Malta has a strategic value that far surpasses its size. The island has evolved into an international financial and business centre with economic stability at the geographic heart of the EU. Malta is one of the few countries that has adopted the full imputation system of taxation which eliminates the possibility of source income being subject to tax.
Malta is one of the European Union’s fastest growing economies. It has positioned itself as a dynamic and innovative jurisdiction, carving out a strong competitive edge in a range of emerging sectors and business opportunities. Malta’s tax system conforms fully with EU and OECD standards.
Malta met the challenge to diversify its economy head-on in the 1990s by developing into a strong and successful international financial services centre. Since EU accession in 2004, it has gone on to create new growth sectors in remote gaming, aviation, maritime services and pharmaceuticals as well as investing strategically in ‘traditional’ sectors such as tourism and manufacturing. This success has been built in each case on a robust, EU-compliant legal and regulatory framework that provides stability and security to investors, backed by the advantage of access to a single EU market. This momentum is set to continue across key sectors, with new opportunities emerging. A recent example is blockchain and cryptocurrencies, where Malta recently enacted world-first legislation that provides one of the broadest legal and regulatory frameworks to support the growth of this new sector.
300 Days of sunshine
300 Days of sunshine
Malta Economic Indicators
The International Monetary Fund recently described Malta as “one of the fastest growing economies in Europe”. Over the past decade there has been a growing focus on value-added knowledge services – Financial, ICT and other professional activities as well as the remote gaming industry. Sectors such as property, public administration, entertainment, tourism and retail remain significant elements in a strong economic climate.
- GDP = EUR 11,108.6 million
- GDP per capita = EUR 23,851
- Exports of goods and services = EUR 3,873 million
- Import of goods and services = EUR 3,423 million
- Tourism arrivals = 2.3 million
- GDP Growth Rate = 6.6%
- Employed population = 203,651
- Unemployment rate = 3.7%