Invest In Malta Special Edition by John Yang

www.maltaenterprise.com

探求在揭开地中海宁静之美面纱后的

马耳他共和国

Republic of Malta

Uncovering the Very Best Quintessence of the Republic of Malta, Apart From Its Tranquil Mediterranean Beauty Of Course

01 马耳他多种多样的机会 Malta: An Array of Opportunities 06 Alan Camilleri 访谈 Q&A with Alan Camilleri 14 全球货币的区域性中心 A Regional Hub for Global Money 22 马耳他的旅游和信息及通讯技术业 Maltese Tourism and ICT Industries Summer, 2011 INVEST IN

Summer, 2011

Co-Published Report

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马耳他：多种多样的机会 Malta: An Array of Opportunities

by James Zhang

alta is nearly as affluent as its European neighbors. The economy is dependent on tourism, which accounts for 35% of GDP; there are about 1.2 million visitors a year. Manufacturing industry represents about 25% of GDP. The financial services industry is the nation’s fastest-growing sector, which will have accounted for 15% of GDP in 2 or 3 years’ time. GDP per head is about $25,100 (2010), roughly equivalent to Cyprus, and above those of the other new EU member states. GDP growth in 2010 was 3.2%. In 2007, inflation stood at 2.6% and dropped to 1.3% in 2008. 2009 saw a sharp rise to 2.1% and dropped to 1.7% in 2010. The government deficit was running at less than 3% of GDP in 2006 and dropped to just over 2% in 2007. 2008 saw a doubling of the deficit to 4.5%, a drop to 3.7% was recorded in 2009. The figure for 2010 stood relatively unchanged at 3.6%. Exports are rising, but with limited agricultural land and wholly lacking in energy resources, Malta inevitably imports a great deal. The

new administration has continued with sound financial policies, and has begun liberalization and privatization of various parts of the economy in line with EU requirements. With GDP below 75% of the Community average, the Commission said in 2006 that the entire territory of Malta will continue to be eligible for regional investment aid. For the period 2007-2013, Malta expects to receive EUR840 million regional aid to deliver growth and jobs. The Central Bank of Malta used to apply exchange controls under the terms of the Exchange Control Act 1972. Current transactions were freed from exchange controls in 1994; capital controls were removed in 2004 as part of EU entry. In May, 2005, Malta was accepted into the EU's ERMII (Exchange Rate Mechanism), setting the country on a path towards full adoption of the Euro as from January, 2008. The Council fixed the equivalent rate for the Maltese lira at 0.429300 for one euro. Interest rates used to be controlled in Malta, but were effectively liberalized

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Co-Published with Malta Enterprise

耳他几乎与其欧洲邻国一样富裕。该国经济依赖于旅游业，其占 GDP 的 35％左右。马耳他每年大约接待 120 万名游客。制造业占 GDP 的 25％。金融服务业是发展最为快速的行业，在未来 2 至 3 年内会占到 GDP 的 15％。人均 GDP 大约为 25100 美元（2010 年），这几乎和塞浦路斯一样，比其它新的欧盟成员要高。2010 年的 GDP 增长率为 3.2％。 2007 年，马耳他的通货膨胀率为 2.6％，而 2008 年下降到了 1.3 ％。2009 年，通胀率快速上升至 2.1 ％，而 2010 年又下降至 1.7％。2006 年，政府赤字低于 GDP 的 3％，而 2007 年再次下降到了 2％多一点。2008 年，赤字翻番达到了 4.5％，而 2009 年则下降到了 3.7％。2010 年的数据站相对不变 , 仍为 3.6% 马耳他的出口一直在增长，但是由于缺乏农业和能源，马耳他不得不大量依赖进口。新政府依然延续着切实的金融政策，并且开始根据欧盟的要求对经济的各个部分进行自由化和私有化改革。由于 GDP 低于欧盟平均水平的 75％，欧盟委员会在 2006 年宣布马耳他全国将继续享受区域性投资援助政策。2007 年至 2013 年期间，马耳他预计将获得 8.4 亿欧元的区域性援助，来刺激经济增长和就业。马耳他央行曾经根据 1972 年《外汇管制法》实施外汇管制，而 1994 年该国废除了外汇管制，并且于 2004 年在加入欧盟时废除了资本管制。 2005 年 5 月，马耳他被批准加入欧盟的欧洲新汇率兑换机制（ERMII），这让该国从 2008 年 1 月开始完全接受欧元作为货币。欧盟理事会制定的马耳他里拉 / 欧元的汇率为 0.429300 比 1。马耳他曾经对利率进行管制，但在 1995 年实行了有效的利率自由化，当时央行将贷款利率的上限提高到贴现利率的 110％。就购买住宅地产而言，马耳他对贷款利率仍然有一定的限制。在国际货币基金组织（IMF）2008 年的一份报告称，推荐了马耳他政府在 2008 年 1 月 1 日起开始完全接受欧元，称其为“在该国以发展为导向的改革进程中重要的里程碑。” IMF 认为，通过与欧盟和全球经济体的紧密融合，马耳他合理地利用了本国的优势和收入增长的潜力。 2009 年，马耳他经济发展得益于金融服务业的高速增长，尽管全球金融业面临困难，马耳他的金融业增长了 22％。在 2010 年 , 更令人印象深刻的是金融服务业又有 30% 的增长。

Co-Published Report

马耳他的美景

Malta has unbeatable natural beauty

马耳他商业环境马耳他拥有出众的商业基础、良好的通讯设施、广泛使用英语的环境和公开高效的政府，这使其拥有非常便捷和有效的商业基础。首都瓦莱塔是主要的商业中心。政府正在积极吸引外来投资，在几乎所有行业外商被允许对企业进行 100％控股。政府推出了大量的投资激励计划，超过 200 家外资公司在马耳他建立了制造基地。马耳他拥有许多本土银行，但该国对外资银行实行严格的管制，直到最近才有所放松。商业法为各种类型的企业建立了特殊的离岸体系，包括船舶公司、共同基金和银行。该国基于 2004 年修订的英国信托法建立了信托方面的法律。离岸实体的税赋非常轻，而马耳他与 46 个国家签订了税务协定，其中包括大多数经合组织国家，这在低税率国家中是不太常见的。外商对马耳他的投资马耳他政府积极地鼓励外商投资，特别是对科技行业的投资。1988 年的《工业发展法》为外国投资者引入了激励政策和好处，投资者需要接受马耳他发展公司的管理。一些激励政策是自动生效的，而另一些则需要由马耳他发展公司批准。政策包括免税期、免预

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in 1995 when the Central Bank increased the ceiling on lending rates to 10% above the discount rate. There remain some controls on interest rates on loans for the purchase of residential property. In a 2008 report, the IMF statement said that the Maltese authorities must be recommended for the successful adoption of the euro on January 1, 2008, calling it "a crucial landmark in their growth-oriented reform agenda". This agenda appropriately aims at leveraging Malta's strengths and income-generating potential through closer integration in the European and global economies, the IMF suggested. The Maltese economy was buoyed by significant growth in the island’s financial services sector during 2009, which grew by 22% in 2009 despite the difficult situation in the sector internationally. In 2010, the financial services sector chalked up an even more impressive 30% in growth.

Malta Business Environment Malta has an excellent business infrastructure with good telecommunications; this coupled with the widespread use of the English language and a reasonably open and efficient public administration makes the island a very convenient and effective business base. Valletta, the administrative capital, is also the chief business centre. The gover nment is vigorously attracting external investment, and foreigners are permitted 100% ownership of enterprises in almost a l l s e c t o r s . T h e re a re e x t e n s i v e investment incentive schemes. More than 200 foreign companies have set up manufacturing operations in Malta. There are a number of local banks, b u t f o re i g n b a n k i n g a c t i v i t y w a s heavily controlled in Malta until quite recently. Business legislation has created special regimes for a variety of types of business, including shipping companies, mutual funds and banks. There is also legislation for Trusts modeled on English trust law, which

Co-Published Report was updated in 2004. Taxation for entities is very light, and Malta is unusual among low-tax countries in having tax treaties with 58 other countries, including most OECD countries.

