Facebook Plans to Become World’s Biggest Central Bank?

Published on Medium

According to The New York Times (NYT), Facebook is creating its own cryptocurrency. It would be used on WhatsApp, which Facebook owns, to facilitate transactions between users.

Facebook’s move is clearly to counter the threat from up and coming messenging rivals Telegram and Signal. NYT said that the Facebook secret effort to build its own cryptocurrency “started last year after Telegram raised an eye-popping $1.7 billion to fund its cryptocurrency project”.

Between Messenger, WhatsApp and Instagram, which Facebook owns, there are a collective 2.7 billion users. If Facebook decides to back the value of its own digital with a basket of foreign currencies, then it could potentially become the largest central bank in the world — because that’s what central banks do; print money backed by a basket of foreign currency reserves.

Not only will this become monumental in world economic history, it is also going to become a serious and rapid threat for the existing giants of the finance industry.

Bye bye Visa and MasterCard

The two largest credit card companies in the world are Visa and MasterCard. They provide us with the ability to transact without carrying cash. They then settle those transactions with our banks.

If Facebook issued its own digital currency, and all its users had a Facebook mobile wallet with Facebook coins in it, then the need for credit cards will diminish more and more.

You make a purchase online, you pay for it with Facebook coins. Many apps have already integrated user sign-in with Facebook accounts. Payment is just another step away.

You buy a latte at Starbucks, you tap your phone at the counter to pay with Facebook coins instead of Apple Pay or Google Wallet. Facebook will definitely roll out marketing incentives for users to pay with their Facebook mobile wallets at the point of purchase. This is how existing mobile wallets battle it out for market share.

And if Facebook is backing the conversion value of its coins with real world money, few would see the need to convert the Facebook coins in and out of their Facebook mobile wallets frequently.

But why would you buy Facebook coins to deposit into your mobile wallet in the first place? Because of e-commerce.

E-Commerce F.0

When Facebook coins launch, it could bring e-commerce to a whole new level.

Facebook will achieve its dream of online merchants being able to post and sell items directly within its apps, down to the payment process. No more typing in credit card or PayPal account details. Online shopping will become a two-step process in Facebook apps. I see, I like, I click buy, I hit confirm. Facebook coins move from my mobile wallet to the seller immediately.

There will be no exchange rate spreads and far lower transaction fees. Social networks, instant messaging and e-commerce will become truly integrated. Consumers will come to expect the convenience of two-click transactions. Existing e-commerce platforms using traditional payment gateways will have to adapt to compete.

Note: The above scenarios has been the case in China with WeChat wallet and Alipay for many years now.

Facebook becomes the biggest currency in the world

The NYT report said that, “ The Facebook project is far enough along that the social networking giant has held conversations with cryptocurrency exchanges about selling the Facebook coin to consumers.”

This could potentially create the biggest private currency exchange market in the world. The world’s population is about 7.7 billion people. China is the most populous country in the world at 1.4 billion. WhatsApp alone has 1.5 billion users. Put Facebook Messenger and Instagram into the equation, no other currency has anything close to a potential user base of 2.7 billion. That’s what the Facebook coin could become — the most held and used currency in the world!

It will spawn a foreign exchange market the size of which the world has never seen. Facebook could potentially become more powerful than any other central bank.

At the same time, as Facebook coins become more and more frequently traded by users, a market for Facebook coin derivatives will emerge — Facebook coin futures, forward contracts, options, interest rate swaps etc.

Facebook the next Silk Road?

The NYT article also said, “The big question facing Facebook is how much control it would retain over the digital coin. Working with cryptocurrency exchanges would take at least some of the regulatory burden off Facebook…but..it will be harder for the company to make money from transaction fees and easier for criminals to use the coin for illegal purposes.

Facebook faces a real dilemma here. It has gotten a lot of public backlash for selling user data in recent years. But if it swings to the other extreme and guarantees absolute privacy like rivals Telegram and Signal, then it could potentially become another Silk Road, the Internet black market that first popularized Bitcoin when users started using it to buy and sell drugs.

