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Financial statements audits
Financial statements audits
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Financial statement reviews
Financial statement reviews
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Financial statements compilations
Financial statements compilations
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IFRS
IFRS
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Audit quality monitoring
Audit quality monitoring
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Global audit technology
Global audit technology
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Systems and risk assurance
Systems and risk assurance
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General business consulting
General business consulting
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Market research
Market research
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Sustainability
Sustainability is indeed a broad concept. Aside from mitigating the environmental changes caused by the interaction of the industrial world and society with nature, social and governance matters are subjected to increased public and government scrutiny, calling for the promotion of a sustainable performance agenda.
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Business planning and performance improvement
Business planning and performance improvement
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Change and program management
Change and program management
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Business intelligence and analytics
Business intelligence and analytics
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Business valuation and litigation support
Business valuation and litigation support
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Business process outsourcing and consulting
Business process outsourcing and consulting
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Family business consulting
Our business solutions for family businesses center on alignment of all aspects of the family and business, including culture, vision, mission, values, governance, ownership, leadership, communication and policy development.
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Quantitative small caps
Grant Thornton has a wide professional network with a vast array of technical skills that is coupled with a drive to understand the business problem; we can set up the most efficient financial risk management structure that fits your underlying business structure and your risk appetite.
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Data analytics
Data analytics is the process through which businesses leverage data to gain actionable insights and enhance their performance. This is based on a solid foundation of well-organised and accurate data. Many businesses have a large amount of data at their disposal however, most of them do not have the expertise to analyse the available data.
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Bookkeeping & financial accounting
Bookkeeping & financial accounting
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Payroll and personnel administration
Payroll and personnel administration
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Direct and Indirect tax compliance
Tax compliance within outsourcing
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Compilation of financial statements
Compilation of financial statements
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Business process outsourcing
Business process outsourcing including back office and secretarial
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Family business consulting
Family business consulting
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Startups
Startups
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Company formation
Company formation
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BOR
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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Internal audit
Internal audit
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Risk management and internal controls consulting
Risk management and internal controls consulting
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Governance and risk management
Governance and risk management
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Regulatory services
Regulatory services
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Risk modelling services
Risk modelling services
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Forensic and investigation
Forensic and investigation
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Compliance audit
A compliance audit is a detailed review which focuses on whether an organisation is in conformity with statutory laws as well as internal rules and decisions. This type of audit also assesses the effectiveness of an organization’s internal controls by identifying weaknesses in compliance processes whilst finding measures to enhance such processes.
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Citizenship by naturalisation
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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Citizenship for Exceptional Services by Direct Investment
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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Grant of Citizenship for Exceptional Services
Malta has enacted legislation which extends to individuals providing excellent or manifestly superior contributions in the fields of science, research, sports, arts and culture as well as people of exceptional interest to the Republic of Malta, the right to become Maltese citizens.
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Acquisition of citizenship by registration
The Maltese Citizenship Act (Cap 188) establishes who can register as a citizens of Malta. The Act was amended on 1st August 2007, this making it possible for second and subsequent generations born abroad to acquire Maltese citizenship by registration.
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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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Grooming
Preparing the next generation for leadership and ownership is an integral part of any succession process. Grant Thornton can help formulate the necessary grooming plan for all the potential successors.
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Tax services
Using a combination of reason and instinct, we can work with clients to develop a strategy that helps them understand and manage their tax liability in a transparent and ethical way.
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Governance
Having a proper governance structure is essential to ensure that the family and business strategies are achieved. Grant Thornton can advise on this, and facilitate the implementation of the ideal governance structure based on the exact scenario.
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Ownership succession
Letting go of your family business is difficult for all owners and even more so for founders; however, in a family business the additional challenge presented by the family component increases the complexity of this process. Our team of family business advisors will ensure that such ownership issues are dealt with in an effective and structured approach.
