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PRIVATE CLIENT PRACTICEPRIVATE CLIENT LAW FIRM cclex.com

© CHETCUTI CAUCHI | Private Client www.cclex.com3

CONTENTS The Law Firm

Our Private Clients Practice

Services

Track Record

Meet the Team

KeyContactsProfiles

Why Chetcuti Cauchi

Private Client Law Firm

Our Private Client practice adopts a rounded approach to the legal needs of our clients by tapping intoourwider,fullyintegratedfirm-wideservices.

We start by identifying our clients‟ personaland commercial objectives. We ensure that anydomestic or international wealth structuring, family wealth issues or disputes, real estate and commercial transactions, family office mattersor philanthropic intentions are aligned with such objectives.

We also work closely with our Corporate and Tax teamstoofferanall-inclusiveservicetoourclientswith their intricate personal and business legal requirements.Inatypicalscenario,itisourroletoensure that such clients familiarise themselves with MaltaorCyprus.Weprojectmanagetheirsettingup from a legal, corporate and logistical aspect and assistthemincomplianceandongoingmatters.

Private Client Services

Our Private Client practice advises and assists with the following core matters:

Immigration■ Residence & domicile■ Corporate relocation■ Economic citizenship & residency■ Employment Advice■ Inward Investment Tax Planning■ Pre-immigrationtaxplanning■ Personal tax planning■ Structuring of inward investment■ Succession planning

Concierge & Family Office■ Investment Control■ Property Location & Sourcing■ Property management■ Design & architectural services

Trusts & Estates■ Asset protection structures■ Charity,philanthropy&not-for-profit■ Company formation & services■ Estate Planning■ Fiduciary services■ Trust management & protectorship■ Wills & probate■ Wealth protection

Business Families■ Civil partnerships■ Family Business Governance■ Family Business Succession■ Pre-/Post-Nups■ Trusts, foundations, companies & other wealth management vehicles■ Overseas pensions schemes & remuneration

trusts

High Value Assets■ Art & cultural property■ Aircraft■ Intellectual property■ Shipping■ Super yachts■ Real estate


Track Record

Our Private Client practice is renowned for its problem-solvingstance.Weseektotackle issuesthrough a pragmatic and organised approach, henceensuringthesuccessofourplanofaction.We thrive on challenge and its demands on our knowledgeandjudgement.

Malta Citizenship by Investment

Malta‟s Individual Investor Programme allowsaffluentpersonsofimpeccablestandingandreputeto be naturalised and to receive Maltese citizenship on the basis of a contribution to and investment in Malta.

The firm represented the first group of HNWand UHNW family applicants as part of the pilotprogramme launched by Identity Malta, the agency responsible for the launch and administration of the programme. The firm was the very first law firmto be granted ‘approved agent’ status by Identity MaltaandsawthefirstMaltaCitizenshipapprovalsever being issued under the Malta citizenship by investment programme. The nationalitiesrepresented to date originated amongst others fromtheMiddle-East,RussiaandtheCIS,China,India,Bangladesh,Philippines,FranceandtheUS.ThefirmprovidesVIPtreatmenttoclientsapplyingunderthisprogramme,offeringend-to-endprocessmanagement and concierge services, handholding the client and family members throughout the application process and project managing any personalrelocationprocesses.

Cyprus Citizenship by Investment

Cyprus citizenship is available to HNWIs whoown a house in Cyprus and who invest at least €2.5mto€5minbankdepositsinCyprus,CyprusGovernment bonds or Cypriot companies, real estate in Cyprus or Cypriot companies employing atleast5Cypriotcitizens,oracombinationoftheabove.

We have represented a number of investors, assisting in the petition for citizenship as well as the structuring and conveyancing related to the investment eligible for the grant of citizenship in Cyprus.

Dominica Citizenship by Investment

The Commonwealth of Dominica , also known as the Nature Island of the Caribbean is an independent state situated near the islands of Martinique and Guadeloupe.

The Dominica Citizenship by Investment Programme grants citizenship to investors and their familiesinjustmonths.Citizenshipobtainedunderthis programme grants the right to citizenship for life andcanbepassedon to futuregenerations.TheProgramme is considered to be one of the most cost effective in the world, requiring an investment of US$ 200,000 in real estate or US$100,000 in Dominica’sEconomicDiversificationFund(EDF).

Monaco Residence Programme

The Monaco Residence Programme offers applicants and their families an ideal place of residence due the safe European location, high-class leisure facilities, pleasant climateand favourable tax system. Monaco residentsbenefit from no personal income tax, makingthe principality a main choice for high-net worthindividuals wishing to relocate to Monaco as their mainplaceofresidence.Onemaybecomeeligiblefor the Programme upon the purchase or rent of PropertyinMonaco,andfulfilmentofothercriteriasuchasacleanpolicerecordandbankreference.

Switzerland Residence Permit

Since time immemorial, Switzerland has been synonymouswithpeace&prosperity-andtodate,it has lived up to expectations, attracting many retirees,businesspeople,andhealthtouristsalike.The political stability and unmatched security in the country, makes it an attractive destination for settlement. The Swiss Residency Programmeoffers a highly favourable tax regime, and it is valid for5years.Besidesbeingavailabletotheapplicant& family, the Programme may lead to Permanent Residency status as well as to Citizenship, and it is opentobothEUaswellasNon-EUnationals.


Highly Qualified Employees and Corporate Relocation

We provide corporate relocation services to some of the largest players in Malta‟s financial services and online gaming scene. A typical example isa young Swedish family we recently assisted in relocating to Malta on the husband being appointed CTOofalargetechcompany.

As part of our pre-immigration tax planning, weassisted the family in organising its banking and wealth management structure to ensure the desired tax results in line with Malta‟s source and remittance basis of taxation for non-domresidentsofMalta.

Our tax and immigration lawyers identified theHighly Qualified Persons rules as the most suitable route to taking up employment and residencyinMalta,benefitingfroma15%flatrateonallemploymentincome.

Second Residency in Malta

Over the years, we have assisted individuals and families from all corners of the world take up an alternative residence permit in Malta, taking advantageofMalta‟smembershipoftheEuropeanUnion since 2004 and importantly Malta’s Schengen statussince2007.

Thefirmboasts the largestnumberofsuccessfulapplications handled under the Malta Global Residence Programme since its inception when it was first known as the Permanent ResidenceScheme and later the HNWI Rules. The firm‟spartners remain instrumental in advising the governmentonanon-goingbasisinthereformandtweaking of Maltese immigration law, directly and throughtheprofessionalbodiestheyrepresent.