Co-Published with Malta Enterprise

提税、加速资本津贴、出口推动津贴、工厂资助、关税减免、培训抵免、税率降低和软贷款等等。 2001 年 4 月，政府修订了工业发展法，加入了一揽子新的激励政策，旨在推动现有和新的的投资。政策主要针对制造业（该行业雇佣了 30000 多名员工）、旅游业和服务业（它已经是马耳他经济的重要组成部分之一）。激励政策不再考虑企业是否进行出口，旨在推动生产力的发展，而不管产品销往何处。政策不仅包括新的税收措施（在 15 年里，降低 5％－ 15％的企业税），而且提供投资税收抵免、增值税激励计划、小企业特殊政策和其它与培训和创造就业相关的政策。 2004 年 1 月，政府建立了马耳他企业局，这是一个旨在为该国吸引更多外商直接投资的新机构。该监管机构的使命是保持马耳他的竞争力，为马耳他的投资者提供帮助。马耳他企业局包括一些独立的机构：第一个机构负责商业开发，包括外商直接投资、贸易推动、市场战略、知识管理和外国办公室。第二个机构主要负责客户关系管理，第三个机构负责企业服务。

Malta Investments by Foreigners The Maltese gover nment actively promotes foreign investment, particularly into the high technology sector. The Industrial Development Act 1988 introduced incentives and benefits for foreign investors, which were administered by the then Malta Development Corporation. Some incentives were automatic, others were at the discretion of the Corporation. Incentives included tax holidays, e x e m p t i on from withholding tax, accelerated capital allowances, export promotion allowances, subsidized factories, customs duty relief, training grants, reduced tax rates, soft loans, etc. In April 2001, the gover nment amended the Industrial Development Act to incorporate a new incentive package to boost existing and new investment, primarily in the manufacturing sector which employs over 30,000 people and which, together with tourism and the services sector, is

a key element of Malta's economy. The incentives on offer no longer depend on whether a company exports or not. They are meant to promote productivity growth regardless of where the product is sold. The new package contains not only new tax incentives, with reduced rates of corporate tax which start from 5 per cent and move up to 15 per cent over a 15-year period, but also investment tax credits, a value added incentive scheme, special provisions for small businesses, and other incentives related to training and job creation. In January, 2004, the government launched Malta Enterprise, a new body tasked with attracting more foreign direct investment (FDI) to the island. The umbrella body's mission is to sustain Malta's competitiveness and to offer assistance to those seeking to invest in Malta. Malta Enterprise consists of separate units, the first of which is responsible for business development and includes attracting F D I , t r a d e p ro m o t i o n , m a r k e t i n g strategies, knowledge management, and foreign offices. The second unit is primarily responsible for client relationship management, whilst the third deals with corporate services.

马耳他海岸

Maltese coast

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Malta - Europe's Emerging Financial Centre

Mediterranean hub with global connections and access to European, North African and Middle Eastern markets, Malta remains a relatively low-cost base offering the highest standards of service, security and trust. Since joining the European Union in 2004 and the Eurozone four years later, Malta has successfully placed itself on the map for investors wishing to set up their operations in Malta. Malta’s competitive positioning together with a politically stable environment, an Englishspeaking workforce that is specialized and professional and a regulator that is firm yet flexible, practical and accessible make Malta a jurisdiction of choice for investors wishing to set up shop on the island. Malta is at the very front rank of world financial centres. In 2010 the World Economic Forum’s Global Competitiveness Index ranked Malta 11th out of 139 countries for its financial market development and 10th for the soundness of its banking system, three notches up from the previous year. Additionally, over 50,000 companies are registered in Malta, with around 3,000 incorporated in 2010. A. Participation Exemption Malta's participation exemption regime exempts dividends received from participating holdings and gains derived from the disposal of such holdings, provided certain conditions apply. For a holding in acompany to qualify as a participating holding, generally conditions must be satisfied, the most common being: • Malta Company must hold at least 10% of the shares of the company; or • Malta Company has a shareholding in the company of at least €1.164m which has been held for an uninterrupted period of not less than 183 days. The company has an option not to declare said income or gain in the company’s tax return – through the application of a participation exemption. Alternatively, if the Maltese company opts to include its income in its tax return, it will be subject to tax in Malta on such income and gains at the normal corporate tax rate, but its shareholder will be entitled to a 100% refund on distribution of profits derived from such income gains. B. Tax Refunds

Investing in China On an international relations and social level, the positive relationship between Malta and China is reflected in the recent cooperation between the two countries in connection with the recent Libyan upheavals. From a regulatory perspective, the Malta Financial Services Authority, which is Malta’s single regulator, and the China Banking Regulatory Commission and the China Securities Regulatory Commission signed bilateral memoranda of understanding with regards to banking and securities. The memorandum signed with the Securities Commission relates to the protection and promotion of the development of the securities markets by providing a framework for co-operation, increased mutual understanding and the exchange of information, to the extent permitted by the laws and regulations in force in Malta and in China. The other memorandum relates to the sharing of supervisory information and enhance cooperation in the area of banking supervision to the extent permitted by the laws and regulations in force in both countries. In addition to the Memoranda, Malta and China have signed a revised Double Taxation Agreement in October 2010 which will replace the one ratified in 1993.

Malta as an Alternative to Chinese Outbound Investment The Maltese fiscal regime, has been one of the main drivers in creating an attractive investment opportunity. Approved by both the European Commission and the OECD, said regime is giving Malta’s financial services its cutting edge advantage over competing locations and continues to be instrumental in the number of business and investment into the island. With no withholding taxes on dividends, interest or royalties embedded in our tax laws and the possibility of low tax rate has definitely contributed to Malta’s success in being considered as a domicile of choice for Chinese outbound investment. Maltese companies are taxed at 35% on their chargeable income allowing for deductibility of expenses incurred in the production of the income, including interest on debt financing, and allowing unutilized losses to be carried forward unlimitedly to future years, with the possibility of an effective tax rate of 5% or less, depending whether participation exemption or the Malta tax refund system applies.

Summer, 2011

A key advantage of our tax regime is the full imputation system which completely eliminates the economic double taxation of company profits. This entitles shareholders in receipt of a dividend to be subject to an effective tax rate of 5%. They are entitled a tax credit equal to the tax borne on the profits out of which the dividends are paid. Shareholders of a Maltese Company are generally entitled to a tax refund of 6/7ths of the tax paid by the distributing company out of the profits derived from its foreign income account subject to certain conditions. In the event of distributions from passive interests and royalties the refund is generally of 5/7 with an effective tax rate of 10%. This tax treatment is also available to branches of foreign companies registered in Malta for tax purposes. Maltese tax legislation offers the possibility of additional refunds and double taxation reliefs.

In addition to the above, it is worth considering the following key aspects: ·No witholding tax on payments of dividend ·No thin capitalization rules or controlled foreign company legislation ·No specific transfer pricing rules ·No witholding tax on liquidation proceeds paid to non-residents provided certain conditions are fulfilled

·No duty payable on transfers of shares in companies having the majority of their business interests situated outside Malta, provided certain conditions apply

· As an EU member state, entities have access to the European ParentSubsidiary and the Interest-Royalties and Mergers Directives

·Re-domiciliation or continuation of foreign companies to or from Malta With proper planning and structuring one can maximize efficiency to the highest degree, making Malta a domicile of choice for both European and non-European subsidiaries / companies. Rudolph Psaila Amicorp Malta Limited r.psaila@amicorp.com www.amicorp.com www.amicorp-funds.com Tel: +35622584700

Specializing in providing corporate management services, fund administration and tax structuring.