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Exit strategies
There are many 'exit strategies' that need to be considered to minimise the risk of conflict. They can arise from the eventual exit of a family member from the ownership ranks and can have many causes. See how we can help.
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Management succession
By implementing our family business guidelines to family succession and a proper governance structure, the management succession process can be completed with minimal conflict and will result in the most competent successor being chosen.
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DORA Consultancy
Firms within the financial sector face a critical imperative to fortify their operational resilience in the digital sphere. Get ahead & prepare for DORA!
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Cyber security Consultancy
Whether you are a multinational corporation, a small business, or an individual, the digital realm holds equal importance for us all.
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Digital Transformation
Build a solid foundation to fuel business reinvention and gain the flexibility you need to succeed through digital transformation.
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IT Audit and Assurance
Information systems procedures have evolved drastically, but so have hacking techniques. Assess your IT resilience & protect your firm!
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Fintech and Innovation
Are you ready to explore the fintech space? Grant Thornton is able to guide you from start to finish.
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Case Studies
Digital transformation has transitioned from being an option to a necessity. The race is on... The question is, are you ready?
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Operational and financial restructuring and reorganisation
Operational and financial restructuring and reorganisation
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Recovery
Recovery
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Financial regulatory services
Financial regulatory services
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GDPR consultancy
The General Data Protection Regulations (GDPR) have transformed the way we handle personal data. This regulation is a game-changer for businesses operating within the EU, or the handling of EU citizens' data worldwide.
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Ship and aircraft registration
Ship and aircraft registration
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Medical cannabis licensing in Malta
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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Trust and trustee services
As an entrepreneur, business owner, parent or guardian, you will want to ensure that whatever happens in the future, the rewards from your hard work can be protected as efficiently as possible. Grant Thornton Fiduciaire Limited (Grant Thornton) understands this and provides a professional and holistic trust management service.
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Family trusts
The law establishes the requirement of a license for one to be able to act as a trustee subject to certain limited exceptions. One such exception is found in the Rules for Trustees of Family Trusts which provide for an exception to this rule where a trust is set up to hold property settled by a settlor or settlors for the present and future needs of family members or of family dependants who are clearly identifiable.
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Programmes
Grant Thornton is authorised and regulated by the Government of Malta to handle and submit applications for both citizenship applications as well as residence permits under the various residence programmes available in terms of Maltese law.
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Ordinary residency 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, including: Self-Sufficiency, Employment or Self-Employment, Family Members, Permanent Residence, Study Purposes.
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Qualifying Employment in Aviation Rule
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.
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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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Qualifying Employment in Maritime and Offshore Oil & Gas Industry Rule
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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Nomad Residence Permit
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.
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Direct international tax
Direct international tax
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Indirect international tax
Indirect international tax
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Global mobility services
Global mobility services
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Transfer pricing
Transfer pricing
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Estate planning
Estate planning
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Wealth advisory
Wealth advisory
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Regulatory and legal
Regulatory and legal
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Corporate tax services
Corporate services
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VAT
At its simplest, VAT is a tax on consumption and is a multi-stage tax (ie applied at every stage of the production process), which is applied to both goods (ie tangible property) and services. Additionally, although the tax is ultimately borne by the consumer (by getting included in the price paid), responsibility for charging, collecting and passing the tax on to the tax authorities, rests with the supplier.
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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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Mergers and acquisitions
Mergers and acquisitions
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ESEF Reporting
Our ESEF reporting service is tailored to assist listed companies in complying with the European Single Electronic Format (ESEF) requirements. As of 2020, ESEF is mandated for annual financial reports of issuers with securities listed on regulated markets. We provide services for mapping the taxonomy and generating audit/regulator-ready xHTML reports.
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Prospects MTF
As of 2016, small and medium-sized enterprises in Malta can access the capital markets through Prospects - a market of the Malta Stock Exchange (MSE) designed specifically for Small and Medium sized Enterprises (SME). Prospects offers a cost-effective opportunity for entities looking to raise up to €5 million per issue.
