An analysis of Malta's offshore legislation in the light of Malta's proposed entry into the European Community

Abstract

The history of Malta's offshore legislation starts way back before the 1986 elections. The government of the day had toyed with the idea of allowing some concessions to a foreign bank.1 At the time no offshore legislation existed and consequently it was criticised as being too risky. After the elections a new economic policy emerged in the light of which the need to create an environment which would attract foreign investment was evident. Soon efforts were underway to provide a comprehensive and viable legal framework. In 1988 three acts of parliament were passed which put Malta clearly on the off shore business map. The most important of these is undoubtedly the MIBA Act. This Act contains a conglomeration of exemptions and incentives available to offshore companies registered with the MIBA.