The flexibility that Malta offers as a jurisdiction within the EU has led to the rise of the country's reputation as a cost-effective and tax-efficient jurisdiction of choice. The principal industry sectors attracting attention lately are aircraft leasing and financing, holding and development of intellectual property, group finance and treasury activities, securitisation, insurance, asset management and investment fund activities, ship registration and financing, research and development activities, high value-add manufacturing activities including pharmaceutical, ICT and software development and logistics/transhipment activities. Depending upon the nature and scope of activities, all investors may benefit from both fiscal and non-fiscal incentives.

b. Is the government generally supportive of COI? Which government, and regional, bodies are responsible for driving COI in your jurisdiction?

Yes, the Maltese government has a long-standing relationship with China and several business delegations which have been organised by Malta Enterprise and led by the government have visited China to explore COI prospects.

Section 2: Investment vehicles

a. What are the most common legal entities and vehicles used for COI in your jurisdiction? How long do they take to become operational?

The various investment vehicles include limited liability companies, commercial partnerships, trusts, foundations and other investment vehicles such as companies with variable share capital (SICAVs) and funds. The most common are private limited liability companies, which would typically take between one and five days to become operational, with most entities enjoying same-day registration where all required documentation is readily available.

b. What are the key requirements for establishment and operation of these vehicles which are relevant to COI (e.g. is there a requirement for local directors)?

Limited liability companies require a minimum equity investment of €1,165 (Rmb10,000) and a locally-registered address. Most entities require at minimum the registration of their statute setting out the entity's objectives, ownership and management. The entities may be owned and managed by any person, whether resident or non-resident in Malta.

Section 3: Investment approval

a. For foreign investment approval (including any national security review) explain the approval process and timing.

The Malta Financial Services Authority (MFSA) is the financial services regulator. Regulated financial entities, including banks, insurance companies, asset management companies and investment funds, need to notify the MFSA to obtain a licence to carry out their activities. Such a licence may contain restrictions as to who may control the regulated entity; however, these are usually based upon experience, track record and integrity of the persons and are not blanket foreign ownership caps or legislative restrictions.

On a side note, the carry-on of certain types of activity may of course require authorisation depending on the type of activity. This would typically be determined on the basis of the activities to be carried on by the entity rather than on the basis of the shareholders' nationality.

b. Briefly explain the investment restrictions for any specially regulated/restricted sectors (natural resources, financial services, telecoms and infrastructure, etc), including whether the government is entitled to any special rights (e.g. golden share) in those sectors.

Malta does not generally apply restrictions to FDI, though for licensed entities one would need to examine any requirements for persons who may be in a controlling position of such a licensed entity.

c. Which authority oversees competition clearance, when is notification mandatory, and what is the merger clearance process (including whether pre- or post-closing)?

The Office for Competition oversees competition clearance in terms of the Control of Concentrations Regulations (2002), which, unless otherwise exempt in terms of a specific derogation from the general rule, requires mandatory notification pre-closing and which concentration (merger or acquisition) may only proceed if authorised by the Office for Competition.

d. Are there any unique processes that potentially could block a foreign investment, e.g. consent from labour unions?

No, insofar as the proposed investment is not contrary to public policy, national health or security.

e. Are there approval requirements when a foreign investor increases or exits its investments?

No.

Section 4: Tax and grants

a. Are there tax structures and/or favourable intermediary tax jurisdictions that are particularly useful for FDI into the country?

Undoubtedly, the fiscal framework in Malta plays a very important role in attracting foreign investment to Malta as it has no transfer pricing, thin capitalisation rules or withholding taxes.

The tax refund system

Maltese resident companies and local branches of foreign companies first pay tax on their profits at 35%. Upon the distribution of taxed profits, whether derived from local or foreign sources (other than from immovable property situated in Malta), the shareholders would be entitled to a full or partial tax refund.

