Malta Invest 2026

Dubai Abu Dhabi London Frankfurt Geneva Zurich Brussels Paris Valletta

20 26 Malta’s International Investment Guide

MaltaInvest2026

Contents Chapter 3

Chapter 1

Residency

Why Malta?

Inside Malta’s Economic Engine

34

Why Malta Attracts Global Residents

88

Stability First: Why Investors Continue to Choose Malta

38

Malta: Residency Schemes Overview

91

Maltese Citizenship by Merit

91

Support for Foreign Investors

41

Malta Permanent Residence Programme

94

Malta’s Strategic Role in Global Trade Flows

42

Malta (Global) Residence Programme

95

Frequently Asked Questions

44

Malta Retirement Programme

96

A Unified Strategy Propelling Malta’s Financial Services Into the Future

46

Nomad Residence Permit

97

‘The Private Equity and Venture Capital Sector in Malta is Already Showing Signs of Momentum and Great Opportunity’

50

Malta Startup Residence Programme

98

‘Malta is a Strong Jurisdiction that Keeps Punching Above its Weight’

102

Chapter 4

Chapter 2

28

Setting Up Your Business In Malta

Real Estate

Establishing a Business in Malta: What Investors Need to Know

58

Malta’s Property Market: A Long Record of Growth

108

Who Qualifies to Buy Property in Malta?

110

A Guide to Getting Started

60

Buying Property in Malta: Step by Step

113

Licensing and Support Services

64

114

Gozo 65

From Valletta to Gozo: Where Malta’s Property Demand is Heading

A Thriving Startup Ecosystem

66

Why Foreign Investors Are Looking to Malta

117

Taxation 68

Special Designated Areas: Malta’s Premium Addresses

118

Commercial Real Estate: Evolving with Malta’s Economy

120

The Process of Setting Up in Malta

70

Malta Stock Exchange

73

Malta Enterprise: Engineering a Future of Quality, Innovation and Sustainable Growth

76

GCS Malta: A One-Stop Partner for International Business Success

80

Contents

Chapter 5

Chapter 8

Financial Services

Shipping and Aviation

Malta’s Role as a Global Financial Jurisdiction

126

A Hub for Maritime and Aviation Registration

182

Investment Funds 130

Ship Registration 186

Private Wealth 136

Aircraft Registration 191

Banking 139

Corporate Structures for Asset Protection

195

Insurance 140

Malta’s Maritime Prowess: A Beacon of Quality and Trust in Global Shipping

196

Fintech and Virtual Finance

143

‘Our Edge Lies in Being a Reliable Banking Partner to Sectors Where Compliance and Agility Go Hand-in-Hand’

144

Trumia: Where Financial Tradition Meets Modern Innovation

148

Chapter 9

Tourism Malta’s Tourism Records its Strongest Year Yet

204

Destination Highlights 209

Chapter 6

Malta’s Events Calendar

213

Industry

Cruise and Maritime Tourism

214

Tourism Investment Potential

216

Measuring What Matters: How the Malta Tourism Observatory is Redefining Sustainable Travel

218

Industry: Malta’s Transition to High-Value Production

154

Manufacturing and Production

156

Pharmaceuticals and Life Sciences

159

ICT and Innovation

160

Growth Sectors Shaping Malta’s Economic Landscape

162

Curating an Encounter with Malta’s Historical Legacy 222

Chapter 10

Useful Information Chapter 7

Why Reliable Information Matters for Investors

228

Gaming

Building Your Network in Malta

229

Personal Taxation in Malta

235

Malta’s Double Taxation Agreements

236

International Support Through Malta’s Embassies and Consulates

238

Infrastructure: A Strong Foundation for Investment

240

How Malta Became a Global iGaming Hub

166

Sustained Expansion Amid Global Shifts

168

iGaming in Malta – From Pioneer to Global Leader

170

The Regulator Driving Trust and Growth

172

Beyond iGaming: Expanding the Digital Horizon

175

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MaltaInvest2026

Malta Invest 2026 Edition Why Malta, Why Now

W

elcome to the 2026 edition of Malta Invest, the international guide dedicated to helping investors navigate opportunities in one of Europe’s most agile and forward-looking economies.

Over the past year, the publication has continued to expand its reach.

Malta Invest is now firmly established in influential business hubs across London, Paris, Geneva, Frankfurt, Zurich, Dubai, Abu Dhabi, Brussels, and Malta. You’ll find it in leading corporate centres, investment banks, luxury hotels, private members’ clubs, embassies, premium airline lounges and private aviation terminals – a distribution befitting Malta’s growing relevance on the global investment map.

Produced and published by Content House – one of Malta’s largest media organisations and a leading player in the corporate and B2B media segment, Malta Invest remains the only international investment guide devoted exclusively to Malta as a business destination. Our mission is straightforward: to offer clear, practical insight for investors evaluating Malta as their next strategic base.

This edition brings together an expanded body of sector analysis, investor guidance and expert commentary, along with the latest updates to Malta’s business landscape. We look at Malta’s incentives and schemes that support private enterprise; examine policy developments shaping the country’s competitive edge; and highlight the public and private stakeholders positioned to support incoming investors.

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Malta’s economy continues to evolve in ways that favour innovation and resilience. Emerging sectors – including fintech, renewable energy and the broader tech ecosystem – are maturing with purpose, attracting the attention of major international players like Goldman Sachs, which in 2025 acquired one of Malta’s leading telecom providers through its infrastructure alternatives arm at a valuation of around €750 million.

Meanwhile. Six Senses is investing in a landmark, luxury resort in Comino, in one of the Mediterranean’s most pristine natural settings.

On the AI front, Malta is investing €20 million in providing startups and researchers with the skills and facilities needed to keep pace with the breakneck rate of change in the sector. The decisive action being taken has not gone unnoticed, with ST Microelectronics, long present on the islands, announcing a major expansion aimed at strengthening the country’s position within Europe’s semiconductor network.

Established pillars such as financial services, aviation, maritime services, and tourism remain robust and forward-looking, while recent efforts to carve out increasingly global roles for Malta’s superyacht and startup sectors are bearing fruit, backed by a regulatory environment that prizes clarity and adaptability.

Beyond business fundamentals, Malta’s appeal to high-net-worth individuals remains strong. The islands offer a blend of Mediterranean lifestyle, safety, historic character, and modern comfort that is difficult to replicate. From luxury developments to the steady revival of heritage

Editorial

PUBLISHER Content House Quad Central, Q2, Level 2 Central Business District, CBD 1040, Malta Tel: +356 2132 0713 info@contenthouse.mt www.contenthouse.mt Malta Invest 2026 is published, produced and owned by Content House Group Ltd and its relevant subsidiary companies.

Visit MaltaInvest.mt, our AI-enabled digital investment platform, for the latest business and investment news, insights and updates.

EDITOR Robert Louis Fenech

Ta’ Xbiex Marina. Photo: Inigo Taylor

HEAD OF SALES & BUSINESS DEVELOPMENT Marie Claire Camilleri CREATIVE DIRECTOR & DESIGN Nicholas Cutajar

properties, investors continue to shape Malta into a cosmopolitan, high-calibre living environment.

This guide aims to serve investors at every stage of their decisionmaking journey. Inside, you’ll find industry overviews, guidance on tax, residency and regulatory frameworks, and insight from leaders who understand the nuances of operating in Malta. Our goal is to provide a resource that is not only comprehensive but genuinely useful.

As we look ahead, the digital companion to this print edition – MaltaInvest.mt, launched in 2025 – continues to grow into a central online hub for investment intelligence on Malta. With AI-enabled tools and an expanding library of content, it offers investors, professionals and entrepreneurs a seamless way to explore opportunities year-round.

We trust you will find the 2026 edition of Malta Invest both informative and practical. Your feedback remains invaluable as we refine this publication and continue to mirror the ambition and evolution of Malta’s investment landscape.

l

h c e n e F s i u o L t Rober

HEAD OF DIGITAL & MARKETING Raisa Mazzola OPERATIONS & CLIENT RELATIONSHIP MANAGER Sue Ann Pisani

Content House Group Ltd would like to thank all protagonists, sponsors, partners, advertisers, and the private and public entities that embraced this project and supported the project team in the collation of information. The publisher also extends its appreciation to all participants and interviewees who agreed to feature in this publication. Special thanks are due to the entire project team whose commitment and professionalism made this publication possible, as well as to our local and international distribution partners.

Malta Invest is strategically distributed free of charge in Dubai, Abu Dhabi, London, Paris, Frankfurt, Geneva, Zurich, Brussels, and Valletta. Its global reach includes placement within leading corporate firms, business centres, investment banks, premium airline lounges, and key embassies. In the United Kingdom, the publication is also distributed through select luxury hotels, private members’ clubs, airline gate services, private aviation centres, and the Eurostar Lounge at London St Pancras.

In Malta, Malta Invest is distributed to leading businesses and corporate firms, prominent business leaders and CEOs, business centres, financial institutions, Government agencies and ministries, as well as yacht marinas.

While every effort has been made to ensure the accuracy of the information contained in this publication, the publisher cannot be held liable for any errors, omissions, or outcomes arising from its use. The content of Malta Invest is provided solely for informational purposes and should not be relied upon as the basis for any decision.

The views expressed in this publication do not necessarily reflect those of Content House Group Ltd, or of its subsidiary companies. All rights reserved. No part of this publication may be reproduced, stored, or transmitted in any form or by any means without the prior written permission of the publisher.

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20 26

CHAPTER 1

Why Malta?

Malta’s International Investment Guide

MaltaInvest2026

Inside Malta’s Economic Engine

M

alta, the smallest member state of the European Union, has long demonstrated an extraordinary ability to outperform expectations. Despite its size, the country has evolved into a dynamic and versatile economy – consistently registering growth rates that surpass those of much larger EU nations. Today, Malta enjoys the highest economic growth rate in the European Union, a clear reflection of its resilience, adaptability and potential.

According to the European Commission, Malta’s momentum is set to continue in the coming years, supported by strong export performance, robust domestic demand and a tourism sector that has not only recovered from the pandemic but surpassed its previous records. With around four million visitors expected in 2025, Malta’s tourism success underscores the island’s expanding global appeal and its strong competitive positioning.

This economic dynamism is reinforced by steady demographic growth, driven by a continuous inflow of international workers. These new residents contribute far more than talent and labour – they add to consumption, broaden the country’s skills base, enrich its cultural landscape, and support innovation across industries.

A cornerstone of Malta’s economic model remains its adoption of the euro in 2008. Eurozone membership has delivered monetary stability, strengthened investor confidence and facilitated seamless access to the European Single Market. For businesses operating in Malta, this translates into predictable financial conditions and effortless integration within continental supply chains.

Malta’s competitiveness is also underpinned by its workforce. The country’s talent pool is skilled, adaptable and proficient in English – an official language and the primary language of business.

Continuous investment in education and upskilling ensures that local and international professionals remain aligned with the needs of emerging industries. This capability supports a remarkably diverse economic landscape, spanning financial services, iGaming, aviation, maritime, ICT, pharmaceuticals, aquaculture, creative industries,

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St Julian’s. Photo: Inigo Taylor

and advanced manufacturing. Such diversity provides stability and positions Malta as a natural hub for both established sectors and innovation-driven growth.

Geography remains one of Malta’s most strategic advantages.

Located at the crossroads of Europe, Africa and the Middle East, the islands have long been a centre of exchange, commerce and cultural convergence. This strategic positioning, along with Malta’s dynamic business environment, makes the country an attractive base for investors, multinational groups establishing a European footprint, remote workers, and a fast-growing expat community.

Quality of life is integral to Malta’s appeal. The country offers excellent healthcare, a safe and welcoming environment, a vibrant cultural scene, and a mild Mediterranean climate – factors that are important not only for individuals but also for global companies seeking to attract and retain talent.

CHAPTER 1 Why Malta?

Connectivity further strengthens Malta’s value proposition. Malta International Airport links the islands to around 100 destinations, providing efficient access to major European capitals and beyond. This physical connectivity is complemented by strong digital infrastructure, enabling seamless international business in an increasingly interconnected world. Despite its scale, Malta invests heavily in digital transformation to ensure that its public and private sectors remain competitive and future-ready.

Foreign investment into Malta continues to rise, supported by a pro-business government, streamlined regulatory systems, and an ecosystem of professional services that provide tailored and cost-effective solutions. Operational costs are highly competitive compared to many European jurisdictions, making Malta an attractive location for regional headquarters, strategic projects and new ventures alike.

Ultimately, Malta’s success rests on three core pillars: stability, support and access.

•

Stability in its political, economic and regulatory environment gives investors confidence.

•

Support, through an efficient ecosystem of institutions and service providers, helps businesses establish, grow and innovate.

•

Access to European and global markets, enhanced by Malta’s location and connectivity, positions the country as a strategic base for companies looking to expand internationally.

Together, these attributes create an environment where individuals and businesses can not only succeed – but thrive.

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MaltaInvest2026

Victoria

GOZO Mġarr

Ċirkewwa

Gender Distribution in Malta

53% male

47% female 36

CHAPTER 1 Why Malta?

Total Population

Annual Population Growth

574,250

+2%

as at end 2024

Population Density

1,817

/km2

St Paul’s Bay

St Julian’s

Sliema

Industrial Areas

Valletta SmartCity

Central Business District

The Three Cities

Mdina

MALTA Airport Safi Aviation Park

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MaltaInvest2026

Stability First: Why Investors Continue to Choose Malta Photo: Inigo Taylor

M

alta ranks among the most stable and safest countries in the world, making it an attractive destination for foreign investment. It is governed by a parliamentary democracy led by two major parties that share a common understanding on economic matters, each building on the successes of previous administrations. The domestic political stability, combined with the safety net of Malta forming an integral part of the EU and the euro area, provides peace of mind for investors, who continue to see the benefits of choosing Malta as a strong base in Europe. The Government has similarly demonstrated a commitment to maintaining economic stability, decisively handling the challenges presented by the inflationary surge of recent years by subsidising the cost of energy and fuel for investors, businesses and the population at large. These subsidies, through which the prices of electricity and fuels remain frozen at 2022 levels, will continue to be in effect through 2026.

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As the headwinds presented by the early 2020s subside, Malta is increasingly looking towards its next phase of economic development.

The launch of Vision 2050, unveiled in 2025, aims to provide a blueprint for businesses and investors on how to align their interests with Malta’s national priorities. The strategy builds on the country’s success in financial services, gaming, high-end manufacturing, tourism, shipping, and aviation sectors to deliver continued growth underpinned by values of sustainability and innovation. Crafted in a year-long process of consultation with citizens and social and economic partners, Vision 2050 anticipates that Malta will capitalise on the ecosystems and expertise developed over the last decades by doubling down on digitalisation, upskilling of its workforce and an outward-looking commercial philosophy to deliver on people’s expectations for a better future. To that end, businesses and investors exploring the opportunities Malta has to offer would do well to study the country’s vision for the coming years.

CHAPTER 1 Why Malta?

Key Economic Indicators Outpacing Europe Real GDP Growth Rate by Volume 12.00 10.00 8.00 6.00 4.00 2.00 0.00

2012

2013

2014

Malta

2015

2016

EU-27

2017

2018

2019

2020

2021

2022

2023

2024

2025*

2026*

Eurozone

*Projected. Source: 2012-2021 Eurostat, 2022-26 European Commission

12,000 47%

10,648

47.7%

50.4%

9,768

52.3%

9,003

7,989

54%

54.3% 6,960

42% 5,702

5,639

5,678

5,739

5,586

70 60 50 40 30

4,000

20

2,000

10

0

0

2012 Total debt

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

Debt as % of GDP

6,000

5,390

8,000

5,226

10,000

4,855

Total debt ( millions)

12,000

44.8%

48.5%

54.3%

14,000

55.9%

61.6%

65.9%

65.8%

Healthy Financial Standing General Government Debt and Debt as a % of GDP

2025*

Debt as % of GDP

*Projected. Source: National Statistics Office, Central Bank of Malta

Credit Ratings Moody’s

A2

stable November ’24

Fitch

S&P

DBRS

stable September ’25

stable December ’25

stable October ’25

A+

A-

A

high

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CHAPTER 1 Why Malta?

Support for Foreign Investors Trident Park, Central Business District. Photo: Inigo Taylor

O

ne of the important factors foreign investors consider when choosing their investment destination is the level of support they will find. This includes support from the workforce, Government agencies, the private sector, as well as access to domestic and EU grants. Therefore, the initial contact and experience can make all the difference.

Since Malta joined the EU in 2004, Government agencies and the private sector have upped their game and continue to evolve, demonstrating agility in assisting and welcoming foreign investment.

Foreign investors and companies that have chosen to invest in Malta often praise the support provided by both private and public entities, as well as the consistent assistance from their local partners, who stand ready to provide guidance on a daily basis. Malta’s extensive history as a destination for foreign investment has made private and public service providers adept at meeting the needs of incoming operators, ensuring that establishing a presence in the country is straightforward and transparent.

There are numerous initiatives and schemes available for investors to tap, ranging from grants and guarantees to tax credits and free services.

The primary support hub is Malta’s economic development agency, Malta Enterprise, discussed in more detail in the next chapter (see p.

60). At a macro level, the entire system is geared towards welcoming foreign investment. Due to the country’s small size, leveraging strong private consultants and corporate services providers, along with utilising the information and assistance provided by public agencies, can create an effective hybrid approach to achieving your goals quickly and sustainably. This approach ensures that even small and medium-sized businesses receive treatment comparable to that offered to much larger firms in other jurisdictions, including tailored assistance aimed at giving your company a competitive edge.

The support available extends beyond financial assistance, such as access to land in state-owned industrial zones. In terms of employment, employers will find that the local workforce is highly skilled, dedicated, loyal, and capable of thinking outside the box. Companies unable to find the necessary talent locally can leverage the EU’s workforce of 200 million and potentially benefit from incentives to attract workers with the right skills from abroad. Local educational and training institutes also prioritise understanding industry needs, allowing investors to have their say in the development of future human capital.

Foreign investors will find a wealth of corporate services providers ready to assist with company registration, access to banking facilities, legal aid, recruitment, and all other requirements to set up a business.

Compared with other major European cities, these professional services come at a substantially lower cost. The same applies to technical services, human resources, rent, and support services, which remain significantly below the continental standard from a cost perspective, without compromising on quality.

Underpinning Malta’s strong economy are corporate, legal and judicial systems familiar to those accustomed to common law frameworks.

These systems, essential for the smooth functioning of business, have been further strengthened through the implementation of EU regulations and directives. Moreover, the establishment of a commercial section within the Civil Court has been successful, and its jurisdiction over legal matters is expected to expand in the coming years. This extension will provide those with commercial interests in Malta the assurance of a specialised court dedicated to resolving disputes promptly and effectively.

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Malta’s Strategic Role in Global Trade Flows Malta International Airport. Image courtesy of Malta International Airport

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ake no mistake. Although Malta is often too small to be physically visible on world maps, its strategic location in Europe and the Mediterranean provides crucial access to the European bloc and its expansive Single Market. Malta’s proximity to Africa has also been pivotal in facilitating the expansion of local companies across various sectors, from manufacturing in the food and drink industries to software development, into North Africa and other parts of the central Mediterranean region.

Malta lies at the crossroads of north and south, east and west – a strategically advantageous position that, combined with its membership of the EU’s Single Market, makes it an ideal location for companies seeking a base for international business operations.

Savvy investors have long recognised this potential. The textile factories that initially spurred foreign direct investment in Malta have since given way to more sophisticated production facilities

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and import/export businesses, particularly those engaged in trade with European and North African markets.

One major artery for the flow of goods is Malta’s world-class port infrastructure. The Port of Valletta, also known as the Grand Harbour, serves as the primary entry point for people and goods arriving by sea. It stretches approximately 3.6km inland and offers a wide array of services, including ship repair and building yards, ship chandelling, bunkering facilities, and specialised silos.

On the southern end of the main island lies the Malta Freeport, one of the Mediterranean’s largest transhipment hubs with over 110 global connections.

Another crucial artery is Malta International Airport, the first and last destination for over 95 per cent of all visitors to Malta.

The airport connects Malta to over 100 destinations, including most regional capitals and major cities, many of which are less than three hours away. Annually, over 23,000 tonnes of cargo pass through the airport, making it the primary hub for Maltese

CHAPTER 1 Why Malta?

Malta’s attractive corporate tax structure Over decades, Malta has offered foreign investors and companies an attractive tax regime that enables foreign-owned firms to save money. In a nutshell, these are key elements of Malta’s tax structure for foreigners:

operations of global companies such as DHL and Servisair.

Additionally, the airport hosts several maintenance facilities, including those operated by Lufthansa Technik, Ryanair, and most recently, EasyJet. The digital revolution and robust infrastructure supporting it have ushered in a new generation of export-oriented service firms. Continued investment in Malta’s digital connectivity has yielded significant returns, facilitating the growth of two pivotal sectors over the past 25 years: financial services and remote gambling. The success of these industries, reliant on fast and stable network connections, underscores the quality of Malta’s communications infrastructure. Building on this foundation, Malta has established itself as a hub for emerging technologies. Companies in dynamic fields such as fintech, edtech, artificial intelligence (AI), blockchain, Internet of Things (IoT), software development, and esports are increasingly choosing Malta as their base of operations.

No withholding taxes on dividends, interest, royalties, or proceeds from liquidation distributed to non-residents No separate capital gains tax No wealth taxes No inheritance taxes No stamp duty on asset transfers by companies carrying out international activities That leaves income tax as the main instrument of corporate taxation. The standard rate is 35 per cent, but foreign-owned companies are eligible for refunds that can bring the effective rate down to as low as 5 per cent.

Crucially, foreign firms whose business is controlled or managed in Malta are subject to the Maltese regime, to the extent that income from abroad is remitted in Malta.

The bottom line is that Malta’s taxation framework can be highly advantageous for foreign companies and investors. More details can be found in the next chapter (see p. 68).

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MaltaInvest2026

Frequently Asked Questions Is Malta in the European Union? What about Schengen?

Malta has successfully been a European Union member state since 2004 and joined the Schengen Area in 2007.

What currency does Malta use?

Euro. Malta joined the euro area in 2008.

Is Malta a rich country?

Malta has been the fastest-growing EU economy for four years running, with the latest statistics showing that Malta’s GDP per capita is 9 per cent higher than the eurozone average.

What are Malta’s top exports?

Malta’s top material exports include petroleum products, pharmaceuticals, electronics, and fish, while its main services exports are related to the tourism and travel, remote gaming, financial services, and professional and technical consulting sectors.

Is finance readily accessible?

Since the main commercial banks have high liquidity, interest rates in Malta have remained stable and competitive. The Malta Stock Exchange is also a popular avenue for companies looking to tap the local capital market, while a recent push to encourage venture capital and private equity activity has started to yield results. However, bank finance remains the most popular way of financing corporate projects.

There are over 20 banks active in the country, ranging from midsized local banks to branches of foreign institutions and specialised operations. Most have competitive fees while providing tailor-made banking solutions, including trade and project finance, custodian banking and specialist wealth management services.

Does everyone speak English?

Yes. Practically the entire workforce is proficient in English. Italian is also widely spoken, and the local population’s knowledge of French, German and Spanish has grown since joining the EU. A boom in the foreign-born population has also increased the number of people who speak other languages, ranging from Swedish and Polish to Arabic, Mandarin and Hindi.

Is Malta safe?

Malta is considered a very safe country where theft and violence are isolated incidents.

How’s the weather?

Malta enjoys over 300 days of sunshine every year, with mild winters and hot summers.

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What’s the healthcare like?

Malta boasts excellent public healthcare. A thriving ecosystem of private healthcare providers is similarly recognised for the high quality of care it provides, and the country has in recent years been taking tentative steps into promoting itself as a destination for medical tourism.

What are the residency options available?

Foreign investors have several residency options available to them.

These range from full citizenship through naturalisation to retirement schemes and special residency options for digital nomads. You can find out more on the subject in the relevant chapter (see p. 88).

Can I buy property on the Maltese Islands?

Yes, although holders of foreign passports are limited to only one residential property unless it is in one of several Special Designated Areas around the islands. For more information, see the chapter on real estate (p. 88).

How many expats live in Malta?

There are over 1500,000 people born abroad who now live in Malta. Many of these live in the cosmopolitan North Harbour region, surrounded by luxury residences, high-end shopping and excellent leisure opportunities.

Speaking of leisure, what is there to do in Malta?

Malta’s cosmopolitan lifestyle, coupled with its traditional charm, offers a unique blend that few places can match. The country has retained its island culture, with the relaxed Mediterranean lifestyle being a major selling point for those considering relocating. There is a wide variety of feasts, festivals and other events to suit every taste, while the unique cultural attractions, beautiful Blue Flag beaches, vibrant nightlife, and flourishing culinary landscape that make Malta a top tourist destination are similarly enjoyed by locals and expats alike.

MaltaInvest2026

A unified strategy propelling Malta’s financial services into the future

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CHAPTER 1 Why Malta?

A palpable sense of momentum is defining Malta’s financial services sector, but this is no happy accident. It is the calculated outcome of a powerful national strategy from the Malta Financial Services Advisory Council (MFSAC) – a plan that has unified industry leaders, regulators and Government behind a single, ambitious vision. Charged with amplifying this vision on the global stage is FinanceMalta. Sarah Muscat Azzopardi speaks to its Chief Strategy Officer, Bernice Buttigieg, to uncover the mechanics behind it.

W

ith a deep understanding of both the intricate details of the MFSAC strategy and the nuances of the global market, FinanceMalta’s Chief Strategy Officer Bernice Buttigieg is uniquely positioned to articulate the narrative of Malta’s financial services transformation.

For Dr Buttigieg, the sector’s current energy is the direct result of a meticulously crafted and collaboratively executed national strategy. Launched in March 2023, the strategy, she explains, has “become the bedrock upon which we are building a more agile, specialised and competitive financial jurisdiction.”

The strength of this strategic framework, she begins, lies in its profoundly collaborative origin. It was not conceived in a boardroom vacuum but was instead born from an “unprecedented collaboration between over 120 industry professionals, regulators and Government representatives.” This collective expertise was harnessed to tackle the industry’s most pressing challenges and to position Malta to seize emerging opportunities. Apart from that, the initial phase was an expansive exercise in ideation. “What began as 175

ideas,” she reveals, “was consolidated into a masterplan of 76 core projects.”

This process was guided by five foundational principles, each chosen to instil a specific discipline into the jurisdiction’s future growth: Speed, Standards, Simplification, Specialisation, and Sustainability.

Moreover, these pillars were not abstract ideals, but a direct response to the demands of the modern financial world. The result, Dr Buttigieg says, is a comprehensive, multi-layered strategy structured around four key areas of focus: enhancing established industry verticals; driving forward-looking transformational initiatives; cultivating new areas of specialisation; and strengthening the critical horizontal enablers that support the entire ecosystem.

The progress has been both swift and substantial. “As we approach the strategy’s third anniversary, the results are tangible,” confirms Dr Buttigieg. “With 29 projects successfully completed and an overall completion rate of 66 per cent across various workstreams, the strategy is demonstrating robust momentum.” Indeed, key verticals like asset management and insurance are now considered essentially complete in terms of the

“With 29 projects successfully completed and an overall completion rate of 66 per cent across various workstreams, the strategy is demonstrating robust momentum.”

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MaltaInvest2026

strategic initiatives planned, while the more ambitious projects are well into their implementation, systematically making it “easier, simpler and more efficient to do business in Malta,” she maintains.

A core tenet of the strategy is specialisation – that is, identifying and dominating high-value niches. The development of a compelling proposition for family offices serves as a perfect case study. Here, the MFSAC finalised all regulatory changes with the Malta Financial Services Authority (MFSA) and the Financial Intelligence Analysis Unit (FIAU) to create a refined framework. This includes innovative features like Notified Professional Investor Funds (NPIFs) that allow for rapid registration, all set against an efficient tax landscape and a robust supporting ecosystem.

Once this sophisticated product was finalised, the symbiotic relationship between policy and promotion became clear.

“FinanceMalta’s role was to take this completed product to market,” Dr Buttigieg explains. “We finalised the marketing brochures, made them available on our website, and embarked on a focused international promotional tour, with events in Switzerland, London and Riyadh, while also inviting a group of family offices to Malta.” This direct channel ensures strategic deliverables effectively reach their intended global audience.

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The same focused approach is being applied to aircraft finance leasing.

“Recognising a global market poised to exceed $550 billion by 2035,” Dr Buttigieg states, “the MFSAC has largely finalised a specialised legislative framework for this sector.” And FinanceMalta is now packaging this offering, highlighting powerful benefits such as the absence of withholding tax, the availability of notional interest deduction, and Malta’s highly efficient fiscal system to position the island as a premier jurisdiction for this high-value industry and a forward-looking testbed for innovation.

Certainly, an exceptional strategy is only effective if its message resonates in the global marketplace. This is the indispensable role of FinanceMalta. “As a public-private initiative, FinanceMalta is the conduit through which the MFSAC’s achievements are translated into global market appeal,” Dr Buttigieg affirms. The organisation’s mission is multifaceted: “to promote Malta as a leading international financial hub, provide a platform for networking and collaboration, support businesses establishing a presence here, and champion emerging sectors.”

A cornerstone of this promotional effort is the FinanceMalta Annual Conference. The 17th edition in 2024 centred on the theme of empowering financial services and broke attendance records with over

CHAPTER 1 Why Malta?

“We invite the world to look at Malta anew – not for what it was, but for what it is becoming: a safe, resilient and dynamic financial hub, inspired by heritage and driven by progress.”

700 delegates. Dr Buttigieg describes the event as “more than a conference; it is a statement of intent.” The calibre of speakers, which included international thought leaders alongside local stakeholders, underscored the growing relevance of the Maltese jurisdiction. The 18th annual conference, held in 2025, focused on redefining finance to support a quality-driven vision for Malta, continuing to build on previous success and serving as a critical platform to update the world on the strategy’s progress.

Beyond its flagship event, FinanceMalta participates in several international events throughout the year. “From the Guildhall event in London to the Abu Dhabi Finance Week in the UAE, and through targeted engagements across continents – including a dedicated mission to Japan – our presence has been strategic and persistent,” Dr Buttigieg affirms. These missions are crucial for “challenging outdated perceptions, showcasing our robust regulatory framework, and attracting high-value operators in funds, fintech and wealth management.”

Underpinning these sector-specific advancements are critical “horizontal enablers” that ensure long-term, sustainable success. Chief among these is talent. The MFSAC’s human resources workstream is actively collaborating with Identità (the Government agency responsible for citizens’ identity management and the implementation of migration processes) and the National Skills Council to address talent attraction and retention, with detailed policy recommendations for third-country nationals and initiatives to retain international students.

Meanwhile, in the crucial area of sustainable finance, a new leadership team is commissioning a comprehensive

study to define Malta’s unique proposition in this trilliondollar market, ensuring the nation is “not just a participant but a future shaper of the sustainable finance landscape.”

Simultaneously, a clear commitment to simplifying compliance is yielding remarkable results. Initiatives like the Harmonised Regulatory Reporting Framework (HRRF) are tackling bureaucracy head-on. “A pilot in 2025, despite its challenges,” Dr Buttigieg reveals, “has already led to the reduction of over 9,000 data points from the MFSA alone” – a powerful demonstration of the commitment to efficiency.

This entire financial strategy is powerfully aligned with the broader Malta Vision 2050, which identifies financial services as one of seven priority sectors for sustainable economic growth. The national vision’s aim to “shift from pure GDP metrics to a holistic ‘quality of life’ focus perfectly complements our sector’s drive towards highvalue, specialised services.” The ambition is concrete: for the financial sector to grow at a 9-10 per cent CAGR and contribute €4.8-5.3 billion to the GDP by 2035; a target the MFSAC strategy is actively turning into a reality.

As she reflects on the path forward, the Chief Strategy Officer’s message is one of unwavering confidence.

“The journey is not complete, but the foundation is solid, the progress is undeniable and the collective will is unwavering,” she concludes. “We have moved from planning to execution, from ambition to achievement.

We invite the world to look at Malta anew – not for what it was, but for what it is becoming: a safe, resilient and dynamic financial hub, inspired by heritage and driven by progress.”

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MaltaInvest2026

‘The private equity and venture capital sector in Malta is already showing signs of momentum and great opportunity’ PEVCA Chair Martin Galea speaks to Edward Bonello about the association’s active lobbying to foster a thriving private equity and venture capital ecosystem – and the groundswell it has created within Malta’s financial services industry.

P

rivate equity and venture capital have long been the unsung heroes behind countless successful ventures in the local economy. However, little has been done to harness their full potential as catalysts for growth in their own right.

PEVCA Malta, the Private Equity and Venture Capital Association, was established to change that – bringing stakeholders together to lay the foundations for what many believe is the next frontier of financial services in Malta.

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Martin Galea, Chairperson of PEVCA Malta and a veteran of the local financial sector, discusses the significant strides the organisation has made in just over a year.

“When Malta was laying the groundwork for the financial services industry some 35 years ago, no one could have imagined it would become one of Malta’s main economic pillars. Today, the sector employs thousands of specialised professionals and contributes directly to the country’s economic growth. The foundations we are laying in private equity and

CHAPTER 1 Why Malta?

Photo: www.danielstudiomalta.com Photo: ZGPhotography - Shutterstock

venture capital now are not so different. This is the beginning of an exciting journey,” Mr Galea shares.

At its core, PEVCA’s mission is to connect those who have capital with those who need it, while matching funding with expertise.

“Malta’s business landscape has traditionally relied heavily on bank financing. While this remains an important avenue, experience has long demonstrated that private equity and venture capital can unlock a different level of growth. Indeed, they are crucial motors of economic progress, as they don’t just inject capital into businesses; they bring fresh ideas, new governance models and a more dynamic approach to growth,” Mr Galea explains.

Malta’s economy is dominated by family-owned businesses, many run by the same line of entrepreneurs for generations.

“There is nothing wrong with traditional ownership models,” Mr Galea continues, “but the risk is that companies can become stagnant in their outlook. Private capital brings new impetus and fresh thinking that can take a business to the next level.”

Since its establishment just over a year ago, PEVCA Malta has been busy building the foundations for a new ecosystem. The association has already attracted over 80 significant players from the financial services industry and the local business world as members, creating a community around the subject of private equity and venture capital. It has also organised a series of events and networking opportunities, hosted a certified private equity masterclass, and undertaken a comprehensive ‘state of play’ report on the Maltese PE and VC market, due for publication shortly.

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MaltaInvest2026

These efforts are already bearing fruit. “Although still in its relative infancy, the private equity and venture capital sector in Malta is already showing signs of momentum and great opportunity,” says Mr Galea. “Interest from service providers, law firms, accountants, corporate service providers and compliance specialists is on the rise. More importantly, larger Maltese companies are beginning to explore how private equity methodologies can help them scale and modernise.”

“The reception has been very positive. We’re now moving into the next phase – sharing more data and insights, and working with policymakers to create the regulatory and fiscal conditions needed for sustained growth,” he continues.

PEVCA’s ambition extends beyond attracting capital to Malta. It aims to help the country become a hub for fund managers and family offices operating across Europe and beyond.

“We already have a mature financial services industry, and private equity and venture capital can leverage many of the skills and resources that already exist locally,” Mr Galea notes. “We’re not starting from scratch, as we did 35 years ago. The overlap with the broader financial services sector means we can hit the ground running, with the right fine-tuning.”

Asked what makes Malta a compelling investment destination, Mr Galea points to the island’s unique combination of advantages. “Our size is often seen as a limitation, but it can also be one of our greatest assets,” he remarks. “It allows us to remain nimble, flexible and capable of adapting quickly to new realities.

Regulators like the Malta Financial Services Authority and entities such as the Malta Business Registry have worked hard to protect Malta’s reputation while remaining open to constructive

feedback. That responsiveness, and the ability to stay light on one’s feet, is a huge asset in a fast-changing industry that rewards flexibility.”

This agility, however, must be paired with trust and credibility.

“Reputation is easily lost and difficult to regain, as we have experienced in recent years. We must guard it carefully – transparency and good governance are the best ways to do business. The more we align ourselves with international standards, the stronger our position will be.”

While agility and trust lay a strong foundation, practical challenges remain. Malta still lacks the depth of seed and venture capital available in larger markets. Yet, as Mr Galea points out, private equity offers opportunities beyond startups.

“The highest rewards often come from early-stage investment, but they also carry the greatest risk. There is also substantial opportunity in mature companies that have plateaued or believe their best days are behind them. With the right capital, they can obtain renewed management expertise, unlocking new avenues for growth and breaking through stagnation.”

PEVCA is also investing in education and training to build local capacity and sector-specific expertise, helping both local and foreign investors engage more effectively with private capital.

One of the most significant challenges facing the European private capital landscape is regulatory complexity. Many startups eventually look beyond Europe for funding where the capital environment is more fluid. Mr Galea acknowledges this challenge but sees opportunity in the EU’s approach of striking a balance.

“There is substantial opportunity in mature companies that have plateaued or believe their best days are behind them. With the right capital, they can obtain renewed management expertise, unlocking new avenues for growth and breaking through stagnation.”

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Malta, he argues, can play a key role in this process. “We can lead by example, keeping our legislation agile and creating a flexible legal framework that enables growth. If we do that, we can attract capital that might otherwise go elsewhere.”

The journey for Malta’s private equity and venture capital sector is only just beginning, but the prospects are promising. The groundwork laid by PEVCA and its partners is already changing how businesses think about growth and investment. With continued collaboration between investors, entrepreneurs, policymakers, and regulators, private capital could become a central pillar of Malta’s economy, just as financial services did before it.

CHAPTER 1 Why Malta?

“Regulation is a double-edged sword,” he says. “It protects consumers, employees and the environment, all of which are essential players in the equation. However, if it is applied too rigidly, it can stifle capital flows. The EU is working to strike a balance, reducing bureaucracy while maintaining high standards. I believe that this approach will ultimately prove more sustainable.”

“Malta has all the elements to make the private equity and venture capital sector a success. Now we must seize the moment and position ourselves on the global stage.”

“Private equity and venture capital are more than just funding mechanisms. They are catalysts for transformation that have the potential to unlock innovation, drive competitiveness and create opportunities.

Malta has all the elements to make this sector a success. Now we must seize the moment and position ourselves on the global stage,” Mr Galea concludes.

Photo: www.danielstudiomalta.com

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CHAPTER 2

Setting Up Your Business In Malta

Malta’s International Investment Guide

MaltaInvest2026

Establishing a Business in Malta: What Investors Need to Know

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oreign investors looking to establish a base in Malta will encounter a highly supportive and well-coordinated environment. The country’s public institutions and private service providers understand the full spectrum of needs that new entrants face – from the initial exploratory phase through to incorporation, operational set-up and long-term expansion. Building strong relationships with trusted local partners is essential, and this relational approach helps ensure that setting up in Malta is straightforward, cost-effective and efficient, whether the investor is a startup, a regional hub or a multinational seeking strategic European access.

Expert guidance, typically offered by experienced advisory and corporate services firms, plays a central role in helping investors navigate Malta’s legal, corporate and tax frameworks.

These professionals provide clarity, structure and strategic direction, enabling investors to maximise the opportunities available. Several Government agencies complement this support by streamlining administrative processes, and – thanks to Malta’s compact scale – key authorities are easily accessible, often only a meeting or phone call away. Faceto-face interaction is strongly encouraged in Malta, as direct engagement remains one of the most effective ways to cultivate trust and accelerate progress.

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CHAPTER 2 Setting Up Your Business In Malta

An Infrastructure Tailored to Investor Needs Corporate Services Providers Malta’s corporate services providers (CSPs) enjoy a longstanding reputation for their dedication to safeguarding and advancing their clients’ interests. Their deep understanding of Malta’s evolving economic and regulatory landscape makes them indispensable partners for investors assessing opportunities on the islands. These professionals are wellversed in the range of incentives, support schemes and sector-specific advantages available, assisting investors with securing grants and tax benefits, identifying suitable industrial or office space, and leveraging Malta’s business-friendly frameworks.

Mercury Tower, St Julian’s. Photo: Inigo Taylor

In addition, CSPs help streamline the practicalities of relocation and operations – obtaining work permits, securing residency, applying for licences, opening bank accounts, and coordinating other administrative requirements that international investors typically encounter. What clients appreciate most is their personalised approach: they take the time to understand strategic objectives, analyse business models and craft tailored solutions that align with investors’ ambitions. Their proactive engagement ensures they anticipate challenges and identify opportunities on behalf of their clients.

Equally important is the network effect. By partnering with a reputable CSP, investors gain access to an established ecosystem of professionals, industry contacts and publicsector representatives. Entering a new market with the right introductions can significantly ease the transition and accelerate decision-making.

Key Maltese Stakeholders Foreign investors are strongly encouraged to engage with key Maltese stakeholders relevant to their sector. Those active in manufacturing, research and innovation will receive critical support from Malta Enterprise, the national economic development agency. Its involvement is central to most investment initiatives, providing a wide array of incentives, advisory services and project facilitation. More details on Malta Enterprise are provided on the following pages.

In the financial services sector, the Malta Financial Services Authority (MFSA) is the indispensable regulatory authority, offering clear guidance on compliance, licensing and the regulatory frameworks governing financial services, fintech and capital markets. FinanceMalta, a public-private initiative, supports the industry’s growth by providing insights, connections and international visibility.

Investors entering the iGaming sector will find the Malta Gaming Authority (MGA) to be a critical partner. Recognised worldwide as a leader in online gaming regulation, the MGA offers guidance on all regulatory and compliance aspects.

GamingMalta complements this by supporting broader digital and interactive sectors such as video game development, esports and emerging areas including AR and VR. Beyond these leading institutions, investors can benefit from Malta’s wider network of public and private entities across various industries. Chapter 10 provides a comprehensive directory of these organisations, serving as a practical reference point for investors establishing or expanding their presence in Malta.

Engaging with local stakeholders not only provides practical support and regulatory clarity but also helps investors build meaningful relationships within Malta’s tightly connected business community. These networks often prove invaluable in navigating local dynamics and leveraging opportunities. By drawing on the expertise and reach of local entities, investors can significantly enhance their prospects and fully harness the opportunities available within Malta’s business environment.

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MaltaInvest2026

A Guide to Getting Started

T

he ideal first port of call for any prospective investor, whether local or foreign, is surely Malta Enterprise, the country’s economic development agency. Its services include pre-investment fact finding to acquaint potential investors with the realities of operating in Malta, allocation of industrial space, access to finance, investment credits, and bespoke schemes to assist in export activities, research and development, and more, giving beneficiaries a competitive edge.

The agency also operates Business1st, a one-stopshop platform that serves as a single point of contact to Government business information and services. The recently revamped digital service has made setting up

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Valletta. Photo: Inigo Taylor

a company easier than ever, eliminating the need to fill out similar forms for different agencies and significantly streamlining the entire registration process. More digital services will be added as part of a multi-year plan to reduce bureaucracy and fully leverage digital systems – efforts that are set to make incorporation in Malta easier than ever.

To extract the utmost value from these services, companies and individuals looking to start operations in Malta should engage with Malta Enterprise at the earliest stage possible, and be frank about their investment goals and needs. The team has extensive experience in lending an ear and extending a hand – use it!

The incentives offered by Malta Enterprise can be pivotal in helping investors decide to establish operations in Malta. Below is a small sample of the agency’s offering, which are regularly updated in line with changing economic realities. For the full, current list, visit its website www.maltaenterprise.com.

