Economy in Malta

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The Mediterranean island of Malta

The Maltese government has invested heavily in education over recent decades, and the result is a multilingual, highly sought-after, productive labor force. The economy is heavily dependent on foreign trade and acts as a freight distribution and docking point for the region. The financial services sector is also 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.

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.

Malta Economic Statistics

 
Information Type Notes
Real annual growth rate (2019) 4.9%
Per capita income US$46,924
Inflation rate (2019) 1.5%
Sectors by GDP services (87.2%), industry (11.4%), agriculture (1.4%)
Exports (US$4.938 billion) machinery and mechanical appliances; mineral fuels, oils and petroleum products; pharmaceutical products; books and newspapers; aircraft/spacecraft and parts; toys, games, and sports equipment
Major trade markets Eurozone
Imports (US$8.384 billion): mineral fuels, oils and products; electrical machinery; aircraft/spacecraft and parts thereof; machinery and mechanical appliances; plastic and other semi-manufactured goods; vehicles and parts
Major suppliers (2014) Italy 19.3%, UK 10.3%, Germany 8.2%, France 7.1%, China 5.8%, Greece 5.0%, Spain 4.8%, Netherlands 3.7%
Labor force (2019) 226,582

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