The quantum of the tax refund is dependent on the nature and source of the income and whether double taxation is claimed. Generally, the refund is 6/7ths of the 35% underlying tax, resulting in a 30% tax refund of the taxable profits.

The operation of reliefs for double taxation together with tax refunds upon distributions ensures that the effective tax suffered in Malta would in general range between 0% and 6.25%.

Participation exemption

Malta also adopts a flexible 100% participation exemption on dividends derived from a qualifying company or from the transfer thereof. A qualifying company is one which satisfies one of a series of tests. Typically, as with most participation exemption jurisdictions, Malta has an ownership test which is set at 10%. Alternatively, the participation exemption is applicable where a holding either has an acquisition value of €1.164 million (Rmb10 million) held for an uninterrupted period of 183 days; entitles the company to a right to sit or appoint a director on the board or to a right to purchase the remainder of the capital; or where the shares in the qualifying company are held for the furtherance of the Malta holding company's own business and not as trading stock for the purpose of a trade.

With respect to dividends, the participation exemption is applicable if the qualifying company is either resident or incorporated in the EU, is subject to a 15% tax rate or has 50% or less of its income derived from passive interest or royalties, or is not held as a portfolio investment and it, or any of its passive interest or royalties, has been subject to tax at a rate of at least 5%.

Malta has also recently extended the participation exemption to apply to any income or gains derived by a Maltese company which are attributable to a foreign permanent establishment which belongs in full or in part to that company and to any gain realised upon the transfer of such a permanent establishment.

b. What are the applicable rates of corporate tax and withholding tax on dividends?

As outlined above, whilst the headline corporate tax is 35%, the application of the tax refund system positions Malta as the country with the lowest effective tax in the EU, ranging between 0% and a maximum of 6.25%.

Malta is the only EU jurisdiction that still has a full imputation tax system which completely eliminates the economic double taxation of company profits. Shareholders in receipt of dividends are entitled to a tax credit equal to the tax borne on the profits out of which the dividends are paid. Since the corporate tax rate of 35% is also the highest personal tax rate in Malta, shareholders will not suffer any additional tax on the receipt of dividends.

Malta does not impose a withholding tax on outbound dividends, interest, royalties or any other payments to non-residents.

c. Does the government have any FDI tax incentive schemes in place?

Enterprises, including those engaged in manufacturing, ICT development activities, call centres, healthcare, pharmaceuticals and biotechnology may benefit from investment tax credits.

d. Other than through the tax system, does the government provide any other financial support to FDI investors? If so, please provide an overview.

Yes, though the fiscal incentives play a major role, the national development agency 'Malta Enterprise' may in certain circumstances be able to assist through the provision of various forms of non-fiscal incentives.

e. Are there any reciprocal tax arrangements between your jurisdiction and China? If so, how can they aid investors?

Yes, Malta enjoys a double tax agreement with China which allocates taxing rights between the two states so as to eliminate double taxation of persons/entities involved in cross border trade and investment.

Malta also has several non-fiscal Memoranda of Understanding with Chinese authorities such as the Trade Promotion Council and the China Banking and Securities Regulatory Commissions.

Section 5: Forex controls and local operations

a. What foreign currency or exchange restrictions should foreign investors be aware of?

Malta's currency is the Euro. Malta doesn't impose any foreign exchange restrictions.

b. Are there any legal restrictions on bringing in foreign workers and how difficult is it for foreign investors to secure expatriate visas for shareholder representatives, senior managers and workers in practice?

Generally, an employment licence (work permit) is required for non-EEA Nationals to exercise any employment in Malta. Employment licences and residence permits are available and can be obtained by shareholders, senior managers and other key personnel when justifiable in terms of the size of the business and the relevant experience which they have in terms of working within the business/sector/relevant market. Employment licences and residence permits may also be obtained for workers (more junior staff), however the application of the labour market considerations test (that is, whether a suitable person already present within the European Union can be found to carry out the proposed employment), means that this needs to be appropriately justified.

