Malta’s Financial Sector
In stark contrast to other European countries, whose economies have struggled through a period of international market turmoil, Malta’s economy remains strong and ever-growing. This economic strength has had a similar positive impact on the country’s financial sector, which today accounts for more than 12 per cent of Malta’s GDP.
Gaining an international reputation as a centre of excellence for financial services, Malta has registered growth in the number of investment services companies, professional investor fund schemes and insurance companies registered on the island.
There are many factors that have contributed to the ongoing success of Malta’s financial services sector. Firstly, the island has a single regulator in the Malta Financial Services Authority (MFSA), which has ensured that regulation, strategy and growth are consistent, efficient and flexible, while making available a wealth of attractive tax incentives.
By providing a one-stop-shop of this kind for the sector, Malta has earned a reputation for a streamlined approach that is cost-effective and user-friendly – and this has, in turn, attracted a number of prominent financial services companies including online forex, payment services, and retail and professional funds organisations.
Likewise, Malta’s new prominence as ‘The Blockchain Island’ has boosted the financial services sector further. Through the recent launch of three world-first legal bills that regulate this world-changing technology that supports cryptocurrency, Malta has received recognition as a pioneer in the blockchain market.
With the financial services sector of such a high standard across the island, this has also led to many industry experts relocating to the island to join the highly-skilled, English-speaking workforce already available locally.
Your FSPC lead contact can guide you according to all aspects of Malta’s ever-growing financial services sector, whether you are considering relocating your business to the island or setting up a company to take advantage of this European financial hub.