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Project financing
Project financing
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Due diligence
Due diligence
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Valuations
Valuations
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Foreign direct investment
Foreign direct investment (FDI) is the category of international investment that echoes the objective of obtaining a lasting interest by an investor in one economy in an enterprise resident in another economy.
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Wholesale Securities Market
WSM is a joint venture between the Malta Stock Exchange and the Irish Stock Exchange, combining the best of each partner’s processes and technical skills.
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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.
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Maritime
For Maritime, Grant Thornton provide direction with regards to VAT guidelines for yacht leasing, as well as ship and aircraft registration.
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Automotive
We offer a broad range of services relating to automotive, ranging from Transaction advisory, access to finance, business advisory, process and inventory management, tax advisory, audit and advisory, outsourced support services.
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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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Licensing Process
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.
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The Markets in Financial Instruments Directive (MiFID) II
MiFID II aims to protect investors and make sure that financial markets operate in the fairest and most transparent way possible. Building on stock and investment trading regulation introduced in 2007 it sets to ensure a more integrated financial market.
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Fintech and Innovation
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.
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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.
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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
Acquisition of citizenship by registration
The Maltese Citizenship Act (Cap 188) establishes who can register as a citizens of Malta. The Act was amended on 1st August 2007, this making it possible for second and subsequent generations born abroad to acquire Maltese citizenship by registration.
How can you apply for Maltese citizenship by registration?
You can apply if you are:
The spouse of a Maltese citizen married for at least five (5) years and on the date of application is still married and living with that citizen of Malta [Form B (CEA1)];
The widow/widower of a person who was a citizen of Malta at the time of his/her death and the widow/widower had been married and living with the now deceased person for at least five (5) years [Form B (CEA1)];
The widow/widower of a person who was a citizen of Malta at the time of his/her death, and if not for the death of the person, the widower/widower would have been married to that person for five (5) years on the date of application [Form B (CEA1)];
The widow/widower of a person who passed away before 21st September 1964 and if it were not for his/her death he/she would have automatically become a citizen of Malta (due to the fact that he/she was born in Malta of a parent born in Malta too or was born abroad of a father and a paternal grandparent who were both born in Malta) and the widow/widower was still living with the deceased person at the time of his/her death [Form B (CEA1)].
A son/daughter born prior to 21st September 1964 of a female born in Malta and who became or would have become, but for her death, a citizen of Malta on the said date [Form I (CEA4)];
The son/daughter of a female citizen of Malta (who acquired Maltese citizenship by birth in Malta, and who was a citizen of Malta at the time of the son’s/daugher’s birth) and was born outside Malta on or after 21st September 1964 and before 1st August 1989 [Form I (CEA4)];
A former citizen of Malta and do not qualify automatically for dual citizenship because you had not resided for a minimum of six (6) years abroad or was formerly a citizen of Malta by Registration or by Naturalisation [Form D (CEA3)];
A descendant, second or subsequent generation, born abroad of an ascendant born in Malta whereby one of the parents of the said ascendant was also born in Malta. If the descendant is a minor, then the person who has authority over the said minor shall submit the relative application on his behalf [Form K (CEA24)] \ [Form M (CEA26)]).
What documents do you need?
A spouse of a citizen of Malta would need to submit:
- A joint Affidavit confirming that the applicant and the Maltese spouse have been married for 5 years and still living together;
- One recent passport sized photo;
- Marriage certificate (Registered in Malta);
- Certificate/s of previous marriage/s of both applicant and the Maltese spouse;
- Full birth certificate;
- Passport / ID card / residence card of the applicant and of the Maltese spouse;
- The date of birth of the parents of the Maltese spouse;
- In case of a widow/widower of a citizen of Malta, the following documents must be presented:
- The late spouse’s death certificate; and
- Affidavit that couple resided together till time of death.