马耳他－欧洲新兴金融中心

Sponsored Article

CHINA'S EUROPEAN ENTRY POINT - MALTA D

r Michael Tanti-Dougall is Senior Partner of Tanti-Dougall & Associates, Advocates a multi-disciplinary Law Firm established in Valletta, Malta together with his wife, also a lawyer, Dr Jacqueline Tanti-Dougall. He has been practicing law for the past 20 years having graduated as Doctor of Laws for the University of Malta. The Law Firm’s legal practice includes company law, financial services, trusts, health & safety, aviation safety & security, competition law, M&A, intellectual property rights, franchising and litigation although where possible, mediation is encouraged as an Alternative Dispute Resolution (ADR) to litigation which benefits clients well especially corporate clients, since it saves much on time and on expenses for a settlement within the shortest time possible which is important and necessary in the business world. Indeed, Dr Tanti-Dougall is Vice Chairman and Member of the Board of Governors of the Malta Mediation Centre. Tanti-Dougall & Associates, Advocates supports its corporate clients with comprehensive professional advice on Maltese Corporate Tax particularly in connection with investment-related businesses as well as indirect tax advice, including the effective use of the current 58 Double Tax Treaties enjoyed by Malta through corporate structuring especially for international business operations. Tax advice can be provided for companies related to cruise liners or super yachts registration, aviation, remote gaming, M&A, the film industry and with respect to company re-domiciliation to Malta. Assistance is also possible for the setting up of business in Malta or through Malta with a tailor-made corporate and tax structures. Since the signing of the Double Tax Agreement between China and Malta, numerous Chinese investors have already benefitted from Malta’s attractive tax regime in the many and varied business opportunities which have arisen with Malta’s accession to the European Union. Indeed, Chinese investors are seeking to make use of Malta as a platform for their businesses to enter the European market and reach out for its billions of consumers. In this respect, it is pertinent to emphasise that Dr Michael Tanti-Dougall has been elected as a member of the Executive Committee of the Maltese-Chinese Chamber of Commerce which has been recently set up, inter alia, for the promotion of business and investment opportunities between the two countries. Dr Tanti-Dougall opines that “Malta is indisputably extremely attractive for foreign investors and companies to carry out their business in particular for its excellent financial services legislative framework and for its advantageous tax benefits for corporate structures including trusts, benefitting from as many as 58 double tax agreement treaties. Every foreign investor in Malta would indeed be able to benefit from a corporate structure that allows him to enjoy a good return on profits whilst at the same time, benefit from lowest taxes possible, normally capped between 0 % to 5 %. For example the film industry in Malta has attracted many productions since the Maltese legislation provides film producers with highly attractive tax benefits which cannot be easily matched elsewhere”. Notwithstanding the financial ‘tsunami’ that has weakened many an economy worldwide, Dr Tanti-Dougall strongly believes that during this current year especially from the third quarter onwards, there should

be an effective increase in Malta for corporate re-structuring with more emphasis on tax benefits and tax planning. Indeed, Malta being a small island state has not been spared from the recession effects; however, in the circumstances, being small has proved to have its advantages and Malta has benefitted from a rather manageable economy which is slowly growing. This growth is attracting foreign investment. For example, in launching its Green Paper in March 24, 2011, with the objective to gauging a comprehensive understanding of the online gambling market which is rapidly expanding beyond original expectations, the European Union has identified Malta ... despite being the smallest Member State ... as enjoying one of the largest register of online gaming companies mainly due to Malta’s favourable tax regime. It is pertinent to point out that in 2008 online Gross Gaming Revenue (GGR) was deemed to be at 0,68% of the Gross Domestic Product (GDP) of the EU. In Malta, which has indeed become an i-gaming hub, the GGR represented 7,82% of its GDP followed by Latvia at 1,38%, Greece at 1,30% and Cyprus at1,22%. Needless to say, Malta cherishes such registered growth over other EU Member States. He reiterates “in the prevailing financial situation, it would be only natural that corporate clients would seek more to maximize their cash flow availability by saving on taxes whilst at the same time minimizing their costs to partake on the local and European market with their products or services at incredible low competitive prices. Malta is making such a demand possible and China can benefit immensely from such a scenario to become even more competitive than ever before.” Dr Tanti-Dougall is co-author of the Malta Chapter in a three volume publication entitled ‘European Competition Law: A Guide to the EC and its Member States’ by Frank Fine, General Editor, published by LexisNexis, an excellent point of reference updated every year by expert lawyers practising in the field of competition, M&A from each EU Member State. He is director of a financial services company, trusts licensee and member of various international organizations which specialize in particular legal areas like IFTTA, the International Forum for Travel and Tourism Advocates and of MARQUES, the Association of European Trade Mark Owners which incorporates both trade mark owners and professional legal practitioners. Dr Michael Tanti-Dougall has been described as “hard working with a vision for practical solutions”.

Adv. Dr. Michael Tanti-Dougall Senior Partner TANTI-DOUGALL & ASSOCIATES, Advocates 91A/1, Archbishop Street, Valletta, MALTA Tel: +356 21 227900 Fax: +356 27 231710

E-Mail: mtd@tdlegal.com Website: www.tdlegal.com Summer, 2011 INVEST IN

地中海的力量全球货币的区域性中心 The Mediterranean Mighty A Regional Hub for Global Money

by James Zhang

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Co-Published Report

马

ituated at a strategic intersection between Europe and Africa with a combined size of 316 square kilometers for its main three isles and a population of 413,775 (2011), the tiny island Republic of Malta glistens amidst the waves and tides of the Mediterranean sea. Relatively unknown to most Chinese, Malta has the very best endowment of the quintessential nature, tamed, tranquil, picturesque; a fabulous historical heritage; and a sophisticated modern financial services industry that the nation can boast of. Out of its active laborforce of 350,168 (as at 4th quarter 2010), 5,731 persons (as at 4th quarter 2010) were employed by the financial services industry with an average gross annual salary standing at €46,810 (as of 2010). After a British colonial rule of 160 years before its independence in 1964, English institutions, culture and language had ingrained in Malta. English, a joint official language with Maltese, is universally spoken and written as well as being the language of education and business. Furthermore, many Maltese are also fluent in Italian, German and French. The Maltese have a very high regard for education and

some 60 percent of the local students enter into education at the tertiary level. Therefore one of the nation’s big advantages is the availability of high-caliber, multilingual workers in most essential sectors of its economy. E n j o y i n g a n e x c e l l e n t re p u t a t i o n worldwide and attracting international students from afar, the University of Malta is one of the oldest universities in the English-speaking world. Malta is an independent multiparty parliamentary democracy headed by a parliament-elected President. The head of government is the Prime Minister leading an elected government for five-year terms. Malta is a member of the European Union, the Council of Europe, the United Nations and the British Commonwealth. The Maltese Government has a tradition of encouraging foreign investors to establish operations in Malta and has always adopted policies in favor of an open, free-market economy and direct investment. As a matter of fact, Malta is one of the EU's most open economies with a trading tradition reliant on import and export. Malta has extensive flight connections with the rest of the world. The national carrier Air Malta operates routes to a