The Global Residence Programme allows non-EU nationals to obtain residency in Malta on the basisoftherentalorpurchaseofpropertyinMalta.Beneficiaries of theGRPbenefit fromaflat rate on foreign source income of 15% subject toa minimum annual tax of €15,000 covering thewhole family.Theprogrammedoesnot imposeaminimumresidencerequirement.

We recently assisted a South African family obtain Maltese residency under the Global Residence Programme.Duetosecurityconcerns,ourclientswished to enjoy the comfort of having an alternative

place they could also consider home, which offered a warm climate similar to South Africa, the opportunities for water sports and diving, but the benefitsofpersonalsafetyandpoliticalstability.

We provided legal representation to the family in obtaining a home loan to cover the acquisition of theirhome inMalta.Weconducted the legalandcompliance due diligence on the property and drafted the relative preliminary and final deeds,highlighting planning irregularities and rectifying legal discrepancies that we discovered in the process.

We also assisted with arranging schooling for thecouple‟s three year old and seven year old children. Client also entrusted us with dealing with his bankers to establish accounts outside Malta on whichhecoulddraw tax-free, transferringmoneyto purchase the Maltese property at the right time without adverse Malta tax consequences.We prepared wills to ensure that the family was protectedifanythingshouldhappentothefather.

Expatriation

A highly successful British entrepreneur, wished to transfer his business and move to Malta. Hisintention was to become non-resident for capitalgains taxpurposes.Heandhiswife hadalreadyspent a large number of years in Malta and owned an apartment on the island. Our Private Clientadvisers explained the steps involved and helped themexploretheiroptions.Wetookcareofalltheformalities for residency, including the opening of bank accounts, introduction of real estate agents, liaison with medical doctors and hospitals, insurance companies and vets (they owned 3lovelydogs!)

We were also aware of the many pitfalls that stand in theway of becoming non-resident for UK tax.Therefore we liaised with our UK tax associates to ensure that this was done in the best manner possible.

Family Business Advisory

An entrepreneur, died aged 59, leaving a widowand three daughters in their early 20s. He hadvarious manufacturing businesses, with two main headquarters buildings, a number of apartments and houses and a factory. His widow wished toreside in one of the houses and all three daughters wishedtocontinuetheirfather‟sbusiness.


Ourin-housefamilybusinessadvisorandmediatorworked with our Private Client advisors, carrying out various meetings to analyse the situation from a familial, business and private point of view. Unfortunately, no family constitution hadbeen put in place before the father died and after various discussions it became clear soon after the father‟sdeaththatthedaughtershadverydifferentideas from each other about how to manage the businesses. Although a family constitution andpartnership would have been the ideal solution, thiswasnotpossible.Wewereeventuallyabletoarrange for the widow to remain in one of the main properties, whilst giving each daughter a different business area each and some of the properties splitbetween the threeof them.We incorporatedthe factory business, giving each daughter a differential shareholding to balance the values of theotherassetsthateachwereallocated.

Work Permits for non-EU nationals

In conjunction with a citizenship by investment application, a Middle Eastern client decided to set up an IT call centre in Malta to provide redundancy and a European solution to complement the other centresherunsinAsiaandEasternEurope.

We advised client on how this operation would best fit within the overall structure of his groupand assisted in grouping all entities worldwide under one holding company incorporated by us in Malta and setting up the necessary subsidiary that would conduct this business and employ the staff complementtobebasedinMalta.

The client wished to recruit a staff compliment of sixty toahundred localemployees.However theclient also wished to relocate fifteen executivesand management personnel from another centre toMalta.Thesewouldformthemanagementteamandwouldessentiallyalsotrainlocalpersonnel.

Forthenon-EUrecruits,weappliedfortherelativeemploymentlicence.EUnationals(exceptcitizensofCroatia),EEAandSwissnationalsdidnotrequireanemploymentlicencetoworkinMalta.

Employment licences must be applied for on behalfoftheemployerandnotthejobseeker.Weworked with the employer company and handled all the application processes involved, compiled and submitted all supporting documentation, liaised with the authorities and assisted client in

demonstratingthathecouldnotrecruitEEA/Swiss/Maltesecandidatesfortherole.

We also assisted with the rental of accommodation for the new recruits, opening personal bank accounts for them, liaised with insurance companies, drafted employment contracts and to date, we still handle thepayrollforthecompany.

Our Private Client Practice

Led by Dr Jean-Philippe Chetcuti, the firm’smanaging partner, our Private Client practice serves wealthy individuals and families, and theirtrusteesandfamilyoffices,privatebanksandotherwealthmanagementserviceproviders.

Our lawyers and tax advisers provide personal tax planning and compliance, citizenship and residency planning, wills and estates and international wealth structuring advice. Wealso provide structures for the holding and VAT minimization of high value assets including aircraft,superyachtsandart.

Interview of IdentityMalta CEO, Malta Justice Minister and IIP Attorney Jean-Philippe Chetcuti by Radio Television Suisse

Corporate Relocation

We provide full corporate relocation services to international companies requiring project management of the relocation of key staff, advice on immigration law, taxation, property law, wills and estates.

Breath of Private Client Experience

Our Private Client practice offers the resources of lawyers and other professional advisers with expertise in tax, succession, estate planning, immigration, family business governance and succession, banking, real estate, philanthropy, pensionsanddisputeresolution.


Specialist Immigration Team

Our Private Client practice vaunts a team „with a difference‟. Besides being one of the very firstimmigration-specialised teams in Malta, our members seek to be always highly commercially aware,speedy,accurateandcommerciallyastute.With advisers spanning the legal, accounting and tax professions, we boast a commitment to quality whist at the same time emphasising responsiveness andparamountclientservice.

Lawyer-Client Privilege

ChetcutiCauchiAdvocates isa licensed lawfirmbound by professional secrecy: lawyer-client privilege is fully protected under Maltese law (unlike other non-law firm agents working in thissector.)

Who We Help

Our Private Client practice provides a range of specialist, high-quality services to the followingtypical clients:

■ Family businesses■ Highnetworthindividuals&families■ Trusts & Foundations■ Legal & tax advisers■ Banks,credit&financialinstitutions■ Familyoffices&assetmanagers■ Sports and leisure organisations■ Charities and philanthropic constructions■ Museums & galleries The Law Firm

Chetcuti Cauchi is a law firm serving successfulentrepreneurs, business families and institutions using the financial centres of Malta and Cyprus,and their advisors around the globe.With officesin Malta, Cyprus and London, we advise clients seamlessly on their business and private legal needsbothathomeandabroad.