Malta offers an attractive tax environment for persons who are resident but not domiciled in Malta. Such persons are only taxable in Malta on Maltese sourced income, such as employment income for work performed in Malta and certain capital gains arising in Malta. Foreign sourced income is only taxable in Malta to the extent that it is received in or remitted to Malta. No taxation arises on foreign sourced capital gains.

In addition to the aforementioned basis of taxation which is usually highly beneficial for internationally mobile expat workers, Malta offers a variety of special tax statuses which may be availed of (subject to the fulfilment of certain conditions) which enable qualifying persons to claim a flat rate of tax of 15% upon non-Malta source income which is received in Malta or a flat rate of tax of 15% upon qualifying income arising in Malta derived from certain specified employments, capped at a maximum of €5 million (Rmb43.1 million), for a determined number of years (should the qualifying income exceed this maximum, the excess would be exempt from Maltese tax).

In addition to the above, the Maltese Government has also just launched an Individual Investor Programme allowing individuals who satisfy a thorough due diligence process and make a significant contribution to the social and economic development of Malta to acquire Maltese Citizenship by naturalisation. Maltese citizens are subject to and benefit from EU Law and also benefit from visa free travel arrangements to some 160 destinations worldwide.

Section 6:Dispute resolution

a. Does your jurisdiction have a bilateral investment protection treaty with China or other jurisdictions commonly used for investing into the country?

Malta has entered into some 20 bilateral investment protection treaties with various jurisdictions.

b. How efficient are local courts' enforcement and dispute resolution proceedings, and are there any procedural idiosyncrasies foreign investors must be aware of?

There is a drive to ensure that the court system maintains and increases efficiency. Alternatively, upon agreement between the parties, any dispute may be settled by arbitration in terms of the UNCITRAL Model Law. The parties may appoint any number of arbitrators by agreement. Should no agreement be reached upon who shall be appointed arbitrator, the arbitrator may be appointed by the Malta Arbitration Centre.

c. Do local courts respect foreign judgments and are international arbitration awards enforceable?

Yes, apart from provision in domestic law, Malta is a signatory of the Convention on the Recognition and Enforcement of Foreign Arbitral Awards and the Hague Convention on the Recognition and Enforcement of Foreign Judgments in Civil and Commercial Matters.

d. Are local judgments and arbitration awards from your jurisdiction generally enforceable in other jurisdictions?

Yes, generally within the EU in terms of the mutual recognition and enforcement of judgments in civil and commercial matters regulation and in other jurisdictions which are signatories to the Convention on the Recognition and Enforcement of Foreign Arbitral Awards/The Hague Convention on the Recognition and Enforcement of Foreign Judgments in Civil and Commercial Matters.

André Zarb

André heads the tax function of KPMG in Malta, a position he has held since becoming a partner in 1994. André has advised several local businesses on the taxation issues relating to mergers, de-mergers, reconstructions and acquisitions as well as on various other taxation matters. He also advises international clients on international tax issues, including investments undertaken by such companies in both Malta and in other countries through corporate structures in Malta.

In the past several years, André has assisted the government on a number of significant tax legislation changes. He was part of the KPMG team that advised the government of Malta on the major changes in tax legislation, which were passed in 1994. Since 2000, André has advised the government on the amendments required so that the incentives provided by Malta are compliant with the EU guidelines on the provision of State Aid, and has subsequently assisted in the drafting of the relevant legislation. Post-accession, André assisted the government in negotiations with the Tax Policy Group and the Code of Conduct for Business Taxation. He also assisted in drafting the legislative income tax amendments following the agreement reached with the EU.

Simon Xuereb

Simon is a senior manager in the tax and immigration function of KPMG in Malta. Simon joined KPMG in 2009 after graduating with a Doctor of Laws (LL.D.) from the University of Malta. He then proceeded to specialise in international and EU taxation at the International Tax Centre of Leiden University in the Netherlands, where he successfully obtained a Masters of Advanced Studies in International Tax Law. On a daily basis, he provides advice on the implementation of international tax solutions to a broad range of international clients across various industries.