Accelerate This incentive provides a grant of up to €100,000 to cover accelerator participation fees and startup expenses (such as travel, rent and corporate services provider fees) for ventures with potential for growth, that have a viable business concept based on sound technical and scientific knowhow, and that are in the process of developing the technology into a market-ready offering.

Research and Development The aim of this incentive is to assist industrial research and experimental development activities required by industry. For example, it can be used to provide support for pilot studies or to undertake experimental development, such as for the creation of commercially usable prototypes. The incentive can also facilitate collaboration between industry and academia by funding the secondment of university experts to enterprise.

Start-up Finance Through this measure, Malta Enterprise can provide startups with an advance of up to €1.5 million, provided they operate from a (long) list of Maltese localities and qualify as innovative enterprises.

Business START Business START offers seed and growth funding, with an initial grant of up to €10,000 to help startups develop their business proposal and assess the feasibility of their idea, prior to seeking third-party equity.

Invest Invest aims to sustain regional industrial and economic development in Malta by supporting initial investments in new establishments,

the expansion of existing facilities and the diversification of existing businesses engaged in strategic sectors. Support may be granted through loan guarantees, interest rate subsidies, cash grants, and tax credits.

CHAPTER 2 Setting Up Your Business In Malta

Malta Enterprise Schemes

Business Development This measure supports new business initiatives, expansions and transformation activities that lead to new opportunities, additional employment, increased competitiveness, or broader market reach, by providing up to €300,000 over three years, awarded as a tax credit or cash grant.

Micro Invest Micro Invest encourages undertakings to innovate, expand and develop their operations through a tax credit equivalent to 65 per cent (85 per cent for Gozo-based businesses) of eligible expenditure.

Allocation for Industrial Land and Space In collaboration with INDIS, the entity responsible for managing Malta’s state-owned industrial zones, Malta Enterprise helps companies to set up or expand operations in Malta by allocating developable land or space in existing buildings for various uses.

Smart and Sustainable Investment Grant In line with the European Union’s goal to achieve climate-neutrality by 2050, Malta is incentivising the twin digital and green transitions by funding businesses that develop more sustainable processes.

Beneficiaries can receive a cash grant of up to €100,000, capped at 50 per cent of the eligible costs in machinery and equipment, with a further tax credit of €40,000 awarded under certain criteria.

Priority Areas While each scheme has its own eligibility criteria, investments aligned with Malta’s strategic economic development objectives will be best placed to receive the most generous support. These priority areas include: manufacturing management of waste and environmental solutions research and development activities provision of industrial services and solutions to manufacturing operations digitisation of processes software development (including video games and entertainment systems) health, biotechnology, pharmaceuticals, and life sciences

projects related to the green and blue economies maintenance, repair and overhaul of aircraft and other electromechanical equipment artisanal works services that are scalable internationally and not limited by geographic scope projects aimed at improving business performance and fostering innovation

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MaltaInvest2026

Local Insight

Meet William Spiteri Bailey Elected President of The Malta Chamber of Commerce, Enterprise and Industry in 2025, William Spiteri Bailey is a seasoned accounting and audit professional who chairs and sits on the boards of several of Malta’s largest companies.

How would you assess Malta’s current economic climate for foreign investment?

Our fundamentals remain strong – a stable environment, a competitive tax system and robust digital infrastructure – and 90 per cent of foreign investors in Malta plan to maintain or grow their operations. However, confidence will only be sustainable if the country addresses key structural challenges. Skills shortages are now the primary risk, reported by 60 per cent of investors, while cost competitiveness is declining, particularly in labour and services.

Overall, the outlook remains optimistic – but investors expect decisive actions to improve talent, infrastructure and governance if Malta is to preserve and boost its FDI appeal.

Can you share some insights about the latest developments in the Maltese business landscape over the last 12 months?

Over the past 12 months, Malta’s business landscape has continued to grow and evolve, with nearly 1,900 new enterprises registered in 2024, bringing the total to more than 60,800 active businesses.

This growth reflects strong entrepreneurial confidence and a dynamic SME sector, especially driven by micro-enterprises. We are also observing improved business sentiment in sectors such as construction, real estate and manufacturing, despite ongoing

Malta’s position as a secure, predictable gateway into the EU market has enhanced its attractiveness at a time when global uncertainty has made stability and agility more valuable than ever.

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challenges related to labour shortages, rising input costs and productivity pressures. At the same time, companies are increasing their investment in technology, digital tools and innovation to boost efficiency and competitiveness – an encouraging shift that aligns with our national priorities. While the growing number of enterprises is positive, Malta should now focus more on strategic consolidation through mergers and acquisitions. Building stronger, betterresourced and more scalable businesses will enable our economy to generate higher value-added output and position Maltese enterprises to compete more effectively on the international stage.

A study on Malta’s attractiveness for FDI conducted

by EY found a sharp uptick in positive outlook among foreign investors and business owners in 2025. To what do you attribute this change?

The sharp rise in positive sentiment towards Malta – up to 79 per cent in 2025 – reflects renewed confidence in the country’s ability to offer a stable, agile and forward-looking environment for investors. This shift is driven by effective economic policymaking, consistent diversification into higher-value sectors such as tourism, gaming, financial services, fintech, and AI, as well as Malta’s increasing capacity to attract international talent. Investors are also responding to improvements in the labour market quality, the country’s commitment to digitalisation and innovation, and ongoing upgrades to essential infrastructure. Importantly, Malta’s position as a secure, predictable gateway into the EU market has enhanced its attractiveness at a time when global uncertainty has made stability and agility more valuable than ever.

What kind of support can foreign investors expect to receive from The Malta Chamber?

At The Malta Chamber, we offer foreign investors much more than just a point of contact – we serve as a strategic partner from the very beginning of their investment journey. Through our international desk, we connect investors with trusted local businesses, Government entities and specialised service providers, while also providing market intelligence, sector insights and access to our extensive global networks. Whether through trade missions, customised introductions, or guidance on Malta’s regulatory and operational landscape, we assist investors in making well-informed decisions based on real opportunities. Engaging with us early is highly recommended, as it enables us to support investors in assessing feasibility, navigating the ecosystem and identifying the right partners from the outset. In a small yet dynamic economy like ours, early engagement can greatly facilitate an investor’s entry, reduce uncertainty and accelerate their growth in Malta.

Founded in 2017, GCS Malta has established itself as a leading corporate services firm offering a one-stop-shop solution for audit, payroll, tax advisory, and more. Founder and CEO Christian Gravina has also sat on the Council of the Malta Institute of Accountants.

What are the main advantages Malta offers prospective investors?

Are there any market gaps or opportunities that foreign investors should keep an eye out for?

Malta combines a flexible corporate framework with a favourable tax regime, making it an attractive destination for international investors. Company formation is straightforward, with minimal bureaucracy and a clear regulatory system. Its central EU location supports smooth trade, while a skilled, multilingual workforce provides the expertise needed to run and grow a business.

Together with diverse tax planning options, these factors make Malta a reliable hub for growth, efficiency and long-term business security. Investors can also benefit from Government-backed support programmes, including tax credits, grants and investment incentives, which help optimise operations and enhance returns.

Malta presents strong opportunities in technology and innovation, particularly in fintech, blockchain and AI-driven solutions, where demand for specialised services remains high. There is also increasing potential in ESG and sustainable investments, as companies place greater focus on environmental and social responsibility. Investors offering innovative solutions or support in these areas are well-positioned to benefit from Malta’s dynamic and forward-looking business environment.

Amid global uncertainty, Malta provides a stable and secure environment for investors. Its EU membership, transparent regulations and resilient economy help mitigate regional and international risks. Coupled with a business-friendly climate and strategic location, Malta allows investors to diversify their operations and maintain access to global markets while safeguarding their investments.

Photo: Inigo Taylor

Meet Christian Gravina

CHAPTER 2 Setting Up Your Business In Malta

Local Insight

In your conversations with clients looking to set up a company in Malta, what’s the sentiment like?

Clients are positive about Malta as a business destination. Many are drawn by the straightforward company formation process, attractive tax environment and transparent regulatory framework.

The country’s strategic EU location and skilled, multilingual workforce are also appealing. While professional guidance is often sought to navigate compliance and accounting, overall, investors see Malta as a stable and efficient base for establishing and growing international operations.

Based on your experience, what advice would you offer to investors looking at setting up in Malta?

Amid global uncertainty, Malta provides a stable and secure environment for investors.

My main advice would be to seek professional guidance from the start. Understanding Malta’s regulatory, accounting and tax requirements early helps prevent delays and costly mistakes.

Carefully plan your corporate structure with compliance, tax efficiency and long-term growth in mind. Investors should also explore available Government-backed schemes, such as tax credits and investment incentives, which can support set-up, innovation and workforce development. Partnering with local experts ensures smooth operations and allows investors to focus on growing their business.

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MaltaInvest2026

Licensing and Support Services

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any business activities require industry-specific licensing to ensure standards are met and regulations are enforced. The authorities have in-depth expertise in their respective sectors and can often provide help in getting your business up and running in compliance with local regulations. For companies involved in the below-listed sectors, it is advisable to establish early contact with the relevant authority. Their assistance can make all the difference.

Regulatory Authority

Regulated Activity

Malta Tourism Authority

Accommodation and catering

Transport Malta

Aviation and maritime

Malta Digital Innovation Authority

Blockchain

Malta Further and Higher Education Authority

Education

Malta Financial Services Authority

Financial services

Malta Gaming Authority

iGaming

Malta Medicines Authority

Pharmaceutical and life sciences

Malta Communications Authority

Telecommunications

Foreign investors may also join trade bodies and associations active in Malta, both sectoral and general. Notable general associations include The Malta Chamber, the Malta Chamber of SMEs, Malta Employers, and the Gozo Business Chamber. All four work tirelessly to represent the interests of Maltabased businesses and are highly active in publishing research, providing guidance and proposing improvements to the country’s business landscape, while serving as a platform for communication and knowledge-sharing among Malta’s key economic stakeholders.

Many find that membership in such associations can be highly rewarding, facilitating their entry into the Maltese business community and generating new opportunities.

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Transport Malta Offices, Lija.

Image courtesy of Transport Malta

CHAPTER 2 Setting Up Your Business In Malta

Gozo

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ozo, Malta’s smaller sister island, is renowned for its tranquillity and breath-taking landscapes, offering an escape from the busy life of its larger counterpart – making it a favourite destination for expat retirees and digital nomads. However, Gozo’s allures go beyond the lifestyle it offers. Since being designated as the vanguard of the country’s twin green and digital revolutions, new opportunities have arisen in the development of high-tech solutions to the challenges facing Malta, Europe and the world.

The Ministry for Gozo has launched an online portal to facilitate investment in the region (www.investgozo. gov.mt). The portal provides information on the incentives available to investors in Gozo and highlights its comparative advantage in certain sectors. Many business support schemes offer more advantageous terms for Gozo-based companies, while other incentives are specific to Gozo, like reduced inter-

Gozo Innovation Hub. Photo: INDIS

island transport costs for manufacturing enterprises and several wage support measures, with the most generous reserved for firms engaged in knowledgebased activities.

Gozo Innovation Hub Housed in a campus-style layout with two main buildings, the Gozo Innovation Hub is the home of the island’s knowledge-based companies. Managed

by INDIS, the larger building is a 9,000sqm business centre split into units of various sizes, while the smaller building contains shared ancillary facilities like a conference hall and meeting rooms. Space in the Gozo Innovation Hub may be used by operations involved in, among others, back office and financial management, market research, media and audiovisual services, and new technologies like AI and machine learning, bioinformatics, cybersecurity, and the Internet of Things (IoT).

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MaltaInvest2026

A Thriving Startup Ecosystem

I

n recent years, Malta’s startup ecosystem has seen significant improvement as the country positions itself as a platform for international growth. Acknowledging that the domestic market alone does not offer the necessary economies of scale, the focus is on supporting young companies capable of selling their products and services across Europe and beyond.

Startups with a base in Malta can now benefit from a generous package of state support that includes grants and tax credits (Malta Enterprise), loan guarantees (Malta Development Bank) and seed guarantees (MIMCOL). This support has been enhanced with the launch of a €10 million venture capital fund run

by Malta Government Investments, aimed at helping startups set up operations in Malta.

However, a thriving ecosystem extends beyond financial support.

The Startup Festival Malta and the EU-Startups Summit are now regular fixtures on the calendar, testament to the country’s growing cachet in the space. These events have proven invaluable in establishing Malta as an increasingly important player, backed by unwavering Government support.

Startup accelerators form an integral part of the ecosystem. The University of Malta’s TAKEOFF business incubator has been joined over the last couple of years by the world’s top edtechfocused accelerator (SuperCharger Ventures) and another which targets climate tech (Malta ClimAccelerator). These programmes attract a steady stream of foreign firms enticed to take their first steps in Malta – helped along by the Startup Visa extended to non-EU nationals, which creates an efficient route to residency for entrepreneurs as well as their teams.

Private sector interest has been slow to pick up, but is finally gathering steam after years of relative lethargy. Initiatives like the startup competition Pitchora and the TV show Shark Tank have played a crucial role in raising public interest, while JA Malta’s startup programme continues to attune youths to the huge potential that may await those willing to take calculated risks. Most

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promisingly, the final piece of the puzzle is now being addressed, with the establishment of a Private Equity and Venture Capital Association (PEVCA) bringing together many of the country’s top financial institutions, investors and family offices.

The sector is growing rapidly as new initiatives and entities coalesce around the national effort to establish Malta as a startup hub, making this a hugely intriguing space to watch. As the country looks to its future, the investment in startups is already showing great promise, though the nature of the sector means that any optimism should be tempered with caution. Nonetheless, money is pouring in, and with it comes a new wave of hope for what could become another significant pillar of Malta’s economy.

Tigné Point, Sliema. Photo: Inigo Taylor

MaltaInvest2026

Taxation

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alta offers foreign investors a highly attractive tax rate that is effectively the lowest in the European Union. This has served to attract companies from around the world, allowing them to mitigate their tax burden and maximise profits. Coupled with the lack of withholding taxes on dividends, interest, royalties, and proceeds from liquidation distributed to non-residents, as well as the absence of a separate capital gains tax, wealth or inheritance taxes, Malta makes for an interesting proposition for those seeking tax efficiency.

The numerous foreign firms present on the islands can attest to the substantial savings afforded by this unique tax framework, at the centre of which is an acclaimed refund system. Meanwhile, the country’s extensive network of taxation treaties and the provision of unilateral tax relief protect investors and entrepreneurs from incurring double taxation. It is essential for investors to engage

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local tax advisors that can navigate the system to identify the optimal structure to fully capitalise on the opportunities offered

by Malta’s status as a fully onshore tax-efficient jurisdiction.

The Tax Refund System In Malta, a corporate income tax of 35 per cent is levied on the profits of all business concerns, calculated after adjusting for depreciation, unrealised losses and profits, and all expenses incurred in the production of income, as well as the interest expense on capital invested. Once the profits are distributed to shareholders as dividends, they are entitled to claim a tax refund on the taxes paid by the company. The refund rates depend on the kind of income declared by the company, and vary from 2/3rds to 100 per cent, although the portion most companies qualify to obtain as a refund is 6/7ths, generating an effective tax rate of 5 per cent.

CHAPTER 2 Setting Up Your Business In Malta SmartCity. Photo: Inigo Taylor

Minimum Tax Reform Malta has committed to implementing a Minimum Tax Directive that would see the introduction of a minimum corporate tax rate of 15 per cent for companies generating combined revenues over €750 million. However, the Government has clarified that it will be delaying the implementation of the rules until 2030. In anticipation of the new rules, Malta in 2025 introduced the option for foreign-owned firms to voluntarily subject their chargeable income to a 15 per cent final tax. The measure, designed to align with OECD Pillar Two Global Minimum Tax Rules, allows multinational corporations to streamline their tax exposure to one jurisdiction.

Qualifying Participation Tax Rules Malta’s tax code exempts dividends and capital gains related to income derived from subsidiaries from taxation in Malta. These provisions draw particular interest from multinational conglomerates looking for an efficient holding structure, as well as from investment portfolios involved in the ownership, management and administration of equity holdings

in other companies. Eligibility hinges on a number of factors. Notably, less than half the entity’s income can be derived from passive interest, although other conditions may be applied. Once again, the services of a local tax professional familiar with the nuances and potential benefits of the Maltese tax system are crucial.

Consumption Tax Malta levies a tax on consumption in line with most other European Union countries. Under EU rules, the Value Added Tax (VAT) is paid in only one country, and Malta’s standard rate is set at 18 per cent. Certain economic activities benefit from reduced rates, with accommodation, for example, subject to a 7 per cent VAT rate. Medical accessories and domestic help services, among others, fall under the 5 per cent rate, while food, pharmaceuticals and all exports are taxed at 0 per cent. Certain sectors may benefit from competitive VAT calculation, including ship and aircraft registration (see p. 187), so be sure to consult a financial advisor to determine whether your investment is eligible.

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MaltaInvest2026

The Process of Setting Up in Malta

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t only takes a few days to register a company with the Malta Business Registry and make it operational. This can be done remotely and relatively inexpensively. Companies registered in Malta require a Maltese address – often the office of the corporate services provider handling the registration. Accountancy, management consultancy and legal firms also provide such a service.

New private limited liability companies – the preferred vehicle for foreign investment – must also submit bylaws, the authorised and issued share capital, details of the shareholders, directors and other key persons, and a deposit slip showing the paid-up share capital credited to the company’s (not necessarily local) bank account. Once all that has been submitted, the Malta Business Registry will issue a certificate authorising the company to commence business. Depending on the sector, additional licensing may be required (see p. 64).

Shares may be held directly, by nominee, or in trust, and there are no restrictions on the nationality or residency of Maltese company shareholders. Additionally, foreign companies can transfer their domicile to Malta without dissolution and the establishment of a new entity, reducing associated time and costs.

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Deloitte Malta Office, Central Business District.

Photo: Inigo Taylor

Accounting and Audit Requirements Company accounting in Malta follows the EU Single Accounting Directive, transposed into Maltese law through the introduction of the General Accounting Principles for Small and Medium-Sized Entities (GAPSME). Public companies must however conform to the International Accounting Standards Board’s (IASB) Financial Reporting Standards (IFRS). Either way, investors are assured that financial statements are in line with prevailing European and global standards of clarity, accuracy and usefulness, generally including a balance sheet, a profit and loss account, notes to the accounts, a directors’ report, and an auditors’ report (with certain allowances for small companies).

Other Requirements Upon receiving official confirmation of the company’s registration from the Malta Business Registry, the next steps include registration for VAT and income tax with the Commissioner for Revenue. If the company will engage employees, it must also register with the national employment agency, JobsPlus. Altogether, these registrations can be expected to take up to one week to complete, after which the company is fully set up and ready to operate.

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he Malta Stock Exchange, situated in Valletta, provides access to Malta’s capital market. Today, it is a fully-fledged platform for the admission and trading of financial instruments, namely bonds and equities, once these would have been granted admissibility to listing by the Malta Financial Services Authority or any other competent authority in recognised jurisdictions. The MSE operates a main market, a market specifically for institutional investors, and a multilateral trading facility, which provides a more cost-effective opportunity for startups and SMEs to raise up to €8 million in capital.

The MSE’s in-house Central Securities Depository (CSD) is linked with Clearstream Banking, offering a comprehensive range of services, including maintenance of registers, clearing and settlement, securities administration, as well as custody services.

It is also worth mentioning that, as part of its Corporate Social Responsibility, the MSE runs an educational institute (the MSE Institute) aimed at increasing financial literacy among investors and market participants alike.

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Malta Stock Exchange

Over the past few years, the MSE witnessed a surge in primary market activity as more enterprises have turned to the Maltese investor community to finance their projects, including some companies whose major operations are outside Malta. They are attracted by the enthusiasm shown by local investors for securities, with most corporate bond issues being fully subscribed. Indeed, this is evident from the fact that, currently, total bond issuance on the Regulated Main Market has exceeded €3 billion, compared to €2 billion in 2021 and €1 billion in 2014. Between January and December 2025 alone, the local corporate bond market will come close to issuing €1 billion in new bonds.

Malta Stock Exchange, Valletta. Photo: Jean Marc Zerafa

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As Head of Business Development and Markets at CLA Malta, an established corporates services firm, Isaac Sammut Satariano helps prospective clients seeking to invest in Malta to find their feet and position themselves for strategic growth.

What are the main advantages Malta brings to the table for prospective investors, and what challenges are such investors likely to face?

With plans for a global minimum tax rate seemingly on the rocks as interest declines, what do you tell clients who may be worried about its impact?

Malta’s unique allure stems from its compact size, willingness to adapt to the digital era and an attractive corporate tax environment.

These elements foster a business-friendly ecosystem that draws a wide array of investors. Other core advantages are the presence of specialised talent and reputable service providers, and the ability for investors to operate cross-border with assurance.

Clients value transparency, rather than a wait-and-see approach.

Legal changes enacted in 2025 introduce an option for companies and certain trusts to apply a final tax rate of 15 per cent as an alternative to the long-standing imputation system. What this essentially means is that companies may continue operating under Malta’s full imputation system or elect into the 15 per cent final tax regime. What we provide to our clients who want to fully understand the impact of such new regulations is a thorough evaluation of the potential benefits and implications under both regimes by looking at comparative modelling of tax liabilities, impact analysis and advisory support.

On the other hand, Malta’s cost-competitiveness for setting up and maintaining a business is perhaps no longer as strong a value proposition as it was before, mostly as a result of increased regulation, tightened due diligence and compliance requirements, and consequently higher professional fees. While this may sound like a hurdle to investment, I believe it has attracted a new cohort of clients that value expertise, guidance and results, thereby leading to clients with better projects and more profitable, sustainable business models.

Have there been any shifting trends in the last 12 months when it comes to the type or number of companies choosing to set up in Malta?

In 2025 there was a noticeable increase in interest from tech companies and firms operating in the regulatory field, particularly payments and fintech. Additionally, more traditional industries, such as renewable energy and green technology, are gaining traction, reflecting a global trend towards more sustainable investment strategies. In terms of numbers, there has been a consistently upward trend in the number of companies choosing Malta to set up their operations, many of which are drawn by Malta’s attractive fiscal conditions.

Based on your expertise, what advice would you offer to prospective investors?

Through my line of work, I come across a lot of investors who would have already made the decision to set up in Malta without the correct analysis, knowledge or awareness, often resulting in missed opportunities or misinformed business decisions. My advice is to engage with advisors that fully understand the regulatory framework, that understand the compliance requirements and industry regulations specific to a given sector, and that are able to leverage tax optimisation and enhance investment profitability, whilst at the same time having the credibility to engage with Government entities and local business networks to gain insights into the market and consider scalability and future expansion opportunities. In a nutshell, working with the right advisory and financial partner is crucial.

In 2025 there was a noticeable increase in interest from tech companies and firms operating in the regulatory field, particularly payments and fintech.

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Photo: Shaun Spiteri

Meet Isaac Sammut Satariano

Meet Arta Hamzai Arta Hamzai is the Founder and CEO of Visio Consultancy, a multidisciplinary advisory firm delivering strategic legal and business solutions across corporate, international and regulatory matters. She has led complex cross-border structuring, multi-jurisdictional re-organisations and dispute resolutions, guiding clients through the legal, financial and strategic demands of operating on a global scale.

What are the main advantages Malta brings to the table for prospective investors?

Malta offers a rare balance between credibility and practicality.

It has developed a business culture that understands how international operations work in reality, without losing sight of the institutional discipline that gives a jurisdiction its strength. This mix has made Malta a dependable base for cross‑border activity, a place where clear rules meet efficient execution. What investors value most is the country’s consistency: procedures are welldefined, professionals are experienced and the system is reliable rather than bureaucratic. With the right structure and planning, Malta allows strategies to be implemented with precision and sustained over time.

What are the main challenges prospective investors should keep an eye out for?

The process of incorporating a company in Malta is straightforward, but smooth execution depends on preparation. The framework is transparent and well-organised, yet every stage requires attention to detail, from aligning ownership structures and substance requirements to managing filings and compliance obligations.

In practice, the main challenges appear after incorporation: opening bank accounts, meeting ongoing reporting duties, and demonstrating operational presence. Those who enter Malta with a clear plan and realistic expectations usually find it to be one of the most cooperative and professionally managed jurisdictions in Europe for building and expanding a business.

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Local Insight

In a world defined by major geopolitical shifts, what does Malta offer investors? Could it serve as a hedge against certain risks?

In an environment shaped by uncertainty, stability itself is a form of strategy. Malta provides that stability, a regulated European base with the agility to adapt when global circumstances change. It combines a strong legal system with institutions that understand international business and are responsive to it. Because of its scale, decision‑making can be fast and communication direct, appealing to those used to larger, slower bureaucracies.

For many investors, that combination – reliability with flexibility – makes Malta a secure anchor for cross‑border operations. It offers the continuity needed to plan ahead and the reassurance that regulatory standards will remain consistent even as the wider landscape evolves.

Based on your experience, what advice would you offer to prospective investors?

Preparation always makes the difference. Every jurisdiction has its rhythm, and understanding Malta’s early on helps avoid unnecessary setbacks. Define your goals clearly, design the structure carefully, and work with professionals who understand both local specifics and the broader international context.

When the foundation is well built, the process is straightforward and the results durable. Good advice and strong structure at the start save time, cost and uncertainty later, and that’s often what determines whether a set-up simply works or truly lasts.

In an environment shaped by uncertainty, stability itself is a form of strategy.

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Malta Enterprise: Engineering a future of quality, innovation and sustainable growth With a strategic pivot from volume to value, Malta Enterprise CEO George Gregory talks Sarah Muscat Azzopardi through how the agency is recalibrating Malta’s investment proposition to build a resilient, knowledge-driven hub poised for outsized impact on the global stage, and laying out a transformative vision for the nation’s economy.

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Photos: Tyler Calleja Jackson

With over 30 years of experience in the private sector, Mr Gregory brings a fresh, commerciallyhoned perspective to public service – one rooted in a fundamental belief that business should create enduring value not just for shareholders, but for society at large.

“Stepping into the role has been both a privilege and a natural progression,” he begins, his approach shaped by a career spent advising on acquisitions, restructuring and corporate strategy. “Throughout my career, I have always believed that business should create lasting value – for people, for communities and for economies. That perspective now guides how I approach Malta’s investment attraction efforts.”

This philosophy is the driving force behind the nation’s ambitious long-term strategy, Vision 2050, which aims to build a future founded on sustainability, knowledge creation and resilience. For the CEO, it is not mere rhetoric; it is a practical blueprint for transforming Malta from a small island state into what he describes as “a platform for innovation, talent and sustainable growth.”

His focus is clear: to forge long-term partnerships

with investors who share the same sophisticated vision, ensuring every initiative contributes to a more competitive and resilient national economy.

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ong celebrated for its robust growth and ability to attract foreign investment, today, Malta is entering a new, more discerning chapter. Driving this strategic shift is the nation’s economic development agency, Malta Enterprise, led by George Gregory, who took the reins as CEO in September 2024.

For years, Malta Enterprise has cultivated a strong track record in attracting foreign direct investment.

Now, the agency is leveraging that success to pivot its strategy. The new watchword is ‘quality’ – a deliberate move away from prioritising the volume of investment towards attracting projects that deliver deeper, more sustainable benefits.

“It is a natural evolution of our role,” Mr Gregory explains. “Our focus today is on strengthening the sectors where we already have competitive advantages, while at the same time developing new economic niches that offer high-quality jobs.”

But what does “higher-quality investment” mean in the Maltese context? According to Mr Gregory, it signifies a multifaceted recalibration. The emphasis is now on projects that not only generate employment but create superior career development opportunities, foster stronger skills and facilitate meaningful knowledge transfer to the local economy. It is all about building an ecosystem that is self-reinforcing, where each new investment enhances the capabilities of the whole.

“We are moving from quantity to quality,” he asserts, “and ensuring investments contribute directly to Malta’s long-term resilience and competitiveness.”

This strategic patience – selecting partners who

“Our focus today is on strengthening the sectors where we already have competitive advantages, while at the same time developing new economic niches that offer high-quality jobs.”

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“Environmental impact is one of the criteria we consider when evaluating projects, ensuring that investments contribute to Malta’s Vision 2050 goals.” are committed to growing with Malta for the long haul – is central to sculpting an economy that is robust enough to weather global uncertainties yet dynamic enough to seize emerging opportunities.

In fact, central to Vision 2050 is the ambition to build a truly knowledge-based economy. Malta Enterprise is actively working as a “bridge between academia and industry,” fostering an environment where innovation is not just encouraged, but systematically embedded into the economic fabric.

A cornerstone of this strategy is the cultivation of powerful international partnerships. Mr Gregory highlights a landmark Memorandum of Understanding with imec, the world-renowned Belgian nanoelectronics and digital technology R&D hub. The collaboration is a game-changer, granting Maltese researchers and startups access to world-class expertise in the critical semiconductor sector. “In fact, the first Maltese student has recently joined imec in Belgium,” he notes, illustrating the tangible, human-capital benefits of the alliance.

Such focus on high-tech capabilities is further exemplified by the new Malta Semiconductor Competence Centre. This strategic consortium, led by Malta Enterprise in partnership with the University of Malta, the Malta College of Arts, Science and Technology, the Malta Digital Innovation Authority, and global accelerator Silicon Catalyst EU, is creating a powerful ecosystem to nurture talent and drive innovation in a sector of immense global importance.

The overarching goal, the CEO elaborates, is to position Malta as a hub for applied research and development. “We support that ambition through enhanced R&D schemes, assistance with patent registration, and training and upskilling of employees,” he says. Such measures attract operational bases as well as genuine innovation centres, with established giants like ST Microelectronics and Trelleborg as prime examples. Both companies are diversifying their long-standing Maltese operations, investing heavily in new technologies and R&D, he maintains.

“These projects demonstrate the island’s potential as a centre for technological innovation and applied R&D, where companies can test, refine and scale new solutions,” Mr Gregory remarks. He points to Malta’s manageable size and diverse population as unique assets,

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allowing for rapid testing and feedback – a crucial advantage in today’s fast-paced innovation cycle.

Moreover, in today’s global economy, long-term competitiveness is inextricably linked to two key forces: environmental sustainability and digital transformation. Under Mr Gregory’s leadership, Malta Enterprise is weaving both into the core of its investment attraction strategy.

Sustainability is no longer a peripheral concern but a “core consideration”. Mr Gregory confirms, “environmental impact is one of the criteria we consider when evaluating projects, ensuring that investments contribute to Malta’s Vision 2050 goals.” This proactive stance is meeting a growing demand from investors for green incentives. In response, the agency provides robust support for initiatives in energy efficiency and the circular economy through programmes like the Smart and Sustainable Scheme.

The results are already visible. Malta Enterprise notably supported Seifert Systems in becoming the nation’s first certified Zero Carbon Footprint factory, a landmark achievement that sets a new benchmark for sustainable industry on the island. “Projects in these areas not only help Malta reduce its carbon footprint,” Mr Gregory adds, “but also create high-value, knowledge-intensive jobs and foster innovation in sustainable technologies.”

Parallel to this green transition is a comprehensive push for digitalisation. The strategy extends far beyond simply attracting tech companies; it’s about enhancing the entire investment proposition by encouraging companies across all sectors to embed digital innovation into their core operations. From automating processes to developing new digital products, the aim is to help businesses become more efficient, innovative and globally competitive.

“By embedding digital transformation into our investment strategy, we ensure that Malta remains a forward-looking, innovationdriven economy where companies of all sizes can thrive and grow sustainably,” the CEO states.

But perhaps the most forward-thinking aspect of Malta’s new economic chapter is its redefinition of success. Aligned with Vision 2050, Malta Enterprise is moving beyond traditional economic

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“By embedding digital transformation into our investment strategy, we ensure that Malta remains a forward-looking, innovation-driven economy where companies of all sizes can thrive and grow sustainably.” metrics like GDP to assess investments based on their broader impact on society and quality of life.

“Key indicators now include median wages, R&D intensity, carbon reduction, and the innovative use of technology,” Mr Gregory reveals.

This holistic approach allows the agency to identify and support investments that are truly sustainable and aligned with Malta’s strategic priorities, ensuring lasting benefits for the entire community.

Looking ahead to 2035 – the first major milestone of Vision 2050 – Mr Gregory envisions a transformed economic landscape. “By 2035, Malta is expected to develop into a knowledge-driven, innovationfocused economy, with growing clusters in healthtech, digital industries, advanced manufacturing, and the green and blue economy,” he says.

Success, the CEO concludes, will be measured by a diversified economic base, high-value employment and enhanced long-term competitiveness. Malta Enterprise will remain at the heart of this evolution, facilitating collaboration between startups, established companies, research institutions, and local businesses.

The ultimate ambition is both bold and inspiring. “The broader goal is for Malta to be recognised as a small nation with outsized impact,” Mr Gregory says with conviction, “where a supportive business environment, skilled talent and forward-looking policies combine to deliver sustainable economic growth and an enhanced quality of life.”

For the discerning international investor, this carefully crafted blueprint presents not just an opportunity, but a compelling invitation to be part of a nation actively and intelligently engineering its own prosperous future.

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GCS Malta: A one-stop partner for international business success Edward Bonello speaks with Founder and CEO Christian Gravina about how GCS has grown into one of Malta’s most dynamic corporate service groups, supporting international clients across gaming, fintech, crypto, shipping, aviation, and investment.

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or businesses considering Malta as the next chapter in their journey, the promise of efficient service, regulatory clarity and peace of mind is crucial. In a landscape where first impressions often determine long-term success, a reliable partner on the ground can make all the difference.

Christian Gravina, Founder and CEO of GCS Malta, understands this reality better than most. At just 35 years old, he has built one of Malta’s most dynamic multi-service corporate groups, providing a complete suite of corporate services – from accounting, auditing, tax and corporate, to recruitment – all focused on supporting international clients.

The formula for success, he says, is surprisingly straightforward, yet depends on unequivocal commitment, unequalled expertise and attentive responsiveness.

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CHAPTER 2 Setting Up Your Business In Malta Photos: Inigo Taylor

“When we manage to show how what we’re doing has a direct and immediate impact on their success, then we have the basis for a successful and long-term relationship.”

“It’s all about giving value to clients,” Mr Gravina explains. “When we manage to show how what we’re doing has a direct and immediate impact on their success, then we have the basis for a successful and long-term relationship.”

For many international businesses, Malta offers a gateway into the European market, with the added benefits of a robust legal system, English as an official language and attractive tax structures. Yet, the process of incorporation and compliance may be daunting for those unfamiliar with local systems.

This is where GCS comes in. As a licensed Corporate Services Provider, the firm guides clients through company formation, liaising directly with the Malta Business Registry (MBR) and handling all necessary documentation electronically.

“From a timeframe perspective, we are adamant about sticking to the schedule agreed upon,” Mr Gravina emphasises. “As soon as we have all the documents in place, and due diligence is complete, we can incorporate a company within a week. We understand that timeliness is crucial for clients, who

want to hit the ground running. We are confident that given our command of local systems, we can be very nimble on our feet.”

That said, he stresses the importance of preparation.

“It is always advisable that a client knows what they want before starting any process, particularly one as complex and multifaceted as incorporating a company,” Mr Gravina shares. “If a client isn’t ready or sure about certain details, a great deal of time may be lost. We always suggest having a clear plan forward, so when we push play, it will all proceed swimmingly.”

This emphasis on readiness reflects GCS’s broader ethos, based on transparency, honesty and efficiency.

The team prides itself on never overpromising.

Rather, it prefers to set realistic expectations. “That way, when a client gets a yes from us, they can take it to the bank,” Mr Gravina reassures.

Incorporation is only the beginning of the journey.

For international investors, the real value lies in structuring operations to maximise efficiency and minimise unnecessary costs. Here too, GCS offers essential expertise.

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“We understand that timeliness is crucial for clients, who want to hit the ground running.”

“We provide guidance from a tax structure perspective, showing clients how to be more tax-efficient and minimise tax leakage,” the CEO notes. For businesses operating in highly competitive global sectors such as fintech, crypto, shipping, and aviation, every percentage point saved on tax or compliance costs can translate into significant gains.

The firm’s role, therefore, is not just administrative but strategic. By combining technical knowledge with commercial insight, GCS helps clients set up for sustainable success.

From its early foundations in accounting and audit, GCS has expanded steadily into a multifaceted operation designed to meet the evolving needs of international clients. Today, GCS comprises several divisions, including accounting, audit, tax, corporate services, and recruitment. Collectively, the group employs around 90 people and manages a portfolio of more than 350 corporate clients worldwide.

The recruitment arm is a case in point. Originally developed to address the firm’s own talent acquisition challenges, it quickly grew into a standalone service for other companies to solve similar difficulties. “Initially, we strengthened our own recruitment infrastructure to attract the best talent,” Mr Gravina recalls. “But we soon realised that talent shortages were a wider challenge.

That’s when we invested in expanding recruitment as a specialised service for third-party clients.”

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For international firms entering Malta, GCS offers more than establishment and incorporation services – it provides a long-term partner in recruitment and strategic advisory.

For Mr Gravina, the key to client retention is trust, which depends directly on a healthy level of responsiveness. “Clients want to know they’re being heard. Sometimes it’s as simple as acknowledging an email or getting on the phone with a client. If you’re too busy to respond, a situation might spiral. Being responsive is part of the trust-building process.”

GCS does not position itself as the cheapest option in the market, yet referrals remain its strongest endorsement – a testament to the

quality and reliability of its service. “That’s the best satisfaction we get – that we’re doing something right,” Mr Gravina says.

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Today, the recruitment team numbers 10 specialists, placing candidates in accounting and financial services, as well as IT, hospitality, business support, and marketing. “Naturally, our strong suit is accounting and all fields financial,” Mr Gravina acknowledges, “but we also do remarkably well in hospitality and catering, which can be notoriously tricky to staff.”

One of GCS’s key strengths lies in the diversity of its client base. Its portfolio mirrors the diversity of Malta’s economy, with clients in gaming, fintech, crypto, shipping, aviation, and investment, as well as Government bodies such as the Water Services Corporation, Identità and Malta Air Traffic Services.

The group is also authorised by the Malta Gaming Authority to provide audit services to gaming and crypto clients – a growing and highly specialised sector that demands both technical proficiency and regulatory insight.

“At any given time, we may be handling business for payment institutions, tax structuring for trading companies, or advisory services for operators of private jets and superyachts. This breadth of expertise allows us to act as a true one-stop-shop for international businesses navigating Malta’s corporate environment,” Mr Gravina concludes.

“At any given time, we may be handling business for payment institutions, tax structuring for trading companies, or advisory services for operators of private jets and superyachts.”

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CHAPTER 3

Residency

Malta’s International Investment Guide

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Why Malta Attracts Global Residents

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alta has established itself as a prime destination for high-net-worth individuals (HNWIs) and families seeking an exceptional place to live, invest and connect. Blending financial stability with an enviable lifestyle offering and strategic accessibility, the Mediterranean island provides a rare combination of advantages that few jurisdictions can match. Its rich history coexists with modern infrastructure, and its island charm meets city-state energy, making it a compelling base for anyone seeking an alternative residence at the crossroads of Europe, Africa and the Middle East.

Malta International Airport’s extensive network of connections supports seamless global mobility, facilitating both business operations and leisure travel, while the island’s sophisticated maritime infrastructure appeals strongly to yacht owners and maritime investors.

The country’s appeal among global elites is further enhanced by well-structured residency and citizenship schemes that simplify the process of establishing residence. Many of these programmes offer competitive tax frameworks and visa-free access across the Schengen Area. Beyond these tangible benefits, life in Malta embodies the Mediterranean ideal – a blend of history, adventure and outstanding cuisine. A stroll along the Sliema or Valletta waterfronts reveals a vibrant mix of languages and cultures, reflecting the island’s cosmopolitan yet welcoming spirit.

Photo: Inigo Taylor

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The climate is another undeniable draw: more than 300 days of sunshine each year and mild winters make for an outdoor lifestyle that few destinations can rival. Malta’s social calendar is packed with cultural and recreational highlights – from theatre and art festivals to major music events headlined by international performers. For outdoor enthusiasts, the island offers worldclass sailing, diving and scenic exploration, while its café culture and compact scale foster natural networking opportunities within Malta’s highly relational business community. All this unfolds amid breath-taking architecture and heritage sites, including three UNESCO World Heritage Sites, earning Malta the reputation of an open-air museum.

Culinary experiences have flourished in recent years, with a growing number of exceptional restaurants recognised by the Michelin Guide. Notably, in 2024, a Maltese restaurant received its second Michelin Star – a first for the islands – underscoring Malta’s rapid ascent as a gastronomic destination.

For families and retirees, Malta offers top-tier healthcare and a choice of international schools that cater to the island’s diverse expat population. English, an official language, is spoken fluently by nearly everyone, easing the transition for new arrivals.

A robust ecosystem of professional, legal, real estate, and childcare services caters to international standards, ensuring a smooth integration into local life.

Despite its economic dynamism, Malta remains one of the safest countries in the world, with an exceptionally low crime rate and a strong sense of community security – qualities especially valued by families and retirees seeking peace of mind.

That said, Malta’s success has come with growing pains. The country’s remarkable economic expansion and increasing population density have made it one of the most urbanised islands in the Mediterranean. For some, life in Malta today feels more like living in a thriving city than a tranquil island retreat.

Nonetheless, for those seeking a safe, well-connected and culturally rich environment with strong economic fundamentals, Malta remains an outstanding choice for residence and investment alike. The country offers several routes to establishing a formal presence, from general residence programmes to ones targeted to retirees, digital nomads and startups. Of particular note is the phase-out of a defined citizenship-by-investment scheme in 2025. This development has made Maltese citizenship considerably more difficult to obtain, although individuals who are able to prove their merit will still find a welcome reception.

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Local Insight

Jonathan Cardona is CEO of Residency Malta Agency, the Government entity that administers and promotes a number of Malta residency programmes.

Why are foreign citizens attracted to the prospect of taking up residency in Malta?

There is growing demand among high-net-worth foreign nationals for a second residency in a secure and stable jurisdiction that offers a high quality of life, supported by strong educational systems and reputable healthcare. Malta meets these criteria and more, giving new residents the opportunity to provide their families – particularly their children – with an enhanced standard of living.

Malta continues to distinguish itself from competing jurisdictions, offering a safe, family-oriented and English-speaking environment complemented by well-established residency programmes.

Recent changes to the Malta Permanent Residence Programme have introduced a new one-year temporary residency visa issued at the start of the application. Why was this change required, and how does this impact applicants?

increasing share of interest from mature markets such as the US and UK suggests a rising awareness of Malta as a competitive base for investors, flexible remote workers and high-potential startups.

What one key piece of advice would you give prospective applicants to Malta’s residency programmes?

We always harp on the importance of completeness and correctness of the applications. Submitting clear and complete information, and including all the required documentation, enables us to conduct our multi-tier due diligence checks faster, without having to stop application processing to receive clarifications from applicants. The reputation our agency enjoys is based on the rigour and robustness of our checks, regarded as the gold standard in the industry, and where only individuals and families of good conduct are granted residency. Hence the importance of quality applications.

This new feature allows families to visit Malta and stay in the short term, enabling them to explore the country, choose the area they wish to reside in and check out services, schools and business opportunities, all the while that their application is being processed.

For highly mobile individuals and families, this is a game-changer. Of course, if their application is rejected, the permit is equally revoked.

The Nomad Residence Permit and the Startup Residence Programme have been running for a few years now. Have you seen any changes in the type or number of applicants, or their reasons for choosing Malta?

