Irish investment firm, Montaigne Investment Corporation is setting up an operation in Malta, from where it intends offer local investors a range of services focusing mainly on venture capital.
According to the firm’s chief executive Pat Austin, Montaigne was attracted to Malta due to its recent accession to the European Union. He expects this to bring about an injection of capital into the jurisdiction similar to when Ireland joined the EU, the Times of Malta reported.
Montaigne will be primarily involved with the acquisition of equity in emerging companies, whilst providing venture capital to companies with international growth potential and raising funds for Maltese companies wishing to merge with national or international competitors.
According to the Times of Malta, Montaigne will focus its investment activities on particular economic sectors, including technology, real estate, hospitality and hotels, casinos and distribution, and the firm reportedly represents a number of companies from the insurance, engineering and waste management sectors which have expressed an interest in buying Maltese equity.
Mr Austin observed that: "One of the things we learned in Ireland and which is similar in Malta, is that we had a lot of wealthy family businesses controlled basically by the patriarch or the matriarch of the family who found that their children did not find the business as attractive for them and they wanted to sell their business or bring in partners to instil an international perspective."
The company is also applying for a licence from the Maltese Financial Services Authority to allow it to conduct investment banking and insurance related activities, although Mr Austin explained that the firm is not a bank in the true sense of the word.
"We are not a bank but a group of shareholders that are prepared to take more risks than a commercial bank,” he stated.
Nonetheless, Austin forecast that Montaigne’s investment in Malta "will run into seven digits” within five years.
A comprehensive report in our Intelligence Report series examining tax-sheltering arrangements for investors, including Film Finance, Forest Finance, and Venture Capital, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report5.asp
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