Malta has a strong economy and is one of the top European performers in terms of the economy. Our citizenship by investment scheme was not done to fix our economy or for money, but to access only the best talent and investment to Malta which would otherwise not have been accessible.
Prime Minister Joseph Muscat said this while addressing the 9th Global Residence and Citizenship Conference in Dubai.
“Our citizenship by investment is tight, capped at 1,800 applicants, and has the most rigorous due diligence, because we are only after the best talent and investors,’’ said Dr Muscat.
The Prime Minister gave an overview of Malta’s economy, which is the fastest growing economy at 5.1 per cent, as finances are in check, with the deficit at 1.6% of the GDP. All this while reducing energy tariffs, cutting income tax for the third year running, giving free universal childcare, and increasing budgets on education and healthcare, which are both free for all Maltese citizens.
“In other words, we are managing to strengthen our public finances simultaneously as we lighten the cost of government burden on families and businesses,” said the Prime Minister.
Dr Muscat also spoke on Malta’s employment rate which stands at the highest ever recorded levels in its history, whilst also having the third lowest unemployment rate in Europe. With regard to young people, Malta rates second in Europe, with only Germany registering lower levels of youth unemployment.
“Our economy is at the cutting edge of global trends. The value-added by the financial sector increased by 12%. That of the professional and administrative services by 11%, real estate by 6%, and information and communications technology by 4%. We are opening up to investment in new economic sectors such as healthcare, energy, education and logistics. Malta achieved a lot already, but there is more room for us to grow and for investors and global citizens to find a safe haven where to invest and reach other destinations,” said the Prime Minister.
He also spoke about the upcoming world summits which will see the gathering of some 100 head of states and governments, who will meet in Malta to discuss some of the most pressing issues, from migration to climate change and security. “The Valletta Summit on Migration and the Commonwealth Heads of Government Meeting will once again establish Malta as a centre of dialogue for peace and prosperity,” said Dr Muscat.