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Malta - Reitway Global Property Portfolio

Domicile

This fund has been approved by the Malta Financial Services Authority and an application is being prepared for submission to the South African Financial Services Board. The fund is regarded as an unregulated fund in South Africa.

The Maltese archipelago consists of three islands: Malta, Gozo and Comino. Located in the middle of the Mediterranean Sea, at the crossroads between Europe, North Africa and the Middle East, Malta offers a gateway between regions to or from the EU and neighbouring Mediterranean markets.

Malta And Investment

Foreign Direct Investment (FDI) is a key driver in the service-oriented economy of Malta, and the legal structure is set up to encourage it. The World Economic Forum's Global Competitiveness report ranks Malta 11th in the world in this regard.

The economy has a number of competitive advantages including an English-speaking workforce and excellent communications infrastructure. Social and labour costs are generally lower than in most other European countries.

The increase in the number of collective investment schemes was facilitated by Malta’s highly favourable business environment. This includes the role played by the island’s Single Regulator, renowned throughout the industry for its flexibility coupled with meticulous attention to detail.

Malta’s highly competitive, cost-effective business environment and the presence of all of the Big Four accounting firms are a further advantage.

A midshore EU jurisdiction allowing passporting and domiciliation of funds, together with Malta’s efficient fiscal regime, Mediterranean climate and multilingual, ethical and professional workforce, ensure a winning combination specifically designed to foster further growth and maximise success.

Tax Information Exchange Agreements

Tax information exchange provisions are included in the Double Tax Treaties themselves.

Malta has over 30 bilateral or multilateral Memoranda of Understanding (MoU) or other agreements with other regulatory authorities. These MoUs cover regulatory co-operation and exchange of regulatory information in a number of sectors. A full list of these agreements can be found at www.mfsa.com.mt (Memoranda of Understanding).

Double Taxation Treaties

Malta has an extensive double taxation treaty network. The following are the agreements currently in force with the respective countries: Albania, Australia, Austria, Bahrain, Barbados, Belgium, Bulgaria, Canada, China, Croatia, Cyprus, Czech Republic, Denmark, Egypt, Estonia, Finland, France, Germany, Georgia, Greece, Hungary, Iceland, India, Ireland, Isle of Man, Italy, Jersey, Jordan, Korea, Kuwait, Latvia, Lebanon, Libya, Lithuania, Luxembourg, Malaysia, Morocco, Netherlands, Norway, Pakistan, Poland, Portugal, Qatar, Romania, San Marino, Serbia, Singapore, Slovakia, Slovenia, South Africa, Spain, Sweden, Switzerland, Syria, Tunisia, U.A.E, United Kingdom, United States of America.

Taxation Of Funds

As a general rule, collective investment schemes are exempt from tax on income and capital gains, as long as they are not investing in immovable property situated in Malta.

Certain Malta-based funds, with a value of specified assets situated in Malta amounting to at least 85% of the value of the total assets of the fund, may be taxed on their investment income at the rate of 35%.

In the case of Value Added Tax, the activities of a CIS are considered exempt without credit for VAT purposes.

Financial Statement Requirements

Directors are required by Law to prepare financial statements for each financial period. These financial statements must give a true and fair view of the fund as at the end of the financial period and of the profit or loss for that period in accordance with the IFRS (International Financial Reporting Standard) requirements.

Audit Requirement
Funds are required to be audited.

Regulator

Malta Financial Services Authority (MFSA)
Notabile Road
Attard BKR 3000 
Malta   
T: (+356) 2144 1155
E: communications@mfsa.com.mt

Disclaimer
Please note that the Reitway Global Property Portfolio (RGPP) is a sub-fund of The Macro Fund SICAV p.l.c. and is licensed by the Malta Financial Services Authority under the Investment Services Act, Cap 370 of the Laws of Malta as a Professional Investor Fund targeting Qualifying Investors. None of the information or opinions expressed in this article constitute an offer to sell or the solicitation of an offer to buy securities. This material is for information purposes only. The opinions expressed in this article do not constitute investment, tax or other advice and you should consult your professional advisor before you make any decision. The value of currencies, securities or investments and the price of shares which are mentioned in this article may fall as well as rise. Investors may not receive the original amount invested in return. Investors should also be aware that past performance is not necessarily a guide to future performance. All expressions of opinions are subject to change without notice. Performance returns quoted are received un-audited from reliable third party sources; however neither Alpha Asset Management nor any of its subsidiaries, staff or branch offices accepts any liability for the accuracy of these return statistics. Performance quoted is net of costs.  Certain strategies employed may include unregulated investments. RGPP is a sub-fund of The Macro Fund SICAV p.l.c. and is licensed by the Malta Financial Services Authority under the Investment Services Act, Cap 370 of the Laws of Malta as a Professional Investor Fund targeting Qualifying Investors. This fact sheet is to be read in conjunction with the Offering Memorandum and Offering Supplement of RGPP and in particular with the risk factors contained therein. The most recent Offering Memorandum and Offering Supplement of RGPP may be obtained from the Administrator: IDS Fund Services Malta Ltd, Michael Keyrouz, Director, Tel: +356 2546 6770, Fax: +356 2546 6000, Email: is.malta@idsfundservices.com, michael.keyrouz@idsfundservices.com.

Alpha Asset Management is registered with the Financial Services Board as a financial services provider (License No. FSP534 Category II(a)).