NYT says Facebook coins could be issued as early as the first half of this year. The world will know the answers to the above scenarios soon.

As for me, I’m betting on something big to happen with cryptocurrencies. Investment bank JPMorgan is also issuing its own digital coin, but only for the institutional payments market. I’ve noticed that the last two times JPMorgan championed a new solution, that innovation goes mainstream, but not before it causes a crisis

PKF Malta officials attend trade delegations in Bulgaria, Poland and Japan

Published on Malta Independent on Thursday, 9 August 2018

PKF Malta Senior Partner George Mangion recently traveled to Sofia where he attended the EMEI Tax meeting which is organised by PKF International (PKFI).  Being a network of independent firms, PKFI is constantly on the lookout to organise various conferences and events for its members and non-members.

After Sofia, PKF Senior Partner, George Mangion attended a trade delegation to Poland. This trade delegation was organised by the Malta and Poland Chamber of Commerce.  During this visit, Malta and Poland Chamber of Commerce signed a Memorandum of Understanding to strengthen business ties in the interest of respective members.

The mission included a well-attended high-level Poland – Malta Business Forum which was addressed, amongst others, by the Minister for the Economy, Investment and Small Business, Chris Cardona and Hon Marcin Ociepa on behalf of Jadwiga Emilewicz, Minister of Entrepreneurship and Technology of Poland and later followed by a B2B meeting between the Maltese and Polish companies. During these B2B meetings, Mr. Mangion met with various Blockchain and virtual currencies organisers.  The next visit was to a business accelerator called The Heart. This is an organisation which offers assistance to corporations and start-ups to grow and innovate.

During the same week, PKF Poland celebrated their 25th company anniversary.  They celebrated it with various business partners and as well as with other PKF firms.  PKF Malta was invited for this anniversary where they enjoyed a Jubilee Gala with a concert and dinner.


Mr. Mangion together with the Head of Legal, Dr. Marilyn Formosa, and Asia Business Development Executive, Ms. Yolanda Dong also visited Japan with a business delegation organised by Trade Malta jointly with the Office of the Prime Minister of Malta, the Hon. Dr. Joseph Muscat between the 30th July and 3rd August 2018.

Published on Malta Independent on Thursday, 9 August 2018

MGA Publishes Directive on the Calculation of Compliance Contribution

Source: MGA
Published on 13/08/2018

Directive on the Calculation of Compliance Contribution
In exercise of the power conferred by article 7(2) of the Gaming Act, 2018 (Cap. 583 of the Laws of Malta), the Malta Gaming Authority is hereby issuing the following directive in order to clarify the manner in which applicable fees are calculated in terms of the Gaming Licence Fees Regulations.

Part I – Preliminary
1. The short title of this Directive is the Directive on the Calculation of Compliance Contribution 2018.
2. This Directive is applicable as of the date of entry into force of the Gaming Licence Fees Regulations.

Part II – Definitions
3. (1) In this Directive, save as provided in sub-article (2) of this article, all words and phrases shall have the same meaning as prescribed in the Gaming Definitions Regulations or the Gaming Licence Fees Regulations.

(2) In this Directive, unless the context otherwise requires:
“Shared progressive jackpot” means a prize pot shared across multiple licensees and operators, which prize pot increases by each additional contribution by players of the relevant licensees and operators.

Part III – Basis for the Calculation of Gaming Revenue
4. In calculating the compliance contribution due in terms of the Gaming Licence Fees Regulations, licensees shall refer to the definition of gaming revenue within the same regulations, and, for the avoidance of doubt, licensees shall refer to the below formula in calculating gaming revenue:
(A + B) – (C + B) = Gaming Revenue
A = totality of real money wagers1;
B = totality of bonus wagers and other player financial incentives, as per the definition in article 8 of this Directive; and
C = totality of withdrawable winnings, which for the avoidance of doubt excludes bonus winnings or other winnings that are not instantly redeemable.

1 This includes real money deposits or winnings held in the player’s account but does not include any amounts falling within the definition of B. However, items falling under the definition in article 8(ii) shall still be included under A, if, after they’ve been received by a player (at which point they are required to be listed as B), they are subsequently wagered by the player.

