DEVELOPED ECONOMY OF THE REPUBLIC OF MALTA

Developed economy of Malta – Malta is an island country located in the center of the Mediterranean Sea. Although, Malta belongs to the group of countries with the smallest area among the countries of the EU group. But possesses an extremely strategic location. The Republic of Malta is considered the gateway to European trade. This has helped Malta be favorable in developing its economy. Besides, this is a country with a very potential economy, so it has attracted a lot of investors to come and settle here.

An overview of the Maltese economy – Developed economy of Malta

Malta is a country with a continuously growing economy for many years. Malta’s economy has recorded a record growth of 6.9% in 2017. Malta is considered to have the potential to become the most prosperous country in the region when GDP is always at a very high level. The total GDP of the country in 2019 is 22.8 billion USD and GDP per capita is 48,246 USD.

Malta is also the only country in the world that belongs to four major economic blocs, including the European Union (EU), the Euro Area (Eurozone), the Schengen Area, and the Commonwealth.

The structural change of international-oriented economic development is also one of the factors contributing to the success of the Maltese economy.

Potential for Economic Development in Malta

Malta is known as a prosperous country with the development of diverse industries. Thanks to the Government’s support through policies as well as facilitating domestic and foreign businesses, Malta has attracted a lot of capital from foreign investors. This has boosted the Maltese economy to a great extent.

The important role of the tourism industry

The Republic of Malta has a peaceful natural beauty and a mild climate. In Malta, tourists will admire the picturesque white-sand beaches of the Mediterranean and ancient architecture. This is also the answer to the question of why Malta attracts a large number of tourists every year.

It can be said that tourism is considered a key economic sector of Malta and has created more than 40,000 job opportunities for people. In 2018, Malta recorded more than 2.6 million visitors. Tourism contributes more than 25% to the island’s GDP.

The field of information technology is crowned

The emergence of many new technology corporations in Malta has attracted many talents in this field both at home and abroad. Malta’s IT industry ranks 12th out of 28 EU countries. It can be seen that Malta is focusing on promoting this field and this is also the only country in the EU with a super-fast internet network covering the whole country.

Game industry

Malta is a leader in IGaming and very successful. Types of games include gambling, online lotteries, etc. These game models are all licensed by the Maltese gaming authority for both land and online gambling.

In Malta, the sector is allowed to do business and is recognized by EU law. This has created innovation for the Maltese economy and received a lot of investment in this sector.

According to the 2019 annual report of the Malta Gaming Authority (MGA), the gaming industry contributed €1.56 billion to the country’s economy. This is also the 3rd largest contributor to the development of the Maltese economy.

Financial Services

The financial services sector is the fastest-growing sector in Malta. The Republic of Malta is internationally recognized as a hub for reputable banks, financial investment companies, securities, etc. Malta’s international financial center has had more than 15 years of continuous growth. This sector accounts for 12% of the country’s GDP and creates more than 10,000 job opportunities for citizens. The government also shows its commitment to maintaining the development of this sector by promulgating laws and creating favorable conditions for investors.

Overall, the development of the economy also creates many job opportunities for Maltese citizens. Malta also has the lowest unemployment rate of all EU countries.

Opportunity for economic growth as a Maltese citizen

Malta has created many opportunities for policies as well as tax incentives for Maltese permanent residents. Favorable in terms of a stable and developed economy, Malta is the desire of most investors in the world.

The Malta Permanent Residence Program (MPRP) is an ideal option for investors. The program has 2 investment forms and the immigration process is very clear, the review time is only about 8 months.

Official information of the Government of Malta on the MPRP Program 2021, investors can see HERE.

CONCLUSION – Developed economy of Malta

Malta is a potential country with many investments and economic development opportunities for investors. Moreover, Maltese citizens are always guaranteed a stable income and a full and comfortable life. Conditions to join the investment program in Malta are also simpler than in other countries.

To learn more about the Malta Permanent Residence Program (MPRP), please contact us at Portico & Bridge. With a team of more than 50 professionals worldwide, we are happy to assist you. Call us now at 0909.898.758

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