A Critical Benefit of the Maltese Maritime Flag: Court-Approved Private Sales
The continued success of the Maltese Maritime Flag can be greatly attributed to the protection given to financiers and creditors of vessels registered under the Maltese Flag.A ‘judicial sale’, as defined by Lief Bleyen, is the “sale of a ship by a competent authority by way of public auction or private treaty…by which Clean Title …
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Protecting a Vessel’s Creditors: Precautionary Measures Prohibiting Dealings and Transfers
Article 37 of the Merchant Shipping Act (Chapter 234 of the Laws of Malta) is a mechanism which is particular to Malta, further securing Malta’s position as the largest ship registry in Europe.Article 37 deals with the power of the Court to prohibit any dealing with a ship, or any share therein. Here, the Civil Court, First Hall, may, …
Revival of Defunct Companies
During the first half of 2020, around 10,000 defunct companies were struck off the Malta Business Registry (‘MBR’), in light of a ‘cleaning-up exercise’ undertaken by the local Registrar of Companies (‘Registrar’) in an attempt to remove companies which did not appear to be trading and which have not kept up with the necessary annual …
Brexit Trade and Cooperation Agreement | The Impact on Aviation
Following years of ambiguity and fractious negotiations, it was finally announced that on a Christmas Eve like no other, the European Commission and the United Kingdom (UK) had reached a consensus concerning the long-awaited Brexit Trade and Cooperation Agreement (TCA) worth over £650 billion, which shall determine the terms and conditions of their relationship and future collaboration.The …
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Malta’s NFDI Screening Office Act is Out
On the 18th of December 2020, Malta’s National Foreign Direct Investment Screening Office Act (the ‘NFDISO Act’) was published, which came into force on the 11th October 2020 and implements Regulation (EU) 2019/452.Last year, the NFDI Screening Office (“NFDI Office”) was set up in Malta, ahead of the publication of the NFDISO Act in compliance with the Regulation. …
The Newly Introduced Malta Permanent Residence Program
During a seminar spearheaded by Parliamentary Secretary Alex Muscat and MRVA CEO Charles Mizzi on the 12th of January, 2021, details were given about a new residency program, which shall be entitled “Malta Permanent Residence Program”. This program is set to replace the Malta Residence and Visa Program (MRVP), which shall be phased out by …
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A GVZH Guide for British Yacht Owners (as per recent RYA published guidelines)
AN INTRODUCTION TO A GVZH GUIDE FOR BRITISH YACHT OWNERS
MIIP Reform Update: Granting of Citizenship for Exceptional Services
By virtue of Legal Notice 437 of 2020 which was issued on Friday 20th November 2020, the Granting of Citizenship for Exceptional Services Regulations has been launched.
Restructuring of the MFSA Loan Funds Regime
Mindful of the fact that certain businesses are finding it increasingly difficult to gain access to capital through traditional lending sources, on the 10th of November 2020, the Malta Financial Services Authority (‘MFSA’) restructured the Loan Funds Regime by publishing a revised version of the Loan Funds Rules, the aim of which is to achieve a …
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NFDI Provides Update Regarding Notification Forms
The National Foreign Direct Investment Screening Office (“NFDI Office”) was set up in Malta, in order to implement the provisions of EU Regulation 2019/452. On the 14th of October 2020, the NFDI Office published a Circular on its website whereby it notified Corporate Service Providers that Notification Forms must only be submitted to the NFDI Office …
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