5. In calculating the compliance contribution due in terms of the Gaming Licence Fees Regulations, licensees operating Type 3 and Type 4 gaming services shall refer to the definition of ‘charge’ within the same regulations, and, for the avoidance of doubt, licensees shall calculate the ‘charge’ as follows:

a. If the licensee’s revenue is derived as a part or percentage of the player’s contribution, then the ‘charge’ shall constitute that part or percentage of the totality of real money wagers by players playing in terms of the MGA licence after deducting any player financial incentives wagered which fall under the definition in article 8(ii) below; and/or
b. If the licensee’s revenue is derived in any way other than the above, then the ‘charge’ shall constitute the gross portion of monies that are economically retained2 by the licensee after only deducting any player financial incentives wagered which fall under the definition in article 8(ii) below.

6. The licensee shall, upon request by the Authority, provide data relating to:
a. the totality of real money wagers;
b. the totality of player incentives, which include jackpot contributions and bonus wagers and other player financial incentives;
c. the totality of real money winnings, excluding bonus winnings or other winnings that are not instantly redeemable; and
d. jackpot winnings constituting a seeded amount, and/or jackpot contributions listed as player financial incentives.
7. Real money winnings also include winnings awarded other than in fiat currency denomination, such as movable or immovable property, trips, tournament entry fees, virtual goods and currency amongst other things, which prizes shall be valued according to the lower of the market value at the time of the winning and the price paid by the licensee to purchase said prize, and in the absence of a purchase price, the deemed value shall be the market price at
the time of the winning:

Provided that the licensee may, at any time, be requested to provide a breakdown of all winnings not paid out in fiat currency and included as part of real money winnings, including a description of each item, and the appropriate value:
Provided further that incentives given to players which are not directly related to game winnings, such as prizes awarded as part of a marketing scheme, shall not be included as part of ‘real money winnings’ for any purposes of this Directive.

For the avoidance of doubt, the direct cost of tickets incurred in pursuit of the provision of lottery messenger services shall not be considered part of the monies economically retained by the licensee. This reasoning shall not extend to direct costs of tickets incurred as part of a risk hedging strategy for a secondary lottery offer.

8. For the purposes of this Directive the phrase ‘bonus wagers and other player financial incentives’ is restricted to include player incentives (such as promotional gaming credits, free bets, bonus bets, bonus wagers and other forms of player credit or player credit equivalents) where:
(i) the use or consumption of the player incentive by the player is effectively equivalent
to a real money wager by the player in that it may directly result in real money winnings that are instantly redeemable by the player 3;
(ii) where the player financial incentive is, in the hands of the player, immediately
equivalent to a real money winning which is instantly redeemable by the player,
at the time when they are used or consumed by the player (for items falling under (i) above) or received by the player (for items falling under (ii) above
4) as the case may be, and the term ‘bonus wagers’ and / or ‘player financial incentives’ shall, wherever used in this Directive, be read and construed accordingly.
Provided that where a licensee offers jackpots containing a portion of the prize which is seeded capital, the portion of the jackpot prize that is seeded capital shall, if won, be included as part of the totality of real money winnings, and in the case of a shared progressive jackpot, if won, the licensee shall only deduct the portion of the seeded capital which it contributed directly itself, if any. Provided further that any portion of real money wagers that is contributed towards a
local jackpot or a shared progressive jackpot shall be excluded from real money wagers for the purposes of articles 4 and 5 of this Directive but shall be included as part of player financial incentives for all purposes of this Directive. Similarly, therefore any local jackpot and shared progressive jackpot winnings derived from the contribution referred to in the preceding sentence shall be excluded from real money winnings for the purposes of articles 4 and 5 of
this Directive:
For the avoidance of any doubt the reference to ‘any portion of real money wagers that is contributed towards a jackpot or a shared progressive jackpot’ above shall not be interpreted to refer to any amounts of the real money wagers which are payable by way of royalties or by way of any other fees due to any other person and shall only be interpreted to refer to any portion of the real money wagers contributed to the prize pot.