Multi-Disciplinary

Ouruniquemulti-disciplinaryset-upofoverseventylawyers, tax advisors, accountants, company administrators and relocation advisors allows us to provide the full spectrum of legal, tax, company formation, immigration, corporate relocation and fiduciaryservicestoclientsusingMaltaandCyprusininternationaltaxplanning,cross-borderbusinessstructuringandwealthmanagementsolutions.

Trusted Advisers

Ourcross-functionalapproachappealstodiscerningclientsthatrangefromHighNetWorthindividualsand families, entrepreneurs as well as blue chip companies.Thefirmservesasatrustedadvisertointernational lawfirms, taxadvisers,accountants,privatebankersandfamilyofficesworldwide.

We maintain key strengths in corporate law, international tax, intellectual property, immigration law, property lawand trusts.Despite beinga topfive law firm by size, the partners and seniorscontinuethefirm’straditionofprovidingspecialisedlegal services of unrivalled quality: responsively.Despite being a top-five law firm by size, thepartners and seniors continue the firm’s traditionof providing specialised legal services of unrivalled quality, responsively. Through this approach, wehave created a personalised environment built aroundourclients’privateorcommercialrealities.

Commercially Aware

Thefirmhasbuiltanameforservingtoday’sandtomorrow’s industries with significant commercialawareness,includingthefinancialservices,onlinegambling, pharma, life-sciences, digital games,aviation and super-yacht industries, combiningspecialist business law and international private wealth advice. We are renowned for technicalexcellence,sensitivityandcommonsense.

© CHETCUTI CAUCHI | Private Client 8 www.cclex.com

Mr Antoine Saliba-Haig

Legal Associate

Dr Stephanie Bonello

Legal Associate

Client Relationship Executives

Ms Diane Henwood

Private Client Advisor

Ms Ekaterina Zammit

Legal Associate

Ms Pauline Gouder


Ms Marouska Farrugia

Sr Private Client Advisor

Ms Roberta Anastasi

Client Relationship Executive

Ms Claudia Cilia-Buhagiar


Mr Kenneth Camilleri

Tax, Aviation Partner

Dr Priscilla Mifsud-Parker

Tax, Trusts, Estates Partner

Dr Jean-Philippe Chetcuti

Tax, Immigration Partner

Dr Maria Chetcuti-Cauchi

Art, Cultural Property Partner

Meet the Team

Partners Lawyers and Paralegals

Mr Charles Savva

Tax, Immigration Cyprus Partner

Dr Silvana Zammit

Partner

© CHETCUTI CAUCHI | Private Client www.cclex.com

Dr Jean-Philippe ChetcutiTax, Immigration [email protected]

Dr Priscilla Mifsud-ParkerTax, Trusts, Estates [email protected]

Dr Maria Chetcuti-CauchiArt, Cultural Property [email protected]

■ Tax & Immigration Lawyer, advisor to HNWIs,theiradvisors&FamilyOffices.

■ Managing partner, CCA■ Member, AILA American Immigration

Lawyers Association (InternationalChapter)

■ Member, IBA International Bar Association (Immigration & NationalityLawCommittee)

■ Member, Malta Chamber of Advocates, Malta Chamber of Commerce, International Tax Planning Association, InternationalFiscalAssociation.

■ Chairman, STEP Society of Trust & Estate Practitioners

■ Executive Committee Member, IFSP Institute of Financial Services Practitioners

■ Co-founder, Secretary, MAFE MaltaAssociation of Family Enterprises, which he represents at the European Family BusinessAssociation.

■ Private clients lawyer specialising in immigrationlawandintrustsandestates.

■ Partner, CCA■ Member, Maltese Chamber of Advocates■ Technical , STEP Society of Trust & Estate

Practitioners■ Member, IFSP Institute of Financial

Services Practitioners

■ Regulated Business, IP, Art & Cultural Property Lawyer

■ Senior partner, CCA■ Registered trademark & patent attorney

in Malta & in the EU■ Approved EPO European Patent Attorney ■ Member, Institute of Financial Services

Practitioners, Society for Trusts & Estates Practitioners, Chamber of Advocates

■ Member, International Trademark Association, Remote Gaming Council

■ Government Advisor, Malta Remote Gaming Regulations

■ Engaged by Government for the Digitalisation of the Domestic Patent Database for Malta Enterprise

■ Advisor, Malta Enterprise on the Roche Bolar Exemption for the Pharma Industry

■ Advisor, Malta Council for Science & Technology

■ Author & speaker, IPR law matters: ACTA, European Patents Convention & Patent Cooperation Treaty, Roche Bolar Exemption.

Mr Kenneth CamilleriTax, Aviation [email protected]

■ Tax advisor & CPA■ Partner at CCA■ Member, IFSP Institute of Financial

ServicesPractitioners,TaxSubcommittee.■ Member, MIT Malta Institute of Taxation,

MIA Malta Institute of Accountants■ Member, ITPA International Tax Planning

Association

Key Contacts Profiles



Dr Silvana ZammitCommercial Law, [email protected]

Mr Charles SavvaCyprus Tax, Immigration [email protected]

■ Partner, CCA■ Commercial lawyer specialising in gam-

ing law and transport matters■ Member, Chamber of Advocates■ Member, Malta Association of Family

Enterprise (Co-Founder and Secretary)■ Member, Finance Malta Foundation■ Member, International Fiscal Association■ Member, Malta Institute of Taxation■ Member, International Tax Planning

Association■ Member, Institute of Financial Services

Practitioners■ Member, Society for Trusts & Estate

Practitioners (STEP) Malta Branch

■ Partner, CCA■ Managing Partner, Cyprus■ UK Chartered Accountant ■ Head, Cyprus tax advisory & immigration

practice■ Board Member, Cyprus-Canada

Business Association■ Member, Society of Trust and Estate

Practitioners


Why Chetcuti Cauchi

The below credentials highlight the importance we give to our Private Client practice within the larger, multi-disciplinaryenvironmentweworkin.

Recognition

• Our partners are regularly consulted by the Government on immigration law reform, anti-bureaucracy reform and revisions of Malta’s taxlaw.

• Dr Chetcuti was interviewed by Radio Television Suisse & featured in Euronews documentary on private equity, citizenship by investment and the legal framework for professional investor funds.

• Our lawyers represent Malta / Cyprus atinternational fora, seminars and lectures internationally & write and publish extensively on private client matters, immigration law, trusts and estates and family business governance

Achievements

• Dr Jean-Philippe Chetcuti, Managing Partnerat CCA, was the first to be authorised by Identity Malta Agency (licence no. IIP 001)undertheIIPRegulations.