All our programmes, including the Nomad Residence Permit and the Startup Residence Programme, have now been in place for several years, and overall trends across all initiatives have remained relatively consistent. That said, we have observed a noticeable uptick in interest from applicants based in the US and the UK. In many cases, these applicants are attracted by Malta’s blend of lifestyle advantages, EU market access and supportive regulatory environment. For nomads, Malta’s connectivity, English-speaking ecosystem and reliable digital infrastructure continue to be strong pull factors. Startup founders, meanwhile, value the island’s probusiness climate, access to European markets and growing community of innovators.

While the core motivations behind applications remain broadly stable – quality of life, safety and strategic positioning – the

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Malta continues to distinguish itself from competing jurisdictions, offering a safe, familyoriented and Englishspeaking environment complemented by wellestablished residency programmes.

Photo: Domenic Aquilina

Meet Jonathan Cardona

CHAPTER 3 Residency Sliema. Photo: Inigo Taylor

Malta: Residency Schemes Overview

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everal residency schemes are available for those seriously considering Malta as a residency destination. All these schemes offer holders full travel flexibility to and from the islands, as well as the right to move freely within the 29 countries of the Schengen Area without any visa requirements for up to 90 days in each 180-day period. Meanwhile, permanent residents also have the freedom to repatriate any capital or income resulting from the sale of property or encashment of investments. However, important differences exist in terms of eligibility, application requirements and tax implications (bearing in mind that Malta does not impose any wealth, inheritance, estate, or gift taxes).

Maltese Citizenship by Merit A Maltese passport is a valuable asset granting visa-free or visa-on-arrival access to 185 countries, ranking among the top 10 passports worldwide. For high-net-worth individuals, global entrepreneurs and their families, the benefits of dual citizenship are substantial, offering a safeguard and gateway to a more secure and prosperous future in an increasingly interconnected world.

However, foreign investors’ route to Maltese citizenship changed fundamentally in 2025 with the termination of the Exceptional Investor Naturalisation programme, following a landmark European Court of Justice ruling. Although the programme was lauded for its strict due diligence, the same clear guidelines designed to enhance transparency were assessed to amount to the “commercialisation” of Maltese, and thereby EU, citizenship.

Amendments to Malta’s Citizenship Act following the judgement scrapped the previous scheme in favour of meritbased provisions that put the granting of citizenship at the responsible Minister’s discretion, aided by a newly introduced Evaluation Board. The new Citizenship by Merit does away with fixed financial thresholds, instead considering applications on a case-by-case basis. The change puts the focus on long-term value over one-off transactions, with applicants required to prove their worth to Malta beyond their monetary contribution.

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Citizenship by Merit Tax Implications Beneficiaries of the citizenship programme are subject to the regular Maltese personal tax rates on income arising in Malta. Income earned abroad that is not remitted to Malta falls beyond the purview of the local tax authorities, while capital and capital gains remittances are untaxed.

Citizenship by Merit Eligibility Criteria Nationality: Applicants can be citizens of any country.

Ministerial decision: The Minister responsible for citizenship matters will then decide whether to accept the application in principle. The Minister is not obliged to provide any reason for their decision, which is final.

Should the Minister responsible approve the application in principle, the application begins in earnest.

Capital: No capital requirements.

Exceptional contribution or service: The new rules extend the concept of exceptional contribution and service to cover manifestly superior actions by scientists, researchers, athletes, sports persons, artists, cultural performers, entrepreneurs, philanthropists and technologists, among other persons of interest. The Minister may also extend citizenship to any person deemed to possess the necessary skills, profile, qualities, talents, and expertise considered to benefit the national interest.

Residency: Applicants for Citizenship by Merit must present proof of residence in Malta for at least eight months prior to the application.

Background check: Applicants must undergo a due diligence process.

The application is followed by another round of due diligence checks, the presentation of proof of ties to the country and an indication of the exceptional service or contribution to be rendered or made to Malta.

The application then returns to the Evaluation Board and thereafter the Minister responsible. The decision is once again at the sole discretion of the Minister, who does not have to provide reasons for their decision, which is final.

Citizenship by Merit Application Proposal letter: Applicants for Maltese citizenship on the basis of merit must begin by presenting a proposal to the Community Malta Agency.

This should include an introduction and overview of their achievements, along with a detailed description of the exceptional service or contribution they intend to provide to Malta.

Due diligence: Once the Community Malta Agency is satisfied with the completeness of the proposal letter, it will initiate a comprehensive due diligence process, including verification of the information provided, background checks on the applicant and their dependants, and risk assessments. These checks are carried out against a fee.

Full Maltese and European Union citizenship

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Evaluation: Once the due diligence process is complete, the Community Malta Agency will submit all documentation to the Evaluation Board, which can then recommend the application for approval or refusal.

Property: The application should include proof of title to adequate residential property in Malta.

Language: Applicants should show knowledge of Maltese or English.

Given the exceptional nature of acquiring Maltese citizenship through merit and the lack of clear rules and guidelines, it is highly advisable to seek legal assistance from service providers familiar with the process.

Visa-free/visa-onarrival travel to 185 countries

MaltaInvest2026

Malta Permanent Residence Programme Malta’s flagship residency-by-investment scheme, the Malta Permanent Residence Programme (MPRP), allows beneficiaries to become Maltese residents for life. In addition to allowing free movement across the Schengen Area, the MPRP opens the door to Maltese property investments beyond the Special Designated Areas (p. 118), making the programme attractive to both real estate investors and those simply looking to establish residence in the country.

A major change to the MPRP that came into effect in 2025 is the introduction of a temporary residence permit, issued within weeks of application, that confers residency rights while the main application is being processed. This allows applicants to enjoy the benefits of the MPRP within weeks of submitting their documents. Other changes include streamlined fees by eliminating the distinction between applicants who rent and own property, and enhanced flexibility to allow beneficiaries to let out their property when they are not residing in Malta.

Eligibility for the MPRP hinges on property investments and Government contributions. The programme extends to up to four generations of the main applicant’s family.

MPRP Tax Implications Residence holders through the MPRP may be subject to statutory Maltese tax rules, with eligibility determined by domicile, ordinary residence and source of income.

MPRP Eligibility Criteria Nationality: Applicants must be citizens of a country outside the EU or EEA, and cannot be Swiss. They also cannot be citizens of countries currently subject to international sanctions.

Capital: Applicants must present proof of ownership of at least €500,000 in capital assets, with a minimum of €150,000 in liquid financial assets like stocks, bonds, funds, or bank deposits (but not cryptocurrency). The liquidity requirement can be reduced to €75,000 for those able to present proof of total assets worth at least €650,000.

MPRP Application Application and duration: An application must be submitted through a Licensed Agent. The MPRP grants permanent residency rights, provided that the programme’s conditions continue to be met.

Property: Upon approval, applicants are required to either rent or purchase property in Malta. Rent must be a minimum of €14,000 annually, while purchased property must have a minimum value of €375,000. This qualifying property must be held for a minimum period of five years. Renters may switch their lease for a purchased property during this time, but a property owner cannot switch to a lease.

Application fee and Government contribution: Applicants must pay a non-refundable application fee of €60,000, €15,000 of which needs to be paid within one month of the application, and the remainder within two months after receiving approval in principle. This fee covers the main applicant, their spouse, and any non-adult children. Other dependants, including adult children, are subject to an additional administration fee of €7,500 each. Additionally, a contribution of €37,000 must be paid to the Government. This contribution covers the main applicant, their spouse and any non-adult children.

Donation: Applicants must make a donation of €2,000 to a local philanthropic, cultural, scientific, artistic, sport, or animal welfare association registered with the Commissioner of Voluntary Organisations.

Applicants must also be in possession of a valid travel document, comprehensive health insurance and, when travelling across Schengen, must take out travel insurance.

More information about the Permanent Residence Programme can be found on the website of its operator, Residency Malta (residencymalta.gov.mt), a dedicated Government-run agency.

Income: Proof of sufficient financial resources to support themselves and their dependants without recourse to social assistance must be presented.

Background check: Applicants must have a clean criminal record and must not pose a threat to national security, public policy, public health, or public interest.

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Free movement in Schengen Area

Temporary residency within weeks of application

The tax benefits associated with the M(G)RP can be particularly attractive to those seeking to optimise their personal tax structures, extending these advantages to the residence holder’s family as well.

Coupled with Malta’s extensive network of double taxation agreements (see p. 236), the scheme can be central to a tax plan designed to limit tax exposure.

Applications are processed in around three to six months. There is no minimum stay requirement, but applicants must ensure not to spend more than 183 days in any other jurisdiction in any single calendar year.

The requirements and benefits of these two programmes are nearly identical, with the distinction being that the Malta Residence Programme is only available to EU/EEA passport holders, while the Malta Global Residence Programme is open to citizens of all but a few countries.

M(G)RP Tax Implications Residence holders through the M(G)RP are granted special tax status.

Foreign-sourced income not remitted to Malta is taxed at 0 per cent, while income earned abroad that is remitted to Malta is taxed at a beneficial flat rate of 15 per cent.

M(G)RP Eligibility Criteria Nationality: Applicants cannot be citizens of countries currently subject to international sanctions.

Capital: No particular capital requirements.

Income: Applicants must present proof of sufficient financial resources to support themselves and their dependants without recourse to social assistance.

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Malta (Global) Residence Programme The Malta Residence Programme and Global Residence Programme (M(G)RP) are very similar to the MPRP. Both offer permanent residence benefits, including visa-free travel across the Schengen Area and access to Maltese real estate investments. However, the key difference lies in the eligibility criteria. While the MPRP requires a significant upfront contribution, the M(G)RP substitutes this with a minimum yearly tax obligation at a discounted rate.

Background check: Applicants must have a clean criminal record and must not pose a threat to national security, public policy, public health, or public interest.

M(G)RP Application Application and duration: An application must be submitted through a Licensed Agent. An important difference between this scheme and the Permanent Residence Programme is that an M(G)RP permit is issued for one year, with its renewal subject to the presentation of evidence that the minimum tax requirement, along with all the other conditions, has been met.

Property: Upon approval, applicants must either rent or purchase property in Malta, which will serve as their principal place of residence worldwide. Rent must total a minimum of €8,750 annually if the property is located in the South of Malta/Gozo or of €9,600 in the rest of Malta.

Purchased property must have a minimum value of €220,000 in the South of Malta/Gozo or of €275,000 in the rest of Malta.

Application fee: The application must be accompanied by a fee of €5,500 if the qualifying property is in the South or in Gozo, or of €6,000 if located elsewhere. This fee covers the main applicant, their spouse and any dependant children.

Applicants must also be in possession of a valid travel document, comprehensive health insurance and, when travelling across Schengen, non-EU nationals must take out travel insurance.

More information about the Residence and Global Residence Programmes can be found on the website of Malta’s Tax and Customs Administration (mtca.gov.mt), which is the entity responsible for the schemes.

Minimum tax: M(G)RP beneficiaries must submit an annual tax return showing they have paid at least €15,000 in taxes (i.e. must remit at least €100,000 to Malta every year).

15 per cent flat tax rate

Low upfront cost

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Malta Retirement Programme Malta has long been a favourite destination for people in their golden years. The country’s culture lends itself to a relaxed yet active lifestyle that leaves many feeling as though they have rolled back the years.

Malta’s small size helps – wherever you choose to reside, you are never far from the capital, from the shops, services and amenities you need, and of course, from the world-class healthcare services available.

The Malta Retirement Programme (MRP) – open to persons who are not in employment and who receive periodical pension income – offers applicants from around the world the opportunity to carve out their slice of paradise, shared with many others of similar age and experience, creating wonderful opportunities for new connections.

Beneficiaries of the MRP need not worry about leaving trusted staff behind. The scheme allows for special carers, who have been providing substantial and regular care to the beneficiary or their dependants, to enter the country and even live with them in the property of their choice.

As the adage goes, retired does not mean inactive. Beneficiaries may engage in a variety of activities, including non-executive roles on company boards or involvement in the many trusts, foundations and similar organisations that make life in Malta so meaningful and rewarding.

The scheme requires a physical presence, with beneficiaries needing to reside in Malta for a minimum of 90 days in each calendar year, although this can be averaged out over a five-year period. Beneficiaries must also not reside in any other jurisdiction for over 183 days in any calendar year.

MRP Tax Implications Residence holders under the MRP are granted special tax status, with pension income remitted to Malta taxed at an attractive flat rate of 15 per cent. Income arising in Malta is taxed at a flat rate of 35 per cent.

MRP Eligibility Criteria Capital: No particular capital requirements.

Minimum tax: MRP beneficiaries must submit an annual tax return, showing payment of at least €7,500 in taxes for the main beneficiary and another €500 per annum for every dependant.

Madliena. Photo: Inigo Taylor

MRP Application Application: An application must be submitted through an Authorised Registered Mandatary.

Property: Upon approval, applicants must purchase or rent a property in Malta as their principal residence. Purchased property must have a minimum value of €275,000 (€220,000 if located in Gozo or the South of Malta). A rental agreement must meanwhile be for a minimum of €9,600 per year (€8,750 if situated in Gozo or the South of Malta).

Application fee: €2,500.

Health insurance: Applicants must have global health insurance and provide evidence that they can maintain it indefinitely.

Applicants must also be in possession of a valid travel document, and, when travelling across the Schengen Area, non-EU nationals must take out travel insurance.

More information about the Malta Retirement Programme can be found on the website of Malta’s Tax and Customs Administration (mtca.gov.mt), which is the entity responsible for the schemes.

Income: At least 75 per cent of the individual’s income must derive from a pension, with a maximum 25 per cent from other sources.

Proof of sufficient financial resources to maintain themselves and their dependants without recourse to social assistance must be presented.

Background check: Applicants must have a clean criminal record and must not pose any threat to national security, public policy, public health, or public interest.

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Bring household staff with you

Today, Malta boasts a growing digital nomad community, with dedicated co-working spaces and frequent networking events. Beneficiaries of the NRP can also take advantage of the Schengen Area to travel around Europe without the need to obtain separate visas for each country, multiplying their opportunities and opening up a world of pan-European travel.

NRP Tax Implications The NRP’s tax rules allow beneficiaries to benefit from a 10 per cent income tax rate on ‘authorised work’, which is effectively work falling under the categories eligible for the NRP. If such income is subject to tax in another jurisdiction with which Malta has a double taxation agreement (see p. 236), no additional tax is payable in Malta. Prospective applicants should bear in mind that this favourable tax rate does not apply to income outside the scope of the NRP, such as dividend and interest payments, which would be subject to Malta’s general tax rules. Additionally, for the first 12 months, there is no requirement to pay tax in Malta unless desired.

NRP Eligibility Criteria Nationality: Applicants must be citizens of a country outside the EU or EEA, and cannot be Swiss. They also cannot be citizens of countries currently subject to international sanctions.

Nature of work: NRP applicants cannot work with or for a Maltese company, nor offer their services locally. They must show that they fall into one of three categories, which constitute ‘authorised work’: (a) They work for an employer registered in a foreign country and have a contract of work; (b) They are a partner or shareholder in, and conduct activities for, a company registered in a foreign country; or (c) They offer freelance or consulting services under contract to clients whose permanent establishments are in a foreign country.

Income: Applicants must be able to prove that they earn a gross annual income of at least €42,000.

Background check: Applicants must have a clean criminal record and must not pose any threat to national security, public policy, public health, or public interest.

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Nomad Residence Permit Since its introduction in 2021 to meet increasing demand for a straightforward route to Maltese residency by the growing cohort of digital nomads, over 1,000 people have obtained the Nomad Residence Permit (NRP). Many are attracted to Malta for its culture, lifestyle options and connections to European destinations – not to mention the strong country-wide internet coverage. The Covid-19 pandemic caused a boom in location-independent remote work, as companies worldwide adapted their systems to enable staff to work from home. As the pandemic subsided and travel restrictions were lifted, not everyone returned to the office, and the digital nomad culture – simmering underground for over a decade – burst into the mainstream and created new opportunities for countries like Malta. Similarly, professionals and creatives working on a freelance basis, requiring just a laptop and an internet connection, are realising that they can live better, and more cheaply, in locations away from the big economic hubs. Why pay exorbitant rent in a rainy city, when you can get a beachfront apartment for half the price?

NRP Application Application and duration: NRP applications can be submitted directly by the applicants themselves to Residency Malta, the agency operating the scheme. The permit is valid for up to one year and is renewable for up to three years.

Property: Applicants must present a valid rental or purchase agreement upon approval of their application.

Application fee: Each applicant must pay a non-refundable administrative fee of €300. This only covers the individual, so the same fee applies to each dependant. Permit renewal requires the resubmission of this fee.

Visa requirements: Successful applicants who do not require a visa can proceed to Malta upon approval, but citizens of over 90 countries do require a visa to enter Europe. Applicants from these countries must obtain a national visa from the state-run Identity Malta agency before travelling to Malta.

Applicants must also be in possession of a valid travel document, comprehensive health insurance and, when travelling across Schengen, must take out travel insurance.

More information about the Nomad Residence Programme can be found on the website of its operator, Residency Malta (residencymalta.gov.mt), a dedicated Government-run agency.

Access to Schengen Area

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Malta Startup Residence Programme Malta’s startup scene continues to gain momentum, with accelerators and incubators of global renown establishing a presence and new initiatives fostering a supportive ecosystem that is making waves beyond its shores. Central to these efforts is the Malta Startup Residence Programme (MSRP), which allows founders, core team members and their respective families who are not EU citizens to take up long-term residence.

Through the MSRP, beneficiaries obtain the stability needed to create and implement long-term business plans, supported by Malta Enterprise, the main contact point for startups and scaleups looking to set up operations in Malta. Notably, these support measures do not require founders to give up equity in the company. Apart from the many benefits of Malta’s business and cultural environment, startups also receive the kind of personal attention that is difficult to find in larger jurisdictions.

This openness to one-to-one dialogue and active engagement to find the right solutions is one of the features entrepreneurs and investors mention most frequently when asked about their experiences in Malta, cementing the country’s reputation as a natural home for innovation.

Background check: Applicants must have a clean criminal record and must not pose any threat to national security, public policy, public health, or public interest. They must also not have had previous applications for residency or citizenship rejected, in Malta or abroad.

MSRP Application Application and duration: MSRP applications, including a business plan, can be submitted directly by the applicants themselves to Malta Enterprise. The permit is valid for three years and is renewable for another five years, as long as the startup still meets the eligibility criteria.

Application fee: Each applicant must pay a non-refundable administrative fee of €750. This only covers the individual, so the same fee applies to each dependant.

Applicants must also be in possession of a valid travel document, comprehensive health insurance and, when travelling across Schengen, must take out travel insurance.

More information about the Malta Startup Residence Programme can be found on the website of its operator, Residency Malta (residencymalta.gov.mt), a dedicated Government-run agency.

MSRP Tax Implications Beneficiaries of the MSRP must live and pay taxes in Malta, and are subject to statutory Maltese tax rules (see p. 235).

MSRP Eligibility Criteria Startups will be considered eligible if they are engaged in innovative economic activities enabled through knowledge and technology. They must provide services or products that are not readily available on the market, or which will be provided through a novel process. Preference is given to startups involved in high-end manufacturing, industrial services, software development, life sciences, and blue, green and sustainable industries.

Access to business support measures

Nationality: Applicants must be citizens of a country that is not in the EU or EEA, and cannot be Swiss. They also cannot be citizens of countries currently subject to international sanctions.

Position: Applicants must be the founder or co-founder of an enterprise that has been registered for not more than seven years, and which has not taken over the activity of another enterprise or been formed through a merger. Core team members must have full-time employment contracts with the startup, with gross salaries of at least €30,000.

Investment: The startup incorporated in Malta is required to have a tangible investment or paid-up share capital of at least €25,000. If more than four co-founders apply for the MSRP, an additional €10,000 must be invested for each additional co-founder.

Income: Applicants must prove sufficient financial resources by providing a bank statement.

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Sliema. Photo: Inigo Taylor

Includes core team members and families

Residence Programme

Global Residence Programme

Retirement Programme

Nomad Residence Programme

Startup Residence Programme

Residence

Yes

Yes

Yes

Yes

Yes

Yes

Free movement Schengen

Yes

Yes

Yes

Yes

Yes

Yes

No Consult financial advisor No tax

No

No

No

No

No

15% flat rate

15% flat rate

15% flat rate

10% flat rate

Not covered

No tax

No tax

No tax

10% flat rate

Not covered

No tax

No tax

No tax

No tax

10% flat rate

Not covered

5 years

1 year

1 year

Unlimited

1 year

3 years

Unlimited

Unlimited

Unlimited

N/A

Up to 3 years

Up to 5 years

No

Yes

No

Yes

No

No

Yes

No

Yes

Yes

Yes

Yes

Tax

Global Income remitted Capital gains Wealth/ Inheritance

Duration Renewal Open to

Property requirements

EU/EEA/ Switzerland Rest of the world

Required, no minimum Required, no minimum

€500,000 (of which liquid: €150,000), or €650,000 (of which liquid: €75,000)

€220,000€275,000 €8,750€9,600pa Sufficient without social Sufficient without Sufficient without assistance; 75% social assistance social assistance or more must be pension income

€42,000 minimum gross annual income

€25,000 minimum share capital/ investment

€99,000

€5,500-€6,000

€5,500-€6,000

€ 2,500

€ 300

€ 750

N/A

€ 15,000

€ 15,000

€ 7,500

N/A

N/A

If bought

€375,000

If leased

€14,000

Means test

Estimated cost for individual Upfront cost applicant Minimum annual tax

€220,000€275,000 €8,750€9,600pa

Portomaso. Photo: Inigo Taylor

Permanent Residence Programme

€220,000€275,000 €8,750€9,600pa

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Malta’s Residency Schemes at a Glance

N/A N/A

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Local Insight

Meet Albert Alsina Albert Alsina is Founder and CEO of Mediterrania Capital Partners, a private equity firm based in Malta and investing in Africa with $1.2 billion assets under management.

What are the benefits of living in Malta, as an individual and as a business leader?

How easy was it to settle on the island, both socially and profesionally?

Malta offers a unique blend of lifestyle and opportunity. From a personal perspective, the country sits at the crossroads of cultures, creating a naturally open and welcoming environment. You enjoy perfect weather and are surrounded by the sea, which makes everyday life exceptional – like working in a holiday destination.

Settling in Malta was surprisingly smooth. Its Mediterranean identity, with a warm and friendly culture, makes it easy to feel at home from day one. Socially, the island has a vibrant and diverse international community, with expats from all over Europe and beyond, so you quickly build friendships and feel integrated.

From a business perspective, Malta has undergone a dramatic transformation in recent years. It is a small country with a global outlook, where entrepreneurship is encouraged and the ecosystem is agile, supportive and well-structured. In my own journey, Malta has been the enabler that allowed my company to grow from zero to a multi-billion-euro asset manager headquartered on the island.

The combination of strong regulatory standards, high-quality service providers, a stable environment, and Government support for the financial sector positions Malta as a compelling platform for ambitious leaders looking to build international businesses.

Malta also offers a fantastic lifestyle: countless restaurants and bars, a very active social scene and plenty of outdoor activities all year round thanks to the climate. And if you love the sea, Malta is paradise – sailing, swimming, diving… the opportunities are endless.

From a family-life perspective it is excellent, as we found good schooling for our three daughters and a family-oriented culture.

In short, Malta offers the best of both worlds: an attractive location for both lifestyle and professional growth.

What advice would you give those who are considering investing or setting up shop in Malta?

From a professional standpoint, the work environment is dynamic and international, which helps you integrate quickly and feel part of a growing ecosystem.

Look at Malta not just as a small island, but as a strategic platform.

If your business has an international dimension – Europe, Africa, Middle East – Malta offers access to all three with a stable regulatory environment, strong institutions and a highly connected financial services ecosystem.

Malta offers the best of both worlds: an attractive location for both lifestyle and professional growth.

Invest early in local relationships. The strength of Malta lies in its community: regulators who are accessible, service providers who move fast and a business culture built on trust and collaboration.

Once you are integrated into this ecosystem, execution becomes much easier.

Also, take advantage of the island’s international talent pool and its large expat community. You will find people from everywhere, often with exactly the global mindset you need to scale a business beyond Malta.

Finally, come with ambition. Malta rewards those who build, invest and think globally. It has been a growth catalyst for us, and it can be the same for any entrepreneur or investor looking to use its strategic position to expand internationally.

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Local Insight

Meet Samuel Barrett Founder and CEO of payment orchestration platform Paytently, Samuel Barrett has 15 years of experience building and scaling financial technology platforms. Following a successful exit after building out the gaming division at European unicorn Trustly, he is now an early-stage investor in fintech and a payment advisory expert, and has been based in Malta for over 11 years.

How have you found life in Malta?

After more than 11 years here, Malta has proven to be an exceptional place to live and work. It offers a business environment that is dynamic, close-knit and genuinely supportive. Because the island is compact, it is easy to reach the right people, build relationships and move quickly from discussion to execution. Malta’s established sectors, particularly iGaming, fintech and professional services, create a strong base of expertise that companies like ours rely on to grow and innovate.

Outside of work, life here is extremely rewarding. Malta is safe, the climate is enjoyable throughout the year and the overall rhythm of life is balanced in a way that allows you to focus both on your career and your well-being. It is a very comfortable place to raise a family, with a strong sense of community, good education options and the added benefit of excellent connectivity for travel.

What is running an international business from Malta like?

Running our company from Malta has worked extremely well.

The talent pool is strong, the regulatory landscape is supportive of innovation, and the overall environment encourages growth.

Attracting international employees is often easier than expected, as many people are keen to relocate for the combination of career opportunity and lifestyle.

Malta is also a very practical and attractive place to bring clients and partners, so I’ve found people really look forward to visiting.

It has become a recognised meeting point for fintech and digital

industries, and many global events take place here, which helps build visibility and relationships.

What advice would you give those who are considering making Malta their home?

My honest advice is simply: come and experience it for yourself. I relocated in 2016, and we’ve never looked back. Our children were born here, attend school here and are growing up in a warm, safe and supportive community. Malta offers that rare combination of professional opportunity and genuine well-being. Once you settle in, it becomes clear why so many people choose to build their lives here.

What advice would you give those who are considering investing in Malta?

Malta offers strong potential for investors looking for a stable and forward-thinking environment. The country has taken a proactive approach to regulation in financial services and digital assets, and the early adoption of a clear framework under MiCA has strengthened Malta’s position within the European Union. This creates a level of clarity and predictability that is very valuable for long-term investment.

The continued growth of the iGaming sector, together with the consistency of the tourism market and the development of surrounding industries, adds to the overall opportunity. Investors who value a well-regulated, strategically located and innovationminded jurisdiction will find Malta a compelling place to commit capital.

Outside of work, life here is extremely rewarding. Malta is safe, the climate is enjoyable throughout the year and the overall rhythm of life is balanced in a way that allows you to focus both on your career and your well-being.

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‘Malta is a strong jurisdiction that keeps punching above its weight’ Jonathan Cardona, CEO of Residency Malta, the Government agency responsible for the island’s acclaimed residency programmes, speaks to Sarah Muscat Azzopardi about the agency’s vision and strategy of agile adaptation, which aims to anticipate the evolving needs of international investors, families and professionals.

F

amilies, innovators and entrepreneurs are increasingly searching for jurisdictions that offer stability, security and an exceptional quality of life, alongside financial advantages. It is in this competitive landscape that Malta has established itself as a premier destination.

To maintain its competitive advantage, Residency Malta CEO Jonathan Cardona believes that agility is paramount. “We constantly monitor the investment migration landscape to ensure that our programme remains competitive, whilst giving the best value to those who wish to invest in our country,” he begins.

This philosophy of proactive evolution is central to the agency’s success, and is vividly demonstrated by the recent significant updates to its flagship offering, the Malta Permanent Residence Programme (MPRP). The changes, designed to enhance flexibility and clarity, directly address the practical needs of today’s global citizens, the CEO maintains, highlighting one of the most impactful new features: the introduction of a one-year temporary residence permit, available to applicants upon the submission of their application pack.

Photo: Domenic Aquilina

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“This greatly enhances the investor’s flexibility to stay in Malta while the application process takes its course,” Mr Cardona explains. The strategic value of this is immense, in that it allows prospective residents to immerse themselves in Malta, “to explore the country, get a feel of our lifestyle and visit

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“We constantly monitor the investment migration landscape to ensure that our programme remains competitive, whilst giving the best value to those who wish to invest in our country.”

Photo: AnneMS - Shutterstock

This enhancement is coupled with a move to streamline the financial requirements, making the programme more straightforward and transparent for investors and their advisors, he continues.

Yet while the financial mechanics of its residency programmes are finely tuned, the CEO is keen to emphasise that Malta’s true competitive edge lies in its intangible qualities. For families and businesses seeking a secure foothold in Europe, the island presents a compelling case. “Malta is a strong jurisdiction that keeps punching above its weight in terms of economic growth,” he asserts, pointing to the country’s high credit ratings, low unemployment and flourishing industries.

Further recognising the sophisticated asset management strategies of investors, the MPRP now also offers greater flexibility in property management. Investors who purchase a property are now able to lease it out, and those who rent can sub-let their lease after fulfilling the initial five-year commitment. “The key word, in fact, is flexibility,” Mr Cardona states. “It’s all about maximising investments while keeping the real estate market buoyant.”

Beyond the robust economy, it is the quality of life that truly sets Malta apart. “Families find a hospitable, English-speaking population, a society still driven by family values, access to highquality services, and great connectivity,” Mr Cardona says.

Meanwhile, English being an official language is a significant advantage, ensuring seamless integration into business and social life. Finally, he adds, “there is the enviable Mediterranean

different areas to decide the best fit for their family.” Unsurprisingly, he affirms, this “new immediate-stay option is proving very attractive to prospects.”

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“The feedback we get from our remote workers tallies with what we always thought – nomads look for safety, connectivity and community – basically a base that supports their remote lifestyle.” island lifestyle, with 300 days of glorious sunshine, beaches, dive spots, country treks, a busy cultural calendar, and a veritable open-air museum of heritage sites.”

This focus on family is deeply embedded in the structure of the MPRP, which uniquely allows for an application to span four generations – including the main applicant, their spouse, children, parents, and grandparents. “In societies with close-knit extended families, this gives them the peace of mind that they can relocate as one family unit,” the CEO notes.

However, Residency Malta’s forward-thinking approach is perhaps best exemplified by the resounding success of its Nomad Residence Permit.

Tapping into the global trend of remote work, Malta has positioned itself as a leading hotspot for location-independent professionals. The permit allows non-EU nationals to live in Malta for up to a year, with the option for renewal, while working for companies registered abroad.

According to Mr Cardona, the permit’s success stems from a deep understanding of what this demographic truly seeks. “The feedback

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we get from our remote workers tallies with what we always thought – nomads look for safety, connectivity and community – basically a base that supports their remote lifestyle,” he explains, noting that Malta delivers on all fronts.

The island’s reputation as one of the safest countries in the world is a powerful draw, while Malta’s advanced infrastructure and nationwide 5G network ensure connectivity is never an issue. However, it’s the sense of community that creates a truly magnetic appeal.

Mr Cardona paints a vivid picture of the nomad experience: “Our small size doubles up as another advantage – one can work from a coffee shop in Valletta in the morning, cross over to Sliema by ferry in the afternoon for errands and take a free bus ride to the northern coast for sunset drinks.” This accessibility fosters a unique and vibrant community, he posits, adding, “the cherry on the cake is a strong and active digital nomad community. At Residency Malta we’re committed to contributing to the community by organising networking events that help this group get together.”

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Meanwhile, underpinning all of Malta’s residency programmes is a steadfast commitment to rigorous due diligence, and in an industry where reputation is everything, Mr Cardona is unequivocal about its importance. “We believe the level of due diligence checks we conduct is the backbone of our integrity and reputation,” he states, firmly. “The position we hold in the sector pivots entirely on this.”

Residency Malta employs a meticulous multi-tier due diligence process which is widely regarded as one of the most stringent in the world, he continues, affirming that the process is designed to ensure that only “persons and families of good conduct are granted Maltese residency.”

The journey begins with licensed agents who apply Know-Your-Client (KYC) principles.

This is followed by a second tier of scrutiny from Residency Malta’s own team of trained analysts, who verify the completeness of the application and identify any potential risks. The third step involves clearance from police authorities, with checks against Interpol and Europol databases. An in-depth online investigation follows, consulting international databases for sanctioned individuals and companies. Finally, the agency commissions outsourced due diligence from reputable international firms, that can conduct on-the-ground verification in an applicant’s country of residence.

“This gives applicants the peace of mind that they are embarking on a stable, transparent and straightforward migratory pathway,” Mr Cardona assures. Such unwavering focus on integrity not only protects Malta but also enhances the value and reputation of the residency status for those who are approved.

Looking ahead, the CEO’s vision for Residency Malta is one of sustained excellence and innovation. The agency’s strategy rests on three pillars: business agility, uncompromising due diligence and superior service. “Embracing business agility allows us to move fast in an ever-changing industry and global context,” he maintains.

This includes exploring new, specialised programmes to cater to niche but valuable demographics. “Our team has a number of ideas up its sleeve and we’re currently considering piloting a residency for e-gamers, while we have just launched one for key employees of family offices,” he reveals. This foresight demonstrates an understanding of global economic trends and Malta’s positioning within sectors like esports and wealth management.

Ultimately, Mr Cardona’s ambition is to cement Malta’s status as the jurisdiction of choice for the world’s mobile citizens by balancing robust economic appeal with an unparalleled lifestyle, and underpinning it all with a foundation of integrity.

“Embracing business agility allows us to move fast in an ever-changing industry and global context.”

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CHAPTER 4

Real Estate

Malta’s International Investment Guide

MaltaInvest2026

Malta’s Property Market: A Long Record of Growth

A

sk any Maltese citizen about the most reliable investment in Malta, and the overwhelming consensus will point to real estate. The perception of property as a safe and lucrative investment is deeply entrenched – and for good reason.

Anyone who invested in Maltese real estate over the past decades has likely enjoyed exceptional returns. As a small island nation with inherently limited land and a rapidly growing population, Malta has consistently provided fertile ground for investment, driven by strong and sustained housing demand.

Over the past 50 years, Malta’s property market has shown remarkable resilience and growth, with values roughly doubling every decade.

Each ten-year cycle typically features a period of rapid appreciation followed by a phase of relative stability. The market is currently in a consolidation phase, with property prices rising steadily at a moderate pace – approximately 5.7 per cent between 2024 and 2025 – following a strong growth phase between 2015 and 2020. Notably, significant downturns have been rare. The only substantial dip occurred during the 2009 global financial crisis, when prices fell by just 5 per cent – a modest drop compared to other international markets. This track record has cemented Malta’s reputation as a stable, long-term investment destination.

However, success in real estate investment in Malta hinges on an understanding of its unique characteristics. One key aspect is the high rate of homeownership – around 75 per cent overall, rising to 85 per cent among Maltese nationals. Meanwhile, approximately half of

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the remaining locals live in rent-controlled properties. The market is highly fragmented, driven largely by individual investors rather than corporations, which account for fewer than 10 per cent of residential transactions.

Malta’s accession to the European Union catalysed a sharp increase in housing demand, particularly from expatriates working in sectors such as iGaming and financial services. This influx turned many Maltese into landlords, with second and third properties acquired for rental purposes.

This trend helped elevate development standards, particularly within the luxury segment. Residency schemes tied to property ownership fuelled lucrative real estate transactions, attracting high-net-worth individuals and driving up property values. Meanwhile, the upswing in Malta’s expat population created sustained rental demand – encouraging more Maltese to become property investors and active players in the booming buy-to-let market. This deep connection between private wealth and real estate has ensured consistent Government support, even during economic shocks. For instance, in response to the Covid-19 pandemic, the Government reduced property transaction taxes, triggering a record surge in both sales volume and value.

Investors in Maltese real estate benefit from three core advantages: high occupancy rates, relatively low operating costs, and competitive taxation. Malta imposes no municipal or estate taxes on property ownership, while rental income is taxed at a flat 15 per cent – a system most landlords favour, though standard tax rates with deductions can be opted for. Property purchases are subject to a 5 per cent stamp duty,

CHAPTER 4 Real Estate

Strong Return on Investment in Real Estate 1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021 2022

2023

2024

50

54

56

61

69

84

92.5

95.5

97

94

89

89.8

91.1

93

100

98

104

120

137

152

182

180

198

202

205

212

House Price Index

250 200 150 100 50 0

Source: Central Bank of Malta, National Statistics Office, Grant Thornton, Dhalia

100%

price increase between 2014 and 2022

Residential Property Sales Volume 12,594

14,000 12,000

10,400

10,000

€3.5 billion

Total value of residential property transacted in 2024

8,000 6,000 4,000

Rental prices increased by

2,000 0

2014 Shoreline, SmartCity. Photo: Inigo Taylor

2024

Source: National Statistics Office

71%

over the 10-year period to 2024 Source: Grant Thornton, Dhalia

and sales generally incur an 8 per cent capital gains or final withholding tax. However, exemptions or reduced rates apply in specific cases – for example, when selling a primary residence after three years, or under certain conditions for properties sold within five years. Notably, taxes are levied on the full sale price, excluding the value of movables.

residence or the buyer has established residency. However, Special Designated Areas (SDAs) offer a clear route forward. These high-end developments, featuring premium amenities and exceptional views, allow unrestricted property ownership by foreigners and represent an ideal entry point into Malta’s real estate market.

While real estate remains Malta’s most popular investment class, entering the market can pose challenges for nonresidents. Foreign nationals are typically restricted from purchasing property unless it is intended as a primary

This chapter explores these themes in greater depth, providing the insights and context needed to confidently navigate Malta’s property market – whether you’re searching for a new home, a secure investment, or a blend of both.

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MaltaInvest2026

Who Qualifies to Buy Property in Malta?

G

iven the local tendency to value home ownership and the limited supply of property on the small islands, Malta restricts the sale of real estate to non-residents. While Maltese and European Union citizens who have lived in Malta for at least five continuous years can purchase an unlimited amount of property, those who do not meet this condition must obtain an Acquisition of Immovable Property (AIP) permit before being able to buy a second residential property. It is worth noting that no such permit is required when buying property for commercial use.

Non-EU buyers face further restrictions, requiring an AIP permit to buy any property outside Special Designated Areas (SDAs, see p. 118). They can only acquire commercial real estate for specific (albeit broad) reasons. A reliable property consultant can provide further guidance.

Sliema. Photo: Inigo Taylor

Maltese and EU citizens with 5 years continuous residence

Maltese and EU citizens without Non-EU citizens 5 years continuous residence

Primary Residence

No restrictions

No restrictions

Prior authorisation required

Secondary Residence or any other immovable property

No restrictions

Prior authorisation required

Prior authorisation required

Property in SDA

No restrictions

No restrictions

No restrictions

No restrictions

Permit only granted for tourist or industrial development, or uses that contribute to the development of the Maltese economy

Immovable property for business activities

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No restrictions

MaltaInvest2026

Local Insight

Meet Denise Xuereb One of the few women operating at the top echelons of real estate and construction in Malta, Denise Xuereb is the CEO of AX Real Estate and Director of Development and Construction within AX Group. She has overseen some of Malta’s largest and most prestigious development projects, including the construction of the new Parliament Building and the restoration of St John’s Co-Cathedral, as well as other in-house projects such as Verdala Terraces and the redevelopment of AX ODYCY Hotel and Lido.

You have recently completed and launched the Verdala Terraces project. What does this project offer that’s unique in – and to – the Maltese market?

Verdala Terraces is a unique project because it brings together elements that are very hard to offer in one place, locally. Its position on the Tal-Virtù ridge gives it a natural sense of calm and openness, and being a short walk from Mdina places it in one of the most historic and authentic parts of the island. There are landscaped areas, open piazzas and long views, yet you are surrounded by the quiet everyday rhythm of Rabat. That mix of tranquillity, heritage and character has become difficult to find elsewhere in Malta. Meanwhile, the Verdala Wellness Hotel is the first integrated wellness hotel in Malta, with its V SPA amenities, wellness offering, culinary experiences, and service standards further elevating the entire destination.

What makes the project distinct is the way everything fits together: a ridge-top residential environment with a high level of privacy, access to a dedicated wellness hotel, exclusivity, private open outdoor spaces, and immediate proximity to a protected historic centre. It feels self-contained the moment you enter, yet it remains closely connected to a town with deep cultural roots. It is this balance that gives Verdala its distinct identity and makes it unlike most developments in Malta and internationally.

The strongest opportunities in Malta come from understanding the island, not just the market.

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The residential component of the Verdala Terraces was designated as a Special Designated Area, giving non-Maltese investors the chance to acquire multiple properties in the project. What do foreign buyers of Maltese real estate look for in such developments?

Foreign investors usually want three things. They look for a clear and reliable legal framework, long-term value in a location that feels established rather than speculative, and a development that offers high quality, exclusivity, privacy, security, and a consistent standard of finish.

You have been vocal about the need for Maltese construction to focus on quality. Are you seeing local developers take this step? Or does more need to be done across the board?

I believe some developers are making real strides, but much more remains to be done industry-wide. At AX Group, and particularly in recent projects such as ODYCY and Verdala, we’ve been almost obsessive on high-standards: from proper structural practices, materials and finish quality to compliance and long-term durability.

Malta must emphasise quality over volume and short-term gains.

What advice would you give to a foreign person thinking of investing in Maltese real estate?

I would tell them that the strongest opportunities in Malta come from understanding the island, not just the market. This is a small country with limited land, a deep historical fabric and communities that value their identity. Real value is created when a development respects that context and is built with the intention of lasting. When a development respects its context, invests in quality and contributes something meaningful to its location, it tends to hold its strength over time. That’s the kind of opportunity worth focusing on here.

T

he hardest part of buying a property – though for many, it’s also the most enjoyable – is finding the right one. While real estate agencies have become almost essential to this process, prospective buyers should remain directly involved and ready to act swiftly when opportunities arise. Malta’s property market moves fast, and it’s not uncommon for a well-priced property to sell on the same day it’s listed. Luxury properties, however, tend to be less affected by this rapid pace. For those hoping to score a bargain, patience is key – such opportunities are rare. The low cost of holding property, coupled with the fact that property investors tend to be fairly liquid, means there is little urgency to sell, except in cases of personal circumstances. Establishing relationships with multiple property agents from different agencies can be a smart move, as they may alert you to new listings the moment they hit the market.

CHAPTER 4 Real Estate

Buying Property in Malta: Step by Step Once the promise of sale agreement is signed and the deposit paid, the notary will conduct a thorough investigation of the property’s legal history and title. This involves reviewing previous contracts and relevant documents to verify its ownership and boundaries, as well as checking for any legal issues or guarantees. Planning permissions and building regulation certificates will also be verified.

When the notary is satisfied that everything is in order, a meeting is set up to finalise the contract, at which point the balance of the sale price is paid and ownership of the property is transferred to the buyer.

Notary tariffs are established by law, as are all the taxes, stamp duty and other relevant charges due from both purchasers and sellers.

Legal fees and stamp duty are payable by the purchaser, while agency fees are payable by the seller.

Once you’ve found the right property and agreed on a price with the seller, the buying process is relatively straightforward. First, a notary – engaged by the prospective buyer – will draw up a promise of sale agreement. This legally binding document outlines the agreed price, any conditions of the sale and the deadline for the final transfer.