9. No portion of the real money wagers, or of the gaming revenue that is attributable to any portion due in terms of gaming tax, VAT, income tax, corporate tax and other taxes, shall be excluded from the calculation of the totality of real money wagers, or the totality of gaming revenue, as applicable.

3For example, a bonus wager, a free spin or a free bet, whereby any winnings derived therefrom would be directly and immediately redeemable by the player.
4 Following this, any use or consumption of the financial incentive by the player within the context of a wager, shall be equivalent to be a real money wager as per the definition of A in article 4 of this Directive.

10. There shall be no deductions allowed other than those specified in this Directive.
Part IV – Minimum Compliance Contribution

11. The minimum compliance contribution shall start accruing on the day when the relevant game type approval is issued, as applicable.
12. With respect to the payment of the minimum compliance contribution in terms of regulation
6(1)(a) of the Gaming Licence Fees Regulations, the minimum amount payable on the twentieth (20th) day of that month commencing immediately after the month in which the licence period commences shall be deemed to be the minimum stipulated in the provisos to regulations 3(2), 3(3), 3(4) and 3(5) of the Gaming Licence Fees Regulations, pro-rated accordingly for that specific month, and for the avoidance of doubt, the full minimum amount shall not be due until a full licence period elapses.

13. Without prejudice to the provisions of regulation 27(3) of the Gaming Authorisations Regulations, the compliance contribution shall continue accruing until the day that the licensee informs the Authority that following the applicable termination procedures, the gaming operations under the purview of the applicable licence or approval have halted, and that the Authority is able to confirm the same:

Provided that if the amount due is the minimum compliance contribution, it shall be pro-rated accordingly according to the number of days of that particular month during which the gaming activity was still operational.

14. Licensees approved by the Authority as being start-up undertakings shall refer to regulation 9 of the Gaming Licence Fees Regulations, and to the Directive on Start-Up Undertakings (Directive 1 of 2018) for the applicability of the compliance contribution towards the same.

Source: MGA
Published on 13/08/2018

Questionnaire on your locality

We welcome you to take this short survey regarding your locality: http://bit.ly/YourLocality

The goal of this questionnaire is to help us understand better the citizens’ views on their locality in Malta’s central region. This information will be used for the Social, Economic and Cultural Regional Report recently commissioned to #PKFMalta and the Sociologist working on the research, Dr Valerie Visanich by Central Region.

The 13 localities falling under the Central Regional Committee: Ħ’Attard, Ħal Balzan, Birkirkara, il-Ġżira, L-Iklin, Ħal Lija, L-Imsida, Tal-Pietà, San Ġiljan, San Ġwann, Santa Venera, Tas-Sliema u Ta’ Xbiex.

We thank you for your cooperation. Read more & share: http://bit.ly/YourLocality

MCAST – A PKF study on vocational training

Author: George Mangion
Published on Malta Today 1st December 2016

Readers may not be fully aware that according to section 14 of the EU’s Charter of Fundamental Rights, EU countries are responsible to provide for the content and organisation of national vocational education and training (VET) and that in turn it is the EU’s role to complement their actions. EU policy typically seeks to address common challenges such as ageing, skills deficits and global competition, with the goal of improving employability and skills. Thus we see how VET has a pivotal role to play in the Europe 2020 strategy.

Regrettably, Malta comes with the lowest percentage of upper secondary school students enrolled in vocational education which, at just 13%, compares poorly to the EU average of 48%. We also have a high rate of early school leavers – these are defined as students who have passed through the entire system, and despite this, still have not learnt the necessary skills. Observers lament that in the past, we embraced a tendency to view education from a purely utilitarian angle and this may have been one of the causes for a subdued preference for vocational training.

It is reassuring that the education ministry has recently consulted experts from Finland where schools have consistently come in at the top in international rankings for education systems, and this change of attitude is most welcome as it represents a reversal of an earlier decision under previous administrations to phase out trade schools. It is now replaced by a policy to gradually re-introduce vocational training embracing all government schools.