• Chetcuti Cauchi Advisors Ltd is a licensed Authorised Registered Mandatory (ARM), arequirement for residence applications under Malteselaw.

• The firm filed the first applicationsunder the Citizenship by Investment Programme and received the very first approvals of such applicants.

Awards

• Awarded full Service Law Firm of the Year in Malta, Global Award Corp INTL 2011

• Awarded the INTL Immigration Law Firm of the YearinMaltaAward2013and2014

Experience

• Chetcuti Cauchi enjoys a sterling reputation in the areas of citizenship and residence planning, in the handling of legal and tax matters relevant to the structuring & planning of personal wealth and personal interests & businessworldwide.

• Over ten years’ experience in citizenship and residency applications, specialising exclusively onMaltaandCyprusinaninternationalcontext.

• A 100% success rate in residence and citizenship applications, through an honest professional assessment of applicants prior to filingandaproblemsolvingapproach.

Licences & Certifications

• Dr Jean-Philippe Chetcuti is an authorised Accredited Person by Identity Malta Agency (licence no. IIP 001).

• Chetcuti Cauchi Advisors Ltd is a licensed AuthorisedRegisteredMandatory(ARM00103)to act as the sole channel between the Government of Malta or the Commissioner of InlandRevenue,andtheapplicant.

• Dr Jean Philippe Chetcuti was admitted to the bar and awarded his warrant to practise as an advocatebeforetheMalteseCourtsin2003.

• All our lawyers and accountants are warranted and certified to practise in theirrespectiveprofessions.

• Our trust company,ClarisCapitalLtd.(Reg.No.C-39315)isaauthorisedandregulatedbythe Malta Financial Services Authority in terms of the Trusts & Trustees Act to provide full fiduciaryandtrusteeservicesaswellasactingasanadministratoronfoundations.


Client & Directories TestimonialsBelowisasnapshotofwhatclients,firms,andindependentdirectoriessayaboutus:

Marie JoyceGroup Commercial Director at NTR plc

Legal500Directory

Gamescale Advanced Gaming Solutions

“Jean-Philippewasakeyadvisor tomeon the general European and in particular Maltese related tax, legal, accounting and secretarial aspects of a rather complex corporate group structure. Wewere operating in an extremely dynamic situation, and I was most grateful for his patience and understanding when we had to scrap the last idea and start alloveragain.Heishighlyprofessional,responsive and is excellent at findingpractical solutions to difficult situations,whatever the time of day or night. Healso has an excellent relationship with his team,andtheserviceprovidedbyhisfirmis intelligent, joined up and seamless.He is good humoured and imminentlylikeable and I look forward to working with himagaininthefuture”.

“Chetcuti Cauchi Advocates’ ‘professional and responsive’ team is recommended for its ‘great technical and regulatory knowledge’, which it uses to advise fund managers, investments advisers and forex brokers. Practice head CharlesCassar shows ‘innate understanding of therequirementstogetthejobdone’.”

“CC has demonstrated superior performance during the licensing process, negotiations with clients and a careful strategicplanningofouroperations.Theexecution of the services provided to our group of companies all around the world in several different languages is an excellent demonstration of the high qualitypersonnelengagedinandatCC.WefeelproudtobepartoftheCCfamily.Where others failed or gave up you with great confidence succeeded. I want toexpress my sincere gratitude to you and your staff for all the time, patience and expertise you devoted to our different and diverselegalissues.Iamgratefulfortheexcellentoutcome.”

Legal500Directory

“Chetcuti Cauchi Advocates attracts praise for its ‘team of highly experienced and knowledgeable property practitioners, whose input enables smooth and problem-free completion oftransactions’. In 2013, it advisedMelitaBusiness Centre on the conversion of two properties from temporary to perpetual ground rent. Managing partner Jean-Philippe Chetcuti heads the team, which includes the ‘practical’ Silvana Zammit, whohas‘verygoodnegotiatingskills’.”


CONTACT DETAILS

For more information, contact:

Dr. Jean-Philippe ChetcutiDip.Tax,Dip.ITM,B.A.,LL.M.(Warwick),LL.D.,TEPPartner, Private Clients

Skype:chetcuticauchi.maltaE:[email protected]•W:www.cclex.com

MALTA120•LowerStUrsulaStreetValletta•VLT1236•MaltaTel:+35622056105

CYPRUS1stFloorOffice10575•ProdromouAvenueNicosia•2063•CyprusTel:+35622056710

LONDON259•TempleChambers3-7•TempleAvenueLondon•EC4Y0HP•UKTel:+442075839433

DISCLAIMER: The materials contained in this document are provided for general information purposes only and are not intended to provide legal or other professional advice.Weacceptnoresponsibilityforanydirect,indirector consequential loss or damage which may arise from reliance on information contained in this document.Readersareadvisedtoseekconfirmationofstatementsmade herein before acting upon them; specialist advice shouldalsobesoughtonyourparticularcases.Pleasefeelfreetocontactusatyourconvenience.© COPYRIGHTNOTICE: Reproduction in whole or inpart is strictly forbidden, except with the prior written consentofChetcutiCauchi.

GetinTouch...T:(+356)22056200▪F:(+356)22056201E:[email protected]▪W:www.cclex.com

EU Citizenship by InvestmentMalta & Cyprus Citizenship by Investment Programmes cclex.com

© CHETCUTI CAUCHI | Citizenship www.cclex.com2

CONTENTS

MALTA ............................................................... 4

Benefits of Malta Citizenship ............................. 4

Eligibility for Maltese Citizenship by Investment ..4

Taxation of New Citizens ................................... 6

Malta Citizenship Application Process ............... 7

CYPRUS............................................................ 8

Benefits of Cyprus Citizenship........................... 8

Eligibility for Cyprus Citizenship by Investment . 9

Cyprus Citizenship Application Process .......... 10

Why Chetcuti Cauchi ........................................11

Meet the Team ................................................. 12

Key Contacts ................................................... 13

Testimonials ..................................................... 14


MALTA

Maltese Citizenship Rights

The Republic of Malta enjoys a stable political climate and a bi-partisan political scene that is largely convergent on issues of national and economic importance. Malta has weathered the financial crises well and shared the limelight with Germany as the only two states maintaining economic growth in the Euro Zone. Malta’s banks have been ranked amongst the top 5 soundest banks in the world.

