Malta Switzerland of the Mediterranean
In spite of the financial crisis, Malta’s financial services industry remains a robust player in the market and a corner stone of the Maltese economy.
Indeed, Malta offers a unique mix of an EU-compliant regulatory framework for the financial services industry coupled with an interesting tax regime and a highly qualified and multi-lingual workforce. By harmonising the legal framework, the European legislator has created vast opportunities for the Maltese and its financial services industry. Relying on the European passporting regime, Malta licensed insurers can write business throughout the whole Community and the EEA.
Against this background, more and more businesses target Germany with her robust economy and wealthy population.
At the same time, non-unified domestic laws or peculiarities in the application of European regulations remain relevant. This holds also true for the German BaFin. For compliance purposes and risk assessment, a Malta licensed financial service provider will therefore have to consider certain legal issues in structuring its venture.
Against this background, our partner Dr. Christian Pisani talks with Mr. Joseph Cutaja on the Maltese insurance market at large and its opportunities.
Pisani, Christian, Insurance Business in Malta, Interview with Joseph Cutaja, Managing Director, Mediterranean Insurance Brokers, initiated by Finance Malta, Malta Stock Exchange, Valletta, 09/2010