Co-Published with Malta Enterprise

耳他共和国位于欧非交界的战略要地，三大主岛的总面积为 316 平方公里，人口数量为 413,775（截至 2011 年），这个小型岛国在地中海的波浪和潮汐中闪耀着自己的光芒。马耳他对大多数中国人来说显得相对陌生，但是它拥有全球最好的自然禀赋之一：驯服、宁静、景色如画。马耳他拥有神话般的历史遗产以及值得自豪的先进现代金融服务业。在该国 350168 名活跃的劳动力中（截至 2010 年第四季度），有 5731 人（截至 2010 年第四季度）受雇于金融服务行业，平均年总收入为 46810 欧元（截至 2010 年）。马耳他在 1964 年独立以前是英国的殖民地，前后有着 160 年左右的历史，英国的机构、文化和语言在马耳他已经变得根深蒂固。作为马耳他的官方语言之一，英语在口语和书面领域的使用相当广泛，也是教育和商业领域所使用的语言。此外，许多马尔他人也能够说流利的意大利语、德语和法语。马耳他人很看重教育，大约 60% 的当地学生能够接受大学高等教育。因此，该国的最大优势之一就是在大多数重要的经济领域都拥有高素质、能够说多种语言的劳动力。马耳他大学在全球享有良好的声誉，吸引了来自世界各地远道而来的国际学生，这所大学是英语世界里最古老的大学之一。马耳他是一个独立的多党制议会民主国家，由议会选举的总统领导国家。政府的首脑是总理，其领导的民选政府有着五年的任期。马耳他是欧盟、欧洲委员会、联合国和英联邦的成员之一。马耳他政府一直鼓励外国投资者在马耳他建立企业，并且始终采取鼓励开放、自由市场经济和直接投资的政策。事实上，马耳他是欧盟的最开放经济体之一，拥有依赖进出口的贸易传统。马耳他拥有飞往世界各地的大型航班网络。该国的国家级航空公司 --- 马耳他航空 --- 经营着飞往欧洲和北非目的地的定期航班。此外，许多国际航空公司也有往返马耳他的航班。 2004 年 5 月 1 日，马耳他中央银行加入了欧洲中央银行体系，并且从 2008 年 1 月 1 日开始采用了欧洲的单一货币 --- 欧元 --作为该国的法定交换媒介，此举进一步促进了马耳他经济与北部邻国的整合。在投机波动的情况下，这种在欧盟范围内广泛使用的货币的稳定性要远远超过该岛先前所使用的独立货币。马耳他中央银行参与了欧洲央行货币政策准备和决策的全过程。像其他知名的离岸目的地一样，马耳他拥有一个节税的商业环境。在马耳他注册的企业能够从一个完整的归责体系和马耳他与

马耳他金融服务业十分发达。

Malta excels in financial services.

Summer, 2011 INVEST IN

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Co-Published Report 40 多个国家签订的免双重征税条约中获益。在满足特定条件的情况下，马耳他的参与免税制度能够免除 100% 的红利税和资本利得税。马耳他税收体系主要优点之一是完整的归责制度，这完全消除了对公司利润的双重征税问题。而在马耳他注册的外国公司分支机构在税收方面也能够享受这样的待遇。马耳他的金融服务活动是由一个单一的监管机构来监管的，这就是马耳他金融服务局（MFSA）。它就像是英国金融服务管理局的一个复制品，后者从英格兰央行中独立出来，负责监管金融服务业。马耳他金融服务局负责规范和监督信贷和金融机构、投资、信托和保险业务，并且还设有该国的公司注册处。马耳他金融服务局负责发布行业指南、监测本地和国际监管事宜的新动向、与相关部门在法律方面开展合作、并且在培训方面扮演重要的角色。该机构已经与全球金融服务领域的监管者签署了一系列双边谅解备忘录，同样也是包括国际证监会组织和欧洲证券监管委员会等机构所签署的特别多边谅解备忘录的缔约国之一。在 2010 年 2 月 2 日和 1 月 26 日，马耳他金融服务局分别与中国银行业监督管理委员会和中国证券监督管理委员会签署了谅解备忘录。尽管马耳他在国际舞台上显得相对低调，但是它依然是一个高度发达的金融中心。金融服务、金融中介以及相关的产业目前占马耳他 GDP 的 13%，这个数字预计会在未来 10 年内实现翻番。马耳他非常有希望为投资交易和国际业务提供低成本的融资服务。在马耳他设立的本土和外资银行拥有最先进的技术，能够高效而且可靠地处理所有境内和境外的交易。银行业是马耳他的未来马耳他的国际银行业务中心一直在为其成为地中海地区的金融中心添砖加瓦。在过去的十多年里，该行业发生了巨大的转变，从只拥有四家服务当地人的零售银行，发展到一个拥有 22 家当地注册银行的知名国际银行业务中心。在该国运营的外资银行子公司拥有总部位于澳大利亚、奥地利、巴林、比利时、希腊、葡萄牙、土耳其和英国的母公司。其他银行的主要股东来自塞浦路斯、芬兰、意大利、科威特、沙特阿拉伯和瑞士，而持有荷兰持牌银行的分行也能够根据信贷机构法规的欧洲护照权利在马耳他开展业务。包括一些全球领先银行集团在内的银行机构纷纷涌入马耳他，这为该国金融服务行业的蓬勃发展增添了动力。可以预期的是，有许多其他银行机构也将会紧跟这些先行者的步伐。

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Annual Return Fees 公司（非投资公司）年度利润登记 Registration of an annual return of a company other than an investment company with variable share capital,in the case where the authorized share capital of the company 低于 1,500 欧元 Does not exceed €1,500 高于 1,500 欧元但低于 5,000 欧元 Exceeds €1,500 but does not exceed €5,000 高于 5,000 欧元但低于 10,000 欧元 Exceeds €5,000 but does not exceed€10,000 高于 10,000 欧元但低于 50,000 欧元 Exceeds €10,000 but does not exceed €50,000 高于 50,000 欧元但低于 100,000 欧元 Exceeds €50,000 but does not exceed €100,000 高于 100,000 欧元但低于 250,000 欧元 Exceeds €100,000 but does not exceed €250,000 高于 250,000 欧元但低于 500,000 欧元 Exceeds €250,000 but doe s not exceed €500,000 高于 500,000 欧元但低于 1,000,000 欧元 Exceeds €500,000 but does not exceed €1,000,000 高于 1,000,000 欧元但低于 2,500,000 欧元 Exceeds €1,000,000 but does not exceed €2,500,000 高于 2,500,000 欧元 Exceeds €2,500,000

number of European and North African destinations, with regular flights. There are also a large number of international airlines flying to and from Malta. On 1 May 2004 the Central Bank of Malta joined the European System of Central Banks and on 1 January 2008 it adopted the Euro, the European single currency, as the nation’s statutory medium of exchange. This move further facilitated the integration of the Maltese economy with its northern neighbours’. A universal EU-wide currency is much more stable than its previous individual currency backed by a tiny island economy amid speculative volatility. The Central Bank of Malta participates in the preparation and decision-making process of the European Central Bank’s monetary policy. Like other well-known jurisdictions, Malta has a tax-efficient environment. Businesses set up in Malta reap the benefit from a full imputation system and double taxation treaties with over

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40 countries. Malta’s participation exemption regime provides for a 100% relief of dividend and capital gains, provided certain conditions apply. A key advantage of Malta’s tax regime is the full imputation system through which, upon distribution of dividends, tax paid by companies in Malta qualifies for a credit against shareholders’ tax liability generally equal to 6/7ths of the tax paid, as well as the elimination of the economic double taxation of company profits. This tax treatment is also available to branches of foreign companies registered in Malta for tax purposes. Financial services activities in Malta are supervised by a single regulator, the Malta Financial Services Authority (MFSA), an institution very similar to the UK Financial Services Authority, which was disjoined from the Bank of England to be placed into stewardship of the financial services industry. The MFSA regulates and supervises credit

Co-Published Report

业务的范围随着马耳他经济的持续发展，它所能提供的境内外产品和服务的范围也随之扩大。这些产品和服务包括零售银行、私人银行、信托业务、投资银行、贸易融资、财资运营和银团贷款等等。马耳他于 2004 年 5 月加入了欧盟，并且在 2008 年 1 月成功地采用了欧元。这也激发了投资者的信心，也使得运营企业能够轻松地进入欧洲市场。与此同时，该岛处于地中海中心的战略位置，这使之成为进入北非市场的便捷门户，也同样是那些希望从该地区日益增长的财富中获取业务机会的金融机构的理想基地。强大的监管和法律框架马耳他金融服务局是该国所有银行、投资和保险业务的唯一监管者。该机构一直遵循欧盟的法规，采取严格的监管标准和最佳实践准则。与此同时，该机构基于现代不断发展的银行环境保持一定的监管弹性，并且不对经营企业施加不必要的官僚主义负担。在马耳他金融服务局紧密的监管下，马耳

and financial institutions, investment, trust and insurance business and also houses the country's Companies’ Registry. The MFSA issues guidance notes, monitors local and international developments, works with relevant parties on legislative matters, and p l a y s a m a j o r ro l e i n t r a i n i n g . I t has signed a number of bilateral Memoranda of Understanding (MOU) with international regulators of financial services and is also a signatory to specialized multilateral MOUs through organizations such as the International Organization of Securities Commissions a n d t h e C o m m i t t e e o f E u ro p e a n Securities Regulators. The MFSA inked MOUs with China Banking Regulatory Commission and China Securities Regulatory Commission respectively on 2 February and 26 January 2010. Despite its comparatively low exposure in the international arena, Malta is a highly developed financial

centre. Financial services, financial intermediation and related sectors currently account for 13 per cent of its GPD, a figure expected to double in the next decade. It offers excellent possibilities for low-cost financing of investment transactions and international activities. All domestic and foreign transactions are handled efficiently and reliably by Maltese and foreign banks with state of the art technology. Banking for Malta’s Future Malta’s international banking centre has been gaining considerable momentum in establishing itself as a finance hub in the Mediterranean region. Over the past decade or so, the sector has transformed itself from one having four retail banks serving the local population to a reputable international banking centre currently hosting 22 locally licensed banks.