Malta has been a member of the European Union since 2004 and is part of Schengen since 2007. Citizenship obtained under this programme grants the rights of full citizenship for life and can be passed on to future generations by descent. Maltese citizenship grants access to all investment opportunities in Malta and throughout the European Union open to Maltese and European Union citizens.

Legal Basis for Maltese Citizenship by Investment

Maltese Citizenship by Investment is granted under an amendment passed in November 2013 to the Maltese Citizenship Act, Chapter 188 of the Laws of Malta. These amendments provided the framework for the enactment of LN 47 of 2014. The “Malta Individual Investor Programme (MIIP) rules provide for affluent persons of impeccable standing and repute to be naturalised and to receive Maltese citizenship on the basis of a contribution to and investment in Malta.

Eligibility for Maltese Citizenship by Investment

To qualify under the regulations, a Main Applicant for citizenship must be at least 18 years of age and must meet the requirements outlined in this factsheet.

The main applicant may also add dependents to a citizenship application. The spouse, children andparents or grandparents, may be included in the application under certain conditions in order to benefit under the Malta Citizenship by InvestmentProgramme.

Beneficiaries under the Global Residence Programme may also additionally apply for citizenship under this Programme.

‘Fit and proper’ Test

Applicants must show they are in good standing and repute and will undergo a ‘fit and proper’ test. The Government of Malta is committed to the highest standard of due diligence to ensure only deserving and reputable applicants are allowed to proceed for the grant of Maltese citizenship.

A four-tier due diligence process is carried out directly by the Government that assesses applicants, processes and approves applications at various stages.

Applicants must demonstrate a clean criminal record, with checks being conducted with the International Criminal Court, INTERPOL and various other authorities and sources. Applicants must provide a police certificate which may be submitted subsequently to the submission of the application but at all times prior to approval.

Benefits of Malta Citizenship

■ Schengen Residence status for 1 yr prior to issue of passport, issued on application

■ European Union Member State.

■ 160 Visa-free destinations inc. US, UK.

■ Passport issued within 1 year.

■ Clear, objective rules for eligibility.


Good Health

Applicants must demonstrate that they do not suffer from any contagious disease or any health condition that could become a significant burden on the Maltese health system.

Contribution to the National Development & Social Fund

To qualify for Maltese citizenship by investment, the main applicant is required to contribute at least €650,000 to Malta. Of this contribution, 70 per cent will go into the Fund set up by the Government of Malta and run by a board of trustees. The rest goes to the consolidated fund.

The Fund finances projects linked to education, public health, innovation, job creation and social projects.

Spouses and children are required to contribute €25,000; unmarried children between 18 and 25 and dependent parents must contribute €50,000 each.

Property Purchase or RentalApplicants are required to make a property investment of at least €350,000 or enter a property rental contract for at least €16,000 p.a. both on 5-year contracts

Investment in Bonds/SharesApplicants are required to invest at least €150,000in bonds or shares which are approved by the Maltese Government from time to time. The shares/bonds are to be kept for at least five years and must be invested in stocks sanctioned by the government as beneficial to the Island.

Residence StatusMalta is the only Citizenship by Investment Programme that enjoys EU approval. The basis for obtaining this endorsement by the European Commission was the introduction of a ‘genuine link’ requirement, or the one year residence requirement. This period starts running from the first visit of the applicant who is issued a one year residence permit within an impressively short timeframe.

It is understood that HNWIs lead very international lives and would find it difficult spend a full year in any one country. Styled on the experience of the European Court of Justice, the genuine link test ensures that main and dependent applicants are able to demonstrate a genuine connection with the jurisdiction in their personal, social, philanthropic and commercial activities.

Persons being resident in Malta one year prior to IIP approval already satisfy this requirement.

Eligibility for Malta Citizenship■ Fit & Proper - clean criminal conduct, in

good health

■ Non-refundable contribution of €650,000 to Government Fund

■ Investment in Government Bonds €150,000 for 5 years

■ Investment in Property min. €350,000 for 5 years OR Rental of Property min. €16,000 for 5 years

■ Genuine Link with Malta for 1 Year

■ Eligible Dependents inc. unmarried children up to 25 yrs, parents over 55 yrs


Grounds for Refusal■ Providing false information

■ Having a criminal record or being subject of a criminal record

■ Potential national security threat

■ Likely to cause disrepute to Malta

■ Denied a visa to a country

Notwithstanding the above, Identity Malta will regard applicants on a case by case basis and may be satisfied that the applicant is still worthy of being considered for approval due to special circumstances. In the case of approval, Identity Malta must provide reasoned opinion why applicant should still be considered for approval and should refer the case to the Minister who has sole authority to approve.

Grounds for Revocationof Maltese Citizenship by Investment

The revocation (“deprivation”) from Maltese citizenship is well regulated and is governed by the Maltese Citizenship Act. Legitimate grounds for deprivation of citizenship would be that:

■ citizenship was acquired by means of fraud, false representation or the concealment of any material fact or

■ such citizen would have spoken or acted in a disloyal manner towards the President or the Government of Malta or

■ such citizen had engaged, unlawfully traded or communicated with an enemy or been engaged in or associated with any business that was motivated by willingness to assist an enemy in that war.

Various authorities on constitutional law have expressed their position on this subject, largely to

the effect that it would be contrary to fundamental human rights for any government to issue a blanket revocation of citizenship based on its grant under IIP.

Taxation of New Citizens

The Maltese tax system subjects persons to tax on the basis of domicile and residence – not citizenship. The grant of Maltese citizenship to a non-domiciliary of Malta does not of itself, cause the beneficiary to acquire a new domicile of choice in Malta. Residence for tax purposes is established by demonstrating an intention to reside in Malta indefinitely and definitely on the basis of a day count of 183 days.

Remittance Basis of Taxation

Tax residents of Malta who are not domiciled in Malta are taxable on a remittance basis. Accordingly, non-doms who are resident in Malta are not taxable on foreign source income not received in Malta, nor on any capital gains arising outside Malta whether remitted or not. Tax is due only on a sources basis on income and capital gains arising in Malta. A non-resident citizen of Malta is only taxable in Malta on Malta source income.

Sale of Property

After the lapse of the obligatory 5 year period, property in Malta can be sold completely exempt from tax if such property is held for a period of 3 years as the resident’s sole and ordinary residence. If sold before the lapse of 3 years, a final property tax of 12% is chargeable on the selling price

Other Tax Considerations

• No inheritance or death taxes • No estate duty • No net worth or wealth taxes • No rates, municipal / real estate taxes.


