Financial services is rapidly becoming a mainstay of Malta’s economy. It currently accounts for 12% of total GDP and is targeted to grow to 25% of GDP by 2015.
The oft quoted reasons for making this so are various; the robust and yet flexible legal and regulatory framework, the accessibility of the regulator, a competitive fiscal regime supported by some 60 double taxation agreements, the cost-effectiveness of Maltese structures and the quality human resource available.
Recognition of the merits of our jurisdiction has not been lacking; the World Economic Forum’s Global Competitiveness Index for the period 2009/2010 has ranked Malta in 13th place out of 133 countries for its financial market sophistication whilst also ranking our banking system as the 13th soundest in the world. The Global Financial Centres Index published by the City of London ranked Malta fourth out of sixty six jurisdictions as a financial services centre that is most likely to increase in importance over the next few years.
Deloitte has a proud association with the financial services industry in Malta. It has always been at the forefront on this industry, boasting an association going back 23 years with the biggest bank in Malta by asset capitalisation and servicing the first fund to redomicile from a foreign jurisdiction in 2004.
Deloitte has a dominant market position in Malta and boasts a market leading position in most financial services sectors.
In order to be better placed to serve its clients in this sector, a dedicated financial services team was established three years ago. This group is lead by Stephen Paris and consists of 3 directors and over 40 professionals Over the years we recognised the potential for significant growth in this industry and have invested in training our staff through short-term secondments to Deloitte offices in established financial services centres in Europe, primarily Luxembourg, London and Dublin. Managers working in this industry are sent on longer term secondments to financial services centres such as London and New York in order to specialise and enhance their industry expertise.
Importantly, Deloitte Malta forms part of the Deloitte Global Financial Services Industry (GFSI) practise. GFSI is a far-reaching network of practitioners around the world who offer their knowledge and experience to the world’s leading financial services enterprises. The GFSI network encompasses financial services industry best practices, industry-respected thought leadership initiatives and practitioner development through training, conferences and academic collaborations. Through GFSI, our professionals around the world serve their clients locally while drawing upon the firm’s considerable global resources. Deloitte is a worldwide leader in the investment management industry with close to 6,000 practitioners, including in excess of 800 partners.