MJM Europe Limited
Established in Malta since 2006, MJM Europe Limited is part of the MJM Bermuda Group.We take pride in working harder and going further to support our clients to achieve their objectives. Many of our clients have been working with us for many years and the vast majority of our business has been obtained through referrals. MJM Europe Limited, a Company Service Provider, is fully licensed and authorised to act as a Trustee by the Malta Financial Services Authority. Relocating to Malta has proved to be a popular choice for certain types of individuals and businesses in recent years. Whether you are a self-sufficient individual or family, represent a company with international operations or are a law firm that represents these types of clients, the following information will provide an overview of the situation.
Why Relocate to Malta?The country has played an important strategic role over the centuries because of it’s location in the centre of the Mediterranean Sea. While it is closest geographically to Sicily, it is also close to North Africa and sits on a path that shipping lanes to and from the Middle East have used for centuries. This location has made the Maltese a pragmatic people that are used to working and trading with other people from around the world. It has also made the country desirable to others, which explains why it has been a possession of other nations. Malta is now a full member of the European Union and uses the euro currency. When combined with it’s historical relationship with the United Kingdom and the traditions that the UK has left behind, this small country has a powerful role to play in world trade. The Maltese speak English very well and business can be conducted entirely in English if desired, or in Italian in many companies. The legal system is based on English law and is now, of course, compliant with the rules of the EU. This adds an extra level of comfort when doing business locally. For Individuals Not only is Malta within the EU, but it is also a member of the Schengen area. This means that borders are essentially open once inside. EU citizens are able to move, visa free, to live and work in the country as a resident. Legally, an Identity card is required, but for Europeans from an EU Member State, there are no special work permits or visa applications required. Since joining the EU, many nationals of other European countries have moved to the island. There are now substantial populations from Sweden, Germany, Finland and Great Britain. There are also smaller numbers of people that have taken up Maltese residency from the Baltic states and central and Eastern Europe. Many people move because they have some form of income that makes this possible. For individuals or families that have sold a business, have royalty payments or a retirement income, moving to Malta can be a low cost lifestyle choice and a tax efficient strategy. There is now a wide range of such individuals that reside 1 in Malta because of these rules. It is not unusual to meet online entrepreneurs running a business virtually, authors, property investors and developers and expats that are retiring early. There is more than one set of rules in place, enabling permanent residents (via the High Net Worth Individual scheme) to pay pre-set rates of personal income tax if they meet the required criteria. This is obviously an incentive to relocate and we will be happy to explain the rules in full for you. Personal taxation can be a complicated topic at best in most countries, so it is not possible to offer tax advice in this article, but on a general level, the Maltese system is friendly to individuals with an income that is generated abroad. We will be pleased to discuss your current situation to investigate whether relocating and Maltese residency can be fiscally beneficial to you or your clients.
For CompaniesThere are good reasons for companies to relocate to Malta. As mentioned above, the country has an English speaking workforce, a legislative environment that is both British and European, a low cost of operation and a competitive taxation policy. There are also rules that enable foreign domiciled companies to pay reduced rates of Corporation Tax. To help transition into this new environment, MJM Europe can handle company and trust formations for a number of jurisdictions such as the BVI. We are also able to make the formation of your Maltese company quick and easy.