[ISL] "What Ireland can learn from Malta about Brexit"

[rfmcdonald]

The Irish Examiner's John Whelan argues that, in coping with Brexit, Ireland has much to learn from Malta.

Malta is positioning itself as an alternative for companies willing to enter the EU market, and plans to use the EU Presidency, which passes to Malta for the first time in January 2017, to promote itself to UK-based international banks.

A recent visit to the island’s highly competitive, English-speaking (yes, we are not the only ones touting this advantage after Britain exits) and onshore EU jurisdiction allowing “passporting” and “re-domiciliation” of funds, with an efficient fiscal regime, a balmy Mediterranean climate and an ethical and professional workforce, left me with the impression that we will need to put our best foot forward to attract financial services from London as the Brexit talks get underway next year.

[. . .]

Malta, in a Trojan-horse-like-strategy, is focusing on maintaining the harmonious relationship it has with the UK.

“We see ourselves partnering with UK operators to provide solutions to help them sustain their business models; we’re not looking to try and take business away from the UK,” said Kenneth Farrugia , chairman of Finance Malta, which promotes Malta’s fund management industry overseas, as well as its insurance sector, trust and foundations and wealth management.

Financial and insurance activities contributed €149bn or almost 98% of all foreign direct investment in Malta last year. It is obviously an important industry for Malta.

From a regulatory and legal perspective it is difficult to differentiate Malta from other jurisdictions such as London, Paris, Frankfort, Rome or Dublin.