The application may be submitted against a fee of €150. If the application is acceded to, a further €50 has to be paid upon collection of Citizenship certificate at the end of the process. Original documents will be returned to the applicant. Copies will be retained.
A former citizen of Malta would need to submit:
- Passport;
- Birth certificate;
- Marriage certificate (if applicable);
- Birth certificate of applicant’s parents;
- A letter stating why the applicant cannot provide 6 years documentary evidence of residence abroad or a copy of the Maltese Citizenship Renunciation letter;
- One passport size photo; and
- A copy of the applicant’s certificate of acquisition of the citizenship he/she now holds.
Son/daughter of a female citizen of Malta would need to submit:
- Birth certificate showing parents’ names;
- Marriage certificate of applicant (if applicable);
- Passport;
- One passport size photo;
- Birth certificate of applicant’s mother;
- Mother’s Marriage certificate;
- Mother’s passport;
- Birth certificates of maternal grandparents; and
- Marriage certificate of maternal grandparents.(If the son/daughter was born after 21st September 1964, the Citizenship Unitmay also require documentary evidence showing that the mother was a citizen of Malta at the time of his/her birth.)
A descendant, second or subsequent generation born abroad of an ascendant who was born in Malta of a parent also born in Malta, would need to submit:
- Birth certificate;
- Marriage certificate (if applicable);
- Birth and marriage certificates of the individual’s ascendants to show the direct link to the ascendant born in Malta;
- One passport size photo; and
- Passport
The person who has authority over a minor child (who is the descendant, second or subsequent generation born abroad, of an ascendant born in Malta, of a parent also born in Malta), will be required to submit the documents listed above in (e) in respect of that child together with the documents showing his/her authorization empowering him/her to submit such application.
Notes:
- In certain cases, additional documents may be requested;
- As from 16thApril 2010, the Citizenship Unit is no longer requesting civil status certificates issued by the Public Registry of Malta in connection with a service provided by the Unit. The Citizenship Unit shall obtain the necessary certificates on behalf of the enquirer/applicant;
- It is, however, the responsibility of the enquirer/applicant to provide the Citizenship Unit with the correct information in order to acquire the correct certificates. Although not obligatory, the presentation of a readily available marriage certificate would facilitate matters. The Unit will retain a copy of the certificate;
- In this regard, the enquirer/applicant is kindly requested to fill the Civil Status Certificates Form (CEA27). Applicants will present Birth/Marriage certificates issued by foreign Authorities and local Ecclesiastical Authorities when these records are not available at the Public Registry.
How do you apply for registration as a citizen of Malta?
- First, one needs to submit the necessary documentation to the Citizenship Unit;
- Once the Citizenship Unit reviews the documents submitted, the applicant will verify and sign the duly completed application form;
- If the applicant is a foreign spouse to a citizen of Malta, he/she and his/her Maltese spouse are required to make a joint declaration (affidavit) in order to confirm that they have been living together for a period of at least five (5) years from the date of their marriage and are still living together;
- The Citizenship Unit will administer the necessary oaths, including the Oath of Allegiance to the Republic of Malta.*
*This requirement shall not apply to any person of full age but not of full capacity on behalf of whom an application is submitted with the authorisation of the Civil Court (Voluntary Jurisdiction).
- When applying through one of Malta’s Missions abroad, the administering of the necessary oaths has to be made either before an Official from the Mission who is duly authorised to act as Commissioner for Oaths or before a person who, according to the law of the country concerned, is empowered to administer oaths.
- The application will be processed by the Citizenship Unitand successful applicants will be registered as a citizen of Malta. Successful applicants will be considered citizens of Malta from the date on their certificate of registration. They will then be asked to call at the Citizenship Unit to collect their certificate.
- If the applicant was born abroad, the Citizenship Unitwill address a letter to the Director of Public Registry so that his/her birth certificate may be registered at the Public Registry Office. Applicants must present this letter to the Public Registry along with their original birth certificate, (and an official translation in English or Maltese) or a photocopy of the certificate, duly certified by a Notary Public, an Advocate or a Legal Procurator.