He regularly delivers presentations on current tax issues at both local and international conferences and seminars, has acted as a regular lecturer on the advanced tax paper for ACCA and continues to act as a regular lecturer on the course leading to the Advanced Diploma in International Taxation. He has also had his work published in European Taxation.

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马耳他

André Zarb 和 Simon Xuereb
毕马威会计师行


第一节：中国境外投资

1. 您国家吸引中国境外投资或您政府有意吸引中国境外投资的主要有哪些行业？
马耳他作为欧盟内一个司法管辖地，其提供的灵活性使其跃升成为首选的高成本效益和节税的国家。近来，最引人注意的行业是飞机租赁和融资、知识产权控股和开发、集团融资和理财、证券化、保险、资产管理和投资基金业务、船舶登记和融资、研发业务、包括制药在内的高增值制造业、信息通信技术和软件开发、物流/转运业务。根据业务性质和范围的不同，所有投资者都可获得一定的财务性和非财务性的鼓励。

2. 政府一般支持中国境外投资吗？在您国家，哪些政府或地方机构负责推动中国境外投资？
是的，马耳他政府与中国有着长久的关系，马耳他企业曾组织过多个商业代表团在政府率领下访问了中国，探讨中国境外投资的前景。


第二节：投资工具

1. 您国家最常用于中国境外投资的法人实体和工具有哪些？要多久才可营运？
投资工具有多种，包括有限责任公司、商业合伙公司、信托公司、基金会以及其他投资工具，例如可变股份公司（SICAV）和基金。最常用的是私人有限责任公司，此类公司通常只需一至五日便可投入营运，多数实体在所需文件齐备的情况下即可当日注册。

2. 设立和营运与中国境外投资相关的企业主要需符合什么要求 (例如：有没有规定必须要有本地董事)？
有限责任公司需要最低股本1,165欧元（10,000人民币）和一个当地注册地址。多数实体需要至少登记其章程，说明实体的宗旨、所有权和管理层。任何人，无论是否马耳他的居民，都可以拥有和管理这些实体。


第三节：投资审批

1. 关于外商投资的审批 (包括任何国家安全审查)，请说明审批程序和所需时间
马耳他金融服务局（MFSA）是金融服务业的监管机构。受监管的金融实体，包括银行、保险公司、资产管理公司和投资基金，需要通知MFSA才能取得从事其业务的许可证。许可证上可限制什么人可以控制该受监管实体；不过，这些限制一般是根据个人的经验、资历和品行而定，而不是对外国人所有权的普遍限制或立法上的限制。

附带要提到，某些业务的从事当然可能需要经过审批。这通常根据所从事业务而定，而不取决于业务股东的国籍。

2. 请概述任何特别受监管/限制的行业 (自然资源、金融服务、电信和基础设施等)的投资限制，包括政府在有关行业是否有特别权利 (例如黄金股份)。
马耳他对外国直接投资一般不设限制，但是，需要许可证的实体要注意实体的控股人需要符合什么要求。

3. 哪个机关负责监管竞争审查？什么时候报告是强制性的？并请概述合并审查程序(包括合并前后)。
竞争管理局依照《集中监管条例》（2002）审批竞争交易。除了被特别豁免不受一般条例限制的以外，交易需要在交易完成前提交通知，而且该集中（兼并或收购）必须经竞争管理局批准后方可继续进行。

4. 有没有任何特别的程序例如工会同意之类，有可能会阻止外国投资的呢？
没有，只要拟进行的投资不违反公共政策、不危害国民健康或国家安全。

5. 外国投资者如增加或撤回投资，有什么审批要求？
没有。


第四节：税收及补助

1. 有没有一些税务结构或有利的中介税务管辖区，是对外商直接投资马耳他尤其有用的？
毫无疑问，马耳他的金融制度是吸引外国投资的一个重大因素，因为它没有转让定价、资本弱化规则或预扣税。