Typically, the period between signing the promise of sale agreement to the final deed is three to six months. The buyer normally pays a 10 per cent deposit upon signing the promise of sale agreement, which is usually kept by the notary. If the buyer backs out for reasons not specified in the promise of sale agreement, the deposit is forfeited to the seller, so it’s essential to do your due diligence before signing. Additionally, the buyer must pay 1 per cent of the stamp duty (calculated on the transaction price minus the value of any agreed-upon movable furniture) at this stage. The remaining 4 per cent is due when signing the final contract of sale.

Gżira. Photo: Inigo Taylor

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MaltaInvest2026

From Valletta to Gozo: Where Malta’s Property Demand is Heading

D

espite its small size, each locality in Malta has a distinctive character that attracts different people.

One significant advantage is that no matter where you choose to live, you’re never far from anywhere else – meaning you’re almost always close to your business, the beach and your favourite restaurant. Living in the cosmopolitan hub of the east coast places you in the heart of the financial and tech districts, yet a short drive can take you to the rugged west for breathtaking sunsets from Malta’s cliffs. While certain locations offer logistical benefits, they shouldn’t be overemphasised. Prospective buyers should avoid narrowing their search too much, as many locals travel across the island daily. Although traffic can be frustrating, it’s rarely a deal breaker if your dream home lies outside the main urban areas.

The first and most crucial step for foreigners looking to get acquainted with Malta’s real estate market is to explore various localities to find the area that best suits them. A knowledgeable agent is invaluable during this phase, offering localised insights that a casual observer might miss.

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Valletta, Malta’s capital and a UNESCO World Heritage Site, offers exceptional investment opportunities. Over the past decade, it has undergone a remarkable transformation, with investments pouring into boutique hotels, upmarket residential developments and commercial spaces. However, parts of Valletta still await restoration, presenting ample opportunity for growth and profit as it continues to evolve into a world-class destination.

Across the historic Grand Harbour lie the Three Cities – Birgu (Vittoriosa), Isla (Senglea) and Bormla (Cospicua). These areas, rich in history and architecture, have also seen significant investment in recent years. A leading international yacht marina and some good eateries can be found here, and expats are increasingly drawn to the beautifully converted, character-filled properties in the historic streets.

Sliema and St Julian’s form Malta’s most cosmopolitan area, serving as hubs for iGaming, financial services, tourism, and entertainment.

These localities have broad appeal for both locals and foreigners,

CHAPTER 4 Real Estate

for money, with strong rental potential compared to the pricier northern areas.

Birkirkara, Santa Venera and Qormi may not be tourist hotspots, but they are popular central locations for workers due to their proximity to the Central Business District, Valletta, Mater Dei Hospital, and Malta’s main thoroughfare. Qormi, in particular, provides a glimpse into traditional Maltese life.

Similarly, Mosta, Naxxar and the Three Villages – Lija, Balzan and Attard – are part of Malta’s residential heartland. Their proximity to the open countryside in the north appeals to professionals, and properties here often fetch higher prices.

Investors seeking bargains with high potential for appreciation should consider Ħamrun and Marsa. The latter is a somewhat neglected inner harbour area that the Government plans to regenerate, making it a promising long-term investment opportunity.

St Julian’s. Photo: Inigo Taylor

with their mix of international restaurants, premium swimming spots and luxury shopping options. Unsurprisingly, property here commands high prices. Surrounding these hubs are Gżira, Swieqi, San Ġwann, and Pembroke, which offer a more suburban feel while still housing a diverse international community.

In the north, St Paul’s Bay and Mellieħa are major tourist destinations, home to some of the country’s largest hotels. The St Paul’s Bay area includes the seaside towns of Qawra and Buġibba, while Mellieħa boasts Malta’s largest sandy beach.

Both areas offer a range of properties across different price points and are popular among expatriates.

At the southern end of the island, Marsaxlokk and Marsaskala are prime tourism areas. Marsaskala, though more residential, features excellent restaurants, bars and several picturesque beaches. A nature park separates it from Marsaxlokk, famous for its waterside dining, traditional fishing boats and vibrant fish market. Property in these southern localities offers great value

The villages along Malta’s western coast – Mġarr, Rabat, Dingli, Siġġiewi, Qrendi, and Żurrieq – best capture the island’s timeless charm. These villages, surrounded by beautiful countryside and stunning coastal views, are particularly popular among expats seeking a peaceful slice of Mediterranean life. They also present excellent prospects for rental investments.

Gozo, Malta’s quieter sister island, offers property at lower prices than Malta, though the gap has narrowed in recent years. Much of the development is centred in the capital, Victoria, which boasts a wealth of entertainment and dining options, as well as in the coastal resorts of Marsalforn and Xlendi. Many foreign buyers, however, prefer the tranquillity of Gozo’s smaller villages, where they can enjoy unparalleled peace and quiet.

In each of the islands’ locations, property buyers will find a diverse mix of options. In areas like Valletta and the Three Cities, historic palazzos await a discerning eye to restore them to their former grandeur. Areas like Ibraġġ, The Gardens and Madliena offer sleek, modern villas characterised by sharp lines and a futuristic feel, while Sliema’s townhouses often reflect mid-century Modernism. Along the Sliema Front, upscale apartments and penthouses boast sweeping views of the Mediterranean. In contrast, more rural areas provide space for expansive country homes where rustic charm blends with contemporary design.

This variety ensures there’s a property to suit every taste, whether you prefer ultra-modern or delightfully historic styles, and everything in between.

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CHAPTER 4 Real Estate

M

altese real estate is an excellent store of value. Accordingly, many local and foreign investors buy and hold property in SDAs as a valuable tangible asset, confident that demand for exclusive and upscale housing will remain robust as Malta’s economy continues to grow. Other investors prefer more active strategies, with several examples of seasoned real estate investors sniffing out and capitalising on latent opportunities in Malta. A look at some of the successful foreign real estate investments throughout the years sheds light on the strategies used to add distinct value to the country’s property landscape.

Polish-Ghanaian serial entrepreneur and philanthropist Omenaa Mensah, for example, has undertaken a multi-year project to turn a historic property into a hub for business and art. After scouring the Mediterranean for a site with the right potential for her vision, a visit to Rabat in 2020 led her to Villa Luginsland, a long-abandoned monumental structure with frescoes, wall paintings and even Roman ruins. With its restoration proceeding apace, the LuginsLand of Art project highlights how an outsider’s eye can write an exciting new chapter for an untapped gem.

The arrival of the exclusive hospitality group Iniala followed a similar trajectory, with Valletta capturing the imagination of Iniala Group founder Mark Weingard. This led to the opening of Iniala Harbour House, one of Malta’s most luxurious hotels that also boasts the country’s only restaurant with two prestigious Michelin Stars. The exquisite renovation of the row of four traditional townhouses overlooking the spectacular

Villa Luginsland. Photo: Omenaa Foundation

Why Foreign Investors Are Looking to Malta Grand Harbour that make up the property helped breathe new life into the area. Having recognised the capital city’s underutilised potential, the application of Iniala’s expertise, initially forged in Thailand, created an experience for the most refined tastes – worthy of the city “built by gentlemen, for gentlemen,” as Benjamin Disraeli is said to have described it.

While Malta’s wealth of historic sites offers a compelling backdrop for foreign investment ventures with a visionary approach, real estate opportunities are not solely about converting legacy buildings to modern use. For example, Shoreline is a multi-use complex currently being built on a vast tract of formerly industrial land. Led by foreign investors with an eye for opportunity, the site features Malta’s newest mall, bringing a sophisticated retail offering to Malta’s South, with high-end residences still under construction.

Foreign investors would do well to examine the country’s present and future needs to identify market gaps that local investors may be unable, unwilling or slow to fill. Upmarket residences at realistic prices remain in short supply and are eagerly lapped up as soon as they are brought to market. There is also a shortage of modern apartments in the uppermiddle range that cater to the sophisticated demands of educated professionals who are willing to pay a premium for highly finished smart homes with strong sustainability credentials – if only they could find them.

In this endeavour, local partners and property consultants, particularly those specialising in assisting foreign buyers, can be invaluable.

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MaltaInvest2026

Special Designated Areas: Malta’s Premium Addresses Verdala Terraces, Rabat. Photo: Ramon Portelli. Image courtesy of Verdala Terraces

S

ome of Malta’s most prestigious addresses are found in the Special Designated Areas (SDAs) dotted around the country. Conceived, designed and constructed to the highest standards, they provide a superior standard of living and top-tier security in beautiful surroundings, featuring stylish finishes, landscaped gardens, beautiful communal areas, and world-class amenities. Importantly, there are no limits or prior authorisation requirements for citizens of any country to purchase any number of properties in SDAs, making them particularly attractive to non-EU nationals. Additionally, owners of SDA properties can rent them out without restrictions, enabling them to generate cash flow from their investment.

As the most cosmopolitan region in Malta, the North Harbour area hosts several SDAs. In St Julian’s, these include Portomaso, with its yacht marina and casino, Mercury Tower – Malta’s tallest building, designed by the renowned architect Zaha Hadid – and Pendergardens, offering a mix of apartments and villas. The most recent SDA to join the list is The ORA Residences, consisting of two residential towers overlooking St George’s Bay. A short distance away, in Sliema, one can find Tigné Point and the Fort Cambridge Zone, an area with high-end residences, offices and retail outlets that has become one of Malta’s top shopping destinations.

For those looking to escape the hustle and bustle of Malta’s commercial hub, the SDAs in the north may be more to their

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taste. Tas-Sellum Residence, in Mellieħa, is conveniently located next to Malta’s largest sandy beach, but residents there can beat the summer crowds by using one of the complex’s three large swimming pools. If privacy is a priority, Madliena Village, a gated community nestled between rolling hills with stunning panoramic views, may be just what you are looking for. Meanwhile, one of Malta’s newest SDAs is Verdala Terraces, centrally located in Rabat, just a stone’s throw from the old capital of Mdina.

For those who prefer their exclusive surroundings to be steeped in history, St Angelo Mansions, in Birgu, offers the ideal setting.

Situated in the heart of the Grand Harbour against the backdrop of the iconic Fort St Angelo, the area is also convenient for boat owners, with a nearby yacht marina providing superyacht amenities.

In Gozo, Fort Chambray is a unique development built inside a historic fort, where residents can walk along the ramparts while watching the sun set into the Mediterranean Sea, making it a romantic getaway like no other.

There are many more SDAs besides, each with a particular flavour, all combining Maltese charm with international trends. Whether used as a primary or seasonal residence, or held as an investment property, SDA real estate should be on every prospective property buyer’s radar.

CHAPTER 4 Real Estate

Local Insight

Established by Joe Ellul-Turner, Darscover is Malta’s newest online property portal. It aims to bridge tradition and technology to become the go-to hub for home seekers.

You set up Darscover on your return from Portugal, where you were struck at how easy it was to find a place to rent using digital tools. What are the particularities of the Maltese housing market when compared to that of Portugal?

When I returned to Malta, the gap was immediately clear. In Portugal, digital property platforms are transparent, standardised and built around verified data. In Malta, information tends to be fragmented, with duplicated listings, outdated data and inconsistent user experiences. Darscover was built to address exactly that: a unified, intelligent property portal that prioritises data accuracy, verified listings and a better discovery experience for both locals and expats.

It is your stated ambition to serve the growing expat community in Malta. How is Darscover designed with them in mind?

Expats often arrive with limited local context. They may not know which areas fit their lifestyle, commute needs, or budget. Darscover is multilingual in 14 languages and automatically translates listings, filters and guides into each user’s native language. The platform also integrates detailed location insights, map-based search and verified agency partnerships to help newcomers explore Malta confidently and make informed housing decisions before even arriving.

You come from a development background, not real estate. How did you manage to apply your skills in one area to solving a problem in another?

My background in product and frontend development gave me a systems-thinking approach. I saw that real estate, at its core, is an information problem: connecting people to accurate data efficiently. Instead of following the traditional classifieds model,

I built Darscover as a structured, data-driven ecosystem. Every listing ties into geolocation, media and translation layers, allowing for automation, transparency and scalability that older platforms cannot easily match.

Photo: Tyler Calleja Jackson

Meet Joe Ellul-Turner

How was Darscover received in the real estate sector?

The reception has been encouraging, particularly among forwardlooking agencies. Many are closely following our progress as we focus on building strong lead generation and consistent site traffic before expanding onboarding. Established networks recognise that Darscover’s transparent, data-driven approach is different from traditional listing sites and that once we scale lead flow, it will offer a fairer, higher-quality way to connect with clients.

What are some lessons that you’ve learned since launch?

One major lesson is that technology alone does not fix industry trust; relationships do. Building personal rapport with agencies, explaining how our moderation and verification systems protect their brand and listening to their feedback were just as important as the technical work. I also learned that scaling quality content, from images to translations, is key to SEO growth in a small but multilingual market like Malta.

From your data, what are the most popular kinds of properties in Malta?

Apartments remain the dominant search category, especially one- and two-bedroom units in central areas such as Sliema, St Julian’s, and Gżira. However, the highest premiums are seen in seafront penthouses, traditional houses of character and newer developments with strong energy efficiency ratings. We are also seeing rising interest in long-let rentals from digital nomads and professionals relocating for remote work, a trend that is reshaping demand beyond the traditional tourist hotspots.

The highest premiums are seen in seafront penthouses, traditional houses of character and newer developments with strong energy efficiency ratings.

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MaltaInvest2026

Commercial Real Estate: Evolving with Malta’s Economy

M

alta’s growing economy and investment in new sectors continue to drive strong demand for commercial premises. Several major business centres and office blocks have come on the market, increasing the supply of ultra-modern office space, with more developments in the pipeline, including in underserved areas like Valletta. The number of permits for new commercial projects has rebounded to prepandemic levels, a reflection of the sector’s continuing attractiveness to developers.

However, anyone looking into investing in office space should thread carefully. While demand for new developments remains strong, this has largely come at the expense of older office blocks, exerting downward pressure on prices. With the completion of new offices currently underway, along with the persistent popularity of hybrid work arrangements, there is no guarantee that the prices for top-end developments will remain high. Therefore, while investment opportunities and market gaps certainly exist, and can be exploited by seasoned investors who know how to add value, this is one area where extensive research is essential.

That does not mean that there is no space for further development. Indeed, experienced investors confident of developing a new concept that will address market needs will almost certainly find a demand for it, and will likely be able to charge a premium rate. Such properties tend to stand out by offering more than just a workspace, providing amenities like gyms, supermarkets and restaurants, which enhance the quality of life for employees. The growing cohort of foreign workers has also contributed to this trend, as they are more likely to live close to their workplace and organise their life around it.

Retail space is similarly in demand, with the growing population hungry for varied shopping experiences. Unsurprisingly, prime tourist areas command prime rates, with retail space in Valletta going for an average of €600 per square metre per annum. Properties situated on the main shopping streets, of course, will come at a premium. Retail hotspots for locals, like Fgura, Paola and Birkirkara, tend to be significantly less expensive, although factors like the availability of parking and the type of finish play a major role in determining the price of any given space.

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Shoreline Mall, SmartCity. Photo: Inigo Taylor

CHAPTER 4 Real Estate

Commercial Rates Average Office Rental Rates by Locality 400

350

Rental Price €/sqm per annum

350

280

280 250

300

220

250

200

180

180

200

150

150

150

Qormi

Mosta

Marsa

150 100 50 0

St Julian’s

Sliema

Gżira

Valletta

Ta’ Xbiex

Msida

San Ġwann

Mrieħel

Data refers to 2024 prices. All figures are indicative, and can vary greatly depending on property-specific characteristics.

Source: Grant Thornton, Dhalia

Average Retail Rental Rates by Locality

700

600

Rental Price €/sqm per annum

600 500

350 400

320 280

300

210

200

150

150

140

Buġibba

Paola

Birkirkara

100 0

Valletta

St Julian’s

Sliema

Gżira

Fgura

Data refers to 2024 prices. All figures are indicative, and can vary greatly depending on property-specific characteristics.

Source: Grant Thornton, Dhalia

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CHAPTER 5

Financial Services

Malta’s International Investment Guide

MaltaInvest2026

Malta’s Role as a Global Financial Jurisdiction

M

alta’s financial services sector stands as one of the island’s most important economic pillars, contributing over 10 per cent to national output and underpinning Malta’s reputation as a stable, well-regulated and business-friendly jurisdiction. The sector’s evolution can be traced back to strategic liberalisation measures in the early 1990s, which transformed Malta from an insular economy into an outward-looking financial centre. These reforms laid the foundation for a jurisdiction that is secure, innovative and costeffective – attributes that continue to attract wealth managers, asset owners and financial institutions from across the globe.

Today, Malta offers a comprehensive suite of financial services spanning traditional banking and investment services to sophisticated fund management, insurance, fintech, and blockchain solutions. EU and eurozone membership provide an added layer of stability and investor confidence, granting seamless access to one of the world’s largest economic blocs while ensuring adherence to high regulatory standards. Coupled with Malta’s attractive and flexible tax system, this framework enables individuals and corporations to structure and domicile assets efficiently.

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The Quad Towers, Central Business District. Photo: Inigo Taylor

The sector’s breadth and resilience remain among its defining strengths. In 2025, Malta was home to more than 20 banks, over 50 financial institutions and around 500 funds, supported by global advisory firms and international legal, audit and tax specialists.

Despite geopolitical volatility and shifts in the global financial landscape, Malta’s financial ecosystem has proven consistently agile and adaptive.

Strategically positioned at the crossroads of Europe, North Africa and the Middle East, Malta has long served as a natural hub for intercultural business dialogue. The island maintains long-standing connections with the United States, China and India, while its policy of “active neutrality” supports its role as a diplomatic and commercial bridge between regions and markets.

Malta’s unique characteristics further reinforce its appeal to foreign investors. English is widely used across the professional and public sectors, facilitating seamless communication with regulators, service providers and institutions. Meanwhile, Malta’s strong lifestyle offering – coupled with its status as a leading Mediterranean destination – continues to attract high-net-worth individuals, family offices and specialised talent seeking an elevated quality of life.

Overall, Malta has developed into a sophisticated, resilient and future-oriented financial services centre. The Government’s commitment to maintaining a stable yet flexible regulatory environment – in partnership with industry stakeholders – ensures that Malta remains competitive among global financial hubs.

With a strong legal foundation, strategic alliances and a focus on innovation, Malta’s financial industry is well-positioned to continue attracting high-value investment in the years ahead.

CHAPTER 5 Financial Services

An Agile Ecosystem Malta’s reputation as a financial hub is anchored in its agile and industry-aligned legislative framework. The jurisdiction’s ability to adapt swiftly to global trends and regulatory developments has made it a standout performer in an increasingly competitive marketplace. Malta’s regulatory model prioritises collaboration: Government, the regulator and private-sector stakeholders maintain active, ongoing dialogue to ensure that legislative updates are timely, practical and aligned with real market needs.

This adaptability has produced innovative structures such as incorporated cells – a unique European mechanism that has expanded from the insurance sector into other financial areas.

Malta is also one of the few jurisdictions offering both trusts and foundations, giving asset managers and family offices multiple

structuring options. Reforms introduced in 2025 have further streamlined the establishment of single-family offices and Shariahcompliant structures, reinforcing Malta’s commitment to serving diverse investor profiles.

In fintech, Malta’s regulatory clarity has been instrumental in attracting global operators. The country was among the first to regulate cryptocurrency and digital assets through the Virtual Financial Assets Act in 2019 – a framework that anticipated many of the principles later harmonised under the EU’s Markets in CryptoAssets (MiCA) Regulation in 2023. This forward-looking approach continues to position Malta as a leader in digital finance governance.

Malta’s compact size contributes to a tightly connected ecosystem where stakeholders across the public and private sectors maintain open channels of consultation. This interconnectedness enables

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MaltaInvest2026 Malta Financial Services Authority Office, Central Business District. Image courtesy of Malta Financial Services Authority

swift response times, pragmatic policymaking and regulatory efficiency – qualities that appeal to both established institutions and emerging players seeking a supportive jurisdiction for growth.

Robust Regulation Malta combines flexibility with rigorous oversight, creating a balanced environment for wealth management and financial innovation. The Malta Financial Services Authority (MFSA) serves as the principal regulator, working closely with licensed entities and coordinating with local and international authorities to safeguard market integrity. Holding an MFSA licence provides firms with passporting rights across the EU – a key advantage for financial institutions seeking seamless access to the European market.

Investor protection is reinforced through the Office of the Arbiter for Financial Services, which mediates disputes and ensures accountability among providers. In the digital sphere, the Malta Digital Innovation Authority (MDIA) distinguishes Malta as the first country to certify Distributed Ledger Technology (DLT) platforms and smart contracts, offering additional assurance for operators and investors.

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Tax Benefits Malta’s tax system remains among its strongest competitive advantages. The full imputation system and shareholder refund mechanism result in one of the lowest effective corporate tax rates in Europe. In 2025, Malta introduced the option for foreignowned companies to have their chargeable income taxed at a higher – but final – rate, providing multinational corporations with greater flexibility in managing global tax exposure while preserving Malta’s position as an efficient jurisdiction for international business (see p. 68).

Broader tax reform remains scheduled for later in the decade, with Malta deferring full implementation of the EU Minimum Tax Directive until the end of 2029. The Government has signalled that future changes will safeguard Malta’s competitiveness and remain revenue-neutral. While transitional uncertainty is inevitable, investors can be confident that Malta intends to maintain its attractive tax environment.

Further details on tax provisions relevant to financial services are provided in the following sections. For tailored guidance on structuring investments or corporate presence in Malta, consultation with a qualified tax professional is recommended.

Malta Maritime Museum, Vittoriosa. Photo: Inigo Taylor

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Investment Funds

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alta has emerged as a hub for investment funds, with almost 500 funds and schemes registered with the MFSA. This growth reflects Malta’s commitment to fostering a supportive and flexible environment for fund managers and administrators. By establishing in Malta, fund managers can operate within a fully regulated and evolving EU jurisdiction, gaining the advantage of being onshore while accessing a range of innovative, cost-effective investment vehicles and services.

enhancing its flexibility. Over 90 per cent of registered funds are locally administered, with half managed by Malta-based third parties. This setup provides a trusted support network for funds while allowing others the option to self-manage; around a third of Malta-registered funds follow this self-management model. This adaptable approach is further strengthened by accommodating diverse investment strategies and fund structures, enabling promoters to select the set-up that best meets their investment goals.

Malta’s regulatory environment is a major draw for investment funds, known for balancing rigour with accessibility. The regulator processes licence applications with a time-sensitive, efficient approach, enabling funds, including those re-domiciling from other financial centres, to easily navigate the regulatory framework. Additionally, funds domiciled in Malta benefit from smooth access to European markets – a major advantage for investors looking to operate within the EU. The country has attracted significant interest from Middle Eastern fund managers seeking a friendly jurisdiction attuned to the specific needs of Shariah investments, with the MFSA providing guidance on how Ijarah, Murabaha and Sukuk-based investment strategies can be deployed within the Maltese framework.

As of 2025, Malta-registered funds held around €25 billion in assets under management – a major 20 per cent increase over the previous year. A significant shift in fund structure preferences has also been observed, with a number of funds converting their licence from PIFs to NAIFs (see p. 134).

Unlike some jurisdictions that mandate local fund administrators, Malta allows funds to choose their preferred administrative arrangements,

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Fund Management Malta’s local industry provides an exhaustive range of services to funds domiciled across the EU and further afield, enabling foreign operators to benefit from the wealth of international expertise that asset management and servicing providers have amassed over recent decades. Whether it involves full outsourcing of fund administration, compliance, regulatory reporting, or back and middle office services, Maltese firms provide the cost-competitive solutions required for efficient fund management.

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A Hub For Funds Total Net Asset Value of Funds Domiciled in Malta (in € billion) 25

19.8

20 15

Number of Funds by Type of Licence

14.3

Other

23.8

5

15.3

UCITS

9.7

AIF

112

112

10 5 0

2016

2018

2020

2022

2024 NAIF

Source: MFSA

PIF

Management of Malta-domiciled Funds

Self-managed 34.9%

95

166

Source: MFSA. Data corresponds to December 2024 figures.

Managed from outside Malta 15.3%

Administration of Malta-domiciled Funds 91%

Managed in Malta 49.8%

9%

Source: MFSA. Data corresponds to December 2024 figures.

Administered in Malta

Administered from outside Malta

Source: MFSA. Data corresponds to December 2024 figures.

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Legal Structures In Malta, vehicles for a Collective Investment Scheme (CIS) can take the form of investment companies, limited partnerships, unit trusts, contractual funds, and incorporated cell companies.

These legal structures allow fund promoters to leverage their specific characteristics to craft schemes perfectly suited to different investment strategies.

Investment Companies Malta offers two main corporate fund structures: investment companies with variable share capital (SICAVs) and investment companies with fixed share capital (INVCOs). SICAVs, modelled on Luxembourg structures of the same name, are highly flexible, allowing for a broad range of investment strategies across various asset types, including securities and both movable and immovable property. INVCOs, on the other hand, are more restricted, focusing primarily on securities and bound by specific requirements regarding holdings, profit distribution and income retention.

Both SICAVs and INVCOs can be established as umbrella or multi-fund companies, where share capital is divided into distinct sub-funds. Each sub-fund’s assets and liabilities are ring-fenced, ensuring that returns depend solely on its individual performance, independent of other sub-funds within the same umbrella.

It is also possible to set up companies with multiple share classes, enabling tailored structures that support diverse investment objectives and business models. For example, a fund can have one sub-fund following a high-risk strategy with two classes having different fee structures, and another subfund following a low-risk strategy with various classes having their net asset values calculated with different frequencies. The flexibility afforded is such that different sub-funds could have different managers following very different strategies.

Limited Partnerships Limited partnerships, or partnerships en commandite, are popular among private equity and venture capital investors in Malta. These partnerships limit the liability of limited partners to their initial investment, while a limited liability company often acts as the general partner to strengthen the fund’s local substance.

They offer flexibility similar to that of investment companies, allowing for variable or fixed share capital, different classes of shares, fractional shares, and even sub-funds denominated in various currencies. Each sub-fund’s assets and liabilities can be segregated from others within the partnership.

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Pendergardens, St Julian’s. Photo: Inigo Taylor

The tax treatment of these partnerships aligns with that of companies (see p. 68), and if capital is not divided into shares, the partnership is tax-transparent. In such cases, income and gains are taxed based on the partners’ tax status and residence, meaning non-resident, non-domiciled partners only pay tax on Maltese-sourced income. While this transparency may be beneficial, the more attractive features of Malta’s tax system, like the refund mechanism, apply primarily to companies. Consequently, limited partnerships may elect to be treated as companies, enabling partners to benefit from Malta’s favourable tax regime.

Unit Trusts Trusts are another common legal vehicle for collective investment schemes and are subject to fewer restrictions than companies. They can also be structured to be tax-transparent, which may be particularly attractive in certain cases, such as

CHAPTER 5 Financial Services

segregation of assets between each cell. For example, a SICAV structured as an ICC may designate each sub-fund as an Incorporated Cell (IC), granting each one separate legal and juridical personality, thus enabling it to transact in its own name.

Another type of ICC that has proven particularly popular among small managers and start-up funds is the Recognised Incorporated Cell Company (RICC). This is a limited liability company providing purely administrative services to incorporated cells within the cluster. The RICC can therefore accommodate a platform model comprising an ICC providing, for example, contractual and startup support to any number of ICs. This relationship does not mean that ICs are subsidiaries of the RICC; each IC, having separate legal personality, needs to be duly licensed as a collective investment scheme.

Types of Funds The legal structures described above can be used to set up any of the several collective investment schemes (CIS), or funds, provided for in Maltese legislation. The resulting array of options can be tailored to serve the needs of any kind of investor. Although regulated to different degrees, all funds are monitored by the Malta Financial Services Authority.

when underlying assets held by the unit trust are subject to high withholding taxes in the country of issue.

Contractual Funds Common contractual funds, or mutual funds, do not have a separate legal personality and therefore require a custodian in whose name the assets are to be held. Maltese mutual funds typically establish a company to act as a special investment vehicle, holding assets on behalf of the fund and shielding these assets from creditors’ claims.

Incorporated Cell Companies Incorporated Cell Companies (ICCs) are an innovative legal structure with numerous advantages for fund promoters. First implemented in the insurance sector, this structure proved flexible and robust enough to be extended to the fund sector.

ICCs materially expand the range of uses by enhancing the

Undertakings for Collective Investment in Transferable Securities (UCITS) The EU’s UCITS Directive allows qualified funds to be marketed freely across Europe under a unified regulatory framework, with around 20 per cent of Malta-registered funds falling under the UCITS framework and benefitting from its well-regarded protections for investors. The UCITS model is internationally respected, often chosen by non-EU fund managers seeking access to the bloc’s capital markets.

Malta-based UCITS enjoy significant tax advantages: they are exempt from Maltese income tax if more than 85 per cent of their underlying assets are held abroad, face no tax on net asset value or capital gains for non-Maltese investors and incur no withholding tax on dividends or stamp duty on unit transfers.

This tax efficiency adds to their appeal as an investment vehicle.

Alternative Investment Funds (AIF) Alternative Investment Funds (AIFs) in Malta encompass a range of strategies, including venture capital, hedge funds, private equity, and real estate, and can apply to all asset classes.

AIFs are subject to EU regulations under the Alternative Investment Fund Manager Directive (AIFMD), which covers aspects such as leverage, risk profile and liquidity restrictions, and provides EU passporting rights. This enables AIFs to

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be managed and marketed across Europe directly or through a local branch. For retail-focused AIFs (RAIFs), the AIFMD imposes additional investment and borrowing guidelines.

Malta’s Notified AIF (NAIF) structure is tailored for speed, allowing market entry in as little as 10 days. Although NAIF managers remain bound by AIFMD regulations, they assume full responsibility for due diligence, bypassing MFSA authorisation or supervision. This makes NAIFs exclusive to professional or qualifying investors.

Since 2019, NAIFs have gained considerable traction, with the number of registered NAIFs nearly doubling.

Venture capital, hedge funds, private equity funds, real estate funds, and any other investment strategies across all asset classes can be structured as AIFs. They are subject to restrictions on leverage limits, fund risk profiles and portfolio liquidity, as laid down in the EU’s AIFMD. Like UCITS, AIFs benefit from passporting rights, allowing

Mercury Tower, St Julian’s. Photo: Inigo Taylor

them to be managed and marketed across the EU, either directly or via a local branch. When targeted towards retail investors (Retail AIFs or RAIFs), the AIFMD imposes additional investment and borrowing provisions.

Professional Investor Funds (PIF) In Malta, the Professional Investor Fund (PIF) licence is widely utilised, accounting for around 40 per cent of all funds registered in the country. Known for its adaptability, the PIF is ideal for wealth managers handling private clients, as it operates under a lighter regulatory framework with no leverage or investment restrictions and no diversification requirements. This flexibility makes it suitable for investments in complex or non-traditional assets like private equity, derivatives, real estate, traded endowment plans, and virtual currencies. However, PIFs fall outside EU frameworks like UCITS and AIFMD, meaning they lack passporting rights and are instead governed by national private placement regimes across EU states.

With PIFs facing increased competition from NAIFs in recent years, the MFSA has responded by launching the Notified PIF (NPIF), which has attracted major interest from fund managers. Mirroring the NAIF’s streamlined process, the NPIF allows for set-up within 10 working days. As a non-retail scheme, NPIFs only require notification to the regulator rather than full authorisation, easing entry while maintaining regulatory standards.

Taxation of Funds Malta-based collective investment schemes benefit from a tax regime designed to minimise exposure. Key features include no tax on net asset value, no stamp duty or VAT on share issues or transfers by licensed funds, and a VAT exemption on fund management and administration services. Non-resident investors are also exempt from tax on dividends and capital gains from fund unit transfers. For non-tax-transparent structures, profits are subject to a 35 per cent corporate tax, but investors can reduce their liability to as low as 5 per cent using Malta’s full imputation and tax refund systems. Taken together with the country’s extensive network of double taxation agreements and its unilateral tax relief system, Malta emerges as a uniquely enticing domicile for funds of all kinds.

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Private Wealth

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alta’s sophisticated financial services industry, along with EU membership and the euro as its currency, make it a prime choice for highnet-worth individuals and families seeking effective, cost-efficient wealth management. Its adaptable, customisable services are supported by a network of reliable professionals known for preserving generational wealth and offering highly personalised solutions. Malta has also gained a reputation as an ideal jurisdiction for outsourcing family office and wealth management back-office functions, reducing costs and enhancing profitability for firms increasingly shifting operations to the islands. Recent regulatory amendments have further enhanced this appeal, streamlining the process for establishing and operating family offices in Malta, and providing advantageous tax rates to key family office personnel.

Malta is one of the few jurisdictions where both trusts and foundations can be established, offering tools to safeguard assets, manage risk and facilitate estate planning, succession and tax minimisation. These structures also allow for securitisation, corporate financing, creditor protection, and philanthropic endeavours. Trusts typically appeal to those from common law backgrounds, while foundations often attract clients familiar with civil law systems.

The framework allows for a high degree of pliability. For example, set-ups may involve the creation of a limited liability company to act as the trustee of the trust holding the assets, with the board of directors often comprising family members and their trusted advisors. These Private Trust Companies (PTCs) thus allow family members to have a say in the administration of a trust. As with any wealth and estate planning, the starting point is to engage the right professionals to understand the rules and then establish how they may be used to benefit your interests.

Malta takes a bold approach where it counts and remains cautious where it matters: trustees and investment services providers alike need to be licensed with the MFSA, giving clients and their families the assurance that their assets are being managed by reputable operators. The jurisdiction’s

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popularity has attracted major international players who now compete with long-standing local operators, giving clients a greater breadth of products and services to choose from.

Malta’s financial services landscape, supported by both local operators and major foreign firms, offers a wide range of products tailored to high-net-worth, corporate and institutional clients. The Notified Professional Investor Fund (NPIF) serves as an efficient entry point for affluent investors as they can be managed by a fund manager established in Malta that is exempt from the requirement for an investment services licence, providing a regulated yet flexible structure for pooling and managing family assets. Malta’s financial hub also fosters synergies with emerging tech sectors present locally and abroad, enabling innovative investment options like cryptotokens (see p. 143) and facilitating exploration in areas like the Internet of Things (IoT) and Virtual Reality (VR).

Malta thus offers the affluent a safe, stable jurisdiction and an accessible gateway to global investment. With its variety of available structures, Malta continues to be a go-to jurisdiction for those seeking tailor-made arrangements for the management of their wealth.

Luxury Assets and Residency Options Another element of Malta’s wealth management offering is its highly competitive framework for the registration of ships, such as superyachts, and aircraft. With its location as a strategic port of call, extensive VAT incentives and excellent marina and airfield infrastructure, Malta is an attractive holding jurisdiction for such assets. Turn to the relevant chapter (p. 182) for more information on the country’s dedicated solutions in these areas.

High-net-worth individuals also find considerable lifestyle and fiscal benefits in joining Malta’s thriving cosmopolitan community, with several routes available to those wishing to make the country their home away from home. A full rundown of the schemes available and the attractions on offer can be found in the chapter dedicated to residency (p. 88).

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Local Insight

Meet Herald Bonnici PEVCA Malta’s Secretary General Herald Bonnici uses his wealth of experience in the public and private sectors to help companies navigate the worlds of finance, sustainability and energy. He previously served as CEO of Malta Government Investments, where he was responsible for the establishment of a sovereign wealth fund network across the EMENA region.

What has PEVCA Malta been working on since its launch in 2024?

Since its launch, PEVCA Malta has focused on building strong foundations for the private capital sector. The association now counts over 80 members, including fund managers, family offices and leading advisory firms, making it the central network for private capital activity in Malta. It has established itself as the sector’s main voice, actively engaging with policymakers to shape regulatory improvements and support incentives that make Malta a more competitive base for PE and VC funds.

Have you seen any changes in the private equity and venture capital space in Malta in recent months?

While the sector is still developing, the past year has seen meaningful progress, especially in larger-scale investment. For example, the acquisition of leading telecom provider Melita by Goldman Sachs Alternatives, valued at around €750 million, has been a strong signal that global institutional investors are prepared to deploy significant capital into Maltese assets. On the ecosystem side, the recently launched €10 million Malta Venture Capital Fund supports early-stage, high-growth companies and helps close the seed-to-scale funding gap, while events like the EUStartups Summit and Startup Festival Malta have increased global investor visibility and attracted new VC players to the island. Malta Enterprise remains a key player by delivering attractive grant and co-investment schemes that reduce early-stage investment risk.

Are there any gaps in Malta’s private equity and venture capital ecosystem that foreign investors should be aware of?

There is still a shortage of multi-million-euro growth funding needed for Maltese companies to expand abroad, opening the door to foreign private equity funds that can take a leading role in these rounds. This funding gap is compounded by a relatively smaller local Limited Partner (LP) base, constraining the size of indigenous funds. Meanwhile, investors who bring both capital and operational knowledge (especially in scaling up internationally) can add significant value to fast-growing Maltese companies. Finally, there is also room for investors experienced in structured exits to help build clearer return pathways, which is crucial for encouraging broader ecosystem participation and attracting further capital.

Many companies that originate in Europe end up going to the US to find the capital they need to grow. What role can Malta play in overcoming this key challenge to Europe’s future economic development?

There is progress at EU level, driven by initiatives to harmonise capital markets and unlock more scale-up financing, such as the work toward a Savings and Investments Union and funding instruments like InvestEU. Malta can play a constructive role as a flexible, wellregulated jurisdiction able to pilot innovative fund structures and financial models, and as a gateway for non-EU capital seeking a stable, English-speaking EU base. What Malta offers is stability and strategic optionality, with strong regulatory standards and political stability providing a safe and credible base for investment operations. Fund managers can also service investors across the EU from a single Maltese set-up, reducing operational and regulatory complexity. Malta’s geographical position should not be overlooked – being between Europe, North Africa and the Middle East makes it an effective hub for regional investment exposure while maintaining EU protection.

The €750 million acquisition of a leading Maltese telecom provider by Goldman Sachs Alternatives was a strong signal that global institutional investors are prepared to deploy significant capital into Maltese assets.

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Local Insight

Meet Karl Micallef Karl Micallef leads the Private Banking and Business Development Investment Services at Sparkasse Bank Malta. He has occupied senior roles for over 30 years in investment services.

Earlier this year, Malta updated its proposition for single family offices. Do you see this space becoming meaningful for the jurisdiction?

Absolutely. Malta is positioning itself as a serious contender in the single family office (SFO) space, thanks to its updated regulatory framework. These changes enhance an offering that already existed – SFOs are not new to Malta. Its central Mediterranean location, EU membership and combination of the Anglo-Saxon trust concept with a civil law framework have long attracted families seeking a wealth management hub. Malta has all the ingredients necessary for a customised, holistic solution that caters to a wide spectrum of needs, including succession planning, investment advisory, corporate structuring, investment banking, and lifestyle administration.

What are the key updates to Malta’s single family office framework?

The Malta Financial Services Authority (MFSA) has recently revised two key rulebooks to facilitate the establishment and operation of SFOs. The first is an update to the Notified Professional Investor Fund (NPIF) structure, making it an optimal fund vehicle for this sector. The benefit of using an NPIF is that it only requires notification, as opposed to the more time-consuming licensing procedure when registering other types of fund structures. The new rules also allow the NPIF to be managed by an exempt fund manager – a feature unique to the SFO context. This streamlines entry for highnet-worth families seeking efficient and effective low-bureaucracy structures.

The second change is in the rulebook for trustees of family trusts, which extended scope to the Private Trust Company (PTC) – the trustee used to manage the affairs of the trust set up for the benefit of the family and which in essence houses the family office.

Unlike a general trustee company, which can manage any trust, the private trust company is set up exclusively for the benefit of a single family. It would, in principle, manage the affairs and the wealth of the family office, which would in turn invest in an NPIF managed by an exempt fund manager. This is an important amendment since it allows the PTC to be managed and controlled by a board of directors which is also composed of members of the family itself, together with the family’s trusted advisors. This means that whilst the PTC is managing the family office and its underlying assets, the family may retain an element of control and influence over its assets which provides a crucial level of comfort to the family members.

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When one looks at the changes being implemented within a jurisdiction that has all the ingredients necessary for an effective and efficient solution for SFOs, I would say that Malta should definitely look at this space with optimism.

The entry into force of MiCA has been a major development in the crypto space. Does Malta have a competitive edge for players in this space?

Being the first EU country to introduce a dedicated crypto framework – the Virtual Financial Assets (VFA) Act in 2018 – positioned Malta as a pioneer in digital finance regulation. Existing VFA service providers benefit from a simplified authorisation process under MiCA, reducing friction for established players. Firms licensed in Malta under MiCA can operate across all 27 EU member states, leveraging Malta’s regulatory efficiency and experience.

Malta has been pushing back against proposals for centralised EU supervision of CASPs, arguing that national regulators are best placed to oversee their markets. This preserves Malta’s agility and responsiveness, which are attractive to innovators. By resisting premature centralisation, Malta maintains a leaner supervisory model that avoids unnecessary layers of oversight.

Malta’s early regulatory leadership in this space has evolved into a strategic advantage not just as a compliant jurisdiction but also as a launchpad for businesses within the crypto asset space.

Malta is now in a position to offer a mature and innovation-friendly ecosystem to support CASPs and allow these to use Malta as a regulatory gateway to Europe.

Recent changes to Malta’s Single Family Office framework streamline entry for high-net-worth families.

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Banking

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alta’s banking sector is among the most secure and liquid in Europe, with strong capital reserves supporting its growth. The sector has transformed significantly since the turn of the century, now comprising over 20 banks of varying sizes catering to the needs of a broad range of clients. The major domestically oriented banks have fuelled the country’s rapid growth, relying on their vast reserves of customer deposits to keep interest rates stable through thick and thin. The importance of this stability to Malta’s economic health cannot be overstated, contributing to a low rate of defaults, even in times of crisis, ensuring that Malta’s banking system sails through global headwinds unscathed.

MeDirect, a smaller local player with significant exposure to the Dutch and Belgian mortgage markets, completed its acquisition by the Czech Banka CREDITAS. APS, the third-largest player that now accounts for a quarter of all Maltese home loans, has continued its corporate restructuring with a rights issue intended to fuel its local expansion.

The consumer banking market is dominated by a major player, Bank of Valletta (BOV), closely followed by HSBC, with several smaller yet significant banks also playing a role. The banking sector is currently in a state of flux characterised by major acquisitions and growth programmes. In 2025, HSBC agreed to sell its Maltese operation to Greece’s CrediaBank, while

Demand for innovative financial products remains high among smaller corporate clients and those in high-risk sectors. In some cases, Malta Enterprise and the Malta Development Bank have provided interim support in under-served areas. Additionally, the Government has expressed its willingness to support the entry of new players addressing the needs of under-served sectors.

Other foreign investors have largely focused on niche markets, particularly in investment and private banking. Several are part of multinational groups, where they support their foreign affiliates through specialised services, such as trade finance, syndicated loans and project finance.

Bank of Valletta, Central Business District. Photo: Inigo Taylor

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Insurance

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alta’s insurance sector is traditionally the third pillar of its financial services industry, following asset management and banking. The country’s strong regulatory framework, competitive costs and innovative structures, such as Protected and Incorporated Cell Companies (see p. 133), have attracted numerous insurance undertakings, reinsurance firms, intermediaries, and cells. With a Maltese licence, companies can operate across the EU, making insurance a dynamic growth industry within the wider financial services sector, with most firms selling insurance to clients outside Malta.

