Why Malta?
Located in the centre of the Mediterranean, between Europe and North Africa, Malta is the European Union's smallest member state. Famous for its 7,000-year history and 300 days of sunshine, Malta has emerged as one of the most remarkable success stories in the Eurozone. Recognised for its pro-business attitude, state-of-the-art infrastructure and modest costs of doing business, it has become the go-to country for growth-minded entrepreneurs and multinational companies.
Malta Fact File
Country's Full Name: |
Republic of Malta (Republika ta' Malta) |
Capital City: |
Valletta |
Population: |
432,000 (as at 2018) |
Official Languages: |
Maltese & English |
Memberships: |
European Union, Eurozone, Schengen Area |
Currency: |
Euro - Malta joined the Eurozone on January 1, 2008 |
Religion: |
88.6% - Roman Catholics (2016). Other denominations have places of worship.
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Location: |
93 km south of Sicily (Italy); 288 km east of Tunisia |
International Dialing Code: |
+356 |
Internet Domain: |
.mt |
Area: |
Malta comprises three major islands:
- Malta - 246 sq km (94.9 square miles)
- Gozo - 67 sq km (25.9 square miles)
- Comino - 3 sq km (1.1 square miles)
There are also some minor uninhabited islands.
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Terrain: |
Mostly low, rocky, with dissected plains and many coastal cliffs |
Climate: |
Mediterranean with hot dry summers and cool, short winters. Annual rainfall is 600mm (24 inches) and falls mostly between October and March. |
Average temperature: |
- December - February 12º C (54ºF)
- June - August 31ºC (88ºF)
- The average yearly temperature is around 23 °C (73 °F) during the day and 16 °C (61 °F) at night (one of the warmest temperature averages in Europe)
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Administrative Divisions: |
The country is administered directly from the capital city, Valletta. However, there are 68 local councils. |
Main Economic Indicators in Malta
Malta's Economy in 2017
- GDP growth: +6.6%
- Unemployment rate: 4.0%
- Inflation: 1.6%
- Surplus: 3.9%
- Debt to GDP: 47.1%
- FDI stock: €165.5 billion (June 2017)
Malta's Finance Sector
- GDP contribution: 11%
- Banks (retail & investment): 25
- Financial Institutions: 48 including 34 payment providers and 14 e-Money Institutions
- Insurance companies: 63 including 8 captives and 14 Protected Cell Companies (PCCs)
- Reinsurance Special Purpose Vehicle: 1
- Insurance Managers: 11
- Retirement Schemes: 50
- Retirement Funds: 2
- Retirement Scheme Adminstrators: 16
- Fund administrators: 26
- Recognised Incorporated Cell Companies: 6
- Incorporated Cells: 21
- Investment Funds (including sub-funds): 663 - of which:
- AIFS: 93
- PIFs: 459
- UCITS: 106
- Retail non-UCITS: 5
- Net Asset Value of Malta-domiciled Funds: €9.7 billion as at end June 2017
- Registered Company Service Providers: 172
- Notified Securitisation Vehicles: 40 including 15 Securitisation Cell Companies with 26 cells
Source: Malta Financial Services Authority (All figures as at end 2017 unless otherwise indicated)
Why Malta?
- A full member state of the European Union and part of the Eurozone, providing Malta-based businesses with instant access to the EU's internal market of over 500 million people.
- Advantageous geographical location, being within three hours direct flight from other European financial centres.
- An accessible, respected and forward-looking regulator and risk-based supervision.
- Comprehensive financial legislation catering inter alia for the regulation of investment funds, insurance companies, securitisation, banking, and financial institutions, offering many regulatory structures that are unique in Europe.
- A network of double tax treaties with around 80 countries.
- Political stability coupled with unanimous political support for the country's position as an international financial centre.
- An educated, dedicated and multi-lingual workforce and incentives to attract foreign professionals.
- A banking sector, composed of a combination of solid and reliable Maltese banks and major international banks, providing the highest standards of service to corporate and private clients.
- State-of-the-art telecommunications infrastructure and support services by professionals with a 'can do' attitude.
- High quality of life in a Mediterranean island environment with English as one of Malta's official languages.
- Short Travel Times: By air, main European hubs and North Africa can be reached in two to three hours
- Excellent ICT Connections: Satellite technology and high capacity fibre-optic submarine cables link Malta with Europe
- Major Transhipment Centre: Malta Freeport is a main regional hub
- EU Member State: Passporting rights for services and companies
- Regional Ties: Malta has cultural and historic connections to countries in North Africa and the Middle East
- CET Time Zone: One hour ahead of GMT
- Schengen Zone: Malta is part of the Schengen area, which allows travel between member states without internal border controls
