In 2015, a lot of exciting times lie ahead in our country. After the success of the last years, Malta’s economy has managed to completely avoid a financial meltdown that brought Europe to its knees in 2008, and is now growing at 3% per annum compared to less than 1% in other EU countries.
Not with much surprise, thanks to a new visionary leadership, half way through a new legislation, Malta’s fiscal policies are now paying off and set to make our country, the economic miracle of Europe. New millionaires are being produced for those daring to invest in the right industries. An abundance of business opportunities lie ahead and the Maltese businessman is fast enough to capitalize on it.
Braced with full employment and one of the lowest unemployment rates in the EU, Malta is expected to continue setting new record numbers and more economic growth records with an influx of incoming immigrants arriving from North Africa, government’s collaboration with China, and the passport selling to the Russians. Apart from the northern Europeans working in the very innovative gaming industry, a number of Libyans and Italians are also resettling here, making Malta a truly open international country and one of the best places to live in Europe.
Malta’s economy is set to continue to grow at a rapid pace from the positive ripple effect of these new classes of wealthy immigrants. Property supply is in abundance as is demand, and housing sales are being registered at record levels. The net effect is that there is business in all sectors at all levels, from financial services, to accommodation, to retail of consumer goods and services; Malta is entering 2015 with an economic boom compared to other European nations.
Once trailing most EU country’s, Malta has now surpassed Cyprus in terms of GDP per capita, with the GDP set to be close to 90% of the EU average (compared to 75% when Malta joined the EU only ten years ago). Malta is considered one of the safest places to live in the EU, and hosts a number of British settlers who are choose the country for the sun, sea and let-go attitude, and have a tendency to buy a residence in the tranquil sister island of Gozo.
The financial services industry has never been so busy, and many foreigners are setting up companies, with the rate of twenty new companies being registered every day, effectively doubling the size of the industry in just five years. This in turn has created an economic wave of work for professionals in the industry, for lawyers, accountants and corporate services providers, generates new rental incomes for landlords, and business in the catering and hospitality industry, amongst other sectors. The effective five percent tax rate makes Malta the most attractive tax jurisdiction in Europe, and the banks are so busy that they are unable to match the demand of new companies who want to open new bank accounts.
Identity Malta has also been set up to successfully merge the working permit and e-residence permit sections altogether to provide an easier way for foreigners wanting to obtain residence in our country. The government has acknowledged the wave of foreigners and is taking steps to ensure that these new department operate as efficiently as possible.
As a corporate group, we function together with our business partners as a single entity in order to provide a complete range of fully functional business operation services for our customers. Our collaboration and vicinity allows us serve you in all your business needs in a more efficient and cost-effective manner.
CEO, Fairwinds Management Limited