Finance Malta Launches 'Sector Guides'
Monday, January 30, 2012

Finance Malta, the public-private partnership set up to promote Malta's financial services sector, has launched a set of technical and promotional guides in support of local practitioners to aid prospective investors considering operations in Malta.

Finance Malta said the ‘Sector Guides’ initiative will play a key role in supporting and maintaining the current level of growth being experienced by Malta's international financial centre (IFC) and are designed to help Finance Malta members attract more business to the jurisdiction.

Under the five sector headings of credit & financial institutions, insurance & pensions, investment funds & asset management, trusts & foundations, and wealth management, the guides have been produced for distribution to prospective overseas clients and institutions as an essential reference source. The project was launched after consultation by the agency with partner associations and industry practitioners on measures to boost financial services growth.

According to Finance Malta, the Sector Guides have been developed with help from major industry associations in Malta to provide an accurate and comprehensive picture of the key elements that influence business decision makers including regulation and oversight, service providers, taxation, business environment and lifestyle. Financial services are an important contributor to the Maltese economy providing over EUR1bn in revenue and provides direct employment for 8,000 people in Malta.

As a primary economic pillar, the financial services industry has been gathering momentum in a number of sectors with rapid growth in its fund sector witnessed in the last few years - there are now over 500 funds and more than 100 asset management firms established in the jurisdiction. Insurance is another key area of growth, and the agency said Malta is also an emerging regional hub and key location for wealth managers, family offices, high-net worth individuals and retirees. Other clusters have been established and have witnessed high growth, including aviation and yachting, with the Maltese Shipping Register recently being confirmed as the largest merchant flag in Europe by Clarkson Research Services, generating over EUR12m (USD15.75m) in revenue to Malta's transport authority alone.