Co-Published with Malta Enterprise

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Co-Published Report

他的银行拥有雄厚的资本实力，并且具有较高的流动性比率、合理的风险头寸以及稳定且多元化的投资组合。这些银行的资金来源主要是客户存款，这种稳健的业务模式使得它们在很大程度上逃离了 2008 年全球金融危机的风暴， 2008 年 10 月世界经济论坛的全球竞争报告显示，马耳他在银行体系稳健度方面排名世界前 10，这就是一个很好的例证。拥有优势的企业注册地该岛拥有大量受过良好教育的劳动力，并且还配备有金融服务行业需要的法律、会计、税务、通讯技术和其它领域的专业合格人才。这些劳动力拥有出色的语言能力（英语是官方语言）和良好的职业道德。相对其它欧洲金融中心而言，这里的成本也要低得多，平均薪资是欧盟国家的三分之一到一半。其它的运营开支也同样具有竞争力，投资者支付合理的租金就能获得高品质的办公场所和住所。马耳他的财政体系同样也是帮助该国建立一个具有吸引力的投资环境的主要驱动力之一。固定的公司税率为 35％，但是马耳他的税收制度不仅包括双边免税协定，而且还包括单边的税收减免和固定税率的外国税收抵免，在这个制度下，无论企业是否在国外支付税款，企业在马耳他获得的外国业务利润都被认为支付了 25％的税。因此，即便在没有免双重征税协定的情况下，这也能够避免对外国业务产生的利润进行双重征税的问题。马耳他另一项主要优势是在红利征税的问题上拥有一套完整的归责制度。这能够让马耳他公司的股东收回企业海外收入帐户的利润所缴税额的七分之六。如果公司申请双重征税减免，那么股东的返税比例将下降到三分之二。马耳他的税收制度已被欧洲委员会认可为遵守欧盟的不歧视原则。通过合理的规划和公司构架，投资者可以把马耳他作为自己的商业基地，大大地提高财税效率。

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The spread of foreign-owned banks includes subsidiaries whose parental organizations are headquartered in Australia, Austria, Bahrain, Belgium, Germany, Greece, Portugal, Turkey, and the UK. Other banks have major shareholding interests emanating from Cyprus, Finland, Italy, Kuwait, Saudi Arabia and Switzerland, and a branch of a Netherlands-licensed bank also operates in Malta under the European Passport Rights for Credit Institutions Regulations. This influx, which includes several leading banking groups, has added dynamism to Malta’s thriving financial services industry, and the expectation is that many other banking institutions will follow its lead. Scope of Activities As growth continues, so does the range of products and services being offered in and from Malta. These include retail banking, private banking, trust business, investment banking, trade finance, treasury operations and syndicated loans. Malta joined the European Union in May 2004, and successfully adopted the euro in January 2008. This inspires confidence, and also allows operators easy access to the European markets. At the same time, the island’s strategic location in the center of the Mediterranean makes it a convenient gateway to North African markets, and an ideal base for financial institutions wishing to tap into the ever-increasing wealth being generated in the region.

A Robust Regulatory and Legislative Framework The MFSA is the country’s single regulator for all banking, investment and insurance businesses. It maintains an aptly high regulatory standard in compliance with the EU legislations and the principle of best practice, whilst in the meantime allowing for the resilience necessary in a modern and dynamic banking environment, without imposing undue bureaucratic burdens on operators. Closely supervised by the MFSA, Maltese banks remain well capitalized, and have high liquidity ratios, reasonable risk exposure, as well as sound, well diversified portfolios. Their funding is sourced mainly from customer deposits, and their prudent business model has enabled them to emerge largely unscathed from the turmoil of the 2008 global financial crisis, as evidenced by the World Economic Forum’s October 2008 report on global competitiveness, which ranked Malta amongst the top ten countries insofar as soundness of the banking system is concerned about. An Advantageous Business Domicile The island has a good source of welleducated laborforce and a legion of qualified professionals in law, accounting, taxation, I.T. and other disciplines required by the financial services industry. The workforce possesses good language skills – English is an official language – and a positive work ethic prevails.

Co-Published Report

持续的增长如今，马耳他的金融服务业正快速地发展成该国经济的基石，大约占 GDP 的 13％。该行业一直在经历高速的增长，政府的目标是到 2015 年金融服务业将占 GDP 的 25％。银行业在这个雄心勃勃的发展过程中扮演着核心的角色，并且能够帮助该岛维护其作为杰出国际金融中心的良好声誉。基金管理

Continued Growth The Maltese financial services sector is today fast becoming a cornerstone of the economy, broadly accounting for around 13% of the GDP. The sector has been experiencing tremendous growth, and government’s vision is to increase the industry’s contribution to 25% of GDP by 2015. Banking has a central role to play in this ambitious development, and in projecting the island’s well-earned reputation as an international finance centre of excellence. Fund Management Malta has developed a sound reputation as a fund domicile, and with a healthy fund management and fund administration sector. Joining the EU in 2004 sparked it all off, and adopting the euro in January 2008 helped further by removing foreign exchange costs for firms dealing with other euro zone members. Accession to the EU brought the stamp of approval to Malta’s financial regulatory regime, and under the EU’s Undertakings for Collective Investment in Transferable Securities (UCITS) legislation, Malta can market appropriately licensed funds throughout the EU. The statistics tell the story. There were 401 funds or collective investment schemes (CISs) registered in Malta, whose size is akin to that of Baoshan, an outskirt district of Shanghai, at the end of September 2009, amongst w h i c h 2 8 8 w e re h e d g e f u n d s o r

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作为基金的注册地，马耳他有着良好的声誉，它拥有健康发展的基金运作和基金管理行业。 2004 年加入欧盟引发了这一切，而 2008 年 1 月开始使用欧元则进一步帮助那些与其它欧元区成员有业务往来的公司消除了外汇兑换的成本。加入欧盟使得马耳他的金融监管体系得到了认可，而在欧盟的可转让证券集合投资事业 (UCITS) 法规下，马耳他能够在整个欧盟范围内以适当的方式推广经授权的基金产品。以下的统计数字就可以说明问题。截至 2009 年 9 月末，马耳他一共有 401 支登记在案的基金或集合投资计划（CISs)，而该岛的面积与上海边缘的宝山区相类似。在这些产品中，有 288 支为对冲基金或专业投资者基金（PIFs)。根据马耳他金融服务局提供的数据，截至 2009 年 9 月，328 支当地登记的集合投资计划的总净资产为 65 亿欧元。这比 2006 年的情况大大进了一步，在 2006 年一共有 145 支基金产品，其总净资产为 48 亿欧元，而在 2004 年基金规模仅为 10 亿欧元。 2010 年 1 月，马耳他金融服务局与中国证券监督管理委员会签订了谅解备忘录，旨在“通过提供合作的框架平台，增强相互理解和信息交换，从而保护和促进证券市场的发展”。这项谅解备忘录使得马耳他的基金行业与全球其它主要基金注册地（特别是欧洲的一些注册地）站在了同一起跑线上。这将促进马耳他与全球发展最迅速、规模第二

