithuania (+6.1%) and Latvia(+4.7%). Decreases were recorded in Italy (-1.5%) and Cyprus (-0.3%).

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