Malta has established itself as one of the world’s foremost jurisdictions for international business, financial services, information technology, advanced manufacturing, remote gaming, shipping, aviation and the blockchain industry.
Since joining the European Union in 2004 and adopting the Euro as its national currency in 2008, Malta’s economy has seen steady and rapid growth, with an ever-increasing number of businesses seeking to establish themselves on its shores to reap the host of benefits the country has to offer. Its reputation and track-record have only improved over time, complying with policies and directives of international organisations such as the Organisation for Economic Co-Operation and Development (OECD).
Although, Malta is the smallest member state in the EU, it has a competitive advantage in the financial services sector and is widely regarded as a well-regulated international finance centre in Europe. Malta has provided a balanced environment whereby it offers well-established regulation whilst promoting attractive business incentives making it a reliable business hub within the EU. Furthermore, the finance sector has grown by around 18% to 20% annually and accounts for 11% of the country’s GDP.
Malta’s reputation, coupled with its:
- support services by pro-active professionals who adopt a “can do” attitude
- highly qualified, diverse and skilled workforce fluent in various languages (English is an official language)
- strategic geographical location
- convenient time-zone (one hour ahead of GMT)
- stable political environment and democratic government
- advantageous tax regime with an extensive double taxation treaty network and other double taxation relief mechanisms (Malta has concluded over 70 double taxation treaties)
- stable economy
- status as a Schengen member state
- Passporting rights for services as a member of the EU
- excellent ICT connections
- mild climate
make Malta one of the most favoured go-to countries for growth-minded entrepreneurs and multinational companies.
Malta also enjoys a high credit rating among global credit rating agency agencies. In 2018, Standard and Poor’s maintained its stable outlook for Malta reaffirming its A-/A-2 credit rating and confirmed that the unemployment rate declined further to just 3.8 per cent.
Malta’s strategic geographic position located between Europe and North Africa makes it an ideal gateway for the provision of business-related services with instant access to the EU’s internal market and being a mere three hours direct flight to other European financial centres.
Malta also ranks as one of the safest places in the world since there is a very low crime rate offering a remarkable standard of living and an ideal place to relocate.
It therefore comes as no surprise that despite of its small size, Malta is becoming more and more popular with people who choose Malta as their preferred destination for business, residential or pleasure purposes.