Costs are also measurably lower t h a n i n o t h e r E u ro p e a n f i n a n c i a l hubs, with salaries averaging onethird to one-half of the EU level. Other operating costs are likewise competitive, and excellent office space and housing are available at reasonable rents. The Maltese fiscal regime has also been one of the main drivers in creating an attractive investment environment. Companies are taxed at a flat rate of 35%, but the Maltese tax regime includes not only treaty relief but also unilateral relief and the flat rate foreign tax credit, which assumes a deemed foreign tax of 25% of the income received in Malta, irrespective of any tax paid abroad. Thus income arising from overseas is not subject to double taxation, even if there is no double taxation agreement in existence. Another key advantage is the full imputation system that applies to the taxation of dividends. This entitles shareholders to a tax refund of 6/7ths of the tax paid by the distributing company out of profits derived from income arising from outside Malta. The refund is reduced to 2/3rds where the distributing company claims double taxation relief. M a l t a ’s t a x s y s t e m h a s b e e n deemed by the European Commission to be compliant with EU nondiscrimination principles, and with proper planning and structuring, investors can achieve considerable fiscal efficiency using Malta as a base.

Co-Published Report

大的经济体之间在金融机构业务方面的合作发展。一个月后，马耳他金融服务局又与中国银行业监督管理委员会签订了类似的谅解备忘录。中国的“合格境内机构投资者”（对外投资基金经理）现在可以代表中国的投资者投资马耳他注册的投资基金产品，其中包括专业投资者基金和可转让证券集合投资事业基金，这让该行业能够与全球最大的资本池之一实现对接。这项安排同样也能够让马耳他的基金经理在一定的条件下对中国市场进行投资。基金管理者马耳他拥有 81 个持牌的基金管理者和 13 家基金管理服务机构。作为该网络内的一家当地的基金管理服务机构， Apex Fund Services (Malta) 的总部位于百慕大，并在全球各地拥有十几个办事处。常驻爱尔兰的 Apex 公司所有者之一 John Bohan 说，“市场对受监管产品和 UCITS 基金的需求猛增，再加上投资者对稳健的银行环境所提出的要求，这使得马耳他成为了一个完美的基金注册地。”他说，当地的法律使得投资者很容易地就能将资金从其他经批准的司法管辖区迁册至马耳他，而该国基金业的发展为银行和其他机构参与基金运作和管理创造了大量的机会。作为该岛两大主要银行之一，瓦莱塔银行集团 (BoV) 同时拥有一家基金管理运作分支机构瓦莱塔基金管理公司（VFM）和一家基金管理服务分支机构瓦莱塔基金服务公司（VFS）。在困难的环境下，这两家公司在去年的表现依然优异。瓦莱塔银行集团主席 Roderick Chalmers 在该公司最新一期的年度报告中说，“VFM 旗下管理的基金规模已经达到了历史最高水平，尽管有很大一部分资金属于管理费率较低的 La Vallette 马耳他货币基金。VFS 国际业务组合的增长令人鼓舞，这证明了我们建立这样一个新的专业分支机构来聚焦不同业务领域的合理性。在马耳他发展为国际金融服务中心的过程中，该公司正在扮演着重要的角色。” 行业的声音马耳他基金行业协会（MFIA) 副主席、汇丰证券服务（马耳他）公司的执行董事 Charles Azzopardi 指出，该行业已经进入了第 17 个年头。Azzopardi 先生说：“该行业的发展始于 1994 年，当时该国通过了行业建立必备的法令－－《投资服务法》。随后，两大主要银行 Mid-Med 银行（现在的马耳他汇丰银行）和瓦莱塔银行与 1995/96 年各自建立了基金管理公司。这些公司在当地市场发行基金，产品只包括传统型的基金并且只针对零售投

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professional investor funds (PIFs). The 328 locally based CISs had a net asset value of €6.5 billion at the end of September 2009, according to the MFSA. This was a major advance on the situation in 2006, when there were 145 funds with a net asset value of €4.8 billion; and in 2004 their value was only €1 billion. In January 2010 the MFSA signed a MOU with China Securities Regulatory Commission to “protect and promote the development of the securities markets by providing a framework for co-operation, increased mutual understanding and the exchange of information.” The MOU puts Malta’s funds industry on the same footing as the major fund domiciles in the rest of the world, particularly in the EU, and will facilitate business for financial institutions between Malta and the world’s fastest-growing, second-largest economy. A similar agreement with the China Banking Regulatory Commission

was penned in the ensuing month. Chinese ‘qualified domestic institutional investors’ (outward fund managers) are now able to invest on behalf of Chinese investors into Malta-domiciled investment funds, both PIFs and UCITS funds, thereby opening up the sector to one of the world’s largest pools of capital. The arrangement also makes it possible for Maltese fund managers to reciprocally invest in China under certain conditions. Fund Managers R u n n i n g M a l t a ’s f u n d s a r e 8 1 licensed fund managers and 13 fund administrators. Apex Fund Services (Malta), a local fund administrator which is part of this network, has its headquarters in Bermuda and around a dozen offices in other parts of the world. John Bohan, one of Apex’s owners, who is based in Ireland, says that the “surge in demand for regulated products and UCITS funds, coupled with the requirement for a robust banking environment, make Malta a perfect choice as a funds domicile.” He says local laws make it easy to redomicile funds to Malta from other approved jurisdictions, and the growth in the country’s funds industry has created many opportunities for banks and others to get involved in fund management and administration. Bank of Valletta Group (BoV), which owns one of the island’s two main banks, has both a fund management arm, Valletta Fund Management (VFM), and a fund administration subsidiary, Valletta Fund Services (VFS). Both performed well last year under difficult circumstances. “VFM’s funds under management have grown to record levels, albeit with a substantial proportion being represented by the La Vallette Malta Money Fund on which minimal margins are earned,” said BoV group chairman Roderick Chalmers in the company’s latest annual report. “VFS’s portfolio of international business has shown encouraging growth, justifying the

Co-Published Report

the euro zone in 2008 galvanized our position,” he adds.

资者销售。截至 2003 年 12 月，市场上一共有 46 支零售基金，总净资产额为 8.3 亿欧元。除此之外，当时的市场上还有少量的专业投资者基金。而 2004 年 5 月加入欧盟让马耳他得到了其所需要的国际舞台。”Azzopardi 先生认为，欧盟成员国的身份提高了马耳他金融服务业的声誉，把其现有的健全法规体系融入到了欧盟的标准中，并且“给予投资者更多的信心”。由于 UCITS 基金可以在马耳他进行登记并且在欧盟国家进行销售，这使得马耳他与其他欧盟司法管辖区拥有了同等的条件。他补充说：“2008 年加入欧元区进一步提升了我们的地位。” 沟通的渠道

An Industry Voice Charles Azzopardi, vice-chairman of the Malta Funds Industry Association (MFIA) and managing director of HSBC Securities Services (Malta), a fund administrator, says the industry is now in its 17th year. “It began just after the necessary legislation, the Investment Services Act, was passed in 1994, after which the two major banks, MidMed Bank (now HSBC Bank Malta) and Bank of Valletta set up their respective fund management companies in 1995/96,” says Mr Azzopardi. “These companies issued funds for the local marketplace, consisting purely of traditional funds and directed towards the retail investor. By December 2003, there were 46 retail funds, with a net asset value of €830 million, and a couple of professional investor funds of minimal values. Joining the EU in May 2004 gave Malta the international dimension it needed.” Mr. Azzopardi says the EU membership enhanced the island’s reputation for financial services, allowed its already sound regulations to be harmonized to EU standards, “inspiring more confidence,” and put Malta on an even keel with other EU jurisdictions because UCITS funds could then be registered in Malta and sold in other EU countries. “Joining

