Malta has a region of 246 sq.km and consists of a low highland which gradually goes down the plain in the region to the south east of the Island. The sister island of Malta is 67sq. km and lies only 6.4 km on the North West. There are no mountains in Malta; the Islands are made up of a number of terraced fields on slopes which are hilly. The coastline has sandy beaches, flat rock coves and natural harbours.
All through the long history of Malta, the island encountered a lot of nations which conquered the Mediterranean. These interactions with a lot of individuals of diverse cultures place Malta among the most multi-ethnic individuals globally. Malta people have developed and sustained behaviour which sets them apart, as a nation that loves peace, with a powerful sense of friendliness. Another trait is their amiability which comes mainly from the sunny climate, which is generally warm and found all through the year.
The Maltese population currently stands at 423,000. Maltese is the national language; though however English and Maltese are both official languages.
All present licenses as well as international driving licenses are accepted. Driving should be on the left and 60 (80kph) mph is the national speed limit.
Malta is an independent state and is a member of British Commonwealth. It’s economy is an open market, with European currency, thus having a low inflation rate and high quality of living, which is enjoyed at a low cost. Since the mid 80s, Malta has changed itself into a center for freight trans-shipment and a high quality economic centre with investment legislature policies and reciprocal insurance. Malta has a Financial Services Authority which is independent, founded on the British system. The islands present a modern manufacturing industry and offer a modern system of e-government meant to form the initial e-government state backed by one of the first completely digital network for telecommunications.
On 1 May 2004, Malta became a European Union member state. This made it gain advantages from EU accessions thus accelerating its growth. Malta’s corporate law fully conforms to European standards and auditing and accounting standards are founded on international accounting standards.
Malta has recently introduced a government policy which encourages residents who are non-Maltese to buy property to utilize as a home or holiday home. In view of this, consecutive states have established schemes which turn Malta into an appealing destination.
Below are some of the benefits of residing in Malta or buying property:
- Malta property is remarkably worth spending money on, and residents enjoy moderately low living costs.
- There is a Double Taxation Agreement in Malta and majority of the western states normally ensure that shifting to Malta leads to benefits in terms of tax. It is also very easy to move pensions to Malta.
- Apart from Double Taxation Agreements, Health Agreements are present, which are reciprocal, with some states, leading to treatment at small or no costs.
- There are modest residency standards which provide great tax benefits.
- There are a number of foreign residents who receive a warm welcome from the Maltese individuals; majority of them speak English making integration into the social, local and cultural scene simple.
- Since the end of 1992, death duties were removed; but, on stationary property, a 5% inheritance tax should be paid by the estate on the deceased’s share.