LIFE IN MALTA – PART 2: SPECTACULAR THINGS ABOUT THE “PEARL OF MEDITERRANEAN”
What is life in Malta like? Why is this island country the world’s top3 worth living country? Why is Malta an ideal destination for Vietnamese families to settle in? As the continuation of our series Life in Malta, let’s learn about Malta from A to Z to seek answers for these questions!
Malta regulates an ideal tax system applying for entrepreneurs and settlement investors in this country. For its citizen, Malta imposes no tax on property, real estate and inheritance. This helps investors save a considerable amount which is supposed to be spent on tax.
Moreover, Malta government always encourages foreign investors to invest in its country by applying lots of policies on entrepreneur tax with favorable treatments. After tax refund, the lowest entrepreneur tax is just 5%. Malta also has a tax-free policy on overseas income, which means its citizens do not have to pay tax on their foreign property.
Therefore, Malta’s tax policy is the key answer to the question why lots of reputable banks, renowned automobile brands and multinational companies have their headquarters located in Malta – an island country in the heart of Mediterranean.
IGaming has brought in new changes to Malta’s economy. IGaming includes various forms of games such as casino, and digital lucky draw. In Malta, this type entertainment industry is of legal business and is recognized by the EU law. Igaming enables Malta’s economy to undergo a particular change and whereby attracts a large number of investment sources from overseas.
According to annual report by Malta Gaming Authority, the gaming industry has contributed to Malta’s economy an amount of 1,56 billion EUR and this is also the third largest contributors to its country’s economy. When it comes to the igaming industry, Malta is definitely a popular name with spectacular success.
Malta is classified as Mediterranean climate. Therefore, its dwellers enjoy pleasant weather which is comparatively comfortable for Asian people. In this country island, it is cool in the winter and in summer, it is hot and dry (maximum 12 hours of sunlight per day). According to the World Risk Report, Malta is the second safest country in the world for its low hazard prone level and its capability in dealing with them.
Malta is the only country being the member of four major economic areas including: European Union, Eurozone, Schengen area and The Common Wealth.
Therefore, Malta’s citizens are entitled to visa exemption to over 180 countries such as EU member countries, the UK and the United States. Moreover, they can travel and stay in Schengen area countries without visa for up to 90 days within 180 days.
Malta’s per capita income is 27.375 EUR (2019) and its GDP per capita is about 25.000 EUR/year. Meanwhile, Maltese citizen only spends about 1.800 – 2.000 EUR per month on living expenses. With this income amount, Malta residents are totally able to enjoy a comfortable life here.
Generally, Maltese people are well-known for their hospitality and friendliness. These people are extremely kind and willing to offer help to either visitors or immigrants.
This island is also proud to be one of the countries having the least criminal rate in the world. If you and your family are looking for a country that is totally safe, Malta can be your most promising option.
You can get access to the Internet at every corner in Malta. This is the only country in EU which covers super high access speed nationwide. Malta Communications Authority is currently operating 192 free wifi stations all around Malta island and Gozo island. Most of the public structures in Malta offer wifi service which is totally charge-free.
Lining along Malta seaside are its picturesque beaches with lots of harbours, sandbanks and rocky bays. That is why Malta enjoys genial breezes coming from the sea which makes it cool and mild all year round on this island. Additionally, such weather creates a soothing atmosphere where people live leisurely, unlike other hustle and bustle parts of Europe. Therefore, Malta serves as a haven for people who have had enough with their hectic and stressful daily schedule.
Lying right at the conjecture of three continents, including Asia, Europe and Africa, Malta has every advantage it needs to boost its economy. Such privileged geographic position is seen as Europe’s commercial gateway which thus, makes Malta’s trading activities much easier as well. That is why Malta has remarkable economic efficiency and stable GDP growth rate every year with the second highest GDP per capita in Europe. Malta’s GDP per capita in 2021 is expected to rise by 3,8% making it the highest figure in EU.
Malta’s main means of transportation are public ones such as bus, and taxi. Since Malta is a small country, the one-way ticket fare in Malta is about 1.5 EUR which is half of that in the UK with the same travel distance. Monthly bus pass is much more economical for those who travel back. And forth on the island on a daily basis with just 25 EUR per month.
By using public transportation, Maltese people are able to save a considerable amount on traveling costs such as gas online, insurance and parking. Some even say that they don’t need private automobile for their own still they can live conveniently in this island.
CONCLUSION – LIFE IN MALTA
In this part, we have learned about another ten interesting things about life in Malta. We hope that you find this post useful in helping you gaining more insights into life at this small European island country.
For further information about life in Malta as well as settlement programs in Malta. Please don’t hesitate to contact us at 0909.898.758.
At PORTICO & BRIDGE, “Your Children We Care”.