This change in policy was recently announced by education minister Evarist Bartolo, who said that the country’s educational system needs to be drastically changed to bring out traits such as creative thinking and confidence in all students. Such qualities improve the ability to express one’s self. He said that the educational system is too focused on exams and does not prepare students for life. Bartolo added that the system does not even prepare students for work as not enough is being done to develop students’ communication skills and ability to work with others. He exclaimed that we are preparing students for exams but not for life or work.

He admitted that there are a number of problems ahead but the government is trying to slowly make the necessary changes. Shooting from the hip, he admitted that the system was also unfair on teachers as they also feel that it did not bring out students’ full potential. Critics have answered back that the minister has been in office for three years and eight months so they expect a quicker turnabout on reforms but of course it is better late than never given that the proposed system will take another three years. It was therefore an opportune time for PKF to undertake a pro-bono study on students attending various institutes at MCAST to assess and report on merits of vocational training. Such an exercise was performed as part of PKF’s corporate social responsibility policy and naturally could only proceed after obtaining clearance and full cooperation of educational officers at MCAST.

The report houses two separate but related works, being a tracer study and a progression study.

The Progression Study delved into the learning pathways of MCAST students during the past five academic years. Amongst other matters, it studied student progression up the various levels, and whether such students remained in the same field upon progressing or whether they changed path.

The Tracer study had the objective of assessing the success of former students who graduated MCAST courses (including VET ones) during 2015, in their chances of finding employment to match their training.

It also assessed the success of VET courses organised by MCAST considering that in the past the country’s trade schools, which provided such courses, had been stymied by the fact that they were used as a dumping ground for students who had failed in the standard academic system.

Under the proposed reform once students reach Form 2, apart from core subjects they will be requested to choose additional subjects in three different paths. These include an academic path, a vocational path or one based on applied learning.  There will be an option to mix and match different paths. When fully implemented such reforms are expected to result in fewer lecturing hours, fewer exams and less homework and more time for leisure and physical activity. For example, one may suggest that if schools stay open after 2pm (say for an extended four hours covering extra curriculum activities) there will be less congestion in traffic since fewer school buses are needed to transport students home as working parents can easily collect children (if they wish) after finishing work.

Back to PKF’s Tracer Study, its main objective was to determine whether a selected group of former MCAST graduates had succeeded in becoming gainfully employed in a field relative to their chosen area of study or were engaged in further or higher education. The target population for this study was made up of all students from levels 1 to 6 who left MCAST in July 2015. All MCAST institutes were considered. Further aspects of relevance that were considered include whether subjects learnt were applicable in their present daily employment and whether the length of time spent studying at MCAST bore any direct proportionate relationship with landing better jobs.

For this exercise, all MCAST institutes in levels 1, 2, 3, 4, 5 and 6 across all institutes, including Gozo, were considered in a total population comprising 870 students, out of whom a total of 328 students (163 males, 165 females) provided complete and valid replies, leading to an overall sample size of 37.7%. A telephone survey was undertaken to collect data from the above-mentioned students, and as can be expected all responses were treated in strict confidence.

In the case where students could not be reached by telephone, an email with the link of the survey was sent so that this could be answered online, thereby broadening the avenue for data collection. Upon receipt of responses these were analysed and data cleaning was performed to proceed to a second stage when a statistical study was carried out. Data was collected via calls placed to the entire cohort of former students (and by email when calls were not successful) with the aim of gathering the following information through posing a concise yet thorough question set.

Objectives were to identify: 1) Where they are working now (including what designation + job description) in this case students were asked to indicate their job description in order to compare the same with the respective course followed, 2) Whether they feel that what they learnt at MCAST is being used in their current job, 3) Whether what they learnt is related to the field they are now in or not, 4) Whether they are employed on a full/part time basis, and 5) Whether they do any self-employed work/entrepreneurial activity.

