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December 9, 2012
It’s a small island that has been moving forward in leaps and bounds to compete with larger European counterparts. The Malta economy has come so far in the last two years that it statistics report it to have the second best economy in Europe. The stats, issued by Eurostat expressly state that the country has performed best amongst the 17 Eurozone member states.
Dynamite Comes in Small Packages
The stunning Mediterranean island is largely known for its magical tourism spots filled with rich history dating back 5 000 years, the Neolithic temples, 300 days of summer, and many street festivals centred around tradition. These have all drawn tourists to Malta like moths to a flame. However, just when it was thought the island had discovered it’s draw card of economic growth, the government went onto the international platform and marketed everything from Malta gaming, Skyparks, family businesses and the film location prospects, amongst many others, as the ultimate Malta economy investment opportunity – the results of which speak for themselves.
During the summer months the Malta economy came second to Estonia, with tourism investment playing a large part in the stimulation of Malta’s economy. Additionally the main sectors, which have registered mammoth growth, are retail, finances, manufacturing, and real estate, which has been at the forefront of a lot of press lately. Many stars have shown interest in purchasing property in Malta, and this makes it a particularly attractive property prospect for international investors.
The island is favourable thanks to the Malta tax law for incoming investors and family-owned local businesses. As the Malta economy moves on course to sail through a relatively rough economic climate, it has proved to the financial analysts that even with tough times, it doesn’t all have to be doom and gloom.
November 15, 2012
A new initiative by the Malta Arts Fund is set to give Maltese authors the opportunity have their books and work translated into any language of their choice. Launched on November 15, 2012, the Art Fund aims to provide local authors with the opportunity for international launching of their works.
Spreading the Word
Hot on the economic drive, Malta is becoming extremely popular with international investors, company formation in Malta, and several local businesses which are all benefiting from the global interest in the Mediterranean island. With the influx of investment and the growth of local business the Malta Arts felt it was time for the world to know what Malta offers in the way of written works.
The fund – aptly named Spreading Words – starts of modestly in the first year with only €20 000, but as time goes and the government is happy with the way the funds are being utilised, the sum could be increased. Minister of Culture, Mario de Marco has encouraged this initiative and looks forward to seeing the author industry grow. He has pointed out that recent studies indicate that a small amount of Maltese people like to read in their mother tongue, and now with the Malta Arts Fund behind the movement to spread the words the community of authors who faced a lack of readers due to language challenges will finally be able to garner a bigger audience.
The initiative is great, not only for readers and authors, but the Malta Arts Fund has also considered the job opportunities for translators and interpreters who would be translating the works. There is considering concern that reading in Maltese will fall away, but this viable concern is being tackled through the Malta Arts Fund as a means to keep the written Maltese word alive.
As international authors may possible begin to look to Malta for readership, their already popular works may bring the Maltese back to enjoying reading in their mother tongue. So while big businesses concern themselves with Malta tax treaties and big investment, the local community continues to grow and thrive under brilliant initiatives such as this one by the Malta Arts Fund.
November 15, 2012
The world’s largest container ship began its maiden voyage from Ningbo Port in China, on November 4th, 2012. The Marco Polo set sail for open waters with an itinerary that looks like a ‘Round the world in 80 days’ trip.
Where to From Ningbo?
Flying the British flag, the largest container ship in the world will call at several ports en route to Malta. Stopping at Ningbo Shanghai, Hong Kong, Southampton, Hamburg, Rotterdam, Zeebrugge and Malta, with a several stops in between and after, the ship will be unloading and reloading containers for import and export.
The 16 000 tonne vessel, which is owned by CMA CGM, was constructed by Daewoo Shipbuilding and Marine Engineering in South Korea. Clearly wanting to make a mark on the shipping industry, Daewoo set out to design and manufacture the largest container ship in the world that, by comparison, would dwarf all others. The vessel boasts impressive dimensions. 365 Meters long, 54 meters wide and a draft of 16 meters, some ports may look to have some trouble fitting this baby into their harbours.
One port of call that won’t have issues with docking, and seriously welcomes the world’s largest container ship is the Port of Malta. Considering the booming tourist industry and escalating business industry, Malta is looking like it’s in line to become the business capital of the Mediterranean. Investors are enquiring about Malta taxation on companies they wish to open at the hugely popular Skyparks business community, constructed next to Malta’s international airport.
As Malta companies become part of the global network of businesses and move towards becoming an investor’s paradise, companies are clamouring to become part of Malta’s burgeoning economy. The world’s largest container ship docking in the Maltese port is testament to how seriously the world is taking their investments in Malta.
October 2, 2012
Car Free Day
In environmental strides, Car Free Day 2012 took place in Malta on the 16th of September. There was immense participation including, nine councils, five voluntary organisations and individuals enjoying permanent residence Malta. The aim around the Malta Car Free Day was to raise environmental awareness around the use of cars and it proved to be successful.
Awarenss and fun
Apart from the fun activities that both the community and individuals involved enjoyed, awareness was created around the environmental implications of utilising cars, as well as the effects on the economy and people’s lives living on the island. There was a sporting showcase of the other methods one can use for transport including walking, running and cycling. Car Free Day was not only an event dedicated to limit the amount of cars on the roads and highlight their implications, but an enjoyable day out for the Malta community. Cultural and artistic events such as street performances, exhibitions, recreational and leisure activities for families, and fun activities involving children and the youth, as well as other activities related to Car Free Day were enjoyed by all who attended.
Environmental projects
Malta Car Free Day 2012 and all of its events were supported by the Malta Environment and Planning Authority, and the island has many environmental projects underway including Eco Gozo. The Malta government, community and many a business in Malta are taking environmental issues seriously and are all striving for a greener island.
October 1, 2012
World Animal Day
World Animal Day will be taking place in Malta on the 7th of October and has usually been celebrated on the 4th of October as in 2011, since its first occurrence in Florence, Italy in 1931. It is a day where the animal community come together, remember and pay tribute to both the world’s animals and the individuals that are involved in their growth and preservation. Tax in Malta is one known entity on the island, but on the 4th of October, it’s all about animals.
SPCA
Apart from the focus on animals on World Animal Day 2012, there will be special events on and around that date both in Malta and around the world. In 2009, Malta joined in celebrations with the rest of the world and this year the celebrations kick up a notch. The SPCA has always been an organisation that has dedicated their existence to animals and it aims at bringing together animal organisations from across the globe with the same purpose. In Addition, the SPCA also aims to raise the final stage of funds required to build their new centre in Ta’ Qali. In doing this, the SPCA will finally have the opportunity to care for a greater number of animals, and provide a wider range of services. World Animal day forms an integrated part of this strategy in Malta.
Community contribution
Many individuals enjoying permanent residence Malta, as well as many companies and government officials will be not only enjoying the events of World Animal Day, but will also be contributing to make the SPCA’s dream possible.
Malta is not only renowned for it’s stunning and picturesque positioning and the warm Mediterranean ocean surrounding it, but it offers a wide range of more practical benefits aimed to attract visitors, residents, and large investment. Minimum tax liability is one such benefit. At a flat tax rate of 15%, many high net worth individuals find it worth their while to invest without being taxed exorbitant amounts in their country of origin. With a minimum tax liability of €4,150 this is a great option to consider. These amendments will not have much effect for those who pay tax on their minimum wage, as the minimum salary for tax in Malta is still quite high.