退税制度
马耳他居民公司和外国公司的马耳他分支机构，需先就其利润支付35%的税。分配税后利润时，无论是来自当地或是境外（非来自马耳他境内不动产的），股东都享有全部或部分退税。
退税额取决于所得的性质，是否来自当地或境外，是否申报双重征税。一般而言，退税是已缴35%税的6/7，相当于应税利润的30%。





对双重征税的宽免以及股息退税制度确保了马耳他的实际税负一般在0%至6.25%之间。

股东免税
对于从合资格公司取得的股息或从公司转让中所得的收益，马耳他也实行灵活的100%股东免税。合资格公司是符合一系列条件之一的公司。与多数实行股息免税的国家一样，马耳他也有一个以10%为界线的所有权条件。或者，在下述情况下股息免税也可适用：连续183天持有收购价值为116.4万欧元（1千万人民币）的股权，使持有人有权担任或委任董事或有权收购其余资本；或是为了发展马耳他母公司自有业务而不是为买卖股份而持有合资格公司的股份。

对于股息，如果合资格公司符合下述规定之一，即可适用股息免税：它是欧盟居民公司或在欧盟内注册；它负担的税率是15%或有不超过50%的所得来自被动权益或特许权使用费；它不是作为投资组合而被持有的，而且它或其任何被动权益或特许权使用费所得负担的税率至少是5%。

马耳他最近还将股息免税延伸适用于马耳他公司拥有全部或部分股权的外国常设机构的任何所得或收益以及转让该机构时的任何收益。

2. 企业所得税和股息预提税的适用税率是多少？
如上所述，虽然马耳他的标准企业所得税是35%，但是退税制度的适用使马耳他的实际税率在0%与最高6.25%之间，是欧盟各国中最低的。

马耳他是仍然实行全面两税合一制度的唯一欧盟国家，该制度完全消除了公司利润的双重征税。股东所得的股息享有税务抵扣，其金额相当于支付股息的公司利润被征收的税。由于35%的企业所得税率也是马耳他的最高个人所得税率，因此股东收取股息就不必再被征税。

马耳他对汇出的股息、利息、特许权使用费或任何对非居民支付的其他款项不征收预提税。

3. 政府是否已设立外商直接投资税务优惠制度？
企业，包括从事制造、信息通信技术、呼叫中心、保健、制药和生物技术的企业，可享受投资税务优惠。

4. 除了通过税务制度，政府还有向外商直接投资者提供其他财务支持吗？如有，请加以概述。
是的，虽然财务激励措施起主要作用，国家开发机构“马耳他企业局”在某些情况下也可以通过各种形式的非财务激励措施提供援助。

5. 您国家与中国之间有没有任何相互税务安排？如有，这些安排如何帮助投资者？
有的，马耳他与中国有双重征税协议，该协议分配了两国之间的征税权利，以消除对从事跨国贸易和投资的个人/实体的双重征税。
马耳他还与贸易促进委员会和中国银监和证监会签署了多个非财务方面的谅解备忘录。


第五节：外汇管制及本地经营

1.有什么外币或外汇限制是外国投资者需要注意的？
马耳他的货币是欧元。马耳他不设外汇管制。

2. 引入外国员工有什么法律限制？在操作上外商投资者为股东代表、高级经理和员工取得外国员工签证有多困难？
一般而言，非欧洲经济区国民在马耳他就业需要就业许可证（工作许可）。股东、高级管理人员和公司规模需要的和具备有关业务/行业/市场所需经验的其他主要人员可以取得就业许可证和居住许可证。员工（较低级人员）也可以办理就业许可证和居住许可证，但是，由于劳动力市场测试（即，欧盟内是否已经可以找到能够从事拟议工作的合适人选）的适用，这是需要适当证明的。