Cell companies are popular due to their cost-efficiency, quick set-up and flexibility. Insurance entities using these structures can operate with a single corporate vehicle containing multiple cells, each with segregated assets and liabilities. In a PCC, core assets may be exposed to the liabilities of the cells, while in an ICC, core assets are shielded. In both cases, only one licence is required for the core entity, which manages compliance and administration, thus lowering costs. This structure also allows for the sharing of resources, such as staff, across the core and cells, generating potential savings.

Malta’s insurance companies offer a wide range of coverage, including personal, health, property, motor, travel, liability, and employee protection.

The market also includes insurance management firms serving large corporations and providing reinsurance solutions, from global players to boutique firms offering operational and managerial support. The industry supports over 1,200 jobs and benefits from a network of specialised audit, legal and advisory services. Additionally, the Government is investing in the development of a dynamic insurtech cluster, leveraging Malta’s cell company framework to test and implement technologies such as blockchain, AI and smart contracts.

Cell structures are ideal for a variety of undertakings, including startups without the capital to set up their own insurance business, non-insurance corporations seeking insurance expertise and large insurance groups looking to consolidate operations while maintaining strict segregation within their portfolios. While both PCCs and ICCs provide cost-effective alternatives to captive insurance companies, the key distinction is that PCCs are structured as a single legal entity, whereas each ICC cell is an independent company with its own legal status and regulatory requirements.

The country’s insurance framework provides for three types of insurance companies: standalone insurance or reinsurance (captive) companies, cells within Protected Cell Companies and cells within Incorporated Cell Companies.

Cell Company Legislation Malta is the only EU country providing for the set-up of cell companies, which allow firms, insurance managers and brokers to underwrite risks through cells within a core company. This structure offers a cost-effective, ring-fenced alternative to establishing a standalone insurance company.

Initially introduced through Protected Cell Company (PCC) legislation, Malta has since expanded the offering to include Incorporated Cell Companies (ICC), giving businesses more flexibility to choose the most suitable framework.

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As financial stakeholders increasingly recognise the benefits of cell structures, the sector is expected to continue expanding, with Malta at the forefront of this growth.

Reinsurance, CAT Bonds and the ILS Market In recognition of the growing importance of insurance-linked securities (ILS) and the convergence of reinsurance and capital markets, Malta has also enacted legislation providing for the formation of Reinsurance Special Purpose Vehicles (RSPVs) and Securitisation Cell Companies (SCCs). RSPVs enable insurance or reinsurance undertakings to cede risk by funding potential liabilities through capital markets, while SCCs involve the establishment of a segregated cell for this purpose. Such setups are popular for catastrophe bond issues and longevity risk transfer transactions, for example, with the main benefits emerging from their application as cost-effective programme or platform structures if repeat transactions are envisaged.

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Local Insight

Massimo Talia serves as the Director of Amicorp Fund Services Malta, the local branch of the London Stock Exchange-listed business that provides fund services to institutional investors, fund managers and family offices worldwide.

What is Malta’s value proposition as a fund jurisdiction?

Malta has established itself as a reputable jurisdiction of choice for asset managers and alternative fund managers, thanks to its robust yet flexible regulatory framework and diverse range of fund structures. As part of the EU, Malta benefits from full passporting access and offers a tax-efficient environment for funds and fund managers. It has a strong service provider ecosystem that, together with its common law-influenced framework, reinforces the stability of the industry and strengthens protections for investors.

Can you identify any vectors for growth for Malta’s asset management sector?

Malta’s future growth rests not on volume but on its ability to adapt faster than regulation evolves, turning innovation into infrastructure and attracting more asset managers. The ability to test or further develop concepts like fintech, digital assets, tokenisation, sustainable finance, and ESG within the protected EU ecosystem will be key for the future development of the asset management sector.

Is there a particular profile of investor or fund manager that may find Malta particularly attractive?

Malta is one of the EU’s most adaptable gateways for boutique fund managers and emerging asset strategies. Its cost-efficient initial

set-up and ongoing maintenance make it particularly attractive to non-EU managers seeking an EU marketing passport without the cost base of larger jurisdictions. The introduction of family offices in Malta, enabled by recent regulatory amendments, has further broadened the jurisdiction’s appeal to wealth managers who value flexibility and direct access to regulators. Malta continues to attract managers who see the regulator as a collaborative partner rather than a distant authority.

Photo: Marc Casolani

Meet Massimo Talia

Malta has developed several novel fund and corporate structures. How important is this sort of innovation in the financial services sector?

The island’s ability to reinvent itself through new legal forms is central to its resilience. Frameworks such as the NAIF, the NPIF, the Recognised Incorporated Cell Company, and the new Special Limited Partnership Fund have turned regulatory responsiveness into additional options and solutions for fund managers responding and adapting to investor demands. They enable Malta to go beyond traditional EU fund structuring models, offering innovative solutions within the security of a harmonised regulatory framework.

Once again, Malta showcases its agility, collaborative spirit and prudent governance. In a landscape often defined by size, Malta proves that being small is not a constraint, but a strategic advantage.

Malta is one of the EU’s most adaptable gateways for boutique fund managers and emerging asset strategies.

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Local Insight

Meet Erald Ghoos As CEO of OKX Europe, Erald Ghoos oversees the European operations of the world’s second-largest cryptocurrency exchange. A veteran fintech leader, he previously served in the C-suite of Crypto.com, Binance and Amber Group.

OKX obtained a Maltese VFA licence before securing its MiCA licence in Malta. What movitated your choice of Malta as a base?

We chose Malta because it offered regulatory depth and predictability. Malta was one of the first EU jurisdictions to put in place a dedicated virtual asset framework through the VFA Act. That meant we were engaging with a regulator that already had hands-on experience with different crypto business models, long before MiCA entered the picture.

For us, the VFA regime was a natural bridge to MiCA. By operating under VFA, we were able to build governance, reporting and risk-management structures that aligned closely with what MiCA would eventually require. When MiCA arrived, much of the underlying infrastructure – from control functions to documentation culture – was already in place. That made Malta a logical location for our European headquarters.

How have you found Malta’s business environment?

The business environment is highly supportive. Malta has built a dense and specialised ecosystem around virtual assets – from legal advisors to auditors and regtech providers. Many of these firms have years of experience working within both the VFA regime and MiCA, which makes the operating environment more efficient and better informed. The state itself is clearly pro-innovation, yet equally committed to high regulatory standards. On talent, Malta offers a strong core of regulatory, compliance and legal expertise.

For more specialised roles – such as product development or local-market compliance – we complement the Malta team with hires across Europe. What matters is that everything is tied back to a single MiCA framework, ensuring consistency across markets.

The result is a hybrid model: Malta as the regulatory and governance centre, supported by local teams across the EU where deeper market knowledge or localisation is needed.

How do you see Malta’s role evolving within the EU crypto landscape as MiCA becomes fully operational?

If Malta continues on its current trajectory, it can be a centre of regulatory excellence within the EU. Not because of size, but because of the depth of experience its regulators and industry have built. Under MiCA, the competition between jurisdictions won’t be about being ‘light-touch’; it will be about clarity, predictability and supervisory competence. Malta is already known for being hands-on and detail-oriented. That positions it well to attract firms that value long-term stability – particularly institutional-facing businesses that prefer mature regulatory environments.

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I also think Malta will increasingly serve as a bridge between European standards and global innovation. It’s small enough to be agile, but embedded enough in the EU to ensure very high standards. That combination is rare, and it’s one of the reasons we’ve chosen to anchor our European strategy here.

What lessons have you taken from Malta’s supervisory expectations that might be useful for other firms planning to operate in Europe?

The key lesson is that good intentions are not enough. Regulators expect documented processes, tested systems, independent checks, and demonstrable evidence of compliance maturity.

Malta’s supervisors push firmly but fairly: if something isn’t up to standard, they don’t just point it out – they expect you to develop a remediation plan, resource it properly and then prove that it works.

For companies coming from fast-moving crypto cultures, that can be an adjustment. But it’s a positive adjustment. The European market is moving toward the kind of discipline you see in banking and payments. Malta’s expectations – on AML, governance, transaction monitoring, or consumer protection – have been very aligned with that direction. For firms coming into Europe, my advice is to embrace that mindset early. Build the right structures before the licence, not after.

If Malta continues on its current trajectory, it can be a centre of regulatory excellence within the EU. Not because of size, but because of the depth of experience its regulators and industry have built.

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Fintech and Virtual Finance

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alta’s strong blend of financial and tech expertise has established it as a prime hub for a rapidly growing fintech sector, driven by local innovation that addresses industry-specific needs. For example, iGaming companies, despite being viewed as highrisk by traditional banks, now benefit from a growing range of digital payment service providers that cater specifically to their needs while adapting to evolving regulations. Similarly, Malta’s role as a back-office service centre has fuelled investment in regtech and automated payroll solutions.

Malta’s economy has positioned it at the forefront of digital finance, with software solutions emerging to streamline business processes across sectors. The Maltese Government has been proactive in supporting these advancements, becoming the first to implement a dedicated framework for Distributed Ledger Technology (DLT, or blockchain) and launching a national AI strategy in 2023. This strategy outlines initiatives to accelerate AI adoption across both the public and private sectors. The MFSA’s regulatory sandbox provides a controlled environment for testing innovative business models and services, further enhancing Malta’s appeal to tech investors.

The success of the fintech sector is supported by Malta’s highly skilled workforce, with significant national investment in training as educational institutions now offer specialisations in fields like machine learning, big data and text processing, alongside strong programmes in finance, law and accounting. This blend of expertise positions Malta’s human capital to drive the next phase of fintech development.

Additionally, Malta’s state-of-the-art digital infrastructure is a key asset, with the country recognised among the bestconnected in the world. Telecom providers continue to invest

in future-proofing the islands’ digital connectivity, ensuring that Malta’s infrastructure can meet the demands of growing techdriven businesses.

Malta Digital Innovation Authority Launched in 2018, the Malta Digital Innovation Authority (MDIA) was the world’s first regulatory body focused on blockchain technology, Initial Coin Offerings (ICOs) and virtual currencies. The MDIA is responsible for certifying DLT platforms and smart contracts, and manages the voluntary registration of technology arrangements. It works closely with the MFSA, which licenses and supervises virtual financial asset exchanges, aiming to bring order to a previously unregulated market to ensure consumer protection and market integrity.

The MDIA was established when Malta passed the Virtual Financial Assets Act, making it the first jurisdiction to license crypto operators. Since then, the global crypto sector has experienced a whirlwind of events, with the last couple of years being particularly tumultuous as major exchanges collapsed amidst fraud allegations. Throughout this turmoil, Malta’s robust regulatory framework ensured that no locally licensed operators were caught up in the scandals rocking the industry.

The EU’s own landmark legislative package for the industry, MiCA, draws extensively from Malta’s framework, ensuring that crypto operators based in Malta require little to no additional adjustments to comply with the bloc’s new rules.

As global developments continue to open new fields of commercial potential, the MDIA’s remit has expanded. It now spearheads Malta’s push to establish itself as a centre of excellence in AI. With a mission to support innovation, not stifle it, the MDIA provides guidance to individuals and organisations in their journey to master and utilise AI.

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Photo: Bernard Polidano

‘Our edge lies in being a reliable banking partner to sectors where compliance and agility go hand-in-hand’ Sparkasse Bank Malta plc CEO and Managing Director Paul Mifsud sits down with Edward Bonello to share his views on the bank’s first 25 years of operation, as it celebrates its silver jubilee.

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his year marks a milestone for Sparkasse Bank Malta plc as it celebrates its silver jubilee – 25 years since its establishment in 2000. Over that time, the bank has grown to serve hundreds of clients, carving out a strong presence in both the local financial services industry and the international arena, against the backdrop of one of the most eventful periods of modern history.

“Our growth has mirrored Malta’s own impressive economic evolution,” Mr Mifsud explains. “From a niche offshore jurisdiction to a fully-fledged European financial centre, Malta’s EU accession in 2004 and euro adoption in 2008 were pivotal moments. We were already strategically aligned with those transitions, allowing us to capitalise on regulatory harmonisation and broader market access.”

Sparkasse Bank Malta plc has evolved alongside Malta’s own economic transformation, mirroring the island’s shift from a postcolonial economy reliant on a handful of industries to a diversified, services-driven hub at the heart of the Mediterranean.

Today, Sparkasse Bank Malta plc is a partner of choice for private individuals, corporate players and, perhaps most distinctively, regulated entities. Its services span private and corporate banking, investment and custody services, and a dedicated division for funds, portfolio managers, financial institutions, and MiCA-regulated operators. This focus is deliberate.

Chief Executive Officer and Managing Director Paul Mifsud reflects on the achievements of the past 25 years and shares his vision for the future.

“A quarter of a century ago, the world looked markedly different from what surrounds us today, both locally and internationally,” Mr Mifsud recalls. “The financial services sector in Malta was in its infancy compared to the sophisticated, thoroughly regulated industry we see today, while the country hadn’t yet joined the European Union or the euro. However, we knew that great changes and opportunities were ahead, so we wanted to build a bank that would not only serve the needs of the present day but also anticipate upcoming trends and meet the demands of the future. Today, with the benefit of hindsight, I feel we managed to achieve this ambitious goal.”

From the outset, Sparkasse Bank Malta plc pursued a trajectory marked by strategic foresight and measured growth. Starting with a modest portfolio and a clearly defined business model, the bank focused on a client-centric, competence-driven approach. This strategy paid off, building a reputation rooted in trust, prudence and adaptability.

“Perhaps we shine best in this field, which has garnered us a strong reputation in the industry. In fact, we believe what sets us apart is our commitment to regulated clients as a core service, not an afterthought,” Mr Mifsud continues.

“Over the years we have cultivated a deep understanding of regulated businesses and their unique operational requirements.

This positions us as a reliable banking partner, particularly in sectors where compliance and agility go hand-in-hand.”

“From a niche offshore jurisdiction to a fullyfledged European financial centre, Malta’s EU accession in 2004 and euro adoption in 2008 were pivotal moments.”

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Photo: Matthew Mirabelli

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The bank’s growth has been underpinned by robust risk management practices and strategic investment, particularly in talent and technology.

“We’ve always believed that infrastructure and competence are two sides of the same coin, and both are crucial for long-term value creation,” Mr Mifsud adds.

As Malta’s economy diversified – spanning financial services, iGaming, fintech, maritime, aviation, and digital innovation – Sparkasse Bank Malta plc adapted to increasingly demanding norms without compromising its core identity or values.

“We’ve stayed true to our client-centred focus, which has long been our raison d’être. We don’t chase trends for the sake of following the crowd. Instead, we keep a close ear to the ground and maintain a strong understanding of the sectors we serve, to be able to support businesses in their journeys.”

Digitalisation has been a particularly transformative force for the bank, which has consistently been an early adopter.

“Without ever sacrificing the client experience, we have always believed in the immense power of digital tools, such as secure internet banking,

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“What sets us apart is our commitment to regulated clients as a core service, not an afterthought.” becoming early adopters of this game-changing technology. We have also embraced the potential of AI tools, automation and data analytics as integral parts of our service suite, ensuring that clients enjoy the best experience possible,” Mr Mifsud explains.

“Our digital strategy is about enhancing service, never replacing the human element. We are conscious of the need to preserve personal trust with clients, as well as the human aspect of banking, which can never be replaced by an algorithm. Technology remains strictly a tool in the capable hands of professionals.”

Over the past 25 years, Sparkasse Bank Malta plc’s journey has

unfolded against a backdrop of global turbulence: from 9/11 and the economic crisis of 2008-2011 to the Arab Spring, Covid-19, the war in Ukraine, and ongoing unrest in the Middle East.

“Operating within an international context, every test has been an opportunity for Sparkasse Bank to rise to the occasion and strengthen its commitment to its clients,” Mr Mifsud reflects. “At every step, we remained focused on understanding the challenges businesses were facing, while devising better ways to navigate the ever-shifting landscape. Our dedicated teams played a crucial role, adapting quickly to each new situation. Ultimately, clients understood they could depend on us, no matter what.”

As the bank looks ahead, it builds its ambitions for the future on three key pillars, namely sustainable growth, digital leadership and international relevance.

“We believe that sustainable growth, though often used as a buzzword in the corporate world, is not just a slogan. It is the lens

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“We are conscious of the need to preserve personal trust with clients, as well as the human aspect of banking, which can never be replaced by an algorithm.” through which the bank evaluates its operations and investment decisions. Our eyes are constantly on the long game, focused on adding long-term value for our customers rather than chasing shortterm gains,” Mr Mifsud notes.

As it has done from the start, digital leadership is expected to continue playing a pivotal role in the bank’s future, acting as a catalyst for growth without compromising the client experience. “The future of banking lies in agility, transparency and intelligence,” Mr Mifsud says. “Whether it’s faster transactions, better data analysis, or supporting the digital asset space, we are committed to staying at the forefront of this exciting revolution.”

Finally, international relevance, particularly within the EU framework, remains crucial for both reputation and expansion. “Malta’s position in the European Union provides a tremendous opportunity. Our goal is to uphold this advantage responsibly, safeguarding standards while contributing to the island’s reputation as a well-regulated, agile jurisdiction,” Mr Mifsud concludes.

Photo: Matthew Mirabelli

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Quad Central, Central Business District. Photo: Inigo Taylor

Trumia: Where Financial Tradition Meets Modern Innovation

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Blending the dependability of traditional finance with the agility of next-generation technology, fintech firm Trumia is modernising how money moves. From instant payments to transparent compliance and realtime connectivity, the company’s platform puts trust and human insight at the heart of financial innovation.

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or decades, the financial world was built on stability and control. Innovation wasn’t always the priority – reliability was. Payments worked, but they rarely evolved. That is changing. Today, the industry is being reshaped by new technologies, shifting expectations and emerging players that recognise that efficiency, connectivity and user experience matter just as much as trust.

The push for instant transfers, smarter compliance and frictionless user journeys has redefined reliability.

Regulation, digital currencies and real-time settlement have become the new baseline. and behind every transaction, clients now expect the same speed and transparency they enjoy from their favourite apps.

This shift favours firms that understand both sides of the equation. Trumia is one of them – a modern fintech building an ecosystem that combines the trust and governance

of traditional finance with the agility of next-generation technology.

Modern finance is increasingly interconnected, yet for most businesses, it rarely feels that way. Payments move through different providers; card payments and FX through others.

The result is usually complexity: multiple logins, fragmented oversight and delays that slow operations in an era that expects everything to move instantly.

Trumia was built to bridge those gaps. More than a payments provider, it offers a unified platform that connects traditional and instant payments, open banking and card services into one seamless system. Its vision is simple – to simplify how money moves while keeping the user firmly at the heart of the experience. The aim: to make money movement intuitive, transparent and immediate, without losing the security and governance that define responsible finance.

“The human layer is not an afterthought to automation; it defines reliability. The teams who design and monitor systems are also those ones who guide clients through onboarding and documentation.”

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operational and regulatory – is connected by design, giving clients a system that feels cohesive and effortless.

A company can track incoming and outgoing flows in real time, across currencies and jurisdictions, without waiting for intermediaries to sync data. That simplicity runs on dependable rails: Trumia’s network leverages established banking partners – both domestic and correspondent – for euro and international transfers, combining reach with reliability.

Businesses and individuals can open dedicated multi-currency accounts, send and receive payments locally or across borders, issue cards, exchange currencies, and – for those looking to go further – integrate directly via APIs. Trumia also enables smooth business-to-customer and customer-to-business payment flows, allowing merchants to receive funds or make payments directly within the same ecosystem, simplifying reconciliation and enhancing control.

What stands out isn’t just what the platform offers, but how it all works together. From account set-up to settlement, every layer – technical,

“You can’t be competitive without structures that keep regulators confident and processes transparent.

The system is designed for that balance – risk awareness without friction, growth without blind spots.”

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In finance, trust is personal. It’s built not just through interfaces, but through clarity – knowing that when something goes wrong, someone is accountable. After all, technology is only as powerful as the experience it delivers. Trumia was founded on the understanding that financial services should adapt to people, not the other way round.

The human layer is not an afterthought to automation; it defines reliability. The teams who design and monitor systems are also those who guide clients through onboarding and documentation.

This creates a relationship built on understanding, not opacity.

Businesses know why checks exist, how funds are monitored and which safeguards protect them.

This transparency builds confidence, particularly in industries often viewed as high-risk. For Trumia, it’s not just about moving money efficiently; it’s about doing so in a way that strengthens trust between people and the financial infrastructure that serves them.

Trumia ensures every automation – from instant onboarding to realtime transfers – assists human decisions rather than replaces them.

For a company managing bulk payrolls, that means predictable processing and a team ready to resolve issues the moment they arise. For an individual sending funds abroad, it means clarity, transparent fees, quick updates and responsive support.

Behind every transaction stands a team of specialists who understand the financial frameworks and the complexities they bring. They navigate compliance so clients don’t have to, guiding them through the documentation needed to complete transactions with confidence.

The result is a service that moves fast without feeling mechanical, a reminder that in finance, trust still begins with human connection.

Although many fintechs talk about speed and flexibility, few start by building the kind of foundation that can sustain both. That’s why Trumia’s platform is API-first. Onboarding, verification and payment reporting all run on a single, connected logic. Cloud-based architecture provides headroom: data isn’t locked in one place and performance scales as volumes grow.

Compliance is fully integrated into the transaction path. Automated KYC, AML checks and ongoing monitoring adapt to client profiles while maintaining consistent oversight. This enables Trumia to serve a wide range of sectors. You can’t be competitive without structures that keep regulators confident and processes transparent. The system is designed for that balance – risk awareness without friction, growth without blind spots.

Ultimately, real scalability comes from systems that don’t force a choice between compliance and performance. Trumia’s model maintains that balance through human oversight, regulatory depth and technical precision.

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“If the last decade in fintech was about speed, the next will be about trust at scale. That’s where Trumia has been heading all along.”

The end game isn’t to replace traditional finance, but to improve how it connects. Each year, regulation tightens, technology accelerates and user expectations rise. The institutions that endure will be those that keep adapting without compromising on trust.

The next phase will be about intelligence – not just automating transactions, but learning from them: using data responsibly to detect patterns, reduce risk and help clients make faster, better decisions.

The same infrastructure that processes payments today can already support that shift. The key is to evolve in small, deliberate steps – refining the platform, extending currency support, deepening integrations, and preparing for the moment when smart systems become the standard rather than the exception.

Trumia isn’t chasing disruption. It’s building durability – a financial model that grows stronger as the market becomes more connected.

If the last decade in fintech was about speed, the next will be about trust at scale. That’s where Trumia has been heading all along.

Financial services have long been overly complex for both individuals and businesses. For many, moving money across borders still feels harder than it should. Trumia’s long-term bet is that this won’t last.

The sector is shifting towards leaner infrastructure, faster settlement and more transparent relationships between institutions and clients.

In that landscape, simplicity will be the real advantage. For Trumia, that means focusing on fundamentals: payments that always work, controls that hold and systems that scale without losing stability.

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CHAPTER 6

Industry

Malta’s International Investment Guide

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Industry: Malta’s Transition to High-Value Production

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alta’s consistent economic resilience – despite global uncertainty – stems from its deliberate strategy of diversification and innovation. Over the past decade, Government and private stakeholders have worked in tandem to nurture emerging industries, attract high-value foreign investment and consolidate Malta’s position as a competitive European base for advanced manufacturing and technology.

Today, globally renowned firms have integrated Malta into their supply chains, producing a wide array of high-precision goods, from semiconductors and medical devices to drones and specialty chemicals. Visitors often associate Malta primarily with tourism, yet few realise that components found in vehicles, children’s toys and even prescription medicines could originate from the island’s industrial zones. Given its limited geographic size and its developed economy, Malta is not suited for mass or low-value manufacturing. Instead, it has carved out a niche in specialised, high-tech production that demands advanced skills, quality assurance and innovation – an area where forward-looking investors have achieved consistent success.

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Strategically located close to mainland Europe and along major maritime trade routes, Malta offers an ideal base for companies seeking efficient access to global markets. Its manufacturing sector produces both intermediate and finished goods for export, serving a diverse international client base. Beyond manufacturing, Malta has successfully positioned itself as a growing hub for information technology and digital industries, supported by sustained investment in cutting-edge infrastructure. Local companies are increasingly developing enterprise-grade software and AI-driven solutions that improve efficiency and reduce costs, earning recognition across Europe and beyond.

In alignment with the EU’s target for climate neutrality within a generation, Malta continues to introduce policies and incentives that promote sustainability while supporting innovation, digitalisation and industrial competitiveness. The country offers investors a stable, well-regulated environment underpinned by EU and international standards – balancing opportunity with reliability.

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Malta’s Exports To The World Top Exported Goods (2024) in € millions 44

Footwear

Precious stones and metals Plastics

61

80

Organic chemicals

100

Packaged food 100

Toly Factory, Bulebel Industrial Estate, Żejtun. Photo: Inigo Taylor

Optical and photographic instruments Toys, games, sports equipment

108

115

Machinery, mechanical appliances

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Air and spacecraft parts 174 Fish 180 Printed material 322 Pharmaceuticals 424 Electronics 1040

0

200

400

600

800

1000

1200

Source: National Statistics Office

Malta’s knowledge-intensive economic landscape has also created significant prospects for ancillary service providers, including engineering firms, digital consultancies and logistics specialists which underpin the smooth operation of its high-value industries.

As global supply chains evolve amidst shifting geopolitical realities, near-shoring and friend-shoring are becoming central to investment strategies. Malta’s EU membership, stable economy and strong institutional framework make it an increasingly attractive destination for companies seeking secure, high-quality production bases.

This was reflected in the Greenfield FDI Performance Index 2025, where Malta advanced 50 places to rank 33rd worldwide, driven by projects valuing EU market access and operational reliability.

Malta’s competitiveness has been further strengthened by the new US–EU trade agreement, which expands duty-free access for key

sectors, removes tariffs on semiconductors, medical devices and pharmaceuticals, and enhances investor confidence in Malta as a strategic transatlantic hub. In 2024, Maltese exports to the US rose by €146 million, reaching €273 million compared to €342 million in imports. More than half of these exports comprised high-value electronics and medical technologies, now secured under zerotariff access alongside pharmaceuticals and aircraft components.

The agreement not only guarantees long-term tariff stability but also institutionalises Malta’s existing advantages, positioning the country to attract further FDI in advanced manufacturing, medtech and life sciences. As the US consolidates its role as one of Malta’s fastestgrowing non-EU markets, this alignment is expected to lower production costs, accelerate high-tech sector growth and reinforce Malta’s reputation as a future-ready European industrial base.

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Manufacturing and Production

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alta’s manufacturing sector continues to grow at a steady pace as foreign firms establish new production facilities and long-standing investors expand their operations. As one of the main sources of foreign direct investment in the country, export-oriented manufacturing firms can expect to find welldeveloped infrastructure with excellent connections to all key regional markets. Manufacturers setting up operations in Malta benefit from a skilled workforce known for conscientiousness and creativity. While Malta’s cost of living and business expenses have aligned more closely with the European average, it remains more affordable than major European capitals. Support from the Government and public agencies plays an important role, ensuring that Malta remains competitive in sectors that are a priority for national development and attracting industry leaders from the USA, UK, Germany, France, and Italy, whose high standards can be upheld in Malta.

The increasing demand for industrial space has led the state entity responsible for Malta’s industrial zones, INDIS, to embark on a multi-year programme of expansion and renewal. Its corporate vision is to “support local and foreign investment through the continuous development and management of qualitative and sustainable industrial property solutions.”

Malta’s extensive experience with foreign direct investment has also enabled authorities to design a broad package of incentives to support the development of diverse manufacturing enterprises. The support ecosystem is rounded out by educational institutions like the University of Malta and the Malta College of Arts, Science and Technology (MCAST), which contribute considerable expertise in maximising the use of state and EU funds.

One area to watch in 2026 and beyond is the semiconductor sector, which is receiving heavy investment as chips gain geostrategic relevance. The launch of the Malta Semiconductor Competence Centre in 2025 is already yielding results with the first cohort of the ChipStartEU accelerator programme for startups in the space, placing Malta at the heart of Europe’s semiconductor ecosystem.

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What do Malta’s factories produce?

Today, Malta’s manufacturing industry is highly diversified, with much of it focused on the production of components for, among others, the electronic, engineering, automobile, and chemical industries. Some of the main products and fields of operation of Malta-based manufacturers include:

Automotive components

Boat components

Circuit boards

Food and beverages

Injection moulding and tooling

Medical devices

Petrochemicals

Pharmaceuticals

Precision engineering

Seals

Security printing

Semiconductors

Switchgears

Toys and games

Custom-engineered and applicationspecific small-batch products

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Local Insight

Meet Etienne Attard Appointed CEO of Express Trailers in 2023, Etienne Attard’s decades-long career saw him gain deep logistics experience through his work in several sectors, from port operations to banking, construction, retail and automotive.

What business sectors does Malta’s logistics industry support?

Malta’s logistics sector has evolved considerably, underpinning the country’s economic growth across decades; from traditional manufacturing in the 1960s-1980s to today’s knowledge-based industries, including pharmaceuticals, automotive and technology.

What are the main transport options and typical timeframes for freight from Malta?

Malta’s transport network is highly integrated, relying on road, sea and air logistics. Bulk and heavy goods – such as construction materials, food and industrial equipment – typically move by road, reaching Europe within two to three days thanks to regular shipping schedules. Road transport serves both domestic distribution and connections with European ports, offering flexibility for shorter hauls or combined multimodal shipments. Freight to the Far East and the US usually moves by container, taking 45–50 days due to longer routes. High-value, time-sensitive, or perishable items, such as pharmaceuticals, electronics and specialised components, are often transported by air, reaching central Europe within one to two days.

How do foreign clients view Malta’s logistics links?

Clients consistently highlight Malta’s logistics as surprisingly agile for an island nation. Despite being on Europe’s periphery, the country has turned this limitation into an advantage by connecting Europe to other regions. Manufacturers and modern industries, from pharmaceuticals to high-tech components, value the seamless integration of Malta’s ports, airports and road networks with international supply chains, which allows the island to punch well above its weight as a logistics and manufacturing hub.

What limitations and challenges do businesses in Malta face from a logistics perspective?

Being an island, Malta naturally relies on sea and air freight, which can make schedules, fuel costs and regulations particularly challenging. Of particular note are the EU’s Mobility Package and the Emissions Trading Scheme (ETS), which have presented significant challenges and reshaped operations and costs. From January 2026, ETS will cover 100 per cent of verified emissions, up from 70 per cent in 2025 and 40 per cent in 2024, meaning higher carbon levies will directly affect freight pricing and operational planning. This reality also impacts Malta’s competitiveness compared with mainland European countries, where supply chains can more easily absorb new costs and regulatory burdens.

Together with our representative association, ATTO, Express Trailers has called for greater fairness for Malta, as an island heavily dependent on imports and exports, where these changes tighten margins and increase compliance responsibilities.

Clients consistently highlight Malta’s logistics as surprisingly agile for an island nation.

Recognising these challenges, Express Trailers has invested in a logistics hub in Genoa, Italy, which ensures smooth and reliable connections with the European mainland, while smart route planning and an efficient fleet turn these challenges into advantages. With the right set-up, Malta’s location allows businesses to reach key markets quickly and consistently despite the realities of island logistics.

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Local Insight

Meet Matthew Bezzina As Co-Founder of eCabs Group, Matthew has transformed a two-car operation into a diversified mobility enterprise with 450 employees. Since 2023, he has led the international expansion of eCabs Technologies, the group’s technology arm, into the European shared mobility market, enabling the growth of both established and new operations across the continent. eCabs Technologies developed its product in Malta before exporting it to other cities around the world.

What are the benefits of using Malta as a test-case for companies looking to develop innovative tech?

Malta offers one of the most demanding environments in Europe for mobility operations and the technology that supports them. The islands combine notably high road-network density with streets that range from pre-automobile layouts dating back to the early 1900s to modern arterial roads. This blend of old and new infrastructure creates the ideal sandbox for replicating almost any traffic condition found across the globe.

Malta also experiences pronounced seasonal shocks driven by the more than 4 million tourists who visit the islands, mostly in summer – around seven times the national population. These sudden surges in rider demand and driver supply place significant strain on the system, giving us a real-time laboratory to build predictive tools and operational workflows that can absorb extreme fluctuations. These are the same dynamics faced by major operators in large, volatile urban markets.

The market’s density and unpredictability mean that even minor inefficiencies reveal themselves immediately, allowing us to iterate rapidly and validate new features under genuine stress. At the same time, Malta is one of the few small jurisdictions where global ridehailing giants such as Uber and Bolt operate at scale. Competing in this environment pushed us to build tools and processes that match the sophistication of the largest digital-native platforms.

Mobility remains a hot topic in Malta, with traffic and ideas for a mass-transport solution regularly making headlines. How bad is traffic in Malta, and how can companies looking to establish a base here mitigate its impact?

Traffic in Malta is undeniably challenging. A combination of limited landmass, rapid urbanisation and a complex road network creates disproportionate congestion even with modest increases in vehicles or temporary roadworks.

Having worked hands-on in the transport sector for nearly two decades, I’ve seen how this affects productivity, travel times and quality of life. But companies can mitigate the impact: flexible working arrangements, data-informed scheduling and encouraging the use of alternative mobility options all help. With the right planning, Malta’s congestion becomes manageable rather than restrictive.

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Long-term progress, however, will require sustained political consensus, since major improvements in mobility infrastructure depend on continuity of planning and policy across administrations.

Encouragingly, the national conversation has matured, and there is growing recognition that only a unified approach can deliver lasting results.

In your journey from disruptive ride-hailing startup to tech exporter, how would you describe the support you found from the Maltese Government and related entities?

We have benefitted from strong support across the national ecosystem. The Malta Development Bank, for example, played a pivotal role in our latest phase of growth by backing investment in our upgraded tech stack. This support enabled us to shift from a predominantly local operator to a credible international technology provider.

There is always room to accelerate pathways for Maltese innovators to expand abroad, but the intent is clear. We have seen genuine willingness to support companies with global ambitions, and that backing has helped shape our evolution from operator to tech exporter.

The market’s density and unpredictability mean that even minor inefficiencies reveal themselves immediately, allowing us to iterate rapidly and validate new features under genuine stress.

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Pharmaceuticals and Life Sciences Teva Pharmaceuticals, Bulebel Industrial Estate, Żejtun. Photo: Inigo Taylor

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alta exports around €500 million in pharmaceuticals and chemicals each year, establishing itself as a major player in the European medicines market. This sector is deeply embedded in the country’s economic fabric, with companies benefitting from proximity to key markets, Government support and open dialogue between industry stakeholders and education providers aimed at developing the potential of the country’s human resources.

As the national regulator, the Malta Medicines Authority is highly respected within the EU and beyond. Medicines registered with the authority enjoy mutual recognition by the United States’ Food and Drug Administration, making accreditation in Malta especially beneficial.

The Medicines Authority oversees operators’ compliance with Good Manufacturing Practices (GMP) and processes licences and authorisations for all medicinal products. In this role, it also competes globally, attracting pharmaceutical companies to register their products in Malta for batch release, testing and validation. As a European reference state, Maltese registration allows producers to market their products across the EU with a trusted seal of approval. While some countries offer cheaper registration, they often charge an export tax on each unit exported, whereas Malta does not, making it the preferred choice for large exporters.

Generic Medicines Malta is a leader in the production of generic pharmaceuticals, being one of the few European Union countries to fully recognise the research exemption of the Patent Cooperation Treaty and European Patent Convention. This broad interpretation of the convention allows companies in Malta to develop generic versions of patented drugs prior to the patent’s expiry, provided they are not commercialised. A generic drug can be manufactured, tested and approved while the competitor’s patent is still in effect, enabling Malta-based generic pharmaceutical

companies to bring their product to market without delay upon patent expiration.

Life Sciences Park Malta’s Life Sciences Park is a state-of-the-art complex designed to streamline research and development, enabling companies within the life sciences industry to start operations with minimal preparation.

Located near Mater Dei Hospital and the University of Malta, the park facilitates collaboration between industry and academia. The facility offers biology and chemistry lab spaces ranging from 100sqm to 300sqm, along with meeting rooms and a secure area for specialised activities, including the storage of flammable materials and hazardous waste. Additionally, a dedicated building supports digital services, encompassing imaging, software applications and data interpretation.

Other facilities and services include gene sequencing, analytical services units, production of human proteins from genetically modified plants, cyclotron radionuclide production for PET screening, and clinical testing of new chemical entities (NCEs) and generics.

Medicinal Cannabis Malta pioneered the medicinal cannabis sector by establishing a production and distribution framework in 2018. Despite initial regulatory and technical challenges, the industry gained momentum, with Malta-made products reaching patients abroad by 2022. Numerous companies now operate research and production facilities in the country. Alongside the regulatory clarity provided by legislation, Malta’s mature pharmaceutical sector has supported the growth of this nascent industry, which continues to expand monthly, bolstered by growing interest from US companies appreciative of the country’s firstmover advantage. With the global medicinal cannabis market projected to reach €50 billion over the next years, Malta is poised for substantial growth.

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ICT and Innovation

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alta is a recognised hub for software engineering and enterprise application development, with a robust landscape of small and medium-sized firms delivering specialised solutions across diverse sectors, including financial services, healthcare, aviation, manufacturing, oil and gas, and retail. These firms are supported by global players that have established a strong presence, either directly or through local partnerships, to leverage Malta’s strategic advantages.

Malta boasts top-tier internet connectivity – the best in Europe – alongside a skilled local workforce and an active IT education sector, all of which enhance the country’s appeal. Local training institutions cover essential technologies for the digital economy, offering certifications in Microsoft, Oracle, Adobe, Cisco, Amazon, Dell, VMWare, Google, and HP. Additionally, the alignment of Malta’s data privacy and security laws with EU standards simplifies compliance and reduces bureaucratic costs, creating a streamlined environment for both local and international tech firms.

Edtech A niche that is gaining traction is educational technology, or edtech.

While still in its infancy, this sector is set to grow rapidly as investments accrue, supported by the establishment of a Maltese base by a startup accelerator of global renown. SuperCharger Ventures, the largest edtech-dedicated accelerator ecosystem, has locations in London, Singapore and Malta. The local set-up offers to cover salaries, reimburse expenses and provide access to funding and soft loans.

Partnered with leading Maltese software companies and educational institutes, the programme presents an exciting new opportunity and a glimpse of what the future holds as digital innovation unfolds.

Malta’s software sector is well-positioned within global tech trends, often mirroring or even leading developments in artificial intelligence (AI), Distributed Ledger Technology (DLT or blockchain) and the Internet of Things (IoT). With proactive regulatory frameworks and Government support, Malta has become fertile ground for innovation in these areas.

Local companies have delivered notable solutions, such as AI-driven chatbots for healthcare, intelligent energysaving systems for manufacturing and IoT applications for aviation – all testament to Malta’s capacity for industry-specific innovation.

The ecosystem is further strengthened by the presence of potential partners and clients across various sectors, creating a dynamic environment for investment in sector-specific technology solutions.

As customised software solutions remain integral to the 21st-century economy, Malta’s software sector is poised for sustained growth, building on its foundation of connectivity, regulatory alignment and a skilled workforce.

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Photo: Regissercom - Shutterstock

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Local Insight

Dr Gege Gatt is the CEO of London-based company EBO, an AI enterprise which automates citizen engagement. He is a digital entrepreneur, a TEDx speaker and has won the UK’s Enterprise Awards in 2024. He is also a Member of Humanity 2.0, developed by the Vatican in Rome with a consortium of thought leaders to identify and remove impediments to human flourishing.

From your extensive real-world experience in AI applications, what should businesses exploring what AI can do for them keep in mind?

What advice would you give to any tech entrepreneur considering Malta as a location for their operations or R&D?

The first truth is this: AI is not magic, it is mathematics. Businesses often approach AI as if it were an oracle. In reality it is a probabilistic tool that must be designed around clear business outcomes, good data and strong human oversight. In my experience working across the NHS and financial services, the organisations that succeed are those that start with tightly scoped use-cases that remove friction for customers or staff. Small wins build trust.

First, build with a global mindset from day one. Malta is a strong sandbox for testing, but your addressable market lives outside the island.

Companies must also recognise that AI is a cultural transformation, not a technical installation. If leadership does not foster literacy, trust and accountability, even the best models will fail.

Third, embed ethics and trust into your AI work from the outset.

The EU AI Act sets high expectations, and Malta sits firmly within that regulatory ecosystem. The companies that win will be the ones that treat compliance not as a hurdle but as a competitive advantage.

Finally, businesses must prepare for continuous learning. The pace of change means skills have to be renewed, teams retrained and processes redesigned. AI is a long-term capability, not a shortterm project.

As a tech startup, how did Malta’s local business environment support or hinder your development?

Photo: Brian Grech

Meet Gege Gatt

Second, invest early in your talent strategy. You will need a mix of local expertise and international specialists. That means planning for hybrid teams, remote work and foreign recruitment.

Finally, engage with the national ecosystem. Reach out to Government, regulators, universities, and industry bodies. Malta works best when you operate as part of a collective ambition to modernise the economy through technology.

EBO was born in Malta but built for the European market. From day one we focused on jurisdictions with large populations and complex service pressures because that is where scalable AI delivers the greatest public benefit. Our early success in the NHS is a direct result of that strategy.

Malta, for all its advantages, presents real challenges for startups.

Access to capital is limited, and the local angel or private equity landscape is still embryonic. Talent scarcity makes it harder to scale specialist teams. And the domestic market is simply too small to sustain ambitious growth, which means that you must internationalise almost immediately.

So, Malta is an excellent launchpad, but long-term success depends on building global markets, global partnerships and attracting global investors.

Malta works best when you operate as part of a collective ambition to modernise the economy through technology.

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Local fish farm. Photo: Karina Movsesyan - iStock

Growth Sectors Shaping Malta’s Economic Landscape

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alta continues to attract a broad spectrum of industries, including niche operators setting up facilities on the island.

Prospects for growth across various sectors appear highly promising.

Outlined below is a concise overview of some of the other industries that make up the Maltese economy. Each sector involves a kaleidoscope of local and international companies, attracted by the islands’ central position and the many targeted incentives designed to stimulate economic activity.

The use of English and EU membership, alongside a highly educated and skilled workforce, ensure the right resources are available to turn projections into reality. These qualities are further maximised through a nimble approach to policy and regulation – a sometimes-undervalued benefit which has proven pivotal to the development of numerous economic pillars.

Audiovisual Productions Malta’s stunning landscapes and architectural heritage, which are so popular with visitors, have also proven versatile backdrops for a wide variety of audiovisual productions. The country has been attracting iconic productions for decades, with classic films like Midnight Express (1978) and Popeye (1980) showcasing Malta on the big screen. For both the Academy Award-winning Gladiator (2000) and its sequel Gladiator II (2024), an entire replica of Ancient Rome, including the Colosseum, was built at Malta Film Studios, the islands’ main production facility, which has been operating since 1964 and has serviced over 200 productions.

Steven Spielberg’s Munich (2005), Angelina Jolie’s By The Sea (2015), and Michael Bay’s 13 Hours (2016) were also largely or entirely shot in Malta.

Other popular productions include Game of Thrones (2011), Captain Phillips (2013), World War Z (2013), Jurassic World Dominion (2022), Napoleon (2023), and Enola Holmes 3 (TBD).

