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E&S Group’s clean up day

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Last Friday, 3 November E&S team organized a clean-up event around St George’s Bay area. A well coordinated and organised event resulted in collection of a large amount of garbage bags. E&S Group constantly implements various initiatives to reduce our environmental footprint and to promote an environmentally friendly attitude among its employees.

Littering and illegal dumping is becoming a big issue in Malta. Furthermore, it affects our community and life in many other ways, such as damaging ecosystem, flora and fauna and our natural beautiful landscapes. Every effort in keeping Malta clean helps, and we will make sure to hold more such events and continue developing our Corporate Social Responsibility practices.

www.ellulschranz.com

 

 

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MALTA GAMING AUTHORITY PUBLISHES THE “FIT AND PROPER” GUIDELINES ON THE KEY OFFICIAL REQUIREMENTS

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The MGA’s fit and proper guidelines are one of a series of measures to be launched by the MGA in order to ensure a consistent and transparent approach in its regulatory outreach in the interests of all stakeholders and customers alike. These Guidelines set out the minimum criteria applicable to

all relevant persons falling under all the activities regulated by the MGA in accordance with applicable law.

 

These may be accessed on:

 

http://www.mga.org.mt/wp-content/uploads/Fit-and-Proper-Guidelines-03092015.pdf

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NEW RESIDENCY AND VISA PERMIT PROGRAMME FOR FOREIGN INVESTORS RESIDENT OUTSIDE THE EU

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A new Residence and Visa programme to attract international investors who reside outside the EU to Malta has been published to encourage them to invest and reside in Malta.

Under these new legal provisions a residence permit may be obtained by persons over the age of 18, with a clean police conduct and that of their dependents and who could prove the ownership

of property in Malta for a minimum period of 5 years. Qualifications require a property purchase of a minimum of €320,000 or a property investment of a minimum of €270,000 in either Gozo or the south of Malta.

Alternatively applicants could rent a property for an annual minimum of €12,000 in Malta or €10,000 in Gozo or south of Malta. Residence could also be obtained if there is proof of income of at least €100,000 annually from sources outside Malta or of a capital investment of at least €250,000 in Malta and Gozo spread over a period of five years.

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EU FORECAST FOR MALTA IN 2015 – VERY POSITIVE

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The European Commission is very optimistic about Malta’s economic performance in 2015. A forecast report published by the Commission looks favourably at the prospect of the Maltese economy continuing to outperform the general EU trends in the coming year. The Commission report comments about the ‘improving business sentiment’ in Malta and is expecting Malta’s ‘strong investment profile’ to further strengthen itself in 2015.

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MALTA HAS SECOND LOWEST INFRINGEMENT RATES IN EU

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The European Commission has published a report showing that Malta is the second best performing Member State in the European Union. Whilst monitoring Malta’s performance, only 14 infringements have been detected pertaining incorrect transposition and bad application of EU laws. This shows that Malta is tackling its issues correctly together with Latvia and Estonia being 1st and 3rd respectively.

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MFSA LAUNCHES SECURITISATION CELL COMPANY CONSULTATION

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The Malta Financial Services Authority is proposing a new regulation on securitisation cell companies. The draft regulation was launched as part of a consultation process on the 4th September 2014. The consultation runs through until the 24th September 2014.

The draft regulations create a new legal entity, the Securitisation Cell Company (‘SCC’), being a single legal entity having the ability to establish one or more cells for the purpose of securitisation transactions. The proposals mark the first attempt of a European Union state to legislate for the use of cell companies as securitisation vehicles. The proposals are built on Malta’s established reputation as a cell domicile in the funds and insurance sectors.

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MALTA’S PLACE AMONGST EU’S BEST PERFORMERS

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In the European Union’s 28th edition of the Internal Market Scoreboard, Malta has been placed 2nd amongst member states, moving towards a 0% deficit which is considered a perfect score. This means Malta’s score board of 0.2% is below that which is average for the EU (0.7%).

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SPECIAL TAX RATE – RESIDENCE

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The different residence schemes put up in Malta have attracted a large number of individuals wishing to avail themselves of the special tax rate. It has been recently reported that a total of 320 professionals who have taken up residence in Malta are benefitting from a minimum tax rate of 15% of their €75,000 plus salaries.