The 2008 Forbes Tax Misery and Reform Index which measures the amount of increased “misery” or “reform” towards company tax friendliness indicates that Malta is the most attractive country in the EU in terms of taxes and social security contributions paid out by companies. The European Union and International Monetary Fund commended Malta’s recent economic and structural reforms.
The country’s “misery” index was just 63 which compares well with Cyprus (71.3) and Luxembourg (107.2).
Malta’s entry into the euro zone in 2008 has intensified its appeal further to international investors and secured ever greater economic stability. Malta has been highly praised by the EU and IMF for its consistent and prudent economic and structural reforms in recent years with its GDP growth stable.
Malta has attracted significant investment in the financial sector and taken with the related and support services accounts for some 12% of GDP which is predicted to double its contribution over the coming decade.
The islands have an excellent services and communications infrastructure and offer the benefits of an exemplary regulatory environment plus a network of double taxation agreements thus giving international firms an outstanding setting to work in.
In August 2008, Malta signed a double taxation agreement with the US that is currently awaiting ratification by the Senate. The agreement is widely expected to facilitate growth in bilateral trade and services (particularly financial services). Malta now has double taxation agreement with some 50 countries.
Malta is an EU country with a stable Government, good tax system, and excellent infrastructure, a skilled workforce of English speaking locals, an enviable quality of life and a clement Mediterranean climate.
Malta has always been seen and since joining the EU, even more so as an ideal destination for property investors and companies considering relocation. Its relaxed Mediterranean lifestyle, consistently low crime rate, favourable taxation benefits, steady property values, having English as an official language and of course having a temperate climate making for easy living all the year round. Added to this is the notion that everything and everywhere is close that comes with living on a small island and the added leisure time that this often overlooked aspect offers so it is not hard to understand why having a property in Malta makes it such an attractive place in which to live and work.