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Producers and directors find in Malta a well-developed infrastructure and several local production houses attuned to Hollywood’s needs. Malta Film Studios notably boasts a special effects water facility, featuring one indoor tank and two of the world’s largest exterior water tanks, each with a natural horizon due to their coastal location. The studio itself is equipped with a vast range of water special effects equipment, making it ideal for productions set on the open waters.

In addition to its high-calibre infrastructure and beautiful locations, all within a short drive, Malta also offers producers a generous cash rebate of up to 40 per cent of eligible expenditure. These include accommodation, catering services, props, equipment, vehicles, craft service, per diems, and computer equipment. The Malta Film Commission administers these incentives and promotes Malta within the audiovisual industry. Producers are encouraged to reach out to the team to find out whether Malta could be the right location for your next production.

Aquaculture Malta’s aquaculture sector has become a powerhouse in bluefin tuna production, with exports largely targeting Japan, where Maltese bluefin tuna is highly prized for sushi and sashimi. Indeed, Japanese and Korean investors were among the first to recognise Malta’s potential as a fish farming nation, illustrating the beneficial impact of far-sighted foreign direct investment. Investment in Malta’s aquaculture has also broadened the sector’s scope to include research and consulting services, enabling Maltese companies to advise internationally on sustainable farming and efficient production methods. Recent trade agreements with China further support market expansion, with notable interest from Chinese buyers during expos. This growth has allowed Malta to balance economic priorities with environmental objectives, using advanced feeding and breeding techniques to meet global sustainability standards. As global fish farming expands by roughly 6 per cent annually, Malta’s aquaculture sector is poised for further growth in both established and emerging markets.

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Maritime Services Malta’s maritime sector serves as a dynamic hub for commercial and leisure vessels alike, bolstered by a strong regulatory framework and Europe’s largest ship registry. Positioned in the central Mediterranean, Malta offers extensive maritime services, from maintenance and registration to specialised provisions for the oil and gas sectors, making it a highly versatile port of call for international shipping and a one-stopshop for vessel requirements, whether for a cruise liner, superyacht, or oil rig. Along the main harbours of Valletta and Marsamxett, new opportunities continue to emerge, in line with the industry’s evolution to meet 21st-century standards, from world-class engineering to discreet concierge services. As the sector goes from strength to strength, market gaps ripe for investment have come to light, primarily in largescale financing not fully addressed by local banks. Meanwhile, Malta is consolidating its position as the world’s number one jurisdiction for the registration of superyachts, drawing ultra-high-net-worth (UHNW) individuals and fuelling demand for luxury amenities that is yet to be fully met.

Blue Economy Malta’s seas represent a largely untapped resource, with growing recognition that the next significant economic sector may well arise from its surrounding blue waters. This trend is not unique to Malta; worldwide, there is a growing focus on the ocean’s role in food production and renewable energy as major opportunities for economic development.

The opportunities are vast, and with this being considered a priority area for development by Maltese authorities, there is a raft of incentives investors can make use of, including dedicated programmes aimed at deepening the field of knowledge through research efforts. Potential investors are encouraged to liaise with Malta Enterprise and the Malta Maritime Forum, which serves as a vital resource by connecting local expertise with international interests, helping to advance Malta’s position in the global blue economy.

Aviation Aircraft maintenance, servicing and refurbishment works continue around the clock in hangars situated all around Malta International Airport.

The increasing number of airlines obtaining Air Operator Certificates and registering aircraft in Malta find an ecosystem of companies ready to service all their needs. Testament to Malta’s ability to punch far above its weight in aviation is the presence of dedicated maintenance, repair and overhaul facilities belonging to three of Europe’s largest airlines.

Lufthansa, which has operated an MRO facility in Malta since 2002, announced a €22 million expansion in 2025 that is set to be operational

by Q4 2026. Ryanair’s €20 million investment in its own dedicated facility was recently supplemented with new offices consolidating the firm’s operations, training, leasing, and maintenance in one hub. Finally, easyJet’s 2024 acquisition of SR Technics Malta points to the country’s growing attraction for Europe’s most dynamic players in aviation.

A new sector in active development is the unmanned aerial vehicles (UAV) industry, commonly known as drones. The use of UAVs in the logistics industry is set to skyrocket, attracting investment from global enterprises keen to find solutions to the last-mile conundrum. Similarly, the opportunities for synergy with the maritime and oil and gas industries are tremendous, with drones expected to revolutionise commercial transport during this decade.

Health Education and Tourism Malta’s private healthcare operators have garnered a reputation for delivering outstanding medical services at competitive prices, attracting patients from across Europe and North Africa. One of the significant advantages of seeking treatment in Malta is the widespread use of English, which is a considerable draw for international visitors compared to other health tourism hotspots in the region. Although the industry is currently on a smaller scale, this presents significant opportunities for investment in innovative treatments and enhanced clinical experiences.

In tandem with the growth of healthcare services, Malta is also expanding its medical education offerings for international students. The recent establishment of a campus for Queen Mary University of London’s Barts and The London School of Medicine and Dentistry marks a significant development, building on the University of Malta’s Medical School, which has successfully trained hundreds of students from around the globe. This initiative aims to elevate Malta’s status as a hub for medical education and research, further enriching the country’s healthcare landscape.

Food Production For a country that imports most of the food it consumes, it may seem counterintuitive that Malta is home to several food producers whose products are sold all over the world. Given the small local market, more and more of these companies are recognising that the best opportunities for growth lie abroad. This drive to internationalise relies on local partners in the new markets, such as distributors and retailers, making this one area where foreign investment can benefit the Maltese and their domestic economy alike.

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Gaming

Malta’s International Investment Guide

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How Malta Became a Global iGaming Hub

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Malta’s regulatory framework – the first of its kind within the European Union – continues to set the standard by enabling a responsive, collaborative relationship between the regulator and industry stakeholders. This ongoing dialogue ensures Malta remains at the forefront of legal and technological advancements, further cementing its global reputation as a trusted iGaming powerhouse and a strategic platform for growth and partnership.

As the global market evolves – particularly with the adoption of national-level regulations across Europe – the iGaming sector is facing fresh challenges, including increasing compliance costs and greater market fragmentation. Protectionist measures

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Evolution Office, Central Business District. Photo: Inigo Taylor

alta’s position as a leading global jurisdiction in the online gambling industry reflects the nation’s strategic vision to cultivate and sustain highvalue, fast-evolving sectors. While its pioneering regulatory framework has been emulated across the world, Malta continues to distinguish itself as a dynamic iGaming hub, home to more than 300 licensed operators – including global giants such as Bet365 and Kindred Group. This critical mass represents over 10 per cent of the global online gaming market, contributing an estimated €1.5 billion annually to the Maltese economy. To appreciate the industry’s scale, consider that nearly half of Malta’s total internet bandwidth is consumed by iGamingrelated activity – a clear indicator of the sector’s embedded role in the national economic landscape. Employing more than 10,000 professionals from around the world, the sector has fostered a thriving ecosystem defined by innovation, collaboration and farreaching economic impact.

CHAPTER 7 Gaming

now limit guaranteed access to consumer markets. Still, the Malta Gaming Authority (MGA) licence continues to be a prized asset for operators aiming for international growth, particularly in fast-developing markets in North and South America. On the B2B side, Malta has built a world-class reputation, serving as home to top-tier developers and platforms that drive the global industry, supported by decades of expertise. For ambitious investors and entrepreneurs, Malta’s dynamic iGaming landscape offers immense opportunity.

The country’s forward-looking approach is also evident in its groundbreaking legislation on Distributed Ledger Technology (DLT), more commonly known as blockchain, which allows operators to accept Bitcoin and other virtual currencies. The EU’s Markets in Crypto-Assets Regulation (MiCA) draws clear inspiration from Malta’s legal framework, echoing several key elements (see p. 143).

Establishing a presence in Malta also means tapping into deep institutional knowledge – both from the jurisdiction and its regulator – across every facet of the iGaming business. This includes legal, technical and commercial dimensions, as well as social priorities such as responsible gaming and measures to combat addiction.

The knowhow developed over two decades in Malta’s iGaming sphere has also created momentum in other emerging sectors, including esports, video game development and extended reality (XR). These technology-driven industries are poised for growth, backed by strong Government commitment and a wide array of incentives.

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Sustained Expansion Amid Global Shifts GiG Office, St Julian’s. Photo: Inigo Taylor

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he iGaming sector has proven remarkably resilient, continuing to grow despite headwinds such as labour shortages, inflation and fierce competition from rival jurisdictions. In 2024, the industry’s gross value added (GVA) rose by 3.5 per cent year-on-year, accounting for over 10 per cent of Malta’s total GVA. During the same year, the MGA issued 17 new licences, with an increasing portion linked to B2B operations – whose services are in demand from both local B2C companies and foreign-regulated firms seeking the reliability of a Maltese licence.

Key trends shaping the industry’s future include the rising dominance of mobile gaming, alongside accelerating developments in blockchain and the metaverse. Malta, as a frontrunner in regulating DLT for gaming, continues to strengthen its credentials as a progressive jurisdiction. Investment is also rising

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in virtual, augmented and mixed reality technologies, driven by growing demand for more immersive and personalised gaming experiences.

On the legislative front, Malta has reinforced its support for the sector by passing a law that protects MGA-licensed operators from legal liability arising from gambling activities covered under their Maltese licence. This legislation shields operators from foreign court rulings that might deem an activity illegal – provided it is legal in Malta and authorised under an MGA licence.

With a long-established presence, strong Government support and a resilient regulatory framework, Malta’s iGaming sector remains firmly positioned for sustained expansion. It stands ready to seize the opportunities unfolding across the global market.

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Malta: Home Base for the Global iGaming Industry Number of Companies Holding an MGA Licence 400 350

Number of Employees in Gaming Representing

6.2% of the total workforce

338

314

304

18,000

300

Total employment in gaming sector

250 200

141

134

151

150

10,305

100

Employees working directly with online gaming companies on licensed activities

50 0

2022

2020

2024

No. of companies

73% of whom are foreign

Additional companies falling under Corporate Group Licence Source: MGA

Source: MGA. Data corresponds to December 2024 figures.

Active Player Accounts 35,459,498

39,704,187

40 35 30

22,647,155

26,911,119

(in millions)

25 20 15 10 5 0

2015

2018

2021

2024

Source: MGA

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iGaming in Malta – From Pioneer to Global Leader Relax Gaming Office, Sliema. Photo: Diana Iskander Photography.

Image courtesy of Angie the Architect

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ince Malta’s accession to the EU in 2004, the country has been a trailblazer in the online gaming space. Full access to the Single Market allowed Maltese companies to advertise and provide services throughout the EU, while freedom of movement facilitated the flow of expats to Malta to join these multinationals. Policymakers and regulators have worked to maintain the country’s reputation in the industry and have addressed concerns or tangible issues, whenever they emerged.

Malta’s legislative innovation in creating a comprehensive iGaming framework laid the foundation for the sector, but building a multi-billion-euro industry with global reach required more than just laws. Continuous investment in Malta’s communications infrastructure has enabled the country to meet the stringent requirements of this global industry, including constant real-time data updates. The common use of English, a highly skilled workforce and the streamlined process for importing talent not available locally further enhance Malta’s appeal. The industry is home to a significant expat community from across Europe and beyond, drawn by Malta’s Mediterranean lifestyle, good

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weather, cultural attractions, and easy access to mainland Europe.

Successive governments’ unwavering support for the iGaming sector is evident, and ongoing dialogue with the private sector has remained a critical part of the success story. This collaboration has also led to several initiatives, including specialised education programmes and continued investment in digital infrastructure.

Today, Malta boasts a mature iGaming ecosystem that includes game providers, aggregators and platform providers, along with essential support services such as data centres, IT managed services, specialised legal and accounting firms, affiliate marketers, customer support outsourcing, and search engine optimisation (SEO) agencies.

As online gaming expands rapidly in North and South America and Asia, investors and established foreign players are seeking new opportunities for collaboration.

Experienced MGA-licensed firms are in high demand among local partners in these regions, driving increased merger and acquisition activity.

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Local Insight

Justin Anastasi is a business leader in the iGaming and HR consultancy fields. He is the CEO of VentureMax, which invests in and nurtures tech startups, primarily in the online gaming space. He also leads The Malta Chamber’s Employment Agencies Business Section.

What are the main benefits and challenges for any iGaming investor looking at establishing a base in Malta today?

Malta offers something unique: a full ecosystem built around iGaming. Regulators genuinely understand the product, there’s a deep pool of experienced talent and businesses have access to the EU Single Market. The infrastructure around key pillars such as legal, tax and operations is battle-tested and has evolved significantly as a result. Regulation is tighter, costs are higher and governance matters. Banks are cautious, and the days of setting up shop almost overnight are long gone. Malta now rewards wellstructured, well-capitalised businesses that take compliance seriously. In short, it remains the best base – just not for the unserious.

Can you identify any market gaps that are crying out to be filled?

The biggest opportunities still sit between tech, compliance and player protection. Of course, the industry’s adoption of AI is rapid.

However, there’s huge space for smarter regtech that simplifies cross-jurisdiction operations, and for responsible gaming tools that go beyond box-ticking. Payments are another area. Operators still struggle with friction and de-risking, so there’s room for solutions that embrace gaming rather than avoid it. Lastly, we’re missing a stronger talent pipeline – local training that actually connects young Maltese to product, data and compliance roles. These are the gaps that can futureproof the industry here.

How is doing gaming business in Malta today different to how it was in previous years?

Photo: Bernard Polidano

Meet Justin Anastasi

It’s more mature and more demanding. A decade ago, Malta was about rapid growth and easy licensing. Today, it’s about sustainability, reputation and long-term presence. The MGA has evolved into a far more proactive regulator, and businesses are expected to show real governance, capital strength and accountability. Talent costs have risen, competition is sharper and ESG is no longer optional. So it’s less about who can launch fastest and more about who can operate best sustainably. The ones that adapt to that reality are the ones still thriving.

What does the future hold for Malta’s iGaming industry?

I see more consolidation and a focus on quality over quantity.

Fewer licences, perhaps, but stronger operators and more exportable tech. Malta’s future lies in being the European hub for well-run, compliant and innovative gaming companies. With the Government pushing game-development skills and the MGA leaning even more into technology, there’s real potential to make Malta the benchmark for regulated innovation.

If we keep our edge, good governance, smart talent, and credibility, the industry’s next chapter can be even more valuable than the first.

What one piece of advice would you give to an investor or entrepreneur in the iGaming industry who is considering setting up operations in Malta?

Don’t treat Malta as a mailbox. Treat it as your base. Build something real here – hire locally, invest in governance and engage with the ecosystem.

Malta’s future lies in being the European hub for wellrun, compliant and innovative gaming companies.

The companies that give back through jobs, training and community, in my opinion, always find the most success. Malta still opens doors across Europe, but only for those who respect the structure that built the opportunity in the first place.

This island rewards those who play the long game.

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The Regulator Driving Trust and Growth

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he Maltese licensing regime has been instrumental in fostering a sustainable iGaming industry. A significant part of this success is due to the Malta Gaming Authority (MGA), whose reputation as a reliable and effective regulator grants its licensees a certain degree of credibility.

Securing an MGA licence requires adherence to strict standards, which positions companies as trustworthy entities in the eyes of the industry, partners and other regulators. Over the years, the local regulator raised the bar to ensure that through adequate due diligence, compliance and enforcement, it eliminates, and to a certain extent deters, industry players that are not wanted.

MGA Office, SmartCity. Photo: Albert Camilleri

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Remote Gaming Licensing and Regulation Malta’s licensing process follows a robust yet pragmatic model, adaptable to the industry’s evolving needs. The regulatory framework is technology-neutral and game-neutral, with a strong focus on consumer protection. This makes it straightforward to operate a successful global business from Malta.

Two main licences are offered: one for B2C (business-toconsumer) activities and another for B2B (business-to-business) services. The framework also accommodates corporate group licences, reducing bureaucracy by allowing multiple companies

Type 1

CHAPTER 7 Gaming

Game Types The four game types regulated by the MGA are:

Games of chance played against the house, determined by a random number generator (eg casino games such as roulette, blackjack, baccarat, lotteries, and virtual sports games).

within a group to operate under a single licence. For instance, a B2B provider supplying only to other entities within a B2C-licensed group is not required to obtain a separate licence.

Each application undergoes a four-stage validation process, beginning with comprehensive due diligence on all parties involved to ensure business integrity. This is followed by a financial assessment, a review of statutory and operational capabilities, and a system review to verify technical compliance. Only once these four pillars are satisfied does the MGA issue a licence.

Type 2 Games of chance based on competition outcomes, where operators manage risk by adjusting the odds offered to players (eg sports betting).

This thorough process ensures that licensees are well-prepared for real-world operations, earn the trust of their players and benefit from easier access to licences in other markets.

The MGA’s role extends well beyond licensing. Regular audits ensure ongoing compliance, with particular attention to player fund segregation and financial solvency. The Authority also monitors commercial communications to ensure alignment with socially responsible standards. Player protection is a key focus, with licensees required to offer responsible gaming tools that help players control their gambling habits, such as setting limits on time and money spent. The MGA conducts routine inspections to identify at-risk players and ensures swift intervention. Additionally, the Authority actively combats match-fixing and malicious sports betting, working closely with the Financial Intelligence Analysis Unit, Malta’s financial crime watchdog, to prevent money laundering.

These regulatory measures protect both players and the integrity of Malta’s gaming licences, benefitting operators and enhancing the country’s reputation for security and trustworthiness.

Licence Fees at a Glance The application fee for a licence, whether B2C or B2B, is €5,000.

Annual licence fees range from €3,000 to €35,000, depending on revenue. B2C licensees are also subject to a compliance contribution based on a percentage of their gaming revenue, capped at a maximum amount. The exact contribution rates vary by game type and revenue bracket, with further details available on the Malta Gaming Authority’s website (mga.org.mt).

Type 3 Player-versus-player games where the operator takes a commission rather than being exposed to gaming risk (eg poker, bingo, betting exchanges).

Type 4 Controlled skill games, such as fantasy sports.

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Local Insight

Meet Andrew Farrugia A Co-Founder of one of the first video game development companies to open in Malta, Anvil Game Studios CEO and Game Director Andrew Farrugia has brought together an international team to create the award-winning original game Holdfast.

It has been a standout year for Anvil, with Holdfast’s console launch propelling it into the best-seller lists. To what do you attribute this success?

Our success is wholly attributed to the hard-working and passionate team at Anvil Game Studios. I have always been a firm believer that it’s the people that make the company, and daily, I make sure that this core belief is practised. To achieve this, I’ve established mechanisms that allow for creative freedom and talent to thrive and prosper.

Playcon – Malta’s flagship game convention – then serves as a primary attraction to promote our industry’s growth and drive students to pursue the subject. Gaming Malta’s continued willingness to listen and work with key stakeholders is one of the primary reasons that enables this niche economy to continually grow and prosper.

Malta’s next step forward is to create an ecosystem supportive of local entities that enables entrepreneurs to make more stories like ours happen. Work on this front is already ongoing.

In just a little over a year, our studio saw Holdfast releasing on PlayStation and Xbox platforms to international success, shifting over 7 million units worldwide.

Do you feel that being based in Malta has given you any particular advantages?

Our studio is now stronger and better-equipped than ever before, and we’re ready to kickstart the next chapter.

Being in the EU makes matters relatively painless when we need to onboard foreign specialised talent. Malta’s culture and way of life play an instrumental role in retaining such talent. Our islands are also a constant source of historical inspiration for the games we design.

Malta has continued to attract game development firms and talent, but can you share any insights on what is still needed to take the sector to the next level?

Are there any particular tips you would share with any video game developer or publisher thinking about setting up a base in Malta?

Since our studio’s initial conception in 2013, we have seen and experienced the changes that have positively impacted our growing industry. Malta now offers facilities and programmes allowing individuals to study game development, a privilege that was non-existent back when we started our venture.

One simple tip: get in touch with GamingMalta, and they’ll direct you on the right way forward.

Malta’s next step forward is to create an ecosystem supportive of local entities that enables entrepreneurs to make more stories like ours happen.

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Beyond iGaming: Expanding the Digital Horizon Photo: RDNE Stock project - Pexels

Malta’s experience in iGaming has cultivated a sophisticated and highly skilled ecosystem of workers and service providers, which is now driving the growth of other digital industries.

Video Game Development Takes Root in Malta The video game development sector is gaining momentum in Malta, with both new and established companies regularly setting up operations on the island. These include a diverse range of studios, developers and publishers working across console, desktop and mobile games in genres such as platformers, shooters, RPGs, and more. In addition to game development, some companies are following the example of the banking, eCommerce, and iGaming sectors by establishing customer and player support centres in Malta – a strategy that benefits from the country’s widespread use of English.

The industry’s rapid growth has been recognised by local educational institutions, both public and private, which are eager to collaborate with industry stakeholders. Specialised programmes have been introduced to address skill gaps, ensuring that the workforce adapts to the evolving needs of game development. The Maltese Government also offers a variety of incentives to promote innovation and attract investment in this sector. Through its economic development agency, Malta Enterprise, companies can access support for research and development, wage subsidies and financial assistance for both tangible and intangible assets.

Malta’s Rise as an Esports Hub The rise of competitive video gaming, or esports, is reshaping traditional sports models and attracting digital-first audiences, especially among younger generations. Interest in esports has surged, partly due to its impressive performance during the pandemic when most other sports events were halted. This influx of fans has continued, with global viewership now estimated at around 250 million, largely composed of Millennials and Gen Z. The esports industry was valued at over €1.8 billion in 2024 and is projected to grow by 20 per cent annually in the coming years.

Malta is leveraging synergies with its well-established events and hospitality sectors to become a hub for international esports events. In 2025, leading esports brand BLAST signed a three-year agreement to organise nine major tournaments in Malta, attracting teams of competitive video game players from around the world. These tournaments, livestreamed to millions of fans, will further cement Malta’s position in the esports scene.

Investors are drawn to Malta’s strategic central location and its status as a premier tourist destination, offering participants and organisers unique advantages that are hard to replicate elsewhere.

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Extended Reality: Malta’s Leap into Virtual Worlds Malta is actively cultivating its extended reality (XR) industry, which includes virtual, augmented and mixed reality technologies – collectively referred to as immersive tech. XR has a wide range of applications, from education to commercial ventures, and has already made significant inroads locally. In sectors like tourism and real estate, XR has enhanced user engagement, while industries such as film and manufacturing have adopted it for tasks such as performance capture and rapid prototyping. The entry of major players like Draw & Code Labs signals a new chapter in Malta’s aspirations to become a key player in this fast-growing field. As XR technologies evolve and investment in metaverse initiatives increases, Malta is positioning itself as a hub for innovation in immersive tech.

Basecamp: Where Startups Take Flight While Malta offers a range of attractive incentives for established businesses, startups in their early stages can also benefit from initiatives like Basecamp, a tech-focused startup incubator. Located in southern Malta, Basecamp serves as a hub for high-potential startups, fostering a vibrant community of innovators and developers.

Created by the GamingMalta Foundation, the 700-square-metre facility houses 10 subsidised studios equipped with high-quality office spaces. It also serves as a venue for events and business matchmaking.

Focused on emerging industries, Basecamp provides startups with more than just office space – it offers access to business workshops, networking opportunities and connections to a growing network of local and international industry professionals and investors.

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GamingMalta Foundation: Championing the Industry The GamingMalta Foundation is an independent non-profit organisation established by the Government of Malta and the Malta Gaming Authority. It serves as the first point of contact for companies operating in the digital and remote gaming sectors. GamingMalta promotes the country as a centre of excellence in these industries and acts as a liaison between prospective investors, entrepreneurs and local authorities.

The foundation has been instrumental in enhancing Malta’s global reputation in the gaming industry, resulting in tangible benefits for both the jurisdiction and the companies operating within it. Businesses in the relevant sectors are encouraged to approach GamingMalta, where they will find a trusted advisor ready to facilitate their entry into the Maltese market.

MaltaInvest2026

Local Insight

Meet Cenk Kahraman Cenk Kahraman is CEO of Finance Incorporated Ltd, providing a full suite of financial services and infrastructure solutions for corporate, individual and institutional clients under the Paymix brand. An ex-banker with 20+ years of experience, he has developed extensive international banking expertise, particularly in payments and treasury products.

As a payment solutions provider that has also supported the iGaming market, how has Finance Incorporated capitalised on Malta’s framework and characteristics?

Malta’s entry into the EU gave us a credible regulatory framework and easier access to the European market. Early adoption of clear, structured frameworks for fintech and online gambling provided a stable environment, allowing us to identify and fill a gap in the iGaming payments market with Paymix Pro. Malta also serves as a natural bridge between various markets, allowing for proximity between regulators, service providers and clients across local, European and global spheres. This has significantly empowered us to grow and adapt our innovations to fit the payment needs of different players within the iGaming industry.

What are the major challenges affecting your company, and similar ones, based in Malta?

The challenges we face are shared by many fintech firms in Malta.

Finding and retaining workforce with the right skillset, particularly in tech and compliance, has proven to be a challenge, as the industry has grown faster than the talent pool. Competition, on the other hand, while healthy, is reminding us that we cannot remain complacent. It’s a race – other names are fighting for the same business, and we must constantly adapt and improve in order to satisfy better the need for accessible banking and payment solutions.

What are the major changes you’ve seen in paytech over this last decade?

Digital payments have become the standard. Payments are becoming faster, smarter and more secure. Features which not too long ago were considered a luxury, such as e-wallets, crypto or biometric security features, are now mainstream and essential for payment service providers. Paytech has become an integral part of daily life, effectively allowing us to manage our lives through online payment technologies. Oftentimes we do not even think about the intricate processes that occur behind every transaction, and yet they are a key component of the speed, compliance and security within the entire payment experience.

The fintech space is an exciting space to be in. Why should a fintech firm consider Malta as a base of operations?

Malta offers a unique mix that is hard to find elsewhere. With a clear and stable regulatory environment, fintechs can confidently build and scale without second-guessing compliance-related obstacles. Coupled with EU membership, an English-speaking workforce and a strong tech ecosystem, Malta provides a strategic launchpad for companies to expand locally and globally, appealing to both established institutions and emerging entrepreneurs.

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With a clear and stable regulatory environment, fintechs can confidently build and scale without secondguessing compliancerelated obstacles.

CHAPTER 7 Gaming

Local Insight

Meet Enrico Bradamante An experienced executive, investor and advisor, Enrico Bradamante currently serves as CEO at EGT Digital Malta, having previously occupied C-suite positions at Relax Gaming, NetEnt and Aristocrat Interactive (formerly Pariplay), as well as key commercial roles at Kodak and Dell. He is also the Chairman and Founder of the industry trade association iGaming Executives Network (iGEN).

As the online gambling sector continues to enter the mainstream, more jurisdictions are enacting their own legislation. A B2C licence from the MGA was once vital, but what role does it play today?

The value of the MGA’s B2C licence is proportional to the markets it gives you access to. The more that is reduced, the less value the licence holds. I’ve been in this industry for 13 years. When I started, most of Europe was accessible with a B2C MGA licence. Today, the only relevant markets that are left are Finland and Norway. If you look at Germany, Spain, France, Italy, Sweden, the UK – these countries have enacted local regulations or have banned online gambling outright. So these changes have precipitated a major shift in focus for the Malta gaming sector, with B2B activities becoming increasingly dominant.

There are around 15,000 professionals working in Malta’s online gambling industry today. That’s a critical mass of talent and resources, and it’s very valuable.

What does Malta offer B2B iGaming operators?

Even though the B2C licence has lost a lot of its value, Malta, as a jurisdiction, has increased its attractiveness. There are around 15,000 professionals working in Malta’s online gambling industry today.

That’s a critical mass of talent and resources, and it’s very valuable.

Malta-based B2B firms own the IP of games played around the world, and when it comes to payments and money flows, many of the companies operating internationally are headquartered in Malta.

What are the main benefits and challenges for any iGaming investor looking at establishing a base in Malta today?

Speaking from my experience with EGT Digital, the company took a decision to establish an operation base here in Malta in late 2024.

The reasons for that decision will be similar for any other company in the space. Most importantly, Malta’s mature gaming industry is a major attraction. Business opportunities arise from having staff physically present and connected with the broader ecosystem.

The tax regime is also extremely favourable for any company investing in Malta. Business sentiment is very positive, and the country’s stability is very good for business.

As for challenges, I would say that 13 years ago Malta definitely had a cost competitive advantage compared to other European jurisdictions. That is largely gone, which means that certain operations with relatively entry level wages that used to set up here, like customer support or live casino studios, will struggle to offer their employees enough purchasing power to have a comfortable life in Malta. The other challenge can be described as infrastructural, whether it’s summer-time power cuts or the heavy traffic, which have had an impact on quality of life.

What is positive is that the Government seems to have realised that people – locals, foreign workers and foreign investors alike – no longer only care about economic growth, but want a better balance between money and quality of life. Recent announcements of new major national parks at Manoel Island and White Rocks, for example, indicate that these concerns are increasingly being taken into consideration and addressed.

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CHAPTER 8

Shipping and Aviation

Malta’s International Investment Guide

MaltaInvest2026

A Hub for Maritime and Aviation Registration

M

alta stands at the forefront of maritime and aviation registration, boasting the largest ship registry in Europe and a growing prominence in aircraft domiciliation. Strategically positioned in the heart of the Mediterranean, the island nation has leveraged its sovereignty over both sea and airspace to establish a robust and progressive regulatory framework, making it an attractive hub for high-value asset owners. By offering innovative corporate structures, unparalleled protection for financiers and highly competitive tax incentives, Malta has emerged as the preferred jurisdiction for some of the world’s most prized mobile assets.

With over 10,000 vessels proudly flying the Maltese flag, Malta’s ship registry is not only the largest in Europe but also ranks as the sixth largest globally by gross tonnage. This includes more than 1,100 vessels exceeding 24 metres in length. Malta’s position as the world’s leading jurisdiction for superyachts since 2020 highlights its seamless transition from a rich maritime history to a modern, efficient registry. The Maltese flag is synonymous with quality, safety and compliance, and the streamlined registration process ensures minimal bureaucracy, empowering asset owners to concentrate on maximising operational success.

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Grand Harbour Marina, Vittoriosa. Photo: Inigo Taylor

CHAPTER 8 Shipping and Aviation

Malta’s EU membership brings a host of advantages, from adherence to the highest maritime safety standards to smooth operational access to the European market and lucrative chartering opportunities within the EU’s expansive economic zone. Vessel owners also enjoy reduced taxation on yacht management, crew employment and related maritime services, while the country’s tonnage tax regime provides predictability and stability that encourage long-term investment. Malta’s commitment to the yachting sector is reflected in its world-class marinas, competitive fee structures and comprehensive support services, cementing its status as a global maritime hub.

Meanwhile, Malta’s 9H Register has become the fastest-growing aircraft registry in the world. It attracts major airlines, charter operators, jet leasing companies, and private owners alike. With competitive tax incentives for aircraft leasing and ownership, Malta offers a commercially attractive jurisdiction for aviation investment. Its strategic position makes it an ideal base for private and corporate aircraft, granting convenient access to Europe, North Africa and the Middle East.

The Civil Aviation Directorate enforces stringent safety and compliance standards, ensuring that aircraft registered in Malta convey operational reliability and regulatory excellence.

Reputation is a strategic asset in both shipping and aviation, and Malta’s is built on rigorous governance, investor-friendly legislation and responsive regulators.

Over the years, Malta has refined its legal and corporate frameworks to provide exceptional tax efficiency, high structural flexibility, and compliance with the strictest European and international standards. Costeffectiveness, ease of doing business and the ready availability of expert maritime and aviation services make Malta a trusted jurisdiction for domiciling highvalue mobile assets.

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Malta’s Ship and Aircraft Registries at a Glance Size of Aircraft Registry 927 863

1,000

762 625

800

534 600 400 200

128

155

176

92

104

2010

2011

2012

2013

2014

213

243

392

298

265

0

2015

2016

2018

2017

2019

2020

2021

2022

2023

2024

Source: Transport Malta

Total Tonnage of Malta-registered Vessels

Number of Superyachts Registered in Malta

90,650,000

92

1,030

1,200

(in millions)

90

1,000

100% increase since 2015

88

806

687

800

500

86 84

1,111

600

82,420,000

398

400 82 200 80 0 78

2013 2023

2024

2015

2017

2019

Source: Transport Malta

Source: Ministry for Transport, Ministry for Finance

Over

Malta becomes the world’s

workers directly employed in the aviation sector

register of superyachts in 2020

5,500 Source: Ministry for Transport

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No. 1

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Ship Registration

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alta’s rise as the leading ship registry in the European Union is the result of decades of sustained effort by both the private sector and Government. Its prime location at the crossroads of major maritime routes, combined with the widespread use of English in business and daily life, has been pivotal. Add to this its natural harbours, world-class port infrastructure and highly skilled service providers capable of managing everything from complex refits to vessel sales, and the picture becomes clear. At the heart of Malta’s appeal, however, lies one of the world’s most comprehensive regulatory frameworks, a straightforward tonnage tax system and stringent safety requirements that make the Maltese flag trusted worldwide.

Malta’s maritime heritage runs deep, with the nation’s fortunes long intertwined with naval developments in the Mediterranean.

Since the departure of the last British sailors in 1979, successive governments have invested heavily in maritime infrastructure – both physical and legislative – creating a robust package of benefits and incentives renowned for its high standards and efficiency.

These standards are recognised internationally. As of 2025, the Maltese flag holds the highest classification on the Paris and Tokyo MOU White Lists. The jurisdiction’s standing was further reinforced when the US Coast Guard’s QUALSHIP21 programme ranked it as a top-performing flag state, delivering tangible benefits such as fewer boarding inspections and potential insurance savings.

High standards do, however, come with obligations. While registering a vessel in Malta is flexible, cost-effective and offers significant legal, financial and operational advantages, the regulator takes an active role in ensuring compliance to protect the flag’s reputation – and that of every vessel flying it.

Any vessel type can be registered in Malta, from private and commercial yachts to cruise liners, supertankers, oil rigs, barges, and vessels under construction. Bareboat charter registration

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of foreign ships is also available, allowing title, mortgages and encumbrances to remain under the foreign registry while placing vessel operations under the Maltese flag.

There are no nationality restrictions on masters, officers, crew, shareholders, or directors. Vessels may be registered directly

by EU citizens or through an EU-registered corporate body with owners of any nationality. Inspection requirements depend on vessel age, with no hidden inspection fees. Ships over 25 years old are generally not accepted, though exceptions may be granted.

Malta offers a full spectrum of maritime services, including repair and maintenance, supply chain support, crew recruitment and training, bunkering, technical services, and certification, among others. These services cater to both vessels and the oil and gas industries operating in the Mediterranean.

CHAPTER 8 Shipping and Aviation

Since June 2025, certificates for vessels under the Maltese flag have been issued electronically, incorporating advanced security features to ensure authenticity and verification. This innovation reduces administrative burdens for the registry, port officials, crews, and stakeholders.

The Merchant Shipping Register is managed by Transport Malta, an independent public regulatory agency. The Government remains committed to expanding and enhancing the registry, working closely with industry stakeholders to attract further investment, align with evolving international regulations and embed sustainability at the heart of sector growth.

Registration Fees and Taxation Malta’s tonnage tax regime replaces traditional corporate tax on profits with a competitive levy based on a vessel’s net tonnage (NT).

This includes discounts for vessels under 10 years old, designed to encourage fleet modernisation.

Under this system, revenues from shipping activities are exempt from Maltese income tax. Profits from the sale of vessels or shares in companies owning them are also tax-free, as are dividends distributed from such profits. These advantages are further enhanced by Malta’s extensive double taxation treaty network (see p. 236).

Companies can register under the tonnage tax regime if at least 60 per cent of their fleet flies an EU/EEA flag. New registrants need only meet a 25 per cent threshold initially, with a gradual increase required over time. Non-EEA ships are eligible if their commercial and strategic management is based in an EU/EEA country. Most vessel types qualify, except fishing vessels, fixed offshore installations and ships primarily used for sport or recreation.

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Ships outside the tonnage tax regime are taxed at the standard corporate rate of 35 per cent, with shareholders eligible for refunds to reduce effective tax exposure (see p. 68).

Ring-fenced accounting is required to separate tax-exempt shipping income from other activities. If all income is from shipping, a simplified tax declaration can be filed instead of a full corporate return. Commercial vessels registered in Malta benefit from extensive VAT exemptions. Commercial yachts, for example, are exempt from VAT on supplies and maintenance, and are not required to charge VAT on charter revenue.

Financing Ship owners and financiers of Malta-flagged vessels enjoy strong protections comparable to those under the UK Merchant Shipping Act. Mortgages are enforceable without a prior court judgement and require mortgagee consent for further encumbrances or transfers. Registered mortgages take priority over unrecorded liens and extend to insurance proceeds and indemnities. As vessels are treated as separate assets from their owners, mortgage enforcement can proceed regardless of other insolvency proceedings. Mortgages may also be registered under trust arrangements for beneficiaries.

In 2024, Malta signed the Beijing Convention on the Judicial Sale of Ships, ensuring buyers at judicial auctions acquire clean title free of encumbrances, while improving conditions for sellers and financiers.

January 2025 saw major reforms to the Merchant Shipping Act, streamlining digital registration, expanding financing options through international leasing and instruments, and strengthening mortgage rules with electronic registration, clearer priorities and cross-border enforceability. The reforms also clarified lien registration and removal, enhanced seafarer and creditor protections, and introduced tax incentives to further bolster Malta’s ship finance appeal.

Superyacht Registration Malta is a global leader in superyacht registration, with the largest number of yachts over 24m under a European flag: 383 commercial and 724 private as of 2023. This success stems from strong financier protections, effective tax planning options, robust legal frameworks, and streamlined importation procedures – supported by top-tier marinas, refit yards, chandleries, and agency services.

Authorities and industry players have worked closely to develop a full-service environment, aided by Malta’s small size and accessible networks. This cooperation has solidified Malta’s standing, with owners increasingly recognising the benefits of the eight-pointed cross. To remain competitive in the fastgrowing luxury vessel sector, Malta is formulating its first official superyacht policy, building on its heritage as a shipping hub and enhancing legislative and operational frameworks to secure long-term growth.

Yachts may be registered for private or commercial use, benefitting from the same advantages as other ships: low registration costs, favourable taxes and unrestricted global navigation. Pleasure yacht leasing enjoys VAT optimisation opportunities, with rates dependent on usage location and no VAT on time spent in non-EU or international waters.

Revisions to the Commercial Yacht Code, effective 1st July 2025, align regulations with the latest safety, sustainability and technological standards. Applicable to commercial yachts of 24m and above carrying up to 12 passengers, the updated Code offers guidance on technical systems, equipment, communications, and emergency readiness based on operational range. Changes also reflect global decarbonisation goals and evolving crew welfare standards.

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Sliema. Photo: Inigo Taylor

CHAPTER 8 Shipping and Aviation

Local Insight

Meet Ivan Tabone A maritime lawyer with a strong dedication to the human element within the sector, Ivan Tabone headed the Seafarer Department prior to his appointment to Registrar General of the Merchant Shipping Directorate in 2023.

What are ship owners looking for in a flag of choice jurisdiction?

Vessel owners look for reliability, regulatory clarity and responsive administration. Malta delivers on all three. As one of the world’s leading flags, the Malta Ship Registry offers a robust EU-based legal framework, adherence to international standards, competitive tax advantages, and service-oriented efficiency. Its reputation is bolstered by White List status on major port state control regimes, reflecting strong compliance with safety, environmental and security obligations, without compromising commercial agility.

2025 saw major updates to the Maltese vessel registration framework, aimed at facilitating the finance side. Why was this determined to be a priority?

Ship finance is evolving rapidly, and Malta has responded with targeted legislative reforms. The 2025 amendments to the Merchant Shipping Act introduced key changes, including enabling the registration of mortgages over vessels under construction and the introduction of finance charter instruments, giving financiers and builders greater legal certainty. These changes make Malta a more attractive jurisdiction for capital-intensive projects, ensuring competitiveness in a capital-sensitive global market.

Vessel owners look for reliability, regulatory clarity and responsive administration. Malta delivers on all three.

What are the major challenges facing the maritime sector over the coming years, and what is Malta doing to prepare itself to meet them?

The future of shipping hinges on three fronts: sustainability, digital transformation and human capital. Malta is addressing each proactively. Environmentally, the Registry supports the transition to cleaner fuels and low-carbon operations, including restrictions on the age of ships eligible for registration. On the digital side, the Malta Ship Registry is undergoing a full transformation to digitise processes, enhance efficiency and improve the client experience.

To address the skills gap, Malta is implementing a national maritime skills action plan, developed with the National Skills Council and the OECD and supported by the EU’s Technical Support Instrument.

Together, we are actively working to map future skills needs and align training provision to workforce demands.

As geopolitical tensions grow, there has been an increasing number of sanctions. Have these had any effect on Malta’s maritime flag?

The Malta Ship Registry has intensified its compliance efforts in line with global expectations. Due diligence procedures have been strengthened, internal controls enhanced and sanctions screening expanded. The Registry works closely with international and national authorities to ensure vessels under the Maltese flag comply with evolving EU and international sanctions regimes. Malta’s standing on the IMO Council further reinforces its commitment to responsible flag administration and international maritime governance.

Malta continues to attract a large number of superyachts. What are Malta’s key competitive advantages when it comes to the registration of these vessels?

Malta’s superyacht appeal lies in a unique combination of flexibility, credibility and service. The Commercial Yacht Code provides clear, tailored guidelines for both private and commercial yachts.

The Registry offers fast, efficient processing, supported by 24/7 client assistance, a major asset for high-net-worth individuals and fleet managers. Malta also benefits from EU alignment, a stable legal system, and a strong support ecosystem including surveyors, maritime lawyers, and technical consultants. The result is a trusted, competitive flag backed by deep sectoral experience.

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Local Insight

As the Founder of boutique advisory firm Asteria Advisory, Dr Geraldine Spiteri specialises in providing legal and consultancy support for the registration and management of high-value assets.

How have Malta’s ship registration framework and ecosystem changed over the last 10 years?

Ten years ago, ship registration under the Malta flag was largely a straightforward administrative exercise. Since then, the wider regulatory environment has evolved considerably.

Global expectations on transparency, safety, ESG commitments and digital processes have risen, and Malta has kept pace by strengthening its frameworks and enhancing its technical and compliance systems.

What has remained constant is Malta’s accessibility. The ability to engage directly with knowledgeable professionals at the registry continues to be one of the flag’s defining strengths. Today’s owners increasingly look for guidance that brings regulatory, operational and commercial considerations together. At Asteria Advisory, I focus on providing that clarity so clients experience a smooth and well-supported registration journey.

Malta has established itself as a leading flag through a combination of strong legal foundations, industry accessibility and active engagement with the maritime sector. The familiarity of the team behind the registry with the sector and their presence at industry events make collaboration smooth and direct, which clients value

Malta has established itself as a leading flag through a combination of strong legal foundations, industry accessibility and active engagement with the maritime sector.

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highly. As the sector evolves, Malta continues to refine its processes and reinforce its position as a dependable and internationally recognised registry.

How timely and efficient is the registration process for ships, yachts and aircraft – and what can owners do on their side to help streamline it?

Malta’s registration systems are designed to be efficient, and they function well when documentation and technical requirements are properly aligned at the outset. In practice, timelines depend on coordination among surveyors, managers, financiers, and advisors – a reality shared across the global maritime and aviation sectors as regulatory expectations increase.

