Malta:
Sovereignty: Commonwealth member country. Malta is a Republic whose parliamentary system and public administration is closely modeled on the Westminster system.
Location: Malta is a southern European country in the Mediterranean Sea, located 80km (50 mi) south of Sicily, 284 km (176 mi) east of Tunisia and 333 km (207 mi) north of Libya.
It consists of three islands: Malta, Gozo and Comino, of which Malta is the largest island. Gozo is more rural compared to Comino and known for its scenic hills. There are many beaches on the island, as well as seaside resorts that are popular with tourists and locals alike. The most popular are Marsalforn and Xlendi Bay. Gozo is considered one of the top diving destinations in the Mediterranean and a center for water sports.
Government Type: A Parliamentary Republic.
Interesting facts: Malta has a multitude of historic and cultural gems. The sunny weather and idyllic beaches remain a main draw for tourists. There are the obvious popular sandy beaches as well as the rugged but no less beautiful rocky coasts.
Malta is one of the countries with the highest number of sunshine hours per year in Europe, double of many cities in the north of the region. Malta has an average of more than 5 hours of sunshine per day in December to over 12 hours of sunshine in July adding up to around 3,000 hours of sunshine a year. Malta has a Subtropical–Mediterranean climate (Köppen climate classification Csa), with very mild winters and warm to hot summers. Rain occurs mainly in winter, with summer being generally dry. According to ‘International Living’, Malta is the country with the best climate in the world.
Population: A population of 453,000 and a land area of 316 km2. Native Maltese people make up the majority of the island. However, there are minorities, the largest of which are Britons, many of whom are retirees.
Demographics: Maltese are descendants of ancient Carthaginians and Phoenicians, with Mediterranean heritage.
Religion: 98% Roman Catholic.
Economy: Although Malta’s economy is the smallest in the Euro zone, it is classified as an advanced economy according to the International Monetary Fund (IMF). The strongest sectors of the economy are: Foreign Trade, Manufacturing, Tourism, Medical Tourism and Film Production. Well-trained workers, low labour costs, and membership in the EU attract foreign investment. Globally, Malta ranks sixth in Foreign Direct Investment and is among the top twenty countries most likely to sustain economic growth over the medium and long term.
The economy is also dependent on the human resources and foreign trade. Malta’s economy is practically driven by financial services, tourism, real estate, and manufacturing, particularly of electronics. Other significant sectors are pharmaceuticals, information technology, and call centers. Malta’s banks have total assets worth more than 7 times the country’s gross domestic product (GDP), making it a very economically secure nation with the second largest banking sector in the euro zone.
Legal Background:
Malta has operated a long-standing residence programme, which was revised and re-launched as the Global Residence Program. The Malta Global Residence Programme builds on the success of Malta’s reputation in attracting expatriates seeking an alternative residence base in a warm Mediterranean Island in the European Union. Malta’s membership and full implementation of the Schengen Area Treaty offers further attraction on the basis of the ease of travel within the Schengen Area enjoyed by holders of the Malta Global Residence Programme permit.
Programme Details:
- To buy or rent property in Malta, with minimum requirements of between €220,000 to €275,000 purchase price.
- A residence permit entitles its holder to reside permanently in Malta with the freedom to come and go anytime.
- A permanent resident enjoys a privileged tax status while at the same time benefiting from Malta’s wide network of Double Taxation Treaties.
- A further advantage of this status is that as long as the resident abides by the rules of the permit, the resident permit holder does not need to spend any particular time actually residing in Malta.
Programme Advantages:
- Complete freedom of movement.
- Low tax & extensive tax treaty network.
- Repatriation of capital & income.
- Freedom to rent out Maltese property.
- No death & donation duties.
- Freedom of travel to Schengen member countries. Maltese residence card allows its holder free travel within the 26 members of the Schengen area.
- Malta is a neutral, safe and stable country with friendly people living a European lifestyle but with a Mediterranean quality of life.
