Banking Institutions in Malta

Anton John Mifsud | 06 Feb 2012

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Malta is a sovereign state, politically and economically stable. It is a member of the Council of Europe, the Commonwealth and the United Nations. The Government of Malta is committed to establish the best possible relationship towards developing Malta’s economy in partnership with the European Union.
 
The Banking Act, incorporates the best supervisory practices and regulatory standards which are internationally accepted and enable Malta to be recognized as a serious jurisdiction committed to comprehensive regulation of its banks.
 
Banking confidentiality is respected through the operation of the Professional Secrecy Act, and the Prevention of Money Laundering Act safeguards the integrity of the banking system against misuse. For most serious banks it is now a primary consideration to operate in or from territories that have adequate preventive measures against illegal use of their financial systems.
 
A bank carrying on substantially international business is able to benefit from attractive tax arrangements, provided its deposit funding is at least 95% from non-residents. In such cases the bank’s profit resulting from investments, assets or liabilities situated outside Malta is eligible to be allocated to the foreign income account and to a flat rate foreign tax credit in addition to any double-taxation relief.

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