Owners can support efficiency by preparing ownership and compliance documentation early and maintaining clear communication with all stakeholders. With the right planning, the process is straightforward and predictable.

Have you seen interest in Malta’s Protected Cell Companies since their introduction?

Protected Cell Companies offer a flexible structure for businesses managing multiple assets or activities, providing valuable ringfencing and organisational clarity. The framework is particularly relevant for operators with diversified portfolios or long-term strategic projects.

For single-asset structures, traditional companies often remain the simpler and more practical choice, but PCCs have certainly added range to Malta’s corporate offering. The aim is always to match the structure to the client’s objectives, and PCCs can be an effective solution where a multi-cell strategy is part of the business plan.

How well do Malta’s courts serve ship operators and maritime finance?

Malta’s courts enjoy a respected reputation in maritime matters, supported by well-established legislation on ship arrest, mortgage enforcement and judicial sales. This legal certainty is an important factor for owners, managers and financiers operating in an international environment.

As in any busy maritime jurisdiction, the courts manage a significant volume of cases, yet the depth of expertise within the judiciary remains a key strength. Recent developments in specialised commercial structures further reflect Malta’s commitment to supporting the sector.

Photo: Steve Wellum

Meet Geraldine Spiteri

CHAPTER 8 Shipping and Aviation

Aircraft Registration

T

he island’s success in the maritime sector is mirrored in its rapid growth as an aviation hub. Over the past 15 years, the number of aircraft registered in Malta has increased tenfold, cementing the country’s reputation as one of the leading jurisdictions for the domiciliation of high-value aviation assets. Europe’s largest airlines – Lufthansa and Ryanair – have not only registered dozens of aircraft on Malta’s 9H Register but have also established significant maintenance, repair and overhaul (MRO) facilities on the island, underlining their long-term commitment through substantial investments. In 2024, they were joined by easyJet, which took over one of Malta’s largest MRO operations. Beyond commercial liners, private jet charter operators such as VistaJet and AirX, along with several wet-lease companies, have also chosen Malta as a home for both their aircraft and operational bases.

Why have some of Europe’s biggest aviation players chosen this small island on the edge of the continent to register their aircraft? The answer lies in Malta’s proven approach to cultivating niche sectors: a strategic combination of bold incentives, a robust yet flexible regulatory framework and a collaborative attitude that enables bespoke solutions. This environment is supported by a full suite of ancillary services, including pilot and crew training academies, repair and maintenance facilities, refitting operations, insurance providers, brokerage firms, surveying services, and back-office operations.

The result is a highly competitive package. Aircraft on the 9H Register can operate freely across Europe and be based or flown anywhere in the world. Registrants also benefit from targeted incentives such as accelerated depreciation rates. Malta’s registry accommodates fractional ownership structures, enabling co-owners – even those financed by separate creditors – to define their respective stakes. It also accepts aircraft under construction or temporarily out of service.

Photo: pablorebo - iStock

From a financing perspective, Malta is equally appealing. The country’s ratification of the Cape Town Convention, combined with its standing as the most compliant country in Europe and second worldwide, gives creditors strong security and helps reduce borrowing costs. As with ships, aircraft can be registered as collateral for debt, with such mortgages unaffected by the owner’s insolvency. Shareholder and director nationality is unrestricted, and Maltese aviation companies can use various strategies to optimise their tax exposure. The corporate tax regime is especially attractive: shareholders may achieve an effective tax rate of 5 per cent or lower (see p. 68), and income from the international transport of goods and passengers – whether from ownership, leasing or charter operations – is exempt from Maltese tax unless remitted to Malta. There is also no withholding tax on lease or interest payments to non-residents, and civil aircraft are exempt from both stamp duty and import duty when brought into Malta.

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Who can register an aircraft in Malta?

Private aircraft Citizens of, or undertakings established in, an OECD country or any other country approved by the Minister (“International Registrant”), provided they have the legal capacity to own or operate an aircraft, appoint a local resident agent for registration-related matters and comply with all applicable regulations.

Malta International Airport. Photo: Inigo Taylor

Commercial aircraft Maltese, EU, EEA or Swiss citizens with a residence or place of business in these jurisdictions may register commercial aircraft, which can be co-owned.

Fleet operators further benefit from Malta’s extensive network of double taxation treaties (see p. 236), which simplifies accounting by ensuring that income from the international operation of aircraft is taxable only in the jurisdiction where the company’s effective management is located.

Employees are taxed solely in their country of employment – a considerable advantage for airlines with multinational crews – while companies operating private jets are not required to classify employee use as a taxable fringe benefit.

The Civil Aviation Directorate within Transport Malta plays a pivotal role, offering practical, hands-on support to ensure a seamless registration process. Safety is a central priority: Malta-registered aircraft are subject to the rigorous oversight of the European Aviation Safety Agency, which enforces the highest safety and environmental protection standards in European air transport.

Malta International Airport remains the focal point for aviation activity in the country and is currently undergoing major expansion to accommodate growing demand. Plans are also underway for a small airfield in Gozo dedicated to private and general aviation. Adjacent to the main airport, the Safi Aviation Park – operated by state industrial parks agency INDIS – provides secure, fully compliant airside facilities and hosts many of Malta’s leading aviation companies.

With registrations steadily increasing, Malta’s aviation sector continues to offer abundant opportunities for investors seeking to be part of the island’s growing status as a premier aviation hub.

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Undertakings with their registered office, central administration and principal place of business in Malta, the EU, the EEA, or Switzerland, provided they are at least 50 per cent owned by the governments of these jurisdictions or by qualifying individuals, whether directly or indirectly through one or more intermediate undertakings.

All operators engaged in commercial air transport must hold an Air Operator Certificate (AOC) and an Operating Licence issued by Malta’s Civil Aviation Directorate.

Aircraft may be registered in any of the following capacities: By an owner operating an aircraft By an owner of an aircraft under construction or currently inactive By an operator of an aircraft under a temporary title By a buyer of an aircraft under a conditional sale or title reservation By a trustee acting for the benefit of beneficiaries

CHAPTER 8 Shipping and Aviation

Local Insight

Meet Charles Pace Captain Charles Pace is a former pilot, quality assurance and safety aviation professional who has been Director General of the Malta’s Civil Aviation Department (CAD) since 2016.

Malta has emerged as the fastest-growing aircraft registry in Europe. What are the reasons behind this development?

Malta’s position as Europe’s fastest-growing aircraft registry can be attributed to a unique blend of regulatory alignment, operational efficiency and a pragmatic approach to business. Fully compliant with international aviation and legal standards, Malta’s registry offers a seamless process for registrants. Although aligned with the European Union Aviation Safety Agency (EASA), Malta also holds a coveted FAA Category 1 rating, an assurance of top-tier safety and oversight standards.

One of the standout features driving growth is the country’s fully digital registration system. The entire process can be completed online, providing a transparent, traceable and efficient experience.

With relatively short turnaround times, provided all documentation is in order, Malta has earned a reputation for being both accessible and responsive – two qualities not always associated with aviation authorities.

The surge in registered aircraft is largely driven by the expansion of Malta’s own Air Operator Certificate (AOC) holders, which have grown from just a handful to nearly 60 in recent years. However, the appeal extends well beyond local operators. International lessors, charter operators and foreign airlines have increasingly chosen Malta, drawn by its strong legal protections under the Cape Town Convention and its flexible regulatory framework for both dry and wet leasing arrangements.

In your conversations with foreign airlines and operators, what do they find most surprising about Malta?

Foreign operators often express pleasant surprise at the accessibility and efficiency of Malta’s Civil Aviation Directorate (CAD). Unlike in many jurisdictions, operators can easily contact officials and track applications online. Inspectors and regulatory staff are known for their hands-on, solution-oriented approach, going the extra mile to keep aircraft in the air rather than tied up on the ground. While Malta’s competitive tax regime adds to its appeal, industry insiders emphasise that it is the combination of efficiency, responsiveness and professionalism that truly sets the registry apart.

Can you identify any major market gaps in Malta’s aviation service offering?

Malta’s aviation ecosystem faces a few growing pains. Despite the strength of its aviation law firms and the maturity of its cluster, there is a shortage of professionals with specialised knowledge in airline accounting, aircraft leasing and registration. Building this next generation of aviation professionals will be key to sustaining Malta’s momentum.

How do Malta’s Government and authorities support the aviation sector?

The Maltese Government continues to play a vital role in shaping the sector’s success, offering clear legislative direction, maintaining open dialogue with industry stakeholders and swiftly adopting new ideas that keep the country competitive. This close cooperation between public and private sectors has positioned Malta as a model for how a small nation can make a big impact in global aviation.

While Malta’s competitive tax regime adds to its appeal, industry insiders emphasise that it is the combination of efficiency, responsiveness and professionalism that truly sets the registry apart.

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Local Insight

Meet Katrina Abela Dr Katrina Abela heads Vaia Legal, a boutique law firm offering specialised legal services in the maritime, aviation and corporate fields in Malta. She has extensive experience in yacht and aircraft sale and purchase transactions, ownership structures, customs importations, and registration.

What are the key features that make Malta an attractive jurisdiction for the registration of vessels and aircraft?

The key proposition is simple: a respected EU flag combined with pragmatic regulation, speed and cost-efficiency.

From your experience, what aspects of Malta have most surprised your clients?

In maritime, Malta is one of the largest and most established ship registers globally. It provides a strong legal framework, creditorfriendly laws, efficient registration processes, and reasonable fees.

Clients are often surprised by how accessible and efficient Malta is. The practicality and expertise of the relevant authorities are regularly praised by various clients.

In aviation, Malta’s aircraft register has grown significantly due to its EASA-compliant regime, experienced and efficient Civil Aviation Directorate, and a robust legal framework which supports all aspects of the industry. From a structuring perspective, Malta also offers attractive tools such as accelerated depreciation and efficient corporate frameworks for ownership and leasing platforms.

What is Malta’s attraction for superyacht owners specifically?

In 2025, significant changes were made to Malta’s ship registration framework, especially with respect to financing. What are these changes, and how can prospective investors benefit from them?

Malta has recently modernised its maritime financing framework through legislative amendments, introducing, among others, the finance charter instrument as a registrable security. This means that lessors and financiers in leasing structures now have an additional layer of protection beyond traditional mortgages. The law also strengthens enforcement mechanisms, clarifies priorities of registered securities and enhances Malta’s position as a creditor-friendly jurisdiction.

For investors and financial institutions, it provides greater legal certainty, improved protection in asset-backed financing structures and flexibility in structuring complex international deals, enhancing Malta’s appeal for yacht and ship financing, particularly for leasing platforms and structured asset portfolios.

What are the main challenges or obstacles anyone registering a vessel or aircraft in Malta should look out for?

As a jurisdiction of choice, Malta offers a flexible environment, however, it is essential that clients are mindful of the fact that Malta is a highly regulated jurisdiction and the required paperwork, in specific formats, needs to be in place. From a technical

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perspective – both the ship and aircraft registries adhere to a strict set of regulations which must be met for the aircraft/vessel to be included in the Maltese register.

Key attractions include a highly respected and recognised EU flag, an efficient registry which is available 24 hours, seven days a week if required, an increasingly modern regulatory framework, including the updated Commercial Yacht Code, and a strong legal framework which facilitates sales and financed transactions.

Add the ability to structure ownership and operations through corporate frameworks tailor-made for the maritime industry, and Malta emerges as a jurisdiction offering a very strong combination of reputation, flexibility and infrastructure for superyacht owners.

A recent legal update strengthens enforcement mechanisms, clarifies priorities of registered securities and enhances Malta’s position as a creditor-friendly jurisdiction.

A

nyone registering a ship or aircraft in Malta can take advantage of the country’s innovative cell company framework, designed to segregate and shield these assets from claims by creditors. Malta is the only jurisdiction in Europe to offer such structures, known as Mobile Assets Protected Cell Companies (MAPCC).

Modelled on cell company concepts long used in the insurance and securitisation sectors (see p. 133), the MAPCC framework offers enhanced safeguards alongside cost efficiencies – most notably the ability for multiple cells

CHAPTER 8 Shipping and Aviation

Corporate Structures for Asset Protection to operate under a single licence. Establishing or dissolving a cell is far simpler and faster than creating or winding up a separate company. While the MAPCC is a single legal entity, each cell must be registered with the Registry of Companies under its own distinct name.

Provided that directors maintain strict, transparent and easily identifiable separation between the assets of each cell, an MAPCC can issue shares and distribute dividends for any given cell without regard to the financial standing of the other cells or the company’s core (non-cellular) assets.

Grand Harbour Marina, Vittoriosa. Photo: Inigo Taylor

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Malta’s maritime prowess: A beacon of quality and trust in global shipping

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CHAPTER 8 Shipping and Aviation

In a landscape of fierce competition and transformative change, from digitalisation to decarbonisation, Dr Ivan Tabone, Registrar General of Shipping and Seamen for Malta’s Merchant Shipping Directorate, shares his plans to reinforce the principles that have been the bedrock of its success for over half a century with Sarah Muscat Azzopardi.

S

cale and quality are often seen as opposing forces in global shipping. In Malta, however, they have converged to create a maritime superpower. While the island commands the largest shipping registry in Europe – and the sixth largest in the world – it has anchored its formidable reputation in the bedrock principles of compliance, safety and unwavering trust. The result is the robust Malta flag: a globally recognised symbol of confidence for the most discerning shipowners, financiers and seafarers.

Ensuring this legacy of excellence endures and evolves in a changing world is the mandate of Dr Ivan Tabone, the Registrar General of Shipping and Seamen, and Chief Officer for the Merchant Shipping Directorate (MSD).

Appointed in late 2023, Dr Tabone, a seasoned maritime lawyer, brings a wealth of experience to a role crucial for one of the main pillars of the nation’s economy.

Malta’s ascent in the maritime world was no accident – rather, as Dr Tabone describes, it is “the result of years of hard work” by a broad spectrum of stakeholders. The journey began in earnest with the Merchant Shipping Act of 1973, a piece of legislation that has remained the backbone of the island’s maritime framework, he shares.

Crucially, the Act was drafted with a clear purpose: to protect the three primary stakeholders in the industry – the

shipowner, the seafarer and the financier. This tripartite protection creates a secure, transparent and predictable legal environment. “This is the story of the success that we have, because our law is, first of all, transparent, and very clear in protecting these three stakeholders,” Dr Tabone explains. “When you have the three major players protected, everyone can feel safe under that flag.”

This legal certainty has a powerful domino effect. Financiers feel comfortable lending to owners of Maltese-flagged vessels, and in turn, recommend Malta as a jurisdiction of choice. This symbiotic relationship, nurtured over decades, has created a robust ecosystem that includes a vibrant cluster of local service providers, from top-tier law firms to corporate service providers, all contributing to and benefitting from the flag’s sterling reputation. The growth of the registry, meanwhile, fuels ancillary services, creating a virtuous cycle of economic activity that extends far beyond the directorate itself.

And while some registries might compete on cost, Malta competes on quality. Dr Tabone is unequivocal on this point.

“Our main interest is safety-driven. So it’s not about profit, it’s about compliance,” he asserts. “That is our main philosophy.”

This commitment is validated by rigorous external oversight.

The MSD is regularly and successfully audited by the major international maritime bodies: the International Maritime

“Our main interest is safety-driven. So it’s not about profit, it’s about compliance. That is our main philosophy.”

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Organisation (IMO), a UN agency, and the European Maritime Safety Agency (EMSA). Furthermore, Malta is a stalwart of the major memoranda of understanding for Port State Control, consistently maintaining its position on the coveted ‘White List’ of both the Paris and Tokyo MOUs. This signifies a high standard of compliance and results in tangible benefits for shipowners. “When your flag is on the White List, that means that there are fewer delays in ports because your ships are targeted less. And that is another point that is attractive to our clients,” notes Dr Tabone.

This translates into a unique service proposition. Unlike larger, more dispersed registries, Malta’s decision-makers are all located under one roof, operating 24/7. “Anyone can pick up the phone and call the decision-maker there and then and get a decision immediately,” Dr Tabone says. “The shipowner does appreciate that when they call, someone is going to answer, and the person that’s going to answer is a decision-maker.” This direct, personal and efficient service builds strong, lasting relationships based on mutual respect and trust.

This dedication to quality extends to the fleet itself. While the registry continues to grow sustainably, the focus is increasingly on attracting younger, more modern tonnage.

Recent amendments to the Merchant Shipping Act have reduced the maximum age for vessel registration, he maintains, in a strategic move to further enhance the quality and environmental performance of the Maltese fleet.

It comes as no surprise then, that Malta’s influence extends far beyond its shores. As a long-standing and respected member of the IMO Council, the highest decision-making body of the organisation, Malta plays an active role in shaping global maritime policy. “Being there is very important,” Dr Tabone affirms, noting that it allows Malta to represent the interests of its shipowners in the fora where crucial decisions are made.

It is also clear that, in an industry rapidly embracing digitalisation, the MSD is determined to lead from the front. In fact, the directorate is in the advanced stages of a major digital transformation, aiming to become a fully-fledged “digital hub”, the Registrar General explains – an ambitious project that involved digitising all records and, most significantly, creating an integrated platform for all client services. “Our developers are working to create a platform that will form the front end for the client and the back end for our staff to work together,” Dr Tabone reveals.

And the island nation’s commitment to the IMO is profound, proudly hosting two major IMO institutions: the International Maritime Law Institute (IMLI) and the Regional Marine Pollution Emergency Response Centre for the Mediterranean Sea (REMPEC). This active participation and financial contribution, proportional to its large tonnage, ensures Malta’s voice is heard on the most pressing issues facing the industry today.

A key milestone was achieved in June 2025, with the transition to issuing fully digital certificates for vessels. This move, a direct response to client needs, streamlines processes, enhances security and makes the registry more competitive.

Yet, for all its technological advancement, the directorate’s greatest asset remains its people. Dr Tabone speaks of his team with evident pride, valuing them “as family”. He firmly believes that the human element is the directorate’s secret ingredient. “If you had to ask me what the main driving factor of our success is, I would say it is the approach of our team,” he states.

One of the most significant of these is decarbonisation.

Malta, alongside its EU partners, is pushing for a harmonised net-zero framework for greenhouse gas emissions. It is also actively promoting the use of alternative fuels and has joined the Clean Energy Marine Hubs Initiative to help accelerate the transition. Locally, projects like the shore-to-ship Onshore Power Supply (OPS) system in Valletta’s Grand Harbour are already drastically cutting emissions from berthed vessels, demonstrating a tangible commitment to a greener future.

Looking ahead, Dr Tabone’s strategic priorities are clear. First, completing the digitalisation process is paramount, as it will provide a new platform from which to assess the directorate’s future trajectory. Beyond that, the constant challenge is to

“Anyone can pick up the phone and call the decision-maker there and then and get a decision immediately.”

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The vision for the Malta flag is not just about size, but about sustainable quality. “Growth has to be sustainable, first of all, and also with compliance in mind,” Dr Tabone concludes. “We would rather grow at a slower pace, with younger tonnage.”

Under his stewardship, the Merchant Shipping Directorate is set to continue its legacy as a global centre of maritime excellence.

For international investors and shipowners seeking stability, quality and a true partner in a complex industry, the message from Malta is clear: this is a flag of confidence, committed to navigating the future with integrity and foresight.

“Growth has to be sustainable. We would rather grow at a slower pace, with younger tonnage.”

CHAPTER 8 Shipping and Aviation

remain competitive while upholding the highest standards of compliance, navigating geopolitical turbulence and keeping abreast of rapid developments in decarbonisation.

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CHAPTER 9

Tourism

Malta’s International Investment Guide

MaltaInvest2026

Malta’s Tourism Records its Strongest Year Yet

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ourism has long been the backbone of Malta’s economy, maintaining its central role even as the country has expanded into other high-performing sectors. The industry continued its strong upward trajectory in 2025, which closed as a record year with tourist arrivals reaching around the 4 million milestone. Employing nearly 25,000 people and generating billions in annual revenue, tourism fuels investment across complementary industries such as gastronomy, retail, culture, and real estate. Total tourism expenditure for 2025 is estimated to have exceeded €3.75 billion, underscoring the sector’s strategic importance.

Malta’s tourism appeal is deeply multifaceted. While its warm Mediterranean climate and beaches remain key drawcards, the islands have successfully evolved into a year-round destination thanks to a uniquely compelling blend of history, culture and modern experiences. Visitors can explore renowned heritage sites, attend world-class cultural events, and enjoy exceptional diving opportunities that include underwater wrecks reflecting Malta’s rich maritime tradition. For travellers seeking indulgence, the islands offer a growing portfolio of luxury accommodation and

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an increasingly sophisticated fine-dining scene that celebrates both local flavours and international cuisine.

The extensive regeneration of Valletta – named Europe’s best city for 2025 by Condé Nast – together with the restoration of the Three Cities, has revived the elegance of these historic districts, echoing their illustrious past under the Knights Hospitaller. In Mdina, the Silent City, visitors can dine, explore and even stay within beautifully preserved aristocratic homes belonging to Malta’s noble families.

Many centuries-old palazzos have been converted into boutique hospitality establishments, while an array of Michelin-recognised restaurants caters to travellers with refined tastes.

For a more cosmopolitan atmosphere, areas such as Sliema and St Julian’s offer a dynamic blend of designer shopping, lively nightlife and modern Mediterranean energy. These North-Eastern harbour districts continue to attract discerning travellers and major international hotel brands, including the Hyatt Regency, Meliá and Barceló, all of which have expanded into the Maltese market in recent years.

CHAPTER 9 Tourism Mdina. Photo: Karina Movsesyan - iStockphoto.com

The continued rise in arrivals and overall visitor spend presents meaningful opportunities for investors across all segments of the tourism ecosystem. Malta’s long-term tourism strategy prioritises diversifying the experiences on offer, including the development of niche sectors such as sports, medical and religious tourism, together with the introduction of new retail and gastronomic concepts. Quality enhancement also remains a central pillar, with both public and private operators investing in upgrading the tourism product to appeal to higher-spending visitors. Central to this effort is the Malta Tourism Authority’s (MTA’s) VisitMalta campaign, which collaborates closely with industry stakeholders to promote the islands in key international markets.

Given that approximately 98 per cent of visitors arrive by air, connectivity remains a defining factor for Malta’s tourism performance – and a key constraint. Malta International Airport is the primary gateway, offering direct connections to around 100 destinations through a mix of national carriers and low-cost airlines.

Ryanair has significantly contributed to increased accessibility, complemented by the transition from Air Malta to KM Malta Airlines in 2024. Notably, 2026 will reintroduce a direct transatlantic link,

with Delta Air Lines launching a summer service featuring three weekly flights between Malta and New York’s John F. Kennedy Airport.

Malta’s interplay of historic charm, contemporary sophistication and expanding global connectivity has solidified its position as both a leisure destination and an emerging hub for tourism-related enterprise. The rising number of conferences and expos hosted on the islands further highlights their attractiveness to international event organisers. With continued investment in infrastructure, cultural programming and sustainability – supported by privatesector initiatives to elevate the visitor experience and target higherspending segments – Malta’s tourism sector is poised for sustained growth. By seamlessly integrating its rich heritage with modern innovation, the country continues to strengthen its profile on the global stage.

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1

3,075,483

3,563,618

Around

25%

of arrivals in any given year are returning visitors

977,403

1.5

3,002,823

2,330,320

2,771,888

2,598,690

2,273,837

659,513

2

1,965,928

2.5

1,582,153

Number of arrivals (in millions)

3

1,791,422

A Fast-growing Destination 1,689,809

MaltaInvest2026

Malta’s Tourism Figures at a Glance

The average tourist spends

6 nights

0.5 0

2013

2014

2015

2017

2016

2018

2019

2020

2021

2022

2023

2024

in Malta

2025

(Jan-Oct)

Source: National Statistics Office

Average Age of Tourists Coming to Malta 65+

Arrivals by Season

10%

Winter 24%

0-24

Autumn

15%

23%

45-64 29%

Spring

25-44

37%

28%

Summer 34%

Data refers to 2024 figures. Source: National Statistics Office

Data refers to 2024 figures. Source: National Statistics Office

661,576

616,326

800

704,302

Tourist Arrivals

700

67,631

66,432

63,199

59,612

53,547

Hungary

USA

Austria

Ireland

Australia

82,232

Belgium

67,857

83,683

Netherlands

Switzerland

96,486

200

Scandinavia

300

132,081

248,778

Germany

400

264,479

500

Poland

295,396

(in thousands)

600

100

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Data refers to 2024 figures. Source: National Statistics Office

Other

Spain

France

Italy

United Kingdom

0

MaltaInvest2026

Local Insight

Meet Alaine Ciantar As Director of VisitMalta Incentives & Meetings (VMIM), a specialised division within the Malta Tourism Authority (MTA), Alaine Ciantar oversees the development and growth of the Meetings, Incentives, Conferences and Exhibitions (MICE) sector, as well as the Luxury Tourism and Destination Weddings niches, ensuring that Malta’s profile is elevated across key international markets.

What is Malta’s unique value proposition among other potential destinations for MICE travel?

With the new direct link to the United States, do you expect to see new developments in this space?

Malta’s unique value proposition in the MICE sector lies in its blend of accessibility, versatility and immersive cultural appeal, all within a compact, easy-to-navigate destination. The islands offer stateof-the-art conference facilities, world-class hotels and exceptional event venues ranging from historic fortresses to contemporary waterfront spaces, allowing planners to create truly distinctive experiences. Malta’s excellent connectivity to major European airport hubs, English-speaking environment, and reputation for safety and hospitality make it a seamless choice for international organisers.

North America is an increasingly important and promising source market for Malta, among others, not only for MICE, but also for luxury travel. The introduction of a direct flight from New York has complemented years of sustained marketing and PR activity.

This has been consolidated with the recent opening of MTA’s Manhattan office, which marked an important milestone in a longterm strategy.

Moreover, what sets Malta apart is its ability to combine business efficiency with authentic Mediterranean character. Delegates can enjoy rich cultural heritage, stunning coastlines, top-notch varied gastronomy, and memorable activities – all just minutes apart. This balance of professional infrastructure and inspirational surroundings enables event planners to deliver high-impact meetings and incentives that feel both exclusive and effortless.

How do Malta’s connectivity options compare to other destinations?

Connectivity is a decisive factor when selecting a destination for an international event, and Malta’s ongoing investment in air links has significantly strengthened its position in the global MICE market. Today, Malta enjoys excellent connectivity, with direct and frequent flights to major European hubs on a regular or daily basis.

This makes travel planning straightforward and reliable for event organisers, delegates and exhibitors alike. Additionally, long-haul connections have strengthened Malta’s reach: regular flights to Dubai and Istanbul, and more recently, new routes to Doha and New York City, have opened access to broader international markets, positioning Malta as a globally accessible destination.

As a result, Malta is well-suited to host a wide range of events, including corporate meetings, association conferences, international summits, exhibitions, and high-end incentive programmes. The country’s expanding connectivity, combined with its diverse venues and strong hospitality infrastructure, enables planners to confidently choose Malta for events that require efficient, seamless travel from multiple regions around the world.

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For North American audiences, Malta’s appeal lies in its rich heritage, authenticity and cultural depth. These attributes resonate strongly with both corporate and incentive travellers seeking memorable, meaningful experiences.

The direct connection between NYC and Malta makes Malta far more accessible than before. As awareness continues to rise, supported by international recognition such as VMIM being named ‘Destination Marketing Leader’ at the Cvent Excellence Awards Europe, we expect growth in MICE demand from the US and Canada. This is a market with enormous potential, and we are actively investing in its development to ensure Malta becomes an increasingly attractive option for transatlantic events.

Delegates can enjoy rich cultural heritage, stunning coastlines, top-notch varied gastronomy, and memorable activities – all just minutes apart.

CHAPTER 9 Tourism

Destination Highlights

M

alta’s compact size belies its wealth of attractions, offering visitors a multitude of activities and experiences that leave many eager to return.

Around a quarter of tourists each year are repeat visitors, having realised during previous trips how much remains to be discovered.

Renowned for its alluring combination of sun and sea, Malta – together with its sister isles, Gozo and Comino – features beaches ranging from bustling, amenity-filled spots to secluded havens, many boasting Blue Flag status. Divers are drawn to the waters surrounding the islands, which have gained an international reputation as a “wreck diver’s paradise,” with over 60 shipwreck sites, including World War II destroyers and oil tankers, hosting rich marine life. A recent landmark addition was a deepwater archaeological diving site off Gozo, offering a unique glimpse into ancient maritime history.

museum feel. The legacy of the Knights of St John stands out, with their intimidating fortifications shaping the very landscape and presenting an unmissable sight.

Tourists are also captivated by Malta’s UNESCO-listed Megalithic Temples, among the oldest freestanding structures in the world, predating Stonehenge. Precisely calibrated to the movement of the skies, these temples are architectural marvels that have captivated the imagination of all who gaze upon them. Beyond these temples, Malta’s rich heritage is on full display throughout the country, with prehistoric cart ruts, cave dwellings and Roman roads adding to the islands’ open-air

Malta’s living heritage comes alive in the vibrant village feasts held throughout summer, where sacred and secular traditions intermingle. Fireworks light up the skies, and town squares transform into social hubs filled with food, drink and festivities, embodying Malta’s communal spirit. These celebrations showcase the richness of Malta itself, while the archipelago as a whole offers visitors a variety of landscapes, activities and investment opportunities across the islands.

Għasri Valley, Gozo. Photo: viewingmalta.com

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Gozo, Malta’s sister island, offers a complementary tourism offering that combines natural beauty, cultural heritage and a slower-paced lifestyle. Known for its rolling hills, scenic coastline and historic villages, Gozo attracts visitors seeking boutique stays, wellness retreats and immersive cultural attractions. For investors, the island presents unique opportunities in high-end boutique accommodation, niche eco-tourism and sustainable leisure projects, supported by a growing demand for authentic, off-the-beaten-track experiences. Recent infrastructure upgrades, including improved transport links and enhancements to visitor facilities, further strengthen Gozo’s investment appeal as a destination that balances tranquillity with accessibility.

Whether staying on Malta or exploring Gozo and Comino, the islands’ compact size and excellent connectivity allow tourists to enjoy all these diverse attractions while remaining based at a single hotel. Five-, four- and three-star accommodations are complemented by boutique hotels – often nestled in gorgeous historical settings – along with a wide array of Airbnbs. Those seeking high-quality lodgings have a plethora of options, with renowned brands such as Hilton, Westin, InterContinental, Marriott, Hyatt, Kempinski, Meliá, Barceló, Corinthia, and Relais et Châteaux present across the islands.

In 2025, the launch of the adults-only, five-star Verdala Wellness Hotel presented visitors with a new option as the

first premier hotel designed to fully integrate guests’ wellness journey. Building on this momentum, the Planning Authority approved a permit in early 2025 for Six Senses to redevelop the 1960s hotel and bungalow structures in Comino, with a €170 million investment set to create a sustainable, lowerdensity luxury resort managed as a single property.

Beyond accommodation, Malta’s retail and dining sectors have undergone significant development in recent years, with an expanding selection of international brands catering to the millions of tourists visiting the islands. The food scene has welcomed notable new additions, including celebrity chef Gino D’Acampo’s first international restaurant, France’s renowned Paul Le Café, and the high-end confectioner Ladurée.

Retail investment continues to find strong demand. Mercury in St Julian’s and The Shoreline at SmartCity are among the latest retail landmarks to open their doors, offering new experiences for shoppers and thrill-seekers alike with facilities such as a go-kart track and a climbing gym.

These trends underscore Malta’s direction as it strives to cater to modern, cosmopolitan tastes. Foreign investors will find that projects aligned with the country’s vision are warmly welcomed on the island.

Blue Lagoon, Comino. Photo: Gregory Iron - viewingmalta.com

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Local Insight

Meet Fabien Vella A hospitality professional with over 25 years of experience, Fabien Vella serves as Cluster Director of Sales with Hilton Malta and DoubleTree by Hilton Malta.

What are the factors that make Malta an attractive place to host events?

What advice would you give to anyone thinking of hosting an event in Malta?

Malta’s appeal rests on a combination of genuine qualities and a highly effective MICE infrastructure, ensuring that customers are trusting their business to true professionals. Contrary to what some may expect, the country’s small size is actually a major competitive advantage, with short transfer times allowing delegates to make the best use of their time. Apart from impressive hotels and conference centres, Malta also offers event planners truly unique locations with a strong ‘wow factor’. Venues under the management of Heritage Malta – from historic fortifications and Knights-era palazzos to Neolithic temples – can transform events into memorable experiences.

My main advice centres on maximising the island’s unique offerings and strategic support – book early, partner wisely and discuss locally to look at all available options, including the non-mainstream ones, for a memorable and unique event.

Other factors are the climate, which allows event planners to confidently incorporate significant outdoor elements into their programmes, and Malta’s safety and political stability – which we all know is a non-negotiable for large international corporate groups.

The widespread use of English and the country’s membership of the eurozone and Schengen area also contribute to a smooth and effortless experience for planners and delegates alike.

Make it a point to secure unique venues well ahead of time. The islands’ most coveted historic forts and palazzos are in high demand, particularly during peak season. Book them immediately after securing your primary conference hotel and dates. This will all be part of the authentic Maltese experience.

Engaging local partners like a Malta Tourism Authority-approved Quality Assured DMC will equip you with the relationships and local knowledge to deliver bespoke experiences and streamline logistics, while VisitMalta Incentives and Meetings (VMIM) provide excellent, impartial support, free advice and access to incentives schemes – testament to the Maltese Government’s support and presence in this sector.

A final word of advice to event planners is to embrace all seasons.

For large conferences, targeting the quieter and shoulder months (January to May and October/November) often offers better value, greater venue availability and still guarantees beautiful weather for outdoor events over most dates.

Apart from impressive hotels and conference centres, Malta also offers event planners truly unique locations with a strong ‘wow factor’.

Malta delivers a premium, efficient and culturally rich experience that extends well beyond the meeting room. That is why I recommend Malta for almost all types of conferences, events, product launches, and incentives. It will be not only a memorable one, but a successful one too!

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MaltaInvest2026

Local Insight

Meet Kurt Micallef J.Micallef Group, founded in 1994 by John Micallef, has grown from a small construction company into a diversified group of companies engaged in property development, service stations and the hospitality sector, among others. Kurt Micallef actively manages the group alongside his father and his brother Brandon, ensuring continued growth while upholding the family’s commitment to quality, professionalism and excellence.

The holiday accommodation sector in Malta has grown significantly over the last years, with some areas approaching saturation point. What can investors in this space do to stand out?

The holiday accommodation market in Malta is highly competitive, but opportunities remain in less saturated areas that are still wellconnected. Għaxaq, where we have invested in three luxurious properties for short stays, is just five minutes from the airport and 10 minutes from Malta’s capital city, but it offers a quieter setting with rich history and traditional feasts. Properties that blend modern design with Maltese character appeal to travellers seeking comfort and authenticity. Each of our properties can accommodate up to eight guests, providing high-quality accommodation for both business and leisure travellers.

In your role, you are in direct contact with many visitors to the Maltese Islands. What kind of feedback do your guests give you about Malta?

From the experiences shared by guests, what really stands out about Malta is its personality and charm. People are consistently impressed by the island’s festivals, historic towns and friendly locals.

Malta’s location in the middle of the Mediterranean gives it a unique position and distinctive appeal. One of the highlights for many tourists is the variety of stunning beaches, each offering a different

experience and atmosphere. Visitors also appreciate how the islands combine a sense of local life with accessible cultural and natural attractions.

What advice would you give to foreign investors looking at Malta’s tourism industry?

Quality and character are critical in Malta’s tourism sector. Visitors are drawn to the islands not just for the sun and beaches, but for their rich history, cultural festivals and authentic experiences.

Investments that reflect what makes Malta special, whether through thoughtful property design, local traditions or unique experiences tend to resonate strongly with travellers.

While location and accessibility are important, the distinctiveness of a property or service often leaves a lasting impression. Properties that preserve their traditional Maltese style while integrating modern comforts are particularly appealing. Providing guests with a more authentic experience helps differentiate offerings in a competitive market. By focusing on the details that make a stay memorable, from design elements to cultural touches, investors can appeal to tourists who are looking for meaningful experiences. Working with a reliable company can help ensure that the investment is managed effectively from acquisition to operation and can provide guidance on maximising the property’s potential.

By focusing on the details that make a stay memorable, from design elements to cultural touches, investors can appeal to tourists who are looking for meaningful experiences.

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M

alta’s events calendar presents a vibrant mix of music, cultural and other events. Drawing on the islands’ central location and excellent air connectivity, these events attract both local and international audiences. Major highlights include Isle of MTV Malta, Europe’s largest free music festival, which transforms Floriana’s Granaries into a buzzing concert venue showcasing top-tier and emerging artists. British and Italian organisers have also capitalised on Malta’s appeal, hosting destination festivals that feature star performers and attract thousands of attendees annually, cementing the islands’ reputation as a premier festival hotspot.

Amid the activities drawing youthful clubbers and music enthusiasts, visitors can also enjoy events with a distinct cultural dimension. The Malta Jazz Festival, for example, is renowned for its stellar lineup of global talent, and stands as one of Europe’s foremost jazz events. For classical music fans, the Valletta Baroque Festival provides a refined experience with performances in historic venues.

Additionally, local favourites like Valletta’s Notte Bianca and

Isle of MTV Malta, Floriana. Photo: viewingmalta.com . © MTV - Paramount

Malta’s Events Calendar the Birgu Fest illuminate the charm of these historic cities, allowing attendees to experience their beauty under the soft glow of candlelight and creative lighting.

Expos and conferences play a pivotal role in diversifying Malta’s tourism sector, attracting thousands of professionals annually across industries such as iGaming, tech, medicinal cannabis, aviation, and maritime. These events are hosted in welcoming conference venues and supported by innovative local suppliers and event planners skilled in handling complex logistics. Beyond the professional agenda, many expos feature off-site activities, blending business with leisure by offering cultural tours, club nights and iconic boat parties that showcase Malta’s rich entertainment offerings.

Similarly, sporting events in Malta attract a variety of visitors, with the Rolex Middle Sea Race – held in windy autumn conditions – drawing a sporty yachting crowd and offering a varied programme of ancillary events, reinforcing the islands’ status as a dynamic, multifaceted destination.

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Cruise and Maritime Tourism

M

alta’s popularity as a cruise destination and its inclusion in many cruise lines’ itineraries has led to the ongoing expansion of Valletta Cruise Port, which is set to become one of the Mediterranean’s first cruise ports to offer shore-to-ship power across all berths.

Meanwhile, although it lacks dedicated harbour facilities, Gozo is also gaining a positive profile as a destination off the beaten track, with a marked increase in the number of cruise liners berthing off the island.

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Valletta. Photo: Inigo Taylor

The cruise sector is undergoing a shift as luxury players like Four Seasons and Ritz-Carlton enter the market, bringing their distinctive hospitality to the seas. This development promises to further boost Malta’s profile, with both brands exhibiting a strong connection to the country through their flags, vessel names and itineraries.

As the industry evolves, Malta is poised to be one of the main beneficiaries of this revitalisation of the cruise experience.

MaltaInvest2026

Tourism Investment Potential

M

alta’s tourism sector presents numerous opportunities for investors, from established brands to ambitious entrepreneurs. The variety of experiences the country offers to visitors means there is no single avenue for potential investment. Capital has poured into several areas as the country revamps its tourism product and looks towards its long-term sustainability, with international hotel chains increasingly seeking to establish a presence in Malta’s thriving tourism market. Independent investors, meanwhile, are renovating historic buildings into

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boutique accommodation, filling the inevitable market gaps created as tourist arrivals outpace current offerings.

Gastronomy is a major area of opportunity. Since the Michelin Guide’s arrival in Malta in 2020, the fine-dining scene has flourished, with restaurants competing for the coveted recognition by enhancing their offerings.

ION Harbour House, in Valletta, is the first Maltese establishment to earn two Michelin stars. Six other restaurants currently hold one Michelin star, but there is plenty of room for more as the country repositions itself

CHAPTER 9 Tourism Portomaso. Photo: Inigo Taylor

a major redevelopment project currently underway at the capital’s Coliseum complex, located opposite the awe-inspiring St John’s Co-Cathedral, promises to address this need, opening the door to bold investors ready to bring fresh concepts and new brands to an area of unparalleled prestige.

as a destination for discerning tourists seeking elevated quality experiences.

Malta’s retail scene, on the other hand, is arguably trailing behind in this shift towards higher-end offerings. The luxury retail market remains underserved, making it ripe for investment. Although retail space is not lacking and several upmarket brands can be found on the island, there remains no truly sophisticated suite of haute couture and luxury fashion outlets. One reason for this is the lack of adequate space in Valletta, the natural home of brands serving the truly high-end market segment, though

Understanding Malta’s strategic priorities, and why people come here, is crucial for investors looking to tap into the lucrative tourism sector. The drive to become a more refined destination – while maintaining year-round visitor numbers – creates a welcoming environment for high-quality investment, particularly for internationally renowned brands with a pull factor of their own. Similarly, initiatives to increase arrivals in the shoulder months will be well-received, in line with efforts to mitigate the inherently seasonal nature of tourism in a seaside destination.

Not that the seaside should be disregarded: around 60 to 70 per cent of tourists cite the sea and culture as their main reasons for travelling to the islands. Meanwhile, business and special occasions such as music festivals and weddings are the main motivators for 8 per cent of travellers, with scuba diving and wellness accounting for 5 per cent each. Just under 4 per cent come to study English at one of the many schools concentrated around Sliema, St Julian’s and St Paul’s Bay. Investors, companies and entrepreneurs exploring the opportunities offered by a destination attracting some 4 million tourists annually will find strong support from the MTA and the Ministry for Tourism, guiding them on the practical realities of the market and the legal obligations that are necessary to ensure that high standards remain the order of the day. The MTA is tasked with promoting Malta as a tourism destination around the world, and is also responsible for the licensing of hotels, short-lets, restaurants, bars, and other tourism-related business, making it a natural first point of contact. As with other sectors, local insight and perspective can make all the difference, so establishing early relationships with the MTA is strongly advised.

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Measuring what matters: How the Malta Tourism Observatory is redefining sustainable travel Leslie Vella, Deputy CEO and Chief Officer Strategic Development at the Malta Tourism Authority, explains to Edward Bonello how the Malta Tourism Observatory signals a new level of maturity for Malta’s tourism sector, offering the country the tools to understand its past, manage its present and shape its future.

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CHAPTER 9 Tourism

“The observatory signals that the industry has reached a new level of maturity, and that the country has developed to a point where it is willing to examine itself critically.”

T

he word sustainable has been bandied around widely in recent years, becoming a buzzword and arguably losing some of its meaning. No less in the tourism sector. Yet for Leslie Vella, Deputy CEO and Chief Officer Strategic Development at the Malta Tourism Authority, it remains the cornerstone of the Malta Tourism Observatory.

“We would be better served if we thought of sustainability as a guiding principle, rather than just as an adjective, signifying a balance between what we take and what we give,” he says, noting that the philosophy sits at the heart of the Malta Tourism Observatory, set up in 2022 as part of the Tourism Strategy 2021–2030.

Its purpose is to measure, analyse and critique the effects of tourism – and the effects tourism has in return – in a structured, objective and data-driven way.

Photos: Inigo Taylor

“The observatory signals that the industry has reached a new level of maturity, and that the country has developed to a point where it is willing to examine itself critically. Countries with long-standing and sophisticated tourism industries, such as the UK, Italy, Spain or France, do not leave tourist arrivals to chance. They study the various related phenomena in depth: what drives bookings and what doesn’t. It is all about being a destination that takes itself seriously.”

