Malta has the smallest economy in the euro zone. Malta has been doing quite well since 2010 even though there is an economic crisis surrounding them. The economic crisis did have an impact on the economy; however Malta has been able to fairly restore their GDP levels. For the coming years a stable consisted 3% GDP growth is forecasted.
Malta has created a solid yet flexible framework for business based on a legislative and regulatory system which is formulated and implemented over the years and is based on Continental European and English law.
Legislation is drafted in Maltese and English and proceedings in court may be carried out in English.
Malta’s economy is dependent on foreign trade (serving as a freight trans-shipment point), manufacturing of electronics and textiles, tourism and financial services. Tourism has also flourished over the years and now accounts for around 35% of Malta’s Gross Domestic Product. As Malta currently offers a low-cost environment and an advantageous tax regime, it has become an attractive destination for those in the finance industry interested in an EU-compliant domicile. Malta joined the European Union in 2004.
Malta has a very strong position in the maritime sector in Europe, this due to the combination of:
- Its strategic geographical location
- Its well-known first class shipping register (no 1 in Europe);
- Its reliable legal and regulatory framework;
- Its attractive/beneficial tax regime for this sector.
The above creates an optimal environment for yacht owners to register its yachts under the Maltese flag and our lease offer will optimize the VAT advantage which is offered by the Maltese government. For all further details please look into our yacht leasing services.