Expatriates opting to conduct business in Malta
A few months ago, Malta was voted the third best country for foreigners in a survey published by The Wall Street Journal. There are various reasons why Malta is reviewed so positively time and time again, by people who wish to conduct business on the island. A number of incentives introduced by the Maltese government, such as the Malta citizenship programme, have indubitably enhanced the island’s position as an ideal location to invest and settle down surrounded by the Blue Mediterranean waters.
To those looking to invest abroad, Malta has become a prime choice due to its excellent infrastructure, favorable finance and tax incentives, a driven workforce and favorable climate throughout the year. According to EY’s Malta Attractive Survey 2015, there was an increase of 15% from 2014 to 2015 of foreigners who intend to move their business to Malta over the next 10 years. This reflects the positive reputation that Malta has built for itself over the years and the willingness of entrepreneurs to depend on Malta’s future social and economical stability.
Malta currently hosts 35 ultra-high-net-worth individuals and two billionaires. According to a report by Wealth-X and Malta Sotheby’s International Realty, 77% of foreigners who have obtained a residency permit on the island and are ultra-high-net-worth individuals are self made.
Currently, a number of young entrepreneurs are coming to Malta from all over Europe to take advantage of its strategic positioning in the Mediterranean and all that the island has to offer, both as a business platform and as a destination that offers an excellent lifestyle.
The most common industries setting up shop on the island are those in ICT, online gaming, aviation and finance. There are currently over 500 licensed operators in online gaming in Malta- more than 10% of the global online gaming market. Similarly, ICT companies have also become very popular, taking advantage of the culture and expansion possibilities on the island.
Malta offers a number of locations ideal for the setting up of ICT companies, which prioritise the importance of close proximity to other companies operating in the same sector. This allows them to keep updated with recent developments and reduce significant costs as clusters of companies within the same sector attract more suppliers and consumers to the area. ICT companies also take into account the infrastructure, networks and connectivity when weighing their options for a business destination. The Life Sciences Park in San Gwann and Smart City in Kalkara both offer great potential as locations for these types of businesses.
Meanwhile, The University of Malta and other local institutions are doing their utmost to offer the latest courses in the technology industry as they become more and more aware of the value of the skills and knowledge in this sector. This will undoubtedly provide the local workforce with the skills necessary to improve their careers and employability potential.
Entrepreneurs are relentlessly seeking employment in Malta, desiring a lifestyle with our exceptional climate, safe environment with a low crime rate and short commuting times. Furthermore, renting accommodation is affordable while aspiring home owners may also find property for sale at competitive prices.