"An auspiciously-timed revolution in Malta's financial services industry has seen the country emerge as one of the EU's most attractive finance centres, using its agility to create innovative products and capitalising on the skills of its highly trained workforce," stated The Report Company in its detailed review of Malta's financial services sector.
Since joining the EU as a full member, Malta's financial services sector became highly regarded in the fields of investment funds administration, asset management and other related services. The development of new products, along with a formidable regulatory framework and tax-efficient regime, helped financial services bring in more foreign direct investment to the island than any other sector.
Malta was also the first EU country to offer protected cell company status to the insurance sector. Furthermore, in 2013, following new regulations about the authorisation of reinsurance special purpose vehicles (SPRVs), Malta became a key jurisdiction for alternative risk transfer. Professor Joe Bannister, Chairman of the Malta Financial Services Authority (MFSA), stated that modifying existing, rather than creating new regulation, will give the industry the edge.
The report also points out that due to the fast-evolving nature of the financial services industry, Malta is in need of a highly trained workforce to meet the specific requirements of the industry. The sector is all the more requiring specialised skills and more people with those skills. The Report Company states that "the economy is now more than ever in need of a sizeable, highly skilled workforce, sourced both from its higher education institutions as well as the greater EU market."
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
