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MALTA

SNAPSHOT OF MALTA

WHY CHOOSE MALTA?

Strong, growing economy and forward thinking regulation

Malta’s economic growth has been one of the strongest in Europe. Malta’s highly open economy is strongly connected to the rest of the world. After joining the EU in 2004, Malta harmonized its financial sector legislation with that of the EU. Its favorable tax environment, use of the English language, and relative cost-efficiency have attracted international businesses, particularly in the financial sector. The country became the first EU jurisdiction to adopt a regulatory framework for virtual financial assets (VFA) in 2018. The annual GDP growth averaged 6.8 percent in 2013–17, supported by rapid expansion of export-oriented services, including tourism, blockchain and remote gaming.

The draft legislation relating to Virtual Financial Assets, previously shared in draft, has now been finalised and approved by the Maltese Parliament in 2018. The Malta Digital Innovation Authority (MDIA) was launched in October 2018 as the first ever Authority to be established in order to draft, regulate and manage all digital innovations. Blockchain has the potential to powerfully disrupt many aspects of how businesses and economies work; even how societies are organised. Blockchain goes to the core of the role of trust in markets.

Malta’s strategy and regulatory framework for Distributed Ledger Technologies (DLT) such as cryptocurrency businesses (including exchanges) and virtual assets is creating new business opportunities in a fast-evolving digital environment. The Maltese parliament is enacting three new laws enabling blockchain based businesses: The Malta Digital Innovation Authority Bill (MDIA), The Technology Arrangements and Services Bill and the Virtual Financial Assets Bill.

High Quality of Life: Education & Healthcare

Due to Malta’s past as a British colony, the Maltese state school sector naturally draws its main inspiration from the British educational system. In Malta, all children aged between 4-16 years old are entitled to free education in all state schools, regardless of age, sex or belief. The standard of education in Malta is high and exams are introduced to pupils at an early age. School uniforms are the norm in Malta; each school has a different uniform with unique colours and logo. Some schools still enforce a separation between boys and girls while some other schools are mixed.

The Maltese healthcare system is paid for by the public and it dates back to 1372, when Malta had its first functioning hospital. Today it has a publicly paid health system where medical services are provided for no charge at the point of delivery, as well as a private healthcare system. The nation has a strong tradition of GP-led primary care, and secondary and tertiary care is also provided by the public hospitals of the country if needed. Foreign residents are advised to obtain private medical insurance by the Maltese Ministry of Health.

The World Health Organization’s global healthcare ranking marked the nation 5th in the world at the turn of the 21st century, which is a great result taking into comparison other countries. For example, the United States and the United Kingdom ranked 37th and 18th respectively, which illustrates the quality of the Maltese system. Similar to the British health system in style, the Maltese health system ranked 24th in 2014 and climbed to 23 in 2015 in the Euro health consumer index.

The public portion of Maltese healthcare is funded through taxation. This covers any type of treatment, ranging from pregnancy and childbirth to surgery and rehabilitation. Eight health centers which provide primary healthcare are available on the Maltese islands, with seven in the mainland and one on the island of Gozo. Apart from general practitioners and nursing facilities and care, the health centers provide a range of services from proactive to reactive care. They cover a wide range of issues, from gynaecology clinics, ophthalmic clinics, psychiatric clinics, diabetes clinics etc. In addition, secondary and tertiary care is offered by public hospitals throughout the country as well.

Contact Kylin Prime Family Office for more information on how to create your future in Malta.

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