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If you are in the process of expanding, diversifying or re-engineering your business, our advisory team can help you make better decisions. The combination of...

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Entities in Malta, including companies, partnerships, foundations, trusts and associations, have an obligation to disclose the ultimate beneficial owner/s (physical person) of the entities. A beneficial owner is defined as the individual (s) who ultimately owns or controls a legal entity or arrangement through direct or indirect ownership of a sufficient percentage of the shares or voting rights or ownership interest in that entity.

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With its balmy Mediterranean climate and favourable business environment, Malta is the ideal place to relocate your family and/or your business.

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The Maltese Citizenship Act (Cap 188) establishes who may become a citizen of Malta by naturalisation, provided that the applicant satisfies the relative provisions.
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With the continuously changing global dynamics and evolving geopolitics, there is an ever-growing number of highly-talented high-net-worth individuals who are willing to invest and relocate to give themselves and their family members the chance to broaden their horizons and become part of a welcoming community.
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Our business solutions for family businesses center on alignment of all aspects of the family and business, including culture, vision, mission, values,...

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Maltese Family Businesses Resource Centre
For over 30 years Grant Thornton’s advisory teams have assisted family businesses in navigating the challenges of leadership and succession across generations
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At Grant Thornton, we specialise in providing comprehensive assistance to navigate the complex landscape of National and European Union (EU) funding. Our team...

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A study published in 2018 by market intelligence and strategic consultancy firm Prohibition Partners, has forecasted that the European cannabis market will be valued €115.7 billion by 2028. According to the same study, while patient numbers are currently below 100,000 across the region, their number is set to grow to over 30 million in the next decade. In 2018 Malta introduced a bill to legalise the use of medical marijuana and attract companies willing to produce high-grade medical cannabis for the European market.
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Grant Thornton is authorised and regulated by the Government of Malta to handle and submit applications for both citizenship applications as well as residence...

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Malta provides qualified persons employed in the field of aviation with an opportunity to enjoy a 15% flat personal tax rate on income generated from their direct employment in Malta. For a candidate to qualify, their annual income must exceed €45,000. This does not include the value of fringe benefits and applies to the derived income received from an eligible office.
Qualifying Employment in Innovation and Creativity (Personal Tax) (Amendment) Rules, 2019
These Rules allows persons employed in a role directly engaged in carrying out, or management of research, development, design, analytical or innovation activities, to enjoy a 15% flat personal tax rate on income generated from their direct employment in Malta.
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Malta provides qualified persons employed in the field of aviation, with an opportunity to enjoy a 15% flat personal tax rate on income generated from their direct employment in Malta.
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The NOMAD residence permit, which was launched in June 2021, allows third-country nationals who would normally require a Visa to travel to Malta, to retain their current employment based in another country whilst legally residing on the island.

Related insights:

RESIDENCY Applying for residence in Malta

Any EU, EEA or third country national who resides in Malta for more than 3 months is obliged to apply for a Residence Permit. There are various grounds upon which an applicant may apply to require a residence permit

01 Oct 2019

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2018 Amendments of the Income Tax Act
The following is a brief overview of the new tax provisions introduced in 2018 by the Budget Implementation Act (Act VII of 2018) and other legislative enactments

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Industries

Transport Services

Due to the breadth of expertise available, Grant Thornton can provide players in three main sectors of the transport industry; these being Maritime, Aviation,...

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Aviation
The Maltese Government is constantly remaining to improve the position as the best place to do business within the aviation industry through exhaustive tax agreements, powerful legislation, and many aviation professionals. This is the best time for airlines, financiers and aircraft owners to be located in Malta.
Maritime
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Consumer goods

The industry is emerging at a very fast rate. Consumers are building the industry by demanding lower prices and findings new ways to buy food and drinks,...

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Public sector

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iGaming

With a sound jurisdiction that steers clear of bureaucracy and that has a proven track record, the iGaming industry in Malta is continuing to build on its...

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Gaming Regulations
Malta recently overhauled the framework regulating the iGaming sector. Going forward operators will still be required to obtain authorisation to carry out regulated activities.
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Prior to submission all applicants are advised to go through a pre-application process with one of the MGA’s Licensing Officers. This will ensure that the application has been correctly compiled and all the key ingredients are present.