On the other hand, the Progression Study analysed the progression path of former students from the past five academic years, namely 2011-2012, 2012-2013, 2013-2014, 2014-2015 and 2015-2016 to check if these are furthering their studies, and if so, within which institution. The methodology involved asking questions and obtaining answers for questions in accordance with this delineation:

A) To establish student progression: Level 1 to 2, 2 to 3, 3 to 4 (main focus), 4 to 5 and 5 to 6 or otherwise

B) Whether such student remained in the same field upon progressing or whether he/she changed completely (this was done for Level 2 to 3 progressing students)

C) How many students are leaving MCAST

D) How many students enrolled and exited MCAST in the span of a year

E) Grouping exercise of all entrant level 3 students

F) Grouping exercise of all students entering and exiting at same level

G) Success rates also considered repeater years that appear as successfully completing year but would be a repeating year so separate grouping in this instant carried out.

In conclusion, both studies provided an interesting insight on movements of students and exemplified the merits of vocational training while it revealed a number of valuable pointers to the career progression of students across various institutes. For further information and to acquaint themselves better with the works, readers may contact Dr Marilyn Mifsud at info@pkfmalta.com.

Author: George Mangion
Published on Malta Today 1st December 2016
Get in touch: info@pkfmalta.com | +356 21 493 041

Maltese Passport Ranked 9th Most Powerful in the World

Malta has the ninth ‘most powerful’ passport in the world, on par with Iceland, according to this year’s Passport Index.

The index is drawn up by combining the ranking for visa-free travel, together with visa-on-arrival ratio, with the country’s score as attributed by the UN Development Programme Human Development Index.

Malta was given a score of 150, falling two places from last year. Despite being ranked in the ninth position, there are actually 27 other countries with passports that are more powerful, as a number of countries were given the same ranking.

Over the past two years, Malta has issued almost 700 passports to wealthy individuals in exchange for cash, generating at least €200 million.

The most powerful passport in the world remains Germany’s, with a visa-free score of 157, followed by Sweden in second place with a score of 156.

Sharing the third spot were Finland, France, Switzerland, Spain, South Korea and the UK, each given a ranking of 156.

Iraq and Pakistan were at the bottom of the rankings, at 93rd and 94th place respectively. Afghanistan has the very worst-ranking passport in the world, coming in at the 95th place and a ranking of 24.

Published By Malta Chamber on 29th November 2016

New trend in healthcare – medical tourism

Article written by Ms Dominika Eichstädt and Mr Danilo Mosebach


People who are traveling to another country to obtain medical treatment there, are called medical tourists. That actually is not the name for the people, but it is a moving action. Traditionally, people would travel from less-developed countries to higher developed ones which are big medical centers, to get the treatment over there, which is most often not available in their own cities. The recent trend is different. People go to third-world countries from big cities, with a well-developed healthcare system to get treatment there, in order to save money or get even a treatment which is not legal in the home country.

However the phenomenon in Europe and around the world of traveling abroad because of medical treatment is not new. Notations show that already thousand years ago the Greeks pilgrims traveled from all over the Mediterranean to small sanctuaries with the faith to get healed by their gods. Also in the 18th– century people went to England, to visit SPA centres, because they were places with supposedly health-giving mineral waters, treating diseases from gout to liver disorders and bronchitis.

Today the patients essential travel because of: Cosmetic surgery, Dentistry (general, restorative, cosmetic), Cardiovascular (angioplasty, CABG, transplants), Orthopedics (joint and spine; sports medicine), Cancer (often high-acuity or last resort), Reproductive (fertility, IVF, women’s health), Weight loss (LAP-BAND, gastric bypass), Scans, tests, health screenings and second opinions.














Source: www.Slideshare.net Presentation about Medical Tourism from Malko 29, Page 6


High cost of health care, long queues for certain procedures, the advancement in other countries according to their technology and standard of care and also the simple possibility of international travel are all factors that are leading people to medical tourism. Besides the fact that people in the UK need to wait weeks for certain procedures, they need also time for saving significant amount of money, which is the main reason for Americans to go abroad for treatment. Eventually many surgery procedures in foreign destinations cost much less the price than they cost in their home countries. For example, a liver transplant that costs $300,000 in America, costs about $91,000 in Taiwan. The waiting time for a hip transplantation of 26 weeks in Canada seems also to be a veritable reason for looking for some alternatives abroad.


