Lawyer Monthly Magazine - April 2019 Edition

Firm Profile E&S Group is a boutique, multi-disciplinary corpo- rate advisory practice that provides legal, corporate, advisory, tax, citizenship and domiciliation services to an international client base. From the simple set- ting up of a business oper- ation to the more complex legal, tax and regulatory is- sues they face, our pro-ac- tive team of lawyers, finan- cial advisors, accountants and corporate administra- tors are available to assist, advise and deliver to any aspects of our clients’ op- erations. Visit our website https:// www.ellulschranz.com/ or contact E&S Group on +356 20103020 or via email at info@ellulschranz.com. 1 ‘Daily Hansard - Written Answers’ (UK Parliament, 2011) <https://publica- tions.parliament.uk/pa/cm201212/ cmhansrd/cm120327/text/120327w0005. htm#1203281002290> 2 ‘FACTSHEET: Malta Government’s plans in case of a no-deal Brexit’ (Government of Malta) <https://www.gov.mt/en/Pages/ brexitfactsheet.aspx > 3 ‘FACTSHEET: Malta Government’s plans in case of a no-deal Brexit’ (Government of Malta) <https://www.gov.mt/en/Pages/ brexitfactsheet.aspx > 4 ‘FACTSHEET: Malta Government’s plans in case of a no-deal Brexit’ (Government of Malta) <https://www.gov.mt/en/Pages/ brexitfactsheet.aspx > 5 ‘There are 5 countries Brits are most likely to move to if they were to relocate post-Brexit’ (Business Insider, 30 January 2017) <https://www.businessinsider.com/ internations-survey-countries-brits-are-likely- relocate-to-after-brexit-2017-1> 23 BREXIT www. lawyer-monthly .com APR 2019 is generally valid for up to 10 years. 3 For Maltese citizens in the UK, a settled status scheme is being implemented. Malta registered companies whose main business involves UK trade, on the other hand, will be offered assistance to limit the effect of Brexit. Brexit will undoubtedly impact Malta, a former British colony for over 150 years which harbours close economic ties with the UK. In spite of this, a number of bilateral agreements between Malta and the UK ensure that the Brexit impact for individuals and businesses is mitigated. The Reciprocal Health Agreement Malta-UK allows for reciprocal coverage of health care for ordinary residents, and the Malta-UK Health and Social Security treaties allow for reciprocal benefits when it comes to social security, health benefits, mutual support and cooperation. Further agreements allow British residents in Malta to vote in local council elections, and a Bilateral Investment Treaty between Malta and the UK aims to promote and protect investment. British citizens who successfully applied for tax status under the High Net Worth Individuals and Residency Programme will be offered an alternative solution and will not lose the benefit of paying tax at the rate of 15% 4 . Malta is a genuinely viable alternative for British persons and businesses, being the leading choice for British banks and companies should they decide to relocate after Brexit 5 . It incorporates an attractive tax regime, a high GDP growth, and robust financial services, i-gaming, maritime and aviation sectors amongst others which make it the UK’s potential gateway to Europe. LM Leaving the EU without a deal could potentially spell disaster for the 200,000 British businesses 1 currently trading with the EU, with potentially significant short-and long-term disruptions to trade.