马耳他为居住而非定居在马耳他的外籍人员提供优惠的税务环境。他们只需为其来源自马耳他的所得纳税，例如在马耳他受雇所得和在马耳他产生的某些财产利益。境外所得只有在马耳他收取或被汇入马耳他时需要纳税。境外财产利益无需纳税。

除了上述通常对国际流动的外籍雇员非常优惠的税务规定之外，马耳他还提供多种特殊的税务身份（在满足若干条件的前提下），使合资格人员能够为其在马耳他收到的非马耳他来源所得或从某些特定就业在马耳他取得的合资格所得在规定的年限期间申报15%的单一税率，并以500万欧元（4,310万人民币）的所得为上限（如果合资格所得超过该上限，超过部分免征马耳他税）。

除上述以外，马耳他政府还刚施了一项个人投资者计划，允许通过了严格的尽职调查程序、对马耳他的社会和经济发展作出重大贡献的个人归化成为马耳他公民。马耳他公民受欧盟法律管辖，享有欧盟法律下的待遇，在全球160国家旅行可以免签证。


第六节：争议解决

1. 您国家是否有和中国或其他国家签订关于投资您国的双边投资保障条约？
马耳他与多个国家订立了20多个双边投资保护协定。

2. 当地法院的执法和争议解决程序的效率如何？有什么特别的程序是外商投资者需要注意的？
马耳他在努力确保其法院系统保持和提高效率。当事方也可以约定依照联合国国际贸易法委员会国际商事仲裁示范法通过仲裁解决任何争议。当事方可协商指定人数不限的仲裁员。如果协商不成，可由马耳他仲裁中心指定仲裁员。

3. 当地法院尊重外国判决吗？可执行国际仲裁裁决吗？
是的，除了国内法中的规定，马耳他也是《承认和执行外国仲裁裁决公约》和《民商事外国判决的承认和执行海牙公约》的签字国。

4. 您国家的判决和仲裁裁决一般会在其他国家执行吗？
是的，一般而言，在欧盟内，依照相互承认和执行民商事判决的条例执行，在其他国家，依照《承认和执行外国仲裁裁决公约》/《民商事外国判决的承认和执行海牙公约》执行。

André Zarb
André自1994年成为毕马威会计师行的合伙人以来一直担任毕马威马耳他的税务部负责人。他为当地多家企业提供过有关兼并、分拆、重组、收购的税务问题以及各种其他税务问题的顾问服务。他也向国际客户提供关于国际税务问题的顾问服务，包括此类公司在马耳他进行投资的税务问题，也包括此类公司通过在马耳他的企业机构向其他国家进行投资的税务问题。

在过去几年，André协助政府对税务法规进行了多项重大修改。马耳他政府1994年对税务法规作出重大修改时，他是向政府提供顾问服务的毕马威团队成员之一。2000年以来，André就马耳他提供的激励措施需要如何修改以符合欧盟关于提供国家援助的指引向政府提供了顾问服务，随后并协助了有关法规的起草。马耳他加入欧盟以后，André协助政府进行与税务政策组和商业税收行为守则有关的谈判。与欧盟达成协议以后，他协助起草了所得税法规修改。

Simon Xuereb
Simon是毕马威马耳他的税务和移民部高级经理。Simon在2009年从马耳他大学取得法学博士(LL.D)毕业后加入毕马威。他随后在荷兰莱顿大学国际税务中心成功完成了国际税务法高级研究硕士课程，专修了国际和欧盟税务。他每天都向各种行业的国际客户提供关于实施国际税务解决方案的顾问服务。

Simon不时在当地和国际会议和研讨会上就当前的税务问题发表演讲，经常担任特许公认会计师公会高级税务试的讲师，目前仍然是国际税务高级文凭课程的讲师。他的文章曾在《欧洲税务》上发表。