Malta Citizenship Application Process Our Malta Citizenship ServicesApproved AgentApplications for Maltese Citizenship by Investment are to be made to and processed wholly by Identity Malta. Applicants must be represented by an Accredited Person that is a licensed Maltese Authorised Registered Mandatory (ARM). Dr Jean-Philippe Chetcuti (Chetcuti Cauchi Advisors Ltd) holds licence no. IIP 001 and has satisfied the additional requirements imposed by the IIP Regulations over and above the requirements for ARMs under other legislation. The programme imposes more responsibilities on ARMs to ensure the highest standards of quality are maintained throughout the application process, for the protection and benefit of applicants and the reputation of the Maltese citizenship by investment programme.

Application Services■ advising you on your chances of success

before filing your application; ■ providing you with pre-immigration legal and

tax advice; ■ guiding you with the preparation of supporting

documentation; ■ vetting and preparing all supporting

documentation for submission; ■ corresponding and liaising with the government

authorities on your behalf during the application process;

■ application progress updates;

Other Malta Services■ handling applications for work permits,

uniform residence permits, HNWI and Global Residence Programme residence permits;

■ legal and notarial representation on purchase, rental and re-sale of property in Malta including applications for AIP permits (foreigners need AIP permit to purchase property in Malta), reviews of your contract.

■ co-ordination of architectural surveys & planning applications, referral to leading interior designers & turnkey providers for property conversions;

■ personal and corporate international tax planning;

■ dealing with all periodical tax matters including annual returns and tax payments;

■ drawing up of wills, international probate; ■ administration of estates, foundations, trusts; ■ advice on the formation & management of

trading & holding companies in Malta; ■ yacht registration under the Malta flag & VAT

planning.

Application Time Line & Payments

1. Apply for Residence: applicants who are not already resident in Malta are advised to start the process of residency to set the clock ticking on the 1 year residency requirement. A deposit on account of the €650K contribution is due at this stage: €5,000 for main applicant. €1,000 per dependent.

2. Day 0: Formal Application by Accredited Person: An application is formally submitted to Identity Malta with the essential supporting documents. Payments due now include the due diligence fees, passport fees and a deposit of €10,000 on account of the €650K contribution, less any payments made on applying for residency. Evidence of source of funds to be presented.

3. Day 90: Identity Malta confirms whether the documentation submitted is formally in order, subject to a further month of further verifications.

4. Day 120: This is the approval of the process conditional only to the fulfilment of the obligations undertaken under the IIP.

5. Day 125:Identity Malta requests payment of remaining balance on contribution & passport fee.

6. Day 145: Deadline for paying balance on contribution.

7. Day 240 Final Compliance: Provide evidence of Property Purchase / Rental & €150K investment.

8. Day 183; Issue of Certificate of Naturalisation (maximum time to issue: 2 years). Subject to: Oath of Allegiance, 1 Year residence.


CYPRUS

Introduction to CyprusCyprus has recently been ranked the 5th best relocation destination in the world by an international lifestyle review (source: 2014 report by Knight Frank, a leading independent, global real estate consultancy firm). Ranked by key business and leisure indicators, Cyprus was the only European country alongside Switzerland to make it into the top five – ahead of London, Madrid and Monaco. Cyprus ranked highly because of its favourable tax regime for new residents, particularly high net worth individuals. With at least 320 days of sunshine a year, Cyprus was classified the sunniest European location. Also noteworthy, are recent studies conducted by global immigration experts, ranking the Cyprus Citizenship by Investment program among the “top ten best in the world”.

Recent changes to Cypriot immigration policy and legal framework now enable non-EU applicants to obtain Cypriot citizenship on an expedited basis. There are a number of reasons the Cyprus Citizenship by Investment program is now considered to be one the most attractive in Europe.

Legal Basis for Cyprus Citizenship by Investment

Cyprus Citizenship by Investment is available to investors pursuant to the “Scheme for Naturalisation of Investors in Cyprus by Exception” on the basis of Section 111A (2) of the Civil Registry Laws of 2002-2013, based on a Council of Ministers decision dated 19th March 2014. By virtue of this law, the Cyprus Council of Ministers may grant citizenship by naturalization to foreign entrepreneurs.

Additionally, the law provides for the granting of the Cypriot citizenship by investment to the spouse as well as financially dependent adult children of the investor. Neither the spouse nor the children are obliged to meet any additional financial criteria.

Benefits of Cyprus CitizenshipFree Movement of Persons

The whole family can obtain Cyprus Citizenship i.e. the main applicant, his/her spouse, children under 18 years, and adult dependents (ages 18 to 28) and they can all travel, reside and work freely within the EU.

Free Movement of Services

Individual citizens and their companies can offer services within EU Member States without any obstacles.

Free Movement of Capital

Cypriot passport holders can transfer funds between EU Member States, purchase property in any preferred EU country and invest in any type of activities.

Free Movement of Goods

All goods produced in EU Member States can be freely transferred between countries of the EU.

No requirement to physically reside in Cyprus

The applicant and his/her dependants are not required to reside in Cyprus; neither before the filing of an application, nor after obtaining CypriotCitizenship

Attractive Tax System

Cyprus is an attractive financial centre due to its highly favourable tax system and strategic location at the crossroads of three continents – Europe, Africa and Asia.

Benefits of Cyprus Citizenship

■ Approval within 3 months

■ No donations to the government are required – only approved investments.

■ No presence or residence required before/after approval.

■ Cyprus nationals enjoy 157 Visa-free destinations.


High standard of living

Cyprus presents a high standard of living with ac-cess to reputable private schools, trustworthy pri-vate medical facilities and among the lowest crime rates within Europe.

Visa Free Travel

Cypriot passport holders may travel freely within the EU, and they may also travel without a visa to many non-EU countries.

Eligibility for Cyprus Citizenship by Investment

To qualify under the regulations, a Main Applicant for citizenship must be at least 18 years of age and must meet the requirements outlined below.

The main applicant may also add dependents to a citizenship application including his/her spouse and children, under certain conditions, to benefit under the Cyprus Citizenship by Investment Programme.

“Children” includes those up to the age of 18 and children from the ages of 18-28 if they are financially dependent on the main applicant. Additionally, an investors’ child with severe physical or mental disability that makes him or her unable to work is also considered as financially dependent.