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马耳他基金行业协会代表了基金管理者、基金服务提供者和销售投资基金的金融中介机构。它于 2003 年由汇丰全球资产管理公司和瓦莱塔基金管理公司共同创建，目前拥有 16 个成员。Azzopardi 先生说：“MFIA 的主要目标是充当沟通的渠道，代表成员在立法和监管等事宜上与马耳他政府进行沟通，并且就可能影响会员业务或利益的事宜与马耳他金融服务局进行沟通。MFIA 同样也为会员提供教育和培训的机会，促进马耳他基金和投资管理业务的发展，为成员提供专业的论坛，并且代表它们对外发出有力的声音。尽管经历了 2008 年的全球金融危机和动荡，马耳他很好地抵御了这场风暴，我们看到基金发起人仍然把马耳他作为注册基金的主要选择，特别是在另类投资基金的领域。” 就基金的价值而言，资产规模一直增长地很快，除了 2008 年最后一个季度中专业投资基金的规模出现了突然的下降。Azzopardi 先生说：“我预计随着该岛业务覆盖面越来越大，更多基金经理人会来到这里。金融动荡是负面的，但对希望把资金转移到一个更为稳定、更受人认可的地方基金经理人来说，它可以被认为更积极的一面。马耳他就是这样一个地方。”

separate focus that was the rationale behind the establishment of this new and dedicated business entity, which is playing an important role in Malta’s development as an international financial services centre.”

A Channel of Communication The MFIA represents fund managers, fund administrators and financial intermediaries selling investment funds. It was set up in 2003 by HSBC Global Asset Management and Valletta Fund Management, and it now has 16 members. “The objective of the MFIA is primarily to act as a channel of communication and to make representations to the Maltese gover nment on matters including legislation and regulation, as well as to the MFSA on regulation that affects the business or professional interest of our members,” says Mr. Azzopardi. “The MFIA also provides education and training for its members, promotes the development of the fund and investment management business in Malta, provides a professional forum for members and acts as its pre-eminent voice. “Despite the global financial crisis and turmoil in 2008, Malta has weathered the storm quite well, as we saw fund promoters continuing to view Malta as an alternative and flourishing jurisdiction to domicile their funds, especially in the alternative investment funds space.” In value terms, the dramatic climb in assets was only arrested in the final quarter of 2008, with a sudden decline in the value of PIFs. This trend stabilized, however, last year and there is a lot of business in the pipeline that augurs well for this year. “I expect that as the island increases its reach we will also see more fund managers coming here,” says Mr. Azzopardi. “The financial market turbulence is a negative, but it can also be considered a positive for us as fund managers look to move their funds to a more stable and recognized jurisdiction, and Malta can be that place.”

Co-Published Report

马耳他的旅游和信息及通讯技术业 Maltese Tourism and ICT 马耳他屡获殊荣、享誉世界的旅游和信息及通讯技术业 Looking into Malta’s award-winning, reputable tourism and ICT industries.

by James Zhang

旅游：该国最重要的收入来源和经济支柱马耳他由马耳他主岛（面积 95 平方英里 / 246 平方公里）、邻近岛屿戈佐岛（26 平方英里 / 67 平方公里）、科米诺岛（1 平方英里 / 2.6 平方公里）以及包括 Cominotto， Filfla 和 Selmunett 在内的无人居住的岩石小岛组成。马耳他位于地中海中部、西西里海峡的东端，距离西西里岛南端 60 英里 / 93 公里，处于突尼斯海岸以西 180 英里 /288 公里。这些岛屿从西北至东南延伸，总长度大约为 27 英里 / 44 公里，海拔最高处为 830 英尺 /253 米。马耳他群岛是在晚第三纪和更新世冰川时代连接西西里和北非、并且把地中海一分为二的最后大陆桥。在马耳他的主岛上，土地从东北至西南呈阶段状上升。东部为丘陵起伏的地区，海拔高度不超过 330 英尺 / 100 米，而西部拥有明显的断层线，这给第三纪石灰岩高原留下了空间，这个地形主要由于岩溶的作用而产生，并且在西部海岸达到了最高点。在岛的东侧，一些淹没的河谷成为了优良的天然港口，而拥有陡峭悬崖的西部海岸很少能给船舶带来什么庇护。耕地大多集中在岛东部的大型盆地上，这里也是人口集中和经济活动发展的主要地区。

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To u r i s m , t h e n a t i o n ’s f o re m o s t source of income and the backbone of its economy The Maltese Islands, consisting of the main island of Malta (area 95sq. mi / 246 sq. km), the adjoining islands of Gozo (26 sq. miles / 67 sq. km) and Comino (1 sq. mile / 2.6 sq. km) and the uninhabited rocky islets of Cominotto, Filfla and Selmunett, lie in the Central Mediterranean at the East end of the Sicilian Channel, 60 miles / 93 km from the southern tip of Sicily and 180 miles / 288 km from the Tunisian coast to the West. The islands extend from NW to SE for a distance of some 27 miles / 44 km, rising to a maximum height of 830 ft / 253 m. The Maltese Islands are the last remains of a land bridge which during the Late Tertiary era and the Glacial periods of the Pleistocene linked Sicily with North Africa and divided the Mediterranean into two. On the main island, Malta, the land

rises in stages from NE to SW. The east is a region of gently rolling hills, never rising above 330 ft / 100 m, with a number of excellent natural harbors wheras the west gives way to a plateau of Tertiary limestones, often broken up by karstic action and reaching its highest points along the west coast which is edged by sheer cliffs that offer little shelter for shipping. Fertile land is found mostly in the larger basins in the eastern half of the island, and it is in these areas that one finds the main concentration of population and where economic activities have developed. The neighboring island of Gozo is separated from Malta by a channel some 3 miles / 5 km wide, divided in two (the North Comino Channel and the South Comino Channel) by the little island of Comino. Like Malta, Gozo rises gradually toward the SW, though here the limestone hills are lower and the cliffs on the SW coast are correspondingly less formidable. The

Co-Published Report

信息和通信技术产业不仅仅是在地中海地区，而且在整个欧盟范围内，马耳他目前都被公认为 ICT 服务的主要提供商。2007 年，马耳他被接纳成为知名的国际电子社区网络（INEC）的成员，与全球其他领先的 ICT 提供商携手共进。智能社

NE coast, with few indentations, has no natural harbors like those of the main island. T h e M a l t e s e A rc h i p e l a g o h a s a characteristically Mediterranean climate. During the summer months it lies fully within the subtropical belt of high pressure, but in winter this withdraws southward, so that during this period the whole of the Mediterranean may be reached by sub-polar troughs of low pressure. Accordingly summers are hot and dry, while winters are mild but rainy. In July the average temperature is 81°F / 27°C; in January it is still as high as 54°F / 12°C. Frost is unknown on the islands. Most of the annual rainfall of, barely 23.6 in. / 600 mm, occurs in November and December; the month of lowest rainfall is July. From April to September the Maltese climate can be classed as arid. Possessing few indigenous raw materials and no natural resources as well as a very small domestic market, Malta's economic development since the beginning of the 1990s has been based on tourism, accounting for roughly 30% of GDP, and exports of manufactured goods, mainly semiconductors, which account for some 78% of total exports. To u r i s t a r r i v a l s a n d f o r e i g n e x c h a n g e e a r n i n g s d e r i v e d f ro m tourism have steadily increased since the late 1970s. The introduction of low-cost flights in 2007 was the main contributor to the 10.6% increase in tourist arrivals over 2006. During 2009 the tourism industry faced a difficult exter nal environment, as Malta’s major source markets were severely affected by the global recession. This was reflected in a substantial 8.4% fall in tourist arrivals to around 1.2 million. For 2010, the tourism industry indicates that it has picked up. As of September 2010, inbound tourists registered an increase of 13% when compared to the same period last year and outbound passengers went up by 7% when compared to the same