The trend seems to escalate within last decade and expansion of EU zone, when a big surge of people were looking for medical treatment in other countries, especially in dental services. Since then a lot of things has changed. The market is getting bigger and bigger. Formerly they have been not so many possibilities, just a few treatment centers and just some destinations to choose from.  Local specialists did not seem to be as much exposed to international patients as today.

Currently all 28 EU member states have declared themselves as a medical tourism destination, offering multiple choices of treatment. In this effect, in 2011 an EU Directive on cross-border healthcare was passed in and came into force in every country of the European Union in October 2013. The Directive clarifies patients’ rights and entitlements to cross-border healthcare and establishes standard rules for reimbursement of healthcare received in another European Union country. It also supports the patient’s choice and provides high-quality and safe healthcare. Supposedly one of the main achievements of the Directive is the possibility for the patient to make an own decision about their healthcare provider.


In this picture you can see several steps of seeking treatment with medical tourism.













Source: www.Slideshare.net Presentation about Medical Tourism from Malko 29, Page 15


When considering EU members, it is not just Germany with its great healthcare system and a huge knowhow in cardiology (heart surgery) or the Czech Republic with great prices for cosmetic surgery, it is also Malta ( EU member since 2004) which is creating a new economic-medical niche.

As a Mediterranean oasis, as it was called in the past, Malta is even working more on the reputation to get the prime position for medical treatment. The Islands itself are promoting their well-educated specialists, who have very often a great medical practice from UK or United States. Besides that, the medical standards are in accordance with the European requirements. Malta specifies itself as a very highly ranked in terms of health practice and the ability to give treatment from the simplest to the most complex with excellent appointed private clinics, no waiting lists, the best location and fair prices.

One of the private clinics in Malta (Sliema) is the St James Hospital, which provides a comprehensive range of healthcare services. Furthermore, Maltese Government is already planning to involve private investors to open new private hospitals and a medical school in Gozo.

Summarising, medical travel is not just within the European members, all in all every year about 8 million patients from all over the world decide to get treatment in a different country. About $24-$40 billion is being spend in this area. The top destinations worldwide are Costa Rica, India, Israel, Malaysia, Mexico, Singapore, South Korea, Taiwan, Thailand, Turkey and United States. But it is not just about saving costs, even though this is one of the biggest bodies in medical tourism. The factors such as availability and the quality of healthcare are the ones with the highest rank among patients.

At this statistic you can see the costs for the medical procedures from three of the most popular destinations in compare to the U.S.



New Malta Residence and Visa Programme – MRVP

malta newIn 4 weeks’ time Identity Malta will open its doors to the processing of applications for Malta’s newest residency product, The Malta Residence and Visa Programme (MRVP), enacted through Legal Notice 288 of 2015.

A certificate issued by Identity Malta in accordance with these regulations shall entitle the beneficiary of such a certificate and his registered dependants to reside, settle or stay indefinitely in Malta, provided that the required conditions are met.

  • Amongst other salient requirements this programme requires a non-refundable administrative fee of 5,500 Euro, which in a successful case is then deducted from the 30,000 Euro contribution that falls due before completion of the process.
  • There is a Qualifying property requirement that can be satisfied by either purchasing or renting immovable property in Malta. When purchasing the minimum value is set at €270,000 if situated in Gozo or the South of Malta and €320,000 if situated in Malta. If renting, the minimum rental value is of 10,000 Euro if situated in Gozo or the South of Malta or 12,000 Euro is situated elsewhere in Malta. Such immovable property must be held for a minimum five year period.
  • Finally, there is an investment requirement in the minimum value of 250,000 Euro, in instruments prescribed by Identity Malta. Similarly, these too must be held for a minimum 5 year period.
  • Importantly, applicants must have a minimum annual income of €100,000 or capital of €500,000, to be evidenced and held for the entire duration of certificate holding.

Beneficiaries of the Global Residence Programme shall be allowed to apply for the issuance of a certificate in terms of this program subject to satisfying all the additional eligibility requirements of these regulations. PKF Malta holds the necessary license and qualification as Accredited Agents under the new program and are at your disposal should you be interested in making further enquiries.