Eligible Investments

The applicant can choose between the following available investment options:

Bank DepositsHold deposits in banks operating in Cyprus for a minimum amount of €5 million and fixed for a 3 year period. The list of eligible banks includes local banks and subsidiaries of foreign banks operating in Cyprus, but excludes branches; or

Direct Investments

Invest in direct investments in Cyprus for a minimum amount of €5 million in any of the following ways:■ Purchase of Cyprus Government Bonds with a

minimum maturity of three years;■ Invest in bonds or debentures registered and

issued by Cyprus companies or businesses or organizations, with a minimum maturity of three years;

■ Invest in real estate development projects including housing or commercial development projects, tourist industry developments or other infrastructure projects (excluding undeveloped land);

Eligibility for Cyprus Citizenship

■ Clean criminal conduct

■ A vast choice of investment opportunities

■ Investment in Property of a value of minimum €500,000 plus VAT and fully paid

■ Documents supporting the source and origin of the declared funds for investment

■ Investor’s name must not be included on the list of persons whose property is ordered to be frozen by the EU

■ Visit Cyprus at least once upon approval


■ Purchase, incorporate or be part of businesses and companies that are based and operate in Cyprus. Such companies are required to have a physical presence in Cyprus and to employ at least five Cypriot citizens. This criterion includes share participation in a Cyprus bank, and applies to foreign investors who have been holding shares (directly or indirectly) in Cyprus companies, or have been appointed as Executive Managers therein for three years prior to their application for Citizenship, earning remuneration resulting in tax revenue for the Republic of at least €100,000 and provided they maintain their investment in the said companies for another three years from the date the Citizenship is granted; or

Combination of Criteria

One can decide on a combination of any of the criteria listed in the above two schemes; or

Major Collective Investments

Invest in any of the Direct Investments listed above in the amount of €2.5 million per investor, where the total value of the major collective investment is at least €12.5 million; or

Impaired Deposits

If the applicant has impaired deposits amounting to a minimum of €3 million in the Bank of Cyprus and/or in the Popular Bank. In case of impaired deposits of less than €3 million, the applicant can proceed to make additional investments under one of the above criteria.

An investment through a company, fund or foundation is eligible provided that there is a proven correlation between the investor and the company, fund or foundation.

Cyprus Citizenship Application Process

Our Cyprus Citizenship Services

Applications for Citizenship by Investment are to be made to and processed wholly by the Ministry of the Interior.

Chetcuti Cauchi has long established itself as a leader in the field of immigration services, and we are well positioned to assist high net worth individuals interested in Cyprus citizenship.

We are pleased to be amongst the very few providers in Cyprus with actual experience preparing and submitting successful citizenship applications. We are also well positioned to facilitate the provision of additional services to clients filing their citizenship applications, including legal assistance, drafting and review of property acquisition agreements, organising property valuations and any other related services.

Through our extensive and well established network of property experts and real estate agents, we are also able to assist our clients with finding the right property matching their criteria, and ensure they are presented with properties that are good value for money. Unfortunately, this is the area where most pitfalls exist.

Application Time Line & Payments 1. Evaluation: The Ministry of Finance

evaluates whether the applicant meets the financial criteria as established by the Council of Ministers.

2. Investigation: Simultaneously, the Ministry of Interior investigates whether the applicant meets the other conditions for the granting of the citizenship including, acquisition of the residential property in Cyprus, and a clean criminal record etc.

3. Processing: Provided the applicant meets the financial criteria and all the conditions for the granting of the citizenship, the Ministry of Interior presents the case to the Council of Ministers for final decision.

4. Approval: Once the application is approved, the Civil Registry and Migration Department issues the Certificate of Naturalization, following the €5,000 payment that constitutes the Naturalization Certificate issuing fee.


Application Services

■ advising you on your chances of success before filing your application;

■ providing you with pre-immigration legal and tax advice;

■ guiding you with the preparation of supporting documentation;

■ vetting and preparing all supporting documentation for submission;

■ corresponding and liaising with the government authorities on your behalf during the application process;

■ application progress updates.

Other Services

■ handling applications for work permits, and any type of residence permits;

■ legal and notarial representation on purchase, rental and re-sale of property in Cyprus, reviews of your contract;

■ co-ordination of architectural surveys & planning applications, referral to leading interior designers & turnkey providers for property conversions;

■ personal and corporate international tax planning;

■ dealing with all periodical tax matters including annual returns and tax payments;

■ drawing up of wills, international probate; ■ administration of estates, foundations, trusts; ■ advice on the formation & management of

trading & holding companies in Cyprus; ■ yacht registration under the Cyprus flag & VAT

planning.

Why Chetcuti Cauchi

Below is a point form introduction to our credentialsin this area and highlights the importance we giveto our citizenship and residence practice within thelarger, full service environment we work in:

Fully Authorised by Government

■ Dr Jean-Philippe Chetcuti, Managing Partner at CCA, was the first to be authorised by Identity Malta Agency (licence no. 001) under IIP Regulations.

■ Chetcuti Cauchi Advisors Ltd is also a licensed Authorised Registered Mandatory (ARM), a requirement for residence applications under Maltese law.

■ The firm was the first to be granted the status of ‘Approved Agent’ by Identity Malta Agency.

Law Firm

■ Chetcuti Cauchi Advocates is a licensed law firm bound by professional secrecy: lawyer-client privilege is fully protected under Maltese law (unlike other non-law firm agents working in this space.)

■ Offices within 1 minutes’ walk from Identity Malta Agency offices in Valletta.

Quality Service

■ Full partner attention on all matters.■ Full concierge services available in a friendly

and personalised environment.■ Full-service multi-disciplinary law firm

specialising in using Malta in international legal and tax planning, company & trust formation & management.

Experience:

■ Chetcuti Cauchi enjoys a sterling reputation in the areas of citizenship and residence planning, in the handling of legal and tax matters relevant to the structuring & planning of personal wealth and personal interests & business worldwide.

■ Our Citizenship & Residence Planning team is led by partners Jean-Philippe Chetcuti, Priscilla Mifsud Parker & Kenneth Camilleri.

■ Over ten years’ experience in citizenship and residency applications, specialising in Malta planning in an international context.

■ A 100% success rate in residence and citizenship applications, through an honest & professional pre-filing assessment of applicants & a problem solving approach.

