local news

Jersey welcomes Maltese clients

Hundreds of Maltese have transferred their bank accounts to Jersey to avoid the high UK tax rate of up to 45 per cent. However, a small number of client holders have moved their accounts to Malta where the tax rate is 15 per cent.

Jersey, a tax haven will have to open its doors to more transparency in the near future after a series of measures taken by the Paris based OECD. Jersey is renowned for the large number of Maltese accounts. In fact half the clients of a reputable Jersey based bank are said to be Maltese.

Speaking to MaltaToday, the Central Bank said it did not notice any increase in the repatriation of funds. The Central Bank regularly compiles, observes and analyses statistics from the figures provided by the banking system, including portfolio capital.