There has been considerable speculation as to whether Malta might lure any businesses from London after Brexit, but there is another scenario that has not been given as much attention: Gibraltar, which would also lose its EU membership.
Gibraltar hosts 40 active insurance companies, 10 of which using passporting rights to EU member states. There are also a number of gaming companies which do the same.
Nigel Feetham, a lawyer with Hassans who serves Gibraltar in financial services and tax cases, recently came to Malta to see what it has to offer.
Dr Feetham explained in a recent interview with Captive International that companies could either stay in Gibraltar but set up another licensed entity in an EU member state, or redomicile completely.
He said most companies that went for the second option would see Malta and Luxembourg as the “two most likely jurisdictions”, with Malta having the most similarities with Gibraltar.
“The system of law is not entirely dissimilar and the authorisation process and prudential regime in insurance are very similar,” he said.
Malta had the most affordable cocktail of all the cities surveyed, at €5.46
He warned that there were, however, insurance companies and captives in Malta that were writing UK business, which would also need to set up alternative arrangements if they wanted to trade in or with the UK after Brexit. He said Gibraltar could offer a solution for the latter.
In the meantime, a German moving company, Movinga recently also did a study on the 10 cities in which displaced London professionals would feel “happiest”.
Dublin ranked first for bankers, based on the average high-end rent, language spoken, cuisine, luxury stores and bars, with Amsterdam in second place and Malta in third.
The company said that while banks were looking at cities like Frankfurt and Paris, their employees had different ideas, based on 12 different criteria.
“Individuals and businesses alike should consider the unique factors important to their relocation before planning their move,” Movinga managing director Finn Hansel said.
Malta scored 89 per cent for English language comprehensions, €2,243.44 for rent, 200 flight minutes from home and €224.99 for a flight ticket.
Dublin, on the other hand ranked 100 per cent, €1,975.67, €70 and €105.99 respectively.
Malta did, however, have the most affordable cocktail of all the cities surveyed, at €5.46.