Malta became the smallest member
state in the EU in May 2004, and joined the Euro Zone in 2008.
GDP per capita is at 78% of the EU
average, at €18,580 (March 2015).
Malta was relatively unscathed during
the years following the financial crisis of 2008, and stabilised by
Malta has one of the highest figures
of sunshine hours in Europe with an average of 3,000 per year.
English widely spoken and written in
Malta, and is the principal language for education and
Factors contributing to Malta's competitive advantage
Flexible legal and regulatory
environment with a legislative framework in line with EU
Directives. Malta is fundamentally a civil law jurisdiction,
however business legislation is principally based upon English law
Malta boasts a high level of
education with graduates representing a cross-section of the
various disciplines related to financial services. Specific
training in financial services is offered at various post-secondary
and tertiary education levels.
The accounting profession is
well-established on the island. Accountants are either university
graduates or in possession of a certified accountant qualification
A flexible and proactive regulator
that is very approachable and business-minded, yet robust.
An ever-growing supply of
high-quality office space for rent at cheaper prices than Western
Malta's development as an
international financial centre is reflected in the range of
financial services available. Complementing the traditional retail
functions, banks are increasingly offering private and investment
banking, project finance, syndicated loans, treasury, custody and
depositary services. Malta also hosts a number of institutions
specialising in trade-related products such as structured trade
finance, factoring and forfeiting
Major international accountancy
firms, including the Big 4 firms, are present on the island. Legal
firms tend to be local, though most form part of international
legal networks. Many professionals in both areas pursue studies and
Maltese standard time is one hour
ahead of Greenwich Mean Time (GMT) and six hours ahead of US
Eastern Standard Time (EST) so business runs smoothly with the
International Financial Reporting
Standards, as adopted by the EU, are entrenched in company
legislation and applicable since 1997, so there are no local GAAP
requirements to deal with
A very competitive tax regime, also
for expatriates, and an extensive and growing double taxation
No restrictions on the granting of
work permits for EU and EEA nationals
Now that the United Kingdom has served notice to leave the European Union under Article 50 of the Lisbon Treaty, managers of offshore funds have a clearer timetable for when Brexit will happen, with the UK scheduled to leave the EU in March 2019.
The EU has responded to the era of Big Data and mobile technology with new legislation that will affect anyone, anywhere, who trades in or shares data within the EU.
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