Cyprus Crisis Leads to Renewed Interest In Alternatives

Expat Globe

The financial crisis in Cyprus has renewed interest in alternative offshore jurisdictions to hold expat wealth.

Expats looking for safe havens to invest their offshore wealth are increasingly looking to Malta since the collapse in confidence due to the bungled Cypriot bailout.

The Maltese government recently released a statement further pushing home the idea that expats should look to Malta as a safe place to invest.

The statement explained, “The size of Malta’s domestic banking system is at present below the euro area average. The five domestically-oriented banks have total assets of 218 percent of GDP, while the eight banks with limited links to the domestic market have assets totalling 77 percent of GDP. The rest of Malta’s banking sector is made up of 14 international banks with no links to the domestic economy, with assets totalling 494 percent of GDP.

“The World Economic Forum ranks Malta 13th out of 144 countries in terms of the soundness of its banking sector. The banking system has strong solvency ratios. It is also well capitalised with an overall capital adequacy ratio above 50 percent, exceeding significantly the minimum regulatory requirement of 8 percent under the Capital Requirement Directive.”

Expats looking for quality financial advice should consult an expatriate specialist IFA.