Message from the Chairman

Message from the Chairman of FinanceMalta Mr Kenneth Farrugia

Welcome to FinanceMalta's internet portal which has been designed to provide you with the latest information and developments taking place in Malta's financial services industry. Today, Malta is rapidly gaining international recognition as a brand denoting excellence in financial services. It offers an attractive cost-and tax-efficient base for financial services operators seeking to establish their business in an EU compliant domicile.

The financial services industry is increasingly becoming a pivotal economic enabler in the country's economy, and Malta has some significant strength to offer the industry; these include a well-trained, motivated workforce; a comprehensive legal and regulatory framework, and a competitive fiscal regime backed up by over fifty double taxation agreements. To these, I would also add a sophisticated ICT infrastructure, English as an official language, an enviable climate and its unique strategic location. Above all, Malta offers a single, supervisory body, the Malta Financial Services Authority, which ensures full compliance with EU regulations but, at the same time, is able to act with speed, flexibility and the minimum of bureaucracy.

Malta's thrust to position itself as an international financial services centre of repute is supported by a number of international attestations. In fact, according to The Global Competitiveness Report 2009-2010 issued by the World Economic Forum, Malta ranked 52 among 133 economies, in the global competitiveness rankings. Moreover, the European Commission's latest Internal Market Scoreboard published in January 2009 emphasised how Malta has been quick to embrace the opportunities offered by the EU single market. It ranked Malta and Denmark in joint first position for the implementation of internal market directives, demonstrating both Malta's efficiency in transposing European rules into domestic law and that its economy is one of the most integrated in the Union. The country is also one of the top five EU performers in terms of foreign direct investment inflows as a proportion of gross domestic product. In addition, Malta is among 40 countries that was praised by the OECD for "substantially implementing" internationally agreed tax standards - a major achievement for Malta which has long fought for this recognition and which immediately placed it on the ‘white list'.

Within this context, FinanceMalta's main aim is to promote Malta's financial services brand, both within, as well as outside, our shores. We bring together and harness the resources of the industry, the regulator and Government to ensure that Malta maintains a modern and effective legal, regulatory and fiscal framework in which our financial services can continue to grow and prosper.