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    Economy In Malta

    The economy in Malta is heavily dependent on foreign trade and freight distribution/docking. The financial services sector is well-developed.

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        An aerial view of a cruise ship liner port of Valletta. economy in Malta
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        The Mediterranean Island Of Malta Is Rapidly Developing

        The economy in Malta is heavily dependent on foreign trade and acts as a freight distribution and docking point for the region.

        Most importantly, the Maltese government has invested heavily in education over recent decades, and the result is a multilingual, highly sought-after, productive labor force.

        The country adopted the Euro in 2008. Also, the financial services sector is well developed and the country is a key player in cross border fund administration.

        Much of Malta’s manufacturing is focused around the electronics and textiles industries. As you would expect, tourism also plays a key part in the country’s economy.

        Today, Malta clocks up around 1.2 million tourists per year, which equates to an impressive three tourist visits for every resident.

        Malta  is a rapidly developing country and the prices are increasing. The cost of incorporation almost reached the prices of Switzerland. However, the tax benefits outweigh any disadvantages.

        Most importantly, Malta is an excellent location for people who seek access to the   European common market  and want to pay the lowest tax in a regulated and transparent business environment.

        This country offers other hidden tax advantages, and it’s a great hub for private jet and yacht registration as well. EU nationals can register their yachts without any restriction.

        Another plus is that Malta has a full imputation tax system which eliminates the economic double taxation of company profits.

        Shareholders in receipt of dividends are entitled to a tax credit equal to the tax borne on the profits out of which the dividends are paid.

        Although Malta is a small country, it gets a lot of air traffic. Plus, Malta’s international airport is well accustomed to catering to it.

        Kathleen

        Reviewed By Kathleen Peddicord

        Kathleen is the Live and Invest Overseas Founding Publisher. She has more than 30 years of hands-on experience traveling, living, and buying property around the world.

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            Economy In Malta – Statistics

            Information Type Notes
            Real annual growth rate (2024) 4.6%
            Per capita income US$31,534
            Inflation rate (2024) 2.9%
            Sectors by GDP services (87.2%), industry (11.4%), agriculture (1.4%)
            Exports (Dec. 2023): US$4.224 billions machinery and mechanical appliances; mineral fuels, oils and petroleum products; pharmaceutical products; books and newspapers; aircraft/spacecraft and parts; electronical equipment.
            Major trade markets Eurozone
            Imports (Dec. 2023): US$6,265 billion mineral fuels, oils and products; electrical machinery; aircraft/spacecraft and parts therereof; machinery and mechanical appliances; plastic and other semi-manufactured goods; vehicles and parts.
            Major suppliers (2022) Italy 25%, Canada 10%, France 7.3%, Germany 5.6%, Greece 5.5%, China 5%.
            Labor force (2024 est.) 305,100
            Kathleen

            Reviewed By Kathleen Peddicord

            Kathleen is the Live and Invest Overseas Founding Publisher. She has more than 30 years of hands-on experience traveling, living, and buying property around the world.

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            A world full of fun, adventure, and profit awaits! Sign up for our free daily e-letter, Overseas Opportunity Letter, and we’ll send you a FREE report on the 10 Best Places To Retire In Style Overseas Today 2024






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              Economy In Malta- FAQs

              Opening a bank account in Malta is a simple process. To open a bank account you will need a valid passport, a utility bill showing the current place of residence and a bankers‘ reference letter. Also, you must demonstrate to the bank that you’re a resident in Malta or that you have income arising form Malta.

              However, companies need to present a certificate on incorporation and the Memorandum and articles of Association, a valid passport, utility bill and a bankers’ reference letter in the name of all directors and shareholders involved in the company.

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