Author Dr Marilyn Mifsud, PKF Malta
Get in touch: info@pkfmalta.com | +356 21 493 041

For direct enquires kindly contact Dr Marilyn Mifsud LL.D on mmifsud@pkfmalta.com or call on +356 21484373.

Europe – Insurance Opportunities for US firms

Europe – Insurance Opportunities for US Firms Workshop

Finance Malta with support of PKF Malta are organizing a conference which will focus on what Malta can offer to US Captives seeking to tap into their European risks. The benefits of setting up in Malta as the domicile of choice. Stakeholders from the Insurance market including MFSA and MIMA have been invited to participate, whilst a line-up of confirmed prominent speakers specialized in the US market, include individuals with years of experience in addressing the needs of US Captives with European exposures, with all its connotations of tax, domicile choice, solvency II, PCC structures etc.

Solvency II and ILS have dominated insurance agendas in Europe and beyond for the past 24 months. At this unique event, delegates will explore the impact of ILS on corporate finance and the opportunities arising in onshore European locations, such as Malta. Captive owners and service providers will also be invited to consider the advantages of utilising an EU domicile to write European risk and impact Solvency II may have on fronting arrangements.

The event is organized by Captive Review in collaboration with Finance Malta and PKF Malta.
 Confirmed speakers INCLUDE…
  • George Mangion Chairman & Senior Partner, PKF Malta
  • Simon Camilleri, General Manger, Bee Insurance Management Ltd
  • Kenneth Farrugia, Chairman, Finance Malta
  • Hugh McCormick, Partner at Duane Morris LLP
  • John Perry, Partner, PKF Littlejohn LLP
  • Thomas J. Riggs, Partner, O’Connor Davies
  • William P. White, Managing Principal, Acuity Strategic Consulting

 Anna Golis

For sponsorship opportunities or to attend this event, kindly contact Anna Golis, Research & Development Manager via email agolis@pkfmalta.com or call us on +356 21 484 373.

Entrance is free of charge. Register here: http://bit.ly/CaptiveInsuranceUS 

Current Vacancies

We’re growing! Our success is largely due to a special combination: excellence in training, a friendly corporate culture and firm belief in the individual.
Check out how you can benefit personally and professionally from joining our great team! Current Vacancies:

Economist: the selected candidate will be responsible for researching & analysing current economic issues; collect & analysing data using mathematical models including forecasting; preparing reports that present research results & writing articles for publication. The successful candidate will hold a Bachelor of Commerce in Economics (Hons) Degree (minimum 2nd Upper Class) with a minimum of 2 years’ experience in a similar role. Share & Apply here: recruitment@pkfmalta.com

Statistician: the selected candidate will act as as a Leader for project work. The ideal candidate will hold a Bachelor of Science (Hons.) Degree in Statistics or at the final stages to obtain such qualification. Previous experience using SPSS, conducting face-to-face interviews as well as telephone surveys will be considered an asset. Share & Apply here: recruitment@pkfmalta.com

Junior Legal Associate: the selected candidate will be responsible for handling client queries and to assist the Legal Associate in day-to-day corporate services. The successful candidate shall be a fully / semi qualified lawyer, with experience in financial services. Share & Apply here: recruitment@pkfmalta.com

Receptionist: the selected candidate will be responsible for managing the reception area, answering calls in a courteous manner and other general office duties. You will be smart, presentable, have a good level of diction coupled with a mature highly organised with excellent communication, interpersonal skills and have an excellent command of English & Maltese. Minimum 3 year’s previous experience in a similar role is essential. Share & Apply here: recruitment@pkfmalta.com

Assurance Seniors & Semi-Seniors: we are looking to recruit full-time /part-time staff with knowledge of IFRS, audit methodologies with a minimum of two years’ experience. Flexible hours would be considered an option for experienced applicants. Employees often get the chance to take secondments with our international network of associated firms, although they are not compulsory. An attractive salary and benefits package will be offered. Share & Apply here: recruitment@pkfmalta.com