Surprising Maltese Status
It might be somewhat of a shock to those not-in-the-know that Malta – a tiny portion of land found in the Mediterranean Sea measuring approximately 300 sq km – is pretty big when it comes to economic and welfare aspirations and successes. Yet apart from its somewhat modest size, there are other reasons one might be hard-pressed to find why Malta is so ambitious. It’s not like it has much of what to boast, with limited fresh water supplies, absolutely no domestic energy resources and hardly top of the list vis-à-vis natural resources. At one point, around 30 years ago, it got much of its trade from tourism, but that isn’t the case today.
Maltese Manifesto
Still, the country knows what it wants. Indeed, by the year 2015, it plans to develop its financial services industry to 25 percent of GDP, establishing a “highly experienced, professional talent pool, a sound legal and regulatory framework, a ‘can do’ and reasonable time to market culture, and cost-competitiveness.” This could actually be pretty realistic since already in 2011 people are looking to the country for investment opportunities, moving away from regions such as Dublin and Luxemburg due to its current status as a “fully-fledged financial services center.”
The statistics speak for themselves. Just in the last three-and-a-half to four years there has been an increase of more than 40 percent of professional investor funds with a great tax fully EU sanctioned tax regime.
Malta Makes Top Ten
In addition, in a review of 139 countries in the World Economic Forum’s Global Competitiveness Report of 2010-11, Malta was ranked the 10th soundest banking sector and 11th for financial market development. As well the country was named “one of the top three financial centers likely to increase in importance over the next two to three years,” in the Global Financial Centres Index third edition. (Just Dubai and Shanghai beat Malta to the top position.)
Maltese Magnificence
But what else makes Malta so attractive to the economically-savvy and investors? Apart from the country’s “well-regulated financial services sector,” both private and corporate clients have “excellent opportunities for efficient tax planning.” As well, geographically it pretty much couldn’t be in a better place. Smack inside of the Gibraltarian straits, it boasts a “naval importance to conquering nations from Phoenicians to the British. Its maritime flag takes second largest ranking in Europe and seventh worldwide, and stunning registered yachts can be found there too. The country can definitely be proud of its achievements which has been “recognized as the best known Mediterranean fund domicile…[offering an] option for those looking for a base in the European Union [rendering it] a real destination of choice.”
Today’s Tax-Tasty Empire
Today Malta still has significant appeal as a tasteful tax haven. Indeed, there were more than three hundred accountants, bankers, auditors etc. – hailing from around the world – at its now prominent Intax Exposition in the third week of March, with prime sponsors CSG Group and Zammit and Associates Advocates. Participants were able to either network in informal settings or attend presentations to achieve their set goals, rendering it “one of the most important events in the sphere of international taxation and corporate structuring [in a place today considered] a financial services center of excellence.”
So while at first glance it may be true that Malta doesn’t have all that much of which to be proud, by scrutinizing the situation somewhat closer one can actually find quite the opposite.
Sorry, comments are closed for this post.