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Malta Real Estate Investment Trust (REIT)
As part of the 2019 budget, the government has pledged to introduce a Real Estate Investment Trust (REIT) framework in Malta.

Hospitality & tourism

The hospitality and leisure industry is going through a period of extraordinary, inevitable change and will look very different in 2020 than it does today. On...

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Healthcare

Healthcare is a swiftly changing sector. Providers and commissioners of healthcare encounter the challenges of rising public expectations, an ageing...

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Financial services

Financial services businesses engage in an increasingly complex and heavily regulated environment. Grant Thornton's multi-disciplinary Financial Services Group...

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The Markets in Financial Instruments Directive (MiFID) II
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At Grant Thornton we help innovative firms and entities operating in the fintech space launch new propositions and grow their business. We also help established businesses transform and take advantage of the fintech revolution.
Asset Management
At Grant Thornton we help innovative firms and entities operating in the fintech space launch new propositions and grow their business. We also help established businesses transform and take advantage of the fintech revolution.
Banking
Grant Thornton combines local insight with global scale to help banks meet regulatory expectations, improve technology, and finance the right companies. If you’re looking for a partner in the banking industry, our expertise can make a difference

Updated list - February 2024

High Risk and Non-Cooperative Jurisdictions

By:

Ruth Esposito

01 Mar 20242 min read

The Financial Action Task Force (FATF) maintains a "grey list" of countries with strategic deficiencies in their anti-money laundering and counter-terrorism financing (AML/CFT) frameworks.

These jurisdictions are included when they fail to meet FATF standards or if there are concerns about their AML/CFT measures. Reasons for inclusion on the list include weak AML/CFT frameworks, insufficient customer due diligence, lack of cooperation, and presence of terrorist financing. Being on the grey list brings increased international scrutiny, impacts access to global financial systems, and affects a country's economy and reputation. To be removed from the list, countries must address the identified deficiencies and demonstrate progress in strengthening their AML/CFT frameworks.

The FATF identifies jurisdictions with weak measures to combat money laundering and terrorist financing (AML/CFT) in two FATF public documents that are issued three times a year. The FIAU endorses such documents through a Guidance Note on High Risk and Non-Cooperative Jurisdictions published on 4 April 2012 and as a result, subject persons are obliged to comply with the FATF public documents.

Below please find the updated list published by the FATF on 23 February 2024:

Category 1 – Jurisdictions that have strategic AML/CFT deficiencies and to which counter-measures apply	Category 2 – Jurisdictions with strategic AML/CFT deficiencies that have not made sufficient progress in addressing the deficiencies or have not committed to an action plan developed with the FATF to address the deficiencies	Category 3 – Jurisdictions with strategic AML/CFT deficiencies that have developed an action plan with the FATF and have made a high-level political commitment to address their AML/CFT deficiencies
Democratic People’s Republic of Korea (DPRK)		Bulgaria
Iran		Burkina Faso
Myanmar		Cameroon
		Croatia
		Democratic Republic of the Congo
		Haiti
		Jamaica
		Kenya NEW
		Mali
		Mozambique
		Namibia NEW
		Nigeria
		Philippines
		Senegal
		South Africa
		South Sudan
		Syria
		Tanzania
		Turkey
		Vietnam
		Yemen

Additionally, kindly note that the following jurisdictions were removed form Category 3: Barbados, Gibraltar, Uganda and the United Arab Emirates.

For further information kindly refer to the following sources:

Jurisdiction under increased monitoring - Jurisdictions under Increased Monitoring - 23 February 2024 (fatf-gafi.org).
High risk jurisdictions - High-Risk Jurisdictions subject to a Call for Action - February 2024 (fatf-gafi.org).

High Risk and Non-Cooperative Jurisdictions

Category 1 – Jurisdictions that have strategic AML/CFT deficiencies and to which counter-measures apply

Category 2 – Jurisdictions with strategic AML/CFT deficiencies that have not made sufficient progress in addressing the deficiencies or have not committed to an action plan developed with the FATF to address the deficiencies

Category 3 – Jurisdictions with strategic AML/CFT deficiencies that have developed an action plan with the FATF and have made a high-level political commitment to address their AML/CFT deficiencies

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