Notes
- A list is annually published in the Government Gazette which contains the full name of all those persons who were registered and naturalised as citizens of Malta during the preceding year.
- Malta accepts dual or multiple citizenship, however, the persons concerned are advised to verify whether their country’s citizenship law permits this since the voluntary acquisition of another citizenship may lead to the loss of their current one.
- Applicants who do not reside in Malta are advised to contact one of Malta’s Embassies or High Commissions for further information with regard to the procedures that they need to follow when submitting an application for registration. The contact details of Malta’s Diplomatic Representations Oversees can be accessed from the website of the Ministry for Foreign Affairs and Trade Promotion
- Maltese Representations Overseas
Application Forms & Applicable Fees
The application may be submitted against a fee of €150.
If the application is acceded to, a further €50 has to be paid upon collection of certificate at the end of the process.
Other Fees (if applicable):
Additional €15 on first re-registration
Additional €20 on second re-registration
Additional €25 on third re-registration
Additional €10 (each) if Oath of Allegiance is sworn at the Citizenship Unit in front of a person duly authorised to act as a Commissioner for Oaths.
Additional €10 (each) if affidavit is sworn at the Citizenship Unit in front of a person duly authorised to act as a Commissioner for Oaths.
Additional €10 (each) if declaration is affirmed at the Citizenship Unit in front of a person duly authorised to act as a Commissioner for Oaths.
The application may be submitted against a fee of €150.
If the application is acceded to, a further €50 has to be paid upon collection of certificate at the end of the process.
Other Fees (if applicable):
Additional €15 on first re-registration
Additional €20 on second re-registration
Additional €25 on third re-registration
Additional €10 (each) if Oath of Allegiance is sworn at the Citizenship Unit in front of a person duly authorised to act as a Commissioner for Oaths.
Additional €10 (each) if affidavit is sworn at the Citizenship Unit in front of a person duly authorised to act as a Commissioner for Oaths.
Additional €10 (each) if declaration is affirmed at the Citizenship Unit in front of a person duly authorised to act as a Commissioner for Oaths.
The application may be submitted against a fee of €150.
If the application is acceded to, a further €50 has to be paid upon collection of certificate at the end of the process.
Other Fees (if applicable):
Additional €15 on first re-registration
Additional €20 on second re-registration
Additional €25 on third re-registration
Additional €10 (each) if Oath of Allegiance is sworn at the Citizenship Unit in front of a person duly authorised to act as a Commissioner for Oaths.
Additional €10 (each) if affidavit is sworn at the Citizenship Unit in front of a person duly authorised to act as a Commissioner for Oaths.
Additional €10 (each) if declaration is affirmed at the Citizenship Unit in front of a person duly authorised to act as a Commissioner for Oaths.
The application may be submitted against a fee of €150.
If the application is acceded to, a further €50 has to be paid upon collection of certificate at the end of the process.
Other Fees (if applicable):
Additional €15 on first re-registration
Additional €20 on second re-registration
Additional €25 on third re-registration
Additional €10 (each) if Oath of Allegiance is sworn at the Citizenship Unit in front of a person duly authorised to act as a Commissioner for Oaths.
Additional €10 (each) if declaration is affirmed at the Citizenship Unit in front of a person duly authorised to act as a Commissioner for Oaths.
The application may be submitted against a fee of €150.
If the application is acceded to, a further €50 has to be paid upon collection of certificate at the end of the process.
Other Fees (if applicable):
Additional €10 (each) if affidavit is sworn at the Citizenship Unit in front of a person duly authorised to act as a Commissioner for Oaths.
Additional €10 (each) if declaration is affirmed at the Citizenship Unit in front of a person duly authorised to act as a Commissioner for Oaths.
Free of Charge