Framing this development within the context of Malta’s tourism evolution, it becomes a natural progression for an industry that has come a long way. “In the 1950s, tourism was limited in scale and scope. Suffice it to say that in 1958, the first year records for tourist arrivals were kept, the island welcomed 12,000 visitors. Today, that number is easily reached within 48 hours of a normally busy August. Then, tourism was seasonal and depended almost entirely on the UK. Malta gradually began widening its reach, increasing connectivity and attracting investment in hospitality, particularly in the 1960s. By the end of that decade, arrivals reached 200,000, and the mass-market travel boom of the 1970s strengthened

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the sector, despite its continued dependence on the British market; the establishment of Air Malta in 1974 proving to be another watershed moment,” Mr Vella explains.

By the 1990s, Malta sought to develop specific niches such as MICE, English-language learning and leisure diving, in a bid to bolster the still-slow shoulder months.

“These initiatives extended the season, brought new visitor profiles and widened the catchment to more countries, yet Malta was not yet considered a first-choice destination. The real revolution came in the new millennium with the embracing of low-cost carriers, internet bookings and shorter, more frequent stays. That transition brought exponential growth and, more importantly, a critical mass. Today Malta occupies a respectable place in people’s minds as a destination for family holidays in numerous countries,” Mr Vella maintains.

This growth brings with it a range of issues that require specific attention, and that is what the observatory is tasked to do. “Tourism is neither all good nor all bad,” Mr Vella clarifies.

“Its economic contribution to the country is plainly undeniable, yet so are the real challenges it presents, such as the carbon footprint generated by touristic activity, environmental pressures, food waste, and the delicate balance required to safeguard natural and cultural assets. The observatory exists precisely to evaluate all of this.”

The Malta Tourism Observatory is also interested in widening its lens to study broader phenomena that could impact tourism.

“How is global warming affecting the tourism industry? Will our Mediterranean summers remain bearable for visitors?

Do we need to consider creating more shaded spaces in our public environments – something that would benefit not only our international guests, but locals alike?” asks Mr Vella.

“Changes in rainfall could reshape entire landscapes, affect the food chain and impact the production of staple favourites such as strawberries or lampuki (a locally caught popular fish), constituting a serious shift to Malta’s identity and offerings.

Rising sea levels, predicted for decades, introduce another layer of long-term risk, threatening the very existence of beaches along Malta’s shores. The Observatory’s work provides a wide view of interconnected elements and the long-term vision required to adapt to them,” Mr Vella continues.

This holistic approach also underpins several projects housed within the Observatory, from tourism sustainability indicators to climate-related scenario planning and the development of Malta’s Tourism Satellite Account. Other initiatives include the branding footprint study, the Murmuration platform using satellite and AI data, international partnerships such as SUNx Malta and the t-Forum, as well as the extensive digitisation of Malta’s tourism archive. Together, they create a structure that continuously examines, challenges and informs Malta’s strategic direction, placing the country alongside more established observatory-led systems.

Also remarkable is the level of detail the observatory pursues, seeking and promoting specific niches of interest that go beyond the usual ‘greatest hits’.

“Recently we have grown interested in reviving the Maltese red orange, which distinguishes itself from the similar Sicilian variety as it blends both red and orange within its juicy flesh,” Mr Vella notes.

The orange variety is said to have been a favourite of French regnants, primarily Louis XIV, who from Versailles would send his envoys to secure a steady supply, with the Knights of St John naturally being more than happy to oblige. The delicious larinġ ta’ Malta (Maltese orange) quickly found a place of honour in the repertoire of world-renowned French cuisine,

“The Observatory’s work provides a wide view of interconnected elements and the long-term vision required to adapt to them.”

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“Preserving and regenerating such elements is not nostalgia.

It serves the wider purpose of elevating what makes Malta unique. Tapping into our historical and gastronomical heritage is just one way of creating a unique offering. We have much to learn from neighbouring countries that take inordinate pride in the provenance, production and safeguarding of their produce.

Apart from being a lucrative business, it also creates niches of interest that attract quality visitors.”

This ties into a growing shift towards participatory tourism, in which visitors do not simply observe but take part in local life, from village feasts to agricultural experiences. Such engagement enhances authenticity and naturally stimulates a rise in quality.

CHAPTER 9 Tourism

developing the Sauce Maltaise, a variant of the time-honoured Sauce Béarnaise.

“We need to start with quality first, and then, once the product is capable of competing at a certain level, it will automatically fetch a higher price. Quality, in this sense, is not artificially created but emerges when tourism aligns more closely with community, place and value,” Mr Vella concludes.

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Curating an encounter with Malta’s historical legacy The Maltese Islands are peppered with archaeological sites, ancient and Baroque architectural wonders, and museums brimming with treasures. Close to 100 of these landmarks are managed by Heritage Malta. Recently, the entity has further opened its doors to high-end corporate partners keen to enjoy a more intimate experience with the country’s patrimony. Here, Heritage Malta CEO Noel Zammit speaks to Rebecca Anastasi about this unparalleled access being granted to Malta’s cultural jewels.

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F

rom the ornate ceilings at the Grand Master’s Palace to the labyrinthine limestone tunnels at St Paul’s Catacombs and the breath-taking sunrise over the ancient megalithic structures of Ħaġar Qim and Mnajdra, Malta’s heritage sites are places where memories are forged through powerful encounters with the islands’ prehistoric, Baroque and more modern past. Hundreds of thousands of tourists have thronged these sites over many decades, driven to see and feel the intensity of an ever-present history. Yet few have experienced the intimacy of these locales – a shortfall Heritage Malta is intent on remedying.

Indeed, as part of its efforts to bring the broader community into closer contact with the legacy of Malta’s yesteryear, the entity has launched a series of initiatives aimed at the local and international corporate community, explains Heritage Malta CEO Noel Zammit. These serve to bring business leaders, C-suite executives and the human resource talent that powers industry into contact with the country’s cultural heritage through custom-made and immersive experiences. “High-

Photo: Bernard Polidano

end business clients expect exclusivity, discretion and a sense of distinction. To this end, Heritage Malta is offering a rare blend of cultural prestige and personalised service, positioning our sites as venues of experience rather than simply locations,” Mr Zammit attests.

These luxury packages offered by the entity “are designed to elevate Malta’s cultural heritage into an exclusive, experiential product for discerning audiences, in our effort to reach as many people as possible and disseminate Malta’s heritage even further,” the CEO says. Through such offerings, Heritage Malta aims to open the doors to Malta’s most iconic sites – including the Grand Master’s Palace, Fort St Angelo and the Inquisitor’s Palace – for private, tailor-made tours.

Heritage Malta thus provides bespoke itineraries and curated access to closed areas after hours, as well as cultural performances and fine-dining events at key historical landmarks. Such events often also feature “custom menus grounded in history and designed by local chefs. Moreover, the luxury packages may include behind-the-scenes visits to conservation laboratories, private viewings of artefacts, or themed tours led by subject experts who elevate the experience through their knowledge and storytelling,” the CEO notes.

CHAPTER 9 Tourism

“High-end business clients expect exclusivity, discretion and a sense of distinction. To this end, Heritage Malta offers a rare blend of cultural prestige and personalised service, positioning our sites as venues of experience rather than simply locations.”

educational and memorable moments, making them ideal for small corporate groups, executive incentives, or highprofile delegations,” he underscores.

Elaborating, Mr Zammit shares that recent events have included “exclusive dinners and brand activations at Fort St Angelo, executive receptions at the Grand Master’s Palace and private, curator-led tours across several heritage locations, including access to sites that are usually closed.”

The unique selling proposition of these events lies in their “authenticity” and “storytelling power”, the CEO continues.

“While other venues across the island can also offer luxury, Heritage Malta does more: we present, for instance, a 16thcentury setting overlooking the Grand Harbour, brimming with emotional and historical depth. There is also the possibility of hosting a gala dinner within a restored palace

These unique experiences “are aimed at high-net-worth visitors, corporate groups and international delegates seeking a meaningful and authentic engagement with Malta’s heritage,” Mr Zammit explains. Through such offerings, “we ensure each engagement reflects the brand stature and values of the client. In essence, we provide a cultural signature to corporate events – something that a conventional venue cannot replicate. Furthermore, these exclusive encounters transform visits into deeply personal, Domvs Romana, Rabat. Photo: Heritage Malta

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“These exclusive encounters transform visits into deeply personal, educational and memorable moments, making them ideal for small corporate groups, executive incentives, or high-profile delegations.” or fortress. This creates an immersive, once-in-a-lifetime experience where every wall and artefact contributes to the event’s narrative,” he says, adding that “these spaces connect guests to Malta’s cultural identity and history in a tangible, memorable way.”

Heritage Malta is also leveraging digital technologies to further enhance these experiences. “We are actively investing in Augmented Reality (AR), Virtual Reality (VR) and interactive storytelling to boost visitor engagement. For instance, immersive VR experiences of the Grand Master’s Palace and Malta’s underwater wreck sites are already available for the public. For corporate clients, this technology allows us to extend exclusivity beyond physical access, offering private guided tours with leading experts, immersive historical reconstructions and digital extensions of event content. This blend of innovation and tradition reinforces Malta’s positioning as a forward-thinking cultural destination,” Mr Zammit explains.

Yet hosting these events “requires careful balance between access and preservation,” owing to the sensitivity of the landmarks involved. “We have clear Standard Operating Procedures covering logistics, security,

Fort St Angelo, Birgu. Photo: Jean Marc Zerafa - Heritage Malta

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conservation, and visitor flow. Our team works closely to ensure that each overall set-up respects the site’s integrity, that equipment use is non-invasive and that security is managed seamlessly. As a result, each event is assessed on a case-by-case basis, with detailed risk evaluations and on-site supervision,” the CEO explains. In other words, the initiatives typically involve “high-level logistical coordination,” he insists, explaining that “each event is meticulously tailored, from lighting design and entertainment to curator-led storytelling, historically inspired menus and paired fine wines.”

Looking more broadly at its relationship with the islands’ corporate community, Heritage Malta is also investing in corporate partnerships with conscientious collaborators keen to participate in safeguarding and celebrating Malta’s cultural legacy. “We seek partnerships that share our values of authenticity, sustainability, cultural preservation, and excellence. Collaborations must reinforce the integrity of our national heritage and align with Malta’s broader positioning as a destination for quality and sustainable tourism. We welcome partnerships with organisations from sectors such as luxury travel, finance, arts, innovation, and hospitality, provided they contribute positively to

Fort St Elmo - War Museum, Valletta. Photo: Heritage Malta

CHAPTER 9 Tourism

Malta’s cultural narrative and long-term heritage conservation goals,” Mr Zammit says.

One of the vehicles through which such partnerships are being formalised is the Corporate Patronage Programme. This offers businesses access to the entity’s high-end luxury offerings while also providing “the opportunity for patrons to associate their brand with national heritage and cultural excellence – strengthening their corporate identity while engaging employees and clients in a meaningful cause,” he explains.

However, there is no one-size-fits-all approach and there are myriad options for businesses and corporate leaders keen to become Heritage Malta patrons, such as memberships for individuals and companies wishing to sponsor a single event. Furthermore, Heritage Malta is open to what it terms “legacy patronage” – an opportunity to secure a lasting mark in history by bequeathing assets or funds, whether modest or substantial, to support restoration and maintenance projects.

Financial investment is only one avenue for participation: there are also opportunities to help safeguard Malta’s heritage through action, with the entity welcoming those willing to volunteer their time in Heritage Malta museums or within its educational initiatives.

“Partnering with Heritage Malta allows individuals and companies to contribute directly to the preservation of national heritage. Revenues generated from these collaborations are reinvested into site restoration, education programmes and cultural accessibility initiatives. This makes every event or investment socially responsible and culturally enriching, offering our corporate partners, in particular, a measurable CSR impact that may align with their sustainability and community engagement objectives,” Mr Zammit says.

Court Shield. Photo: Heritage Malta

Looking ahead, Heritage Malta plans to target international markets further, with the entity keen to continue attracting global business clients to experience its bespoke experiences. “We are currently focusing on the UK, French, Polish, American, and Asian markets, targeting luxury travel operators, event planners and corporate networks with an interest in cultural destinations. Our strategy includes collaboration with Malta’s tourism stakeholders, international PR and trade participation, as well as digital storytelling campaigns positioning Malta as a premier destination for luxury cultural experiences,” the CEO explains.

Concluding, the CEO adds that, following extensive restoration projects undertaken at several sites – including the Grand Master’s Palace – Heritage Malta will now be able to offer exclusive and high-end corporate event opportunities across a wider array of landmarks. “The Grand Master’s Palace has undergone major restoration work, and so have the Malta Maritime Museum and Fort St Elmo. The latter now boasts a state-of-the-art kitchen which will truly transform the visitor experience in the 16th-century fort. In addition, Villa Guardamangia and Villa Portelli are in the pipeline as major projects under the remit of Heritage Malta, each planned to offer unique thematic possibilities.”

These projects, he insists, “will further expand Heritage Malta’s portfolio of premium, culturally rich venues, ensuring continued innovation and sustainability in our offering.”

“Partnering with Heritage Malta allows individuals and companies to contribute directly to the preservation of national heritage.”

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CHAPTER 10

Useful Information

Malta’s International Investment Guide

MaltaInvest2026 Photo: Inigo Taylor

Why Reliable Information Matters for Investors

I

nvestment decisions are never made in isolation. They depend on clear objectives, a sound understanding of the wider environment and access to reliable information. With this in mind, Malta Invest 2026 brings together a curated collection of key facts and insights to help investors evaluate the opportunities Malta offers. Throughout, we underline a simple truth: informed connections matter. Having access to accurate, timely information can significantly influence investment outcomes.

This chapter acts as a practical guide for both foreign and local investors navigating Malta’s business landscape. It includes a comprehensive directory of authorities, agencies, associations, and organisations – complete with contact details. We also highlight the important role played by Malta’s embassies and consulates in facilitating international trade and investment, and we encourage investors to engage with their local Maltese representatives.

Malta’s income tax regime is clearly explained, outlining which types of income are taxable and the obligations that apply. When considered alongside Malta’s favourable tax rules for foreign

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shareholders (see p. 68) and the advantages offered by the country’s residency schemes (see p. 88), investors can effectively map their tax position. The chapter also includes Malta’s full list of double taxation agreements, providing clarity on how Malta’s tax system interacts with those of other countries.

Every investment relies on a strong, reliable ecosystem – regulation, finance and infrastructure all play a crucial role. Malta’s competitiveness is supported by robust logistics networks, highquality healthcare services and strong digital connectivity. These strengths reflect sustained public and private investment and position Malta alongside many of Europe’s more developed markets.

We are confident that the wealth of information presented in this chapter – and throughout this publication – positions Malta Invest as a trusted companion for investors evaluating Malta’s economic landscape. We hope it serves as a reliable guide, equipping you with the knowledge and insights needed to make informed and successful investment decisions, whether you are exploring new opportunities or expanding existing ones.

CHAPTER 10 Useful Information

Building Your Network in Malta Building a local network is one of the most effective ways to get a head start on your investment plans in Malta. Investors who reach out for guidance – whether to explore opportunities, identify partners, or request information on available incentives – will find that support is both abundant and accessible. With support just a phone call or email away, the ease of communication between industry stakeholders at all levels is a key attraction, making the comprehensive list of local entities presented below an important resource for any prospective investor in Malta.

Communications

Employment

Malta Communications Authority (MCA)

Department for Industrial and Employment Relations (DIER)

Regulator of all communications services including TV, internet, mobile telephony, and radio, as well as eCommerce. +356 2133 6840

customercare@mca.org.mt

mca.org.mt

Government entity tasked with supporting good industrial relations and monitoring the legal application of employment contracts. +356 2122 4245/6

info.dier@gov.mt

dier.gov.mt

Education

JobsPlus The national employment agency issuing work permits.

University of Malta The leading higher education institution in Malta with faculties in a wide variety of subjects. +356 2340 2340

info@um.edu.mt

um.edu.mt

+356 2125 5153

jobsplus@gov.mt

jobsplus.gov.mt

Identità Issuer of visas, identity cards, passports, and other services.

Malta College of Arts, Science and Technology (MCAST)

+356 2590 4000

enquiries.identita@gov.mt

identita.gov.mt

The top vocational and training college with hundreds of courses leading up to Master’s level. +356 2398 7100

information@mcast.edu.mt

mcast.edu.mt

Malta Financial Services Authority (MFSA)

Malta Further and Higher Education Authority (MFHEA) Accrediting authority of Maltese education institutions providing quality assurance and recognition of local and international qualifications. +356 2598 1489 mfhea.mt

Financial Services

info@mfhea.mt

Regulator of financial services in Malta. +356 2144 1155

communications@mfsa.mt

mfsa.mt

FinanceMalta A public-private partnership set up to promote Malta as an international financial centre. +356 2122 4525

info@financemalta.org

financemalta.org

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Malta Stock Exchange

iGEN

Provides access to capital finance to large companies and SMEs alike through its Main and Prospects markets.

Association of iGaming companies based in Malta.

+356 2124 4051

borza@borzamalta.com.mt

+356 7967 6868

info@igenorg.eu

igenorg.eu

borzamalta.com.mt

Institute of Financial Services Practitioners Association of professionals working across the entire range of financial services. +356 9946 7041 / 9934 3240 / 9934 2991 info@ifsp.org.mt

ifsp.org.mt

Malta Institute of Accountants The voice of the accountancy profession in Malta. +356 2258 1900

info@miamalta.org

Malta Enterprise Malta’s economic development agency providing grants, incentives and other assistance for businesses looking to establish themselves in the country. +356 2542 0000

info@maltaenterprise.com

maltaenterprise.com

Malta Enterprise Gozo Office

miamalta.org

Malta Institute of Taxation Organisation of tax practitioners promoting good practice and knowledge through seminars and courses. +356 2131 4653

General Investment

info@maintax.org

+356 2156 4700 gozo.office@maltaenterprise.com / investgozo@gov.mt

Malta Enterprise UK Office +44 20 7292 4800

maintax.org

peter.meli@maltaenterprise.com

Private Equity and Venture Capital Association (PEVCA) Association of fund managers, investors, family offices, and others working in Malta’s private capital ecosystem. info@pevca.mt

pevca.mt

Business 1st One-stop-shop for business set-up. +356 2124 2144

info@businessfirst.com.mt

businessfirst.com.mt

Start In Malta Initiative to improve Malta’s startup ecosystem.

Gaming

+356 2542 0000

Malta Gaming Authority (MGA) Regulator of all gambling services in Malta. +356 2546 9000

info.mga@mga.org.mt

startinmalta.com

Start In Malta Gozo Office +356 2156 4700

mga.org.mt

GamingMalta Foundation

Malta Business Registry

Promoter of Malta as a centre of excellence for the broad gaming industry.

Register of companies based in Malta.

+356 2247 3000 gamingmalta.org

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connect@startinmalta.com

info@gamingmalta.org

+356 2258 2300 mbr.mt

info.mbr@mbr.mt

Government holding company and development partner. +356 2149 7970

info.mgis@mgis.com.mt

mgis.com.mt

Investment Partner Malta Film Commission Government entity facilitating film production in Malta through tax credits, co-production grants and other incentives.

Malta Development Bank

+356 2180 9135

Provider of financing facilities to support productive and viable startups, SMEs and infrastructural projects.

screenmalta.com

+356 2226 1700

CHAPTER 10 Useful Information

Malta Government Investments

info@screenmalta.com

info@mdb.org.mt

Life Sciences

mdb.org.mt

Medicines Authority (MA) Regulator of the pharmaceutical industry in Malta.

Gozo

+356 2343 9000

Gozo Regional Development Authority Agency promoting economic development in Gozo. +356 2215 6331/3

info@grda.mt

grda.mt

info.medicinesauthority@gov.mt

medicinesauthority.gov.mt

Life Sciences Park A life sciences hub providing laboratories and other facilities for research and development activities.

Gozo Business Chamber

+356 2247 7600

Association of businesses in Gozo.

maltalifesciencespark.com

+356 2155 0305

info@maltalifesciencespark.com

info@gozobusinesschamber.org

gozobusinesschamber.org

Gozo Tourism Association Association of tourism operators working in Gozo. +356 2156 5171 / 2756 5171 / 2755 1999

Property Planning Authority (PA) Regulator of planning, zoning and building permits.

info@islandofgozo.org; ceogta@islandofgozo.org

+356 2290 0000

islandofgozo.org

pa.org.mt

customercare@pa.org.mt

Environment and Resources Authority (ERA) Regulator of Malta’s natural resources and all practices relating to their management.

Industry

+356 2292 3500

INDIS State entity managing industrial space in Malta and Gozo. +356 2226 4400 indismalta.com

info@indismalta.com

era.org.mt

Malta Development Association Association of property developers and professionals working in the construction industry. +356 7949 2095

info@mda.com.mt

mda.com.mt

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Residency

Xjenza Malta Advisor, promoter and supporter of Malta’s research and development efforts.

Community Malta Agency Agency managing Maltese citizenship. +356 2122 5232

+356 2360 2200

info@komunita.gov.mt

info.xjenzamalta@gov.mt

xjenzamalta.mt

komunita.gov.mt

Residency Malta Agency

Tourism

Agency managing Maltese residency. +356 2203 4000

Malta Tourism Authority (MTA)

clientrelations.residencymalta@gov.mt

Regulator of hospitality, catering and other tourism-related services.

residencymalta.gov.mt

+356 2291 5000

info@visitmalta.com

mta.com.mt / visitmalta.com

Taxation

Festivals Malta Agency

Commissioner for Revenue

National body entrusted as caretaker of Malta’s calendar of cultural festivities.

Malta’s centralised tax office responsible for income tax, social security and VAT. +356 2568 5120/3/8

servizz@gov.mt

cfr.gov.mt

+356 2334 7301

info.fm@festivals.mt

festivals.mt

Valletta Cultural Agency

Customs House Department responsible for the control of the import and export of goods.

+356 2124 2018

info@vca.gov.mt

vca.gov.mt

+356 2378 3310/11/12/14/15 maltacustoms.mtca@gov.mt

Agency set up to enable Valletta’s continuing development as a major cultural destination.

mtca.gov.mt

Tourism Zones Regeneration Agency Coordinator of facilities, projects and initiatives in zones dedicated to tourism.

Tech

+356 2137 6082

Malta Digital Innovation Authority (MDIA)

Malta International Airport

Authority promoting and supporting Malta’s emergence as a hub of innovative technologies.

Main point of entry and exit to and from Malta, serving millions of passengers every year.

+356 2182 8800

info@mdia.gov.mt

+356 2124 9600 maltairport.com

mdia.gov.mt

Tech.MT

Valletta Cruise Port

Public-private entity tasked with supporting the development of digital services in Malta.

Port of call set against the stunning backdrop of Malta’s unique Grand Harbour.

+356 2226 2100 tech.mt

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info@tourismzones.mt

techmt.contact@tech.mt

+356 2567 3000 vallettacruiseport.com

info@vallettacruiseport.com

+356 2291 5000

vmim@visitmalta.com

visitmalta.com

Malta Hotels and Restaurants Association Association of operators involved in the hospitality sector. +356 2131 8133

mhra@mhra.org.mt

mhra.org.mt

The independent voice of the private sector in Malta, representing the biggest companies on the islands. +356 2203 2000

info@maltachamber.org.mt

maltachamber.org.mt

Association representing small and medium businesses operating in Malta. +356 2123 2881

Commerce Department Department responsible for the issuing of trade licences for certain regulated sectors and operator of Malta’s intellectual property portal. commerce@gov.mt

admin@smechamber.mt

smechamber.mt

Malta Employers Union of employers promoting sustainable economic development. +356 2123 7585 / 2122 2992

commerce.gov.mt

admin@maltaemployers.com

TradeMalta Public-private partnership supporting trade links and providing assistance to export-oriented companies based in Malta. +356 2247 2400

Malta Chamber of Commerce, Enterprise and Industry (The Malta Chamber)

Malta Chamber of Small and Medium Enterprises

Trade

+356 2122 6688

Trade Association

CHAPTER 10 Useful Information

VisitMalta Incentives and Meetings Promoter of Malta and Gozo as a MICE destination.

maltaemployers.com

info@trademalta.org

trademalta.org

Valletta Gateway Terminal Operator of commercial services in Malta’s Grand Harbour with facilities for RoRo, trailers, containers, conventional cargo, and vehicles. +356 2205 7000

info@vgt.com.mt

vgt.com.mt

Malta Freeport Terminals Malta’s transshipment port serving as a versatile platform for the world’s major shipping lines. +356 2225 1000

marketing@maltafreeport.com.mt

maltafreeport.com.mt

Malta Freeport Terminals. Photo: Inigo Taylor

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Transport

TM Maritime Gozo Office

Transport Malta (TM) Government body overseeing all transport in Malta. +356 2122 2203

info.tm@transport.gov.mt

transport.gov.mt

civil.aviation@transport.gov.mt

TM Merchant Shipping Directorate +356 2125 0360 mershipmalta.tm@transport.gov.mt

Valletta Waterfront. Photo: Inigo Taylor

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Yachting Malta Public-private partnership promoting Malta’s development as a hub for yachting events and services. +356 9982 3780

TM Civil Aviation Directorate +356 2555 5412

+356 2155 8856/7

ceo@yachtingmalta.org

yachtingmalta.org

Malta Maritime Forum Association bringing together all stakeholders in Malta’s maritime industry. +356 2555 5532 mmf.org.mt

admin@mmf.org.mt

CHAPTER 10 Useful Information

Personal Taxation in Malta Malta operates a graduated progressive income tax regime with a top personal tax rate of 35 per cent for incomes above €60,000. The precise income required to qualify for a particular tax band depends on whether the individual is single, married or a parent, as shown below.

It is important to note that not all sources of income are subject to tax. Tax eligibility is also affected by residence and domicile. Individuals resident and domiciled in Malta are subject to personal tax on their worldwide income, while those who are domiciled but not ordinarily resident in Malta are only subject to tax on income arising in Malta and that remitted from abroad. The latter are therefore exempt from Maltese tax on income earned abroad which is not received in Malta. They are also exempt from tax on capital gains arising outside the country, whether or not it is remitted to Malta. However, persons married to an individual who is resident and domiciled in Malta are subject to taxation on their worldwide income, as if they themselves were resident in the country.

Tax Rates for 2026 Chargeable Income (€) From

To

Rate

Subtract (€)

Single Rates 0

12,000

0%

0

12,001

16,000

15%

1,800

16,001

60,000

25%

3,400

60,001

and over

35%

9,400

Married Rates 0

17,500

0%

0

17,501

26,500

15%

2,625

26,501

60,000

25%

5,275

60,001

and over

35%

11,275

Parent Rates 0

14,500

0%

0

14,501

21,000

15%

2,175

21,001

60,000

25%

4,275

60,001

and over

35%

10,270

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MaltaInvest2026

Malta’s Double Taxation Agreements Malta has as an extensive network of double taxation agreements currently in force. Residents of Malta can benefit from the following minimum rates of tax on dividends, interest and royalties.

Dividends Country

Interest Rates %

Royalties Rates %

5

5

0

0

0

0

5

10

5

5

Rate for major shareholding %

15

5

Andorra

0

Armenia

10

Albania

236

Percentage required to qualify for major shareholding % 25

Rate for minor shareholding %

Australia

15

15

N/A

15

10

Austria

15

15

N/A

5

10

Azerbaijan

8

8

N/A

8

8

Bahrain

0

0

N/A

0

0

Barbados

15

5

5

5

5

Belgium

15

15

N/A

10

10

Botswana

6

5

25

8.5

5/7.5

Bulgaria

0

0

N/A

-

10

Canada

15

15

N/A

15

10

China

10

5

25

10

10

Croatia

5

5

N/A

0

0

Cyprus

15

15

N/A

10

10

Czech Rep.

5

5

N/A

0

5

Denmark

15

0

25

0

0

Egypt

10

10

N/A

10

12 10

Estonia

15

5

25

10

Finland

15

5

10

0

0

France

15

0

10

5

10

Georgia

-

-

-

0

0

Germany

15

5

10

0

0

Greece

10

5

25

8

8

Guernsey

0

0

N/A

0

0

Hong Kong

0

0

0

0

3

Hungary

15

5

25

10

10

Iceland

15

5

10

0

5

India

10

10

N/A

10

10

Ireland

15

5

10

0

5

Isle of Man

0

0

0

0

0

Israel

15

0

10

5

0

Italy

15

15

N/A

10

10

Jersey

0

0

0

0

0

Jordan

10

10

N/A

10

10

Korea

15

5

25

10

0

Kosovo

10

0

Percentage required to qualify for major shareholding % 10

5

0

Kuwait

0

0

N/A

0

10

Latvia

10

5

25

10

10

Country

Rate for minor shareholding %

Rate for major shareholding %

Interest Rates %

Royalties Rates %

Lebanon

5

5

N/A

0

5

Libya

15

5

10

5

5

Liechtenstein

-

-

N/A

0

0

Lithuania

15

5

25

10

10

Luxembourg

15

5

25

0

10

Malaysia

-

-

N/A

15

15

Mauritius

0

0

N/A

0

0 10

Mexico

-

-

N/A

5/10

Moldova

5

5

N/A

0

0

Monaco

0

0

0

0

0

Montenegro

10

5

25

10

5/10

Morocco

10

6.5

25

10

10 10

Netherlands

15

5

25

10

Norway

15

0

10

0

0

Pakistan

-

15

20

10

10

Poland

10

0

10

5

5

Portugal

15

10

25

10

10

Qatar

-

-

N/A

0

5

Romania

5

5

N/A

5

5

Russia

15/5

15/5

N/A

15/5

5

San Marino

10

5

25

0

0

Saudi Arabia

5

5

N/A

0

5/7

Serbia

10

5

25

10

5/10

Singapore

0

0

N/A

7/10

10

Slovakia

5

5

N/A

0

5

Slovenia

15

5

25

5

5

South Africa

10

5

10

10

10

Spain

5

0

25

0

0

Sweden

15

0

10

0

0

Switzerland

15

0

10

10

0

Syria

0

0

N/A

10

18

Tunisia

10

10

N/A

12

12 10

Turkey

15

10

25

10

UAE

0

0

0

0

0

UK Ukraine Uruguay USA Vietnam

15 15 15 15

5 5 5 5

N/A 20 25 10 50

10 10 10 10 10

10 10 5/10 10 5/10

CHAPTER 10 Useful Information

Dividends

This schedule is only intended to give a general outline of the maximum rates of tax applicable to dividends, interest and royalty payments under Malta’s tax treaties. It is advisable to consult the relevant tax treaty for more detailed information.

Source: Malta Tax and Customs Administration

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MaltaInvest2026

International Support Through Malta’s Embassies and Consulates Malta maintains strong diplomatic relations with numerous countries, and its ambassadors and consuls play a key role in fostering trade and investment. Prospective foreign investors may find their local diplomat to be helpful in providing valuable insight and practical guidance to make their Maltese venture a smooth success.

238

Country or Entity

City

Representation

Telephone

Email

Algeria

Algiers

Consulate

+213 023092262

maltaconsulate.algiers@gov.mt

Australia

Canberra

High Commission

+61 2 6290 1724

highcommission.canberra@gov.mt

Melbourne

Consulate

+61 3 9670 8427

maltaconsulate.melbourne@gov.mt

Austria

Vienna

Embassy

+43 1 5865010

maltaembassy.vienna@gov.mt

Belgium

Brussels

Embassy

+32 2 238 26 08/343 01 95 maltaembassy.brussels@gov.mt

Brazil

Brasilia

Embassy

+55 61 2196 7784

maltaembassy.brasilia@gov.mt

Canada

Toronto

Consulate

+1 416 207 0922/89

maltaconsulate.toronto@gov.mt

China

Beijing

Embassy

+86 10 8532 8400

maltaembassy.beijing@gov.mt

Shanghai

Consulate

+86 21 6265 0166

maltaconsulate.shanghai@gov.mt

Council of Europe

Strasbourg

Permanent Representation +33 388247610

malta-coe.strasbourg@gov.mt

Egypt

Cairo

Embassy

maltaembassy.cairo@gov.mt

European Union

Brussels

Permanent Representation +32 2 233 3600

maltarep@gov.mt​​​

France

Paris

Embassy

+33 1 56 59 75 90

maltaembassy.paris@gov.mt

Germany

Berlin

Embassy

+49 302 577 094 70

maltaembassy.berlin@gov.mt

Ghana

Accra

High Commission

+233 547044295

maltahighcommission.accra@gov.mt

Greece

Athens

Embassy

+30 2107 7851 38

maltaembassy.athens@gov.mt

India

New Delhi

High Commission

+91 11 6696 1140

maltahighcommission.newdelhi@ gov.mt

Ireland

Dublin

Embassy

+353 1676 2340

maltaembassy.dublin@gov.mt

Israel

Tel Aviv

Embassy

+972 3629 5914/5/6

maltaembassy.telaviv@gov.mt

Italy

Rome

Embassy

+39 06 6879990

maltaembassy.rome@gov.mt

Japan

Tokyo

Embassy

+81 3 5404 3450/1

maltaembassy.tokyo@gov.mt

Kuwait

Kuwait City

Embassy

+965 253 880 45/6

maltaembassy.kuwaitcity@gov.mt

+202 2461 9961/2

CHAPTER 10 Useful Information

Country or Entity

City

Representation

Telephone

Email

Libya

Tripoli

Embassy

+218 3611181/4

maltaembassy.tripoli@gov.mt

Morocco

Casablanca

Consulate

+212 520275820/4

maltaconsulate.casablanca@gov.mt

Netherlands

The Hague

Embassy

+31 70 356 12 52

maltaembassy.thehague@gov.mt

Palestine

Ramallah

Representative Office

+970 2 2413210/1

info.ramallah@gov.mt

Poland

Warsaw

Embassy

+48 22 646 46 39

maltaembassy.warsaw@gov.mt

Portugal

Lisbon

Embassy

+351 213 405 470

maltaembassy.lisbon@gov.mt

Qatar

Doha

Embassy

+974 60040310

maltaembassy.doha@gov.mt

Russia

Moscow

Embassy

+7 499 230 25 24

maltaembassy.moscow@gov.mt

St Petersburg

Consulate

+7 812 449 47 80

maltaconsul.stpetersburg@gov.mt

Nizhny Novgorod

Consulate

+7 908 721 4880​

maltaconsul.nizhnynovgorod@gov.mt

Saudi Arabia

Riyadh

Embassy

+ 966 11 463 2345

maltaembassy.riyadh@gov.mt

Spain

Madrid

Embassy

+34 91 391 3061

maltaembassy.madrid@gov.mt

Tunisia

Tunis

Embassy

+216 71965811/5215

maltaembassy.tunis@gov.mt

Turkey

Ankara

Embassy

+90 312 447 8051

maltaembassy.ankara@gov.mt

United Arab Emirates

Abu Dhabi

Embassy

+971 2 444 8646

maltaembassy.abudhabi@gov.mt

United Kingdom

London

High Commission

+44 207 292 4800

maltahighcommission.london@gov.mt

United Nations

Geneva

Permanent Representation +41 22 901 05 80

malta-un.geneva@gov.mt

New York

Permanent Mission

+1 212 725 2345

malta-un.newyork@gov.mt

Embassy

+1 (771) 213 4050

maltaembassy.washington@gov.mt

United States of America Washington D.C.

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MaltaInvest2026

Infrastructure: A Strong Foundation for Investment

A

country’s competitiveness is closely tied to the strength of its infrastructure, and Malta performs strongly in this regard – often exceeding the expectations of those less familiar with the jurisdiction. Despite its small size, or perhaps because of it, Malta has made sustained investments in its physical, digital and soft infrastructure, creating a robust platform for business activity.

Below, you will find an overview of Malta’s key infrastructure assets.

Each undergoes continuous upgrading and modernisation to ensure that businesses operating in Malta have the capabilities they need to operate efficiently and effectively.

Malta International Airport Malta International Airport is the first and last destination for over 95 per cent of all visitors to Malta. As the only air terminal in the country, it is a key contributor to its economic development, a role it has embraced by constantly investing in improvements to its facilities.

Two runways, 3.5km and 2.4km long, connect Malta to over 100 destinations, including most regional capitals and major cities, many less than three hours away, through 29 partner airlines. The 72,000sqm terminal hosts 19 food and beverage outlets, 12 retail outlets and two pharmacies. Business travellers can make use of two executive lounges, while a separate, exclusive VIP terminal is typically used for diplomatic travel. The airport campus also includes over 3,000 parking spaces, dedicated taxi and coach areas, and a state-of-the-art business centre, home to distinguished operations such as Microsoft and VistaJet. Over 23,000 tonnes of cargo pass through the airport annually, as it serves as the main base of Maltese operations for global companies like DHL and Servisair. It also hosts

240

several maintenance facilities, including those operated by Lufthansa Technik, Ryanair and easyJet. Since 2018, Malta International Airport has won Airports Council International’s Best Airport in Europe title seven years in a row.

Further upgrades are underway, with plans to build a second business centre and a tenth apron, including a new taxiway and a staging area for ground handling operations. These projects, slated for completion in 2026, will prepare the airport for increasing traffic and commercial growth while reducing resource use.

Ports and Maritime Connectivity As an island nation with a strong maritime tradition, Malta has long recognised the importance of maintaining the competitive edge of its port facilities. The Port of Valletta, also known as the Grand Harbour, is the main entry point for people and goods arriving by sea. It extends

CHAPTER 10 Useful Information Saluting Battery, Valletta, overlooking Grand Harbour. Photo: Inigo Taylor

around 3.6km inland, operates 24 hours a day, 365 days a year, and offers a wide array of services, including ship repair and building yards, ship chandelling, bunkering facilities, and specialised silos. The main terminal can handle container, RoRo and conventional cargo.

The port also encompasses the Valletta Cruise Port and provides ferry links to Sicily and Gozo.

Marsamxett Harbour, on the opposite side of Valletta, near the cosmopolitan areas of Sliema and Gżira, is largely dedicated to leisure activity and boasts several acclaimed yacht marinas.

At the southern end of the main island lies the Malta Freeport, which ranks among the Mediterranean’s largest transhipment ports.

Operated by Yildirim Group, CMA-CGM and CMPort, its two terminals offer 2,463m of operational deep-water quays, 771,000sqm for container storage, a total of 15,297 container ground slots, and 1,840

reefer slots. With a water depth of 17m, the port can accommodate the world’s biggest vessels with a capacity in excess of 23,000 TEUs simultaneously at both terminals. The freeport received over 1,564 ship calls and handled 2.86 million TEUs in 2024, with its 20 quayside cranes, 60 gantry cranes and highly skilled, dedicated personnel delivering fast turnarounds for some of the world’s largest shipping companies. Malta’s strategic position is fully exploited with over 110 global port connections, and the port continues to invest heavily in digitalisation, infrastructural development, productivity, and ongoing workforce training to stay ahead of the curve and meet demanding clients’ high expectations.

Malta Freeport has embarked on a major land reclamation project to expand its terminals to be able to accommodate the mega containerships currently in development. The extension will increase the terminal’s capacity to 4 million TEU.

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MaltaInvest2026

Industrial Space: Flexible Solutions for Investors Most of Malta’s industrial space is spread across more than 15 industrial estates managed by a dedicated state agency, INDIS. Each industrial estate offers a variety of property solutions, which can often be tailored to tenants’ needs, with some estates equipped for specific sectors and industries, such as the Life Sciences Park, home to cutting-edge laboratories, and the Safi Aviation Park. However, manufacturing of all kinds remains the most common use for such spaces. INDIS takes a proactive approach to facilitating the setting up of business operations in Malta, working hand in hand with investors to find the solution that best suits their needs.

To prepare the country for the technological transition of the coming years, INDIS is making significant investments to expand and improve the industrial space on offer. These investments include the redevelopment of Kordin Business Centre into a modern startup facility and the extension of the Life Sciences Park. Investors interested in exploring the range of properties and potential partnerships available should contact INDIS or Malta Enterprise.

Modern Healthcare Services and Facilities Malta’s main hospital, Mater Dei, is a modern, dynamic facility housed in one of the largest medical buildings in Europe, serving as an acute, general and teaching hospital, with a specialised oncology division located nearby. The Life Sciences Park is also in close proximity, facilitating the seamless integration of the latest R&D into clinical practice. Healthcare in Gozo is also excellent, evidenced by Queen Mary University of London’s renowned Barts Medical School’s decision to open a campus next door to Gozo General Hospital. Private healthcare providers also operate specialised clinics and hospitals across the islands.

The public health service is free at the point of delivery for anyone working and paying social security contributions. Regardless of one’s insurance cover or lack thereof, no one is turned away in an emergency, although proof of insurance will be requested once the patient’s condition has stabilised.

As in the rest of the EU, the emergency freephone number to call for an ambulance is 112.

Education and Talent Development Malta has a well-regarded public school system, with free education available to locals up to tertiary level. The Catholic Church operates several schools, while a relatively small number of private schools can also be found. Three of these, Verdala, QSI and the newly opened Haileybury, cater to the expat community, offering international qualifications.

The University of Malta and the Malta College of Arts, Science and Technology are the main state-funded post-secondary and tertiary institutions, offering a wide selection of degrees in nearly all key

242

subjects. Over the last two decades, several private institutions have also established themselves, with many partnering with international (mostly British) universities to offer internationally recognised qualifications, making Malta an attractive destination for those seeking a world-class education under clear blue skies.

Dialogue between higher education and industry is ongoing, with Government-backed research funds acting as catalysts for collaborative R&D projects that often reach the market and, at times, attract the attention of global players. Once again, the authorities’ willingness to listen and intervene as needed plays a crucial role in fostering fruitful cooperation.

Technology and Connectivity: A High-Performance Digital Environment Two of Malta’s most significant drivers of growth in the 21st century, together contributing nearly a fifth of GDP, are gaming and financial services. The fact that these two industries, which are heavily reliant on fast and stable network connections, were able to develop and succeed highlights the quality of the country’s communications infrastructure, which compares favourably with that of most major European cities. In fact, Malta is the only EU member state with full coverage of ultrafast fixed internet, while the three mobile operators in the liberalised market provide coverage extending to every corner of the country.

The European Commission’s Malta 2025 Digital Decade Country Report – which assesses the country’s progress in its digital transformation towards the EU’s Digital Decade Policy Programme 2030 goals – finds that Malta performs very well in both AI uptake and the digitalisation of businesses. It notes, however, that there remains room to further expand the pool of ICT specialists. Malta is also identified as a top performer in the digitalisation of public services, with well-developed services available to both citizens and businesses.

More specifically, regarding Observed Key Performance Indicators measured as a percentage of the EU 2030 targets, the report indicates that Malta has already achieved 100 per cent Very High Capacity Network (VHCN) coverage and 100 per cent basic 5G coverage – fully in line with the Digital Decade objectives. In addition, 81.3 per cent of Maltese enterprises demonstrate at least a basic level of digital technology adoption, while 17.3 per cent have adopted AI, a rate above the EU average.

The success of Malta’s IT infrastructure in supporting sectors such as software and game development, gaming and financial services, has spurred further investment, with the country now actively venturing into future tech like artificial intelligence (AI) and the Internet of Things (IoT).

Malta is connected to the internet via several cable links to Sicily, while Gozo, which has its own digital development agenda, is connected to the main island through two fibre optic cables capable of supporting major tech investment in the island.

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CHAPTER 10 Useful Information

2026