Mr Antoine Saliba-Haig

Legal Associate

Dr Stephanie Bonello

Legal Associate

Client Relationship Executives

Ms Diane Henwood


Ms Ekaterina Zammit

Legal Associate

Ms Pauline Gouder


Ms Marouska Farrugia

Sr Private Client Advisor

Ms Roberta Anastasi


Ms Claudia Cilia-Buhagiar


Mr Kenneth Camilleri

Tax, Aviation Partner

Dr Priscilla Mifsud-Parker

Tax, Trusts, Estates Partner

Dr Jean-Philippe Chetcuti

Tax, Immigration Partner

Dr Maria Chetcuti-Cauchi

Art, Cultural Property Partner

Meet the Team

Partners Lawyers and Paralegals


Dr Silvana Zammit

Commercial Law, Partner

Mr Charles Savva

Cyprus Tax, Immigration Partner


Dr Jean-Philippe ChetcutiTax, Immigration [email protected]

Dr Priscilla Mifsud-ParkerTax, Trusts, Estates [email protected]

Dr Maria Chetcuti-CauchiArt, Cultural Property [email protected]

■ Tax & Immigration Lawyer, advisor to HNWIs, their advisors & Family Offices.

■ Managing partner, CCA■ Member, AILA American Immigration

Lawyers Association (International Chapter)

■ Member, IBA International Bar Association (Immigration & Nationality Law Committee)

■ Member, Malta Chamber of Advocates, Malta Chamber of Commerce, International Tax Planning Association, International Fiscal Association.

■ Chairman, STEP Society of Trust & Estate Practitioners

■ Executive Committee Member, IFSP Institute of Financial Services Practitioners

■ Co-founder, Secretary, MAFE Malta Association of Family Enterprises, which he represents at the European Family Business Association.

■ Private clients lawyer specialising in immigration law and in trusts and estates.

■ Partner, CCA■ Member, Maltese Chamber of Advocates■ Technical , STEP Society of Trust & Estate

Practitioners■ Member, IFSP Institute of Financial

Services Practitioners

■ Regulated Business, IP, Art & Cultural Property Lawyer

■ Senior partner, CCA■ Registered trademark & patent attorney

in Malta & in the EU■ Approved EPO European Patent Attorney ■ Member, Institute of Financial Services

Practitioners, Society for Trusts & Estates Practitioners, Chamber of Advocates

■ Member, International Trademark Association, Remote Gaming Council

■ Government Advisor, Malta Remote Gaming Regulations

■ Engaged by Government for the Digitalisation of the Domestic Patent Database for Malta Enterprise

■ Advisor, Malta Enterprise on the Roche Bolar Exemption for the Pharma Industry

■ Advisor, Malta Council for Science & Technology

■ Author & speaker, IPR law matters: ACTA, European Patents Convention & Patent Cooperation Treaty, Roche Bolar Exemption.

Mr Kenneth CamilleriTax, Aviation [email protected]

■ Tax advisor & CPA■ Partner at CCA■ Member, IFSP Institute of Financial

Services Practitioners, Tax Subcommittee.■ Member, MIT Malta Institute of Taxation,

MIA Malta Institute of Accountants■ Member, ITPA International Tax Planning

Association



Dr Silvana ZammitCommercial Law, [email protected]

Mr Charles SavvaCyprus Tax, Immigration [email protected]

■ Partner, CCA■ Commercial lawyer specialising in gam-

ing law and transport matters■ Member, Chamber of Advocates■ Member, Malta Association of Family

Enterprise (Co-Founder and Secretary)■ Member, Finance Malta Foundation■ Member, International Fiscal Association■ Member, Malta Institute of Taxation■ Member, International Tax Planning

Association■ Member, Institute of Financial Services

Practitioners■ Member, Society for Trusts & Estate

Practitioners (STEP) Malta Branch

■ Partner, CCA■ Managing Partner, Cyprus■ UK Chartered Accountant ■ Head, Cyprus tax advisory & immigration

practice■ Board Member, Cyprus-Canada

Business Association■ Member, Society of Trust and Estate

Practitioners



Testimonials

Below is a snapshot of what clients, firms, and independent directories say about us:

“Jean-Philippe was a key advisor to me on the general European and in particular Maltese related tax, legal, accounting and secretarial aspects of a rather complex corporate group structure. We were operating in an extremely dynamic situation, and I was most grateful for his patience and understanding when we had to scrap the last idea and start all over again. He is highly professional, responsive and is excellent at finding practical solutions to difficult situations, whatever the time of day or night. He also has an excellent relationship with his team, and the service provided by his firm is intelligent, joined up and seamless. He is good humoured and imminently likeable and I look forward to working with him again in the future”.

Marie JoyceGroup Commercial Director at NTR plc

“Chetcuti Cauchi Advocates attracts praise for its ‘team of highly experienced and knowledgeable property practitioners, whose input enables smooth and problem-free completion of transactions’. In 2013, it advised Melita Business Centre on the conversion of two properties from temporary to perpetual ground rent. Managing partner Jean-Philippe Chetcuti heads the team, which includes the ‘practical’ Silvana Zammit, who has ‘very good negotiating skills’.”

Legal 500 Directory

“Chetcuti Cauchi Advocates’ ‘professional and responsive’ team is recommended for its ‘great technical and regulatory knowledge’, which it uses to advise fund managers, investments advisers and forex brokers. Practice head Charles Cassar shows ‘innate understanding of the requirements to get the job done’.”

Legal 500 Directory

“Perfect profile for servicing private client needs, with a very high level of professional services and quick reaction to queries. One of the best providers to work with in Malta.”

Elene Bruggisser,Managing Director at Family Office Services (FOS) Pte Ltd


CONTACT DETAILS

For more information, contact:

Dr. Jean-Philippe ChetcutiDip.Tax, Dip.ITM, B.A., LL.M.(Warwick), LL.D., TEPPartner, Private Clients

Skype: chetcuticauchi.maltaE: [email protected] • W: www.cclex.com

MALTA120 • Lower St Ursula StreetValletta • VLT1236 • Malta Tel: +356 2205 6105

CYPRUS1st Floor Office 10575 • Prodromou AvenueNicosia • 2063 • CyprusTel: +356 2205 6710

LONDON259 • Temple Chambers3-7 • Temple AvenueLondon • EC4Y 0HP • UKTel: +44 20 7583 9433

DISCLAIMER: The materials contained in this document are provided for general information purposes only and are not intended to provide legal or other professional advice. We accept no responsibility for any direct, indirect or consequential loss or damage which may arise from reliance on information contained in this document. Readers are advised to seek confirmation of statements made herein before acting upon them; specialist advice should also be sought on your particular cases. Please feel free to contact us at your convenience.© COPYRIGHT NOTICE: Reproduction in whole or in part is strictly forbidden, except with the prior written consent of Chetcuti Cauchi.

Get in Touch...T: +356 2205 6200 ▪ Skype: cclex.globalE: [email protected] ▪ W: www.cclex.com