period last year. The cruise liner sector, which experienced 26.6% growth in 2007, saw passenger arrivals decline by 20.9% in 2009. Information and communications technology (ICT) has become one of the reasons why visitors choose Malta over other destinations. With excellent fixed and wireless networks, keeping connected while in Malta is easy. ICT can also be used to offer more information to tourists planning their holidays. The ICT industry Malta is now recognized as a major player in ICT services, not just in the Mediterranean region, but in the whole of the European Union as well. In 2007, Malta was also accepted as a member of the prestigious International Network of e-Communities (INEC), joining the world’s leading ICT locations. The Intelligent Community Forum has also chosen Malta as one of the world’s top 20 ‘smart communities’. The challenge that now lies ahead is in maintaining the momentum, because information and communications technology is in a constant state of flux and Malta must stay ahead of the game. Malta is now a valid destination for foreign direct investment in the I C T i n d u s t r y. U n d e r t h e Ve r t i c a l Strategic Alliance (VSA) programme, the Ministry for Investment, Industry and Information Technology joined up with leading global ICT players to promote far-reaching educational and assistance-to-industry programmes. The Maltese government entered into VSAs with Microsoft Corporation, HP, Oracle, IBM, SAP and ESRI, worldleaders in their fields. Alfonso di Ianni, Vice President of Oracle Corporation, said: “It is satisfying to have teamed up with the Maltese gover nment in its journey to be the lighthouse in the Mediterranean, where ICT is concerned. Malta’s strategy and vision are a very good foundation for the country to become the ICT regional centre of excellence.” The estimated

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邻近的戈佐岛与马耳他主岛被一道大约 3 英里 /5 公里宽的海峡分割开来，而这道海峡被科米诺小岛一分为二（分为北科米诺海峡和南方科米诺海峡）。像马耳他主岛一样，戈佐岛的地势沿西南方向逐渐上升，尽管这里的石灰石丘陵海拔较低，西南海岸的悬崖也没那么宏伟。而东北海岸也缺少河谷，因此该岛没有类似马耳他主岛上的那些天然良港。马耳他群岛拥有典型的地中海气候。在夏季，它完全处于的副热带高压带内。而在冬季，这条高压带会向南移动，因此在此期间整个地中海地区会处于副极地低气压带内。与之相应的气候特征是：该地区的夏季炎热干燥，而冬季温和有雨。7 月的平均气温为 81 华氏度 / 27℃，而 1 月的平均温度最高会达到 54 华氏度 / 12° C。马耳他群岛终年不结霜冻，每年雨量大约为 23.6 英寸 / 600 毫米，几乎都出现在 11 月和 12 月，而最低降雨量则出现在 7 月。从 4 月到 9 月，马耳他的气候干旱，总雨量少于水分的蒸发量。马耳他拥有非常少量的本地原材料和一个非常小的国内市场，因此从 20 世纪 90 年代初开始，马耳他的经济发展就一直立足于旅游业（大约占 GDP 的 30％）和制成品的出口（主要是半导体），后者占该国总出口的 78％左右。从 20 世纪 70 年代末开始，马耳他的游客数量和旅游业外汇收入就一直在稳步地增长。2007 年引入廉价航班帮助该年的游客人数相比 2006 年增长了 10.6 ％。2009 年，由于马耳他的主要客源市场受到了全球经济衰退的严重影响，该国的旅游业面临着一个非常困难的外部环境。这体现在了当年游客人数大幅下降 8.4％，仅为大约 120 万人。 2010 年，旅游业显示出了回升的势头。截至 2010 年 9 月，到埠游客人数相比去年同期增长了 13％，而出埠游客的数量也比去年同期上升了 7 ％。在经历了 2007 年 26.6 ％的增长后，2009 年邮轮业的到埠游客数量下降了 20.9％。信息和通信技术（ICT）已成为游客选择马耳他而非其他目的地的原因之一。马耳他拥有优良的固定和无线网络，这使得游客在与外界保持联络时会感觉到方便得多。在游客规划他们的假期时，信息和通信技术可以为他们提供更多的信息。

Co-Published Report

区论坛同样也把马耳他评选为全球 20 大“智能社区”之一。马耳他现在面临的挑战是如何保持这种势头，因为信息和通信技术正在不断地变化发展中，马耳他必须走在竞争对手的前面。目前，马耳他在 ICT 行业是外商直接投资的合法目的地。根据纵向战略联盟（VSA) 计划，马耳他投资、工业和信息科技部与全球领先的 ICT 服务供应商联合起来，旨在促进有深远影响意义的教育和援助项目。马耳他政府与微软公司、惠普、甲骨文、IBM、 SAP 和 ESRI 公司签署了 VSA 协议，这些公司都是它们各自行业的领导者。甲骨文公司副总裁 Alfonso di Ianni 说：“在 ICT 方面，能够与马耳他政府进行合作，成为这条道路上的灯塔，我们感到非常满意。马耳他的战略和视野为该国成为优秀的 ICT 区域性中心打下了很好的基础。”据估计，在这些 VSA 计划中，公司的总投资金额超过了 1 亿欧元。 2006 年，Malta Enterprise 带来的投资项目中有 36％是在 ICT 领域的，其中包括 Tecom Investments 签署协定出资 3 亿美元建造“智慧城市”的项目，这个项目将创造出 5600 个就业机会并且成为区域性的 ICT 服务中心，帮助马耳他转型为全球 ICT 行业的领导者。

overall value of the investment made by the corporations in these VSAs exceeds €100 million. In 2006, 36% of the investment projects brought in by Malta Enterprise were in the field of ICT, including the agreement with Tecom Investments for the setting up of the US $ 300 million SmartCity project, which will generate at least 5,600 jobs and serve as the regional ICT services hub, transforming Malta into a global ICT leader. ICT education Huge investments were made in all state schools, to ensure that children from every background are introduced to the use of computers as early in their lives as possible. More than 6,800 ECDL programmes have been provided o v e r t h re e y e a r s . I n t e re s t i n I C T educational programmes has grown enormously. The University of Malta and MCAST are both attracting large numbers of students to these training

信息和通信技术的教育马耳他所有的公立学校都投入了大量的资金，以确保任何出生背景的儿童都能够尽可能早地开始使用计算机。有 6800 多个欧洲计算机操作证书课程（ECDL）项目已经运行了超过 3 年的时间。学生对 ICT 教育项目的兴趣正在快速地增长。马耳他大学和马耳他艺术、科学和理工学院 (MCAST) 在这方面的培训课程都吸引了大量的学生。而“我的潜能” （myPotential）项目在特定的 ICT 培训课程上给予了大量的学费返还优惠政策。

Co-Published with Malta Enterprise

展望未来到 2010 年，马耳他的宽带网络将与该国的公路网络一样重要，甚至可以说更为重要。马耳他将于电信供应商、建筑业评议会、基础设施建设和监管机构形成一个联盟，来提升我们的网络，使得各家各户都能够享受到无处不在的高速宽带服务。这些网络的速度应该能够在每 12 至 18 个月的周期内实现翻番。宽带是经济发展的重要推动力，因此我们将通过类似 FTTU 的基础设施把它尽可能地接入每个家庭。政府将把服务提供商聚集起来，用税收政策来促进和加速投资，并且刺激更多的服务需求。

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Summer, 2011

Porte de Bombes 在马耳他的瓦莱塔。

Porte des Bombes in Valetta, Malta.

courses. The myPotential programme gives extensive rebates on specialised ICT training courses. Vision for future By 2011 Malta’s broadband network will become as important as, if not more so than, its road network. Malta will forge a coalition with the telecoms p ro v i d e r s , t h e B u i l d i n g I n d u s t r y Consultative Council, the infrastructure authorities and the regulators to upgrade their networks to ubiquitous high-speed broadband serving all households. These networks should be capable of doubling their speed every 12 to 18 months. Broadband is a major economic driver, so they will take it over infrastructure like FTTU into homes wherever they happen to be. The government will bring together the players, using tax to promote and accelerate investment, and fuelling the demand for more services.

Summer, 2011 INVEST IN

Summer, 2011