Malta featured in FT's 'Residents Abroad' magazine

by Franco Aloisio

Malta has featured prominently in the last edition of the international magazine for expatriates, Residents Abroad. The five-page feature in the magazine - which is published by the Financial Times - gives an overview of Malta's financial services sector and the country's property market for foreigners.

The first of three articles on Malta entitled "Looking forward to the EU", states that with EU membership in 2003 on the cards, a rocketing stock market and growing banking and funds sector, Malta's financial

services industry is blossoming.

The article said the on-going EU debate is seen to have impeded Malta's relatively small financial services industry from realising its full potential over the last seven years, not only in terms of its domestic market but more significantly as a regional business hub. However, Residents Abroad states that the arrival of HSBC on the island has given the island a big boost.

In another report, Resident Abroad focused on the Maltese property market for foreigners. It said one effort to attract more foreign buyers by the government was to reduce stamp duty charged to non-Maltese house buyers. The tax rates were reduced by five per cent, whereas two years ago, it stood at 17 per cent.

The magazine also stated that moving to Malta and obtaining a residence permit is quite a straightforward procedure.

However, despite the above mentioned incentives, it must be pointed out that a residence permit is not the same as being a naturalised Maltese citizen. It does, though, give the holder freedom to come into the country and leave as they please.

According to Salt Real Estate, that in order for a foreigner to qualify for a permit, that person must have an annual total income of Lm10,000.

Although the required of annual income figure is of Lm10,000, a minimum of Lm6,000 per person must be put back into the Maltese economy.