I’m still trying to explore and understand the Maltese economy better.
I was writing about the igaming sector recently and how legislation designed for the job has made the country attractive.
Another area where this has happened is simply bringing wealthy people into the country. There are new rules relating to citizenship that are described here and residency that are described here. The aim of these different sets of rules is to bring wealthy and successful people to Malta, provide them with a safe location to live and pay (lower) taxes and in return they make some contributions to the country. Of course, simply by being here they spend money which will work its way around the economy.
I can understand why some people at home and in higher tax countries might not like the system, but it also makes a certain amount of good business sense for the government as well.
In recent weeks I have been contemplating a move to Malta and where I might live (here and here).
As I have been doing that, I have been investigating the local economy to try and understand how and why things work the way they do.
Not being in this sector I would never have known, but the gaming industry is very large here. I have been told that it helps to account for 15% of GDP! There is a very friendly set of igaming regulations in place that makes it financially very attractive for firms to locate here. They pay reduced corporation taxes, ownership by non-domiciled companies is allowed and the tax payable on gambling turnover (which is charged by most EU countries) is lower than the rest as well. In short, Malta has a very popular set of gaming laws!
This, of course, brings jobs. Those jobs bring foreign workers. Those foreign workers rent property, pushing up prices. And so the cycle continues.
It must be great to be an established landlord here!
Yesterday I had the pleasure to go out for a day in a yacht, sailing off the coast of Malta in the gorgeous blue Mediterranean Sea.
We went with the people behind Valletta Yacht Charter, Anna and Gareth, in their own yacht.
We had a superb day. The weather was awesome. We swam in a few very nice locations. We caught the breeze and headed out to sea. All in all, it was wonderful. Right now, we cannot sing their praises highly enough
I have recently written about my search for a property in Malta. The search continues!
I wrote about it here.
Well, I am still looking and gradually becoming more desperate as the days pass into weeks and there is very little on the market. I have seen a couple of nice places in Tigne Point in Sliema, but I think they will be out of my price range. As lovely as they are, 3,500 euros per month does seem a little pricey to me, even though my budget is up to 2,500 per month.
That said, the Tigne Point development really does seem very nice to me. With the cafes, restaurants, shopping mall, views and parking, it does seem to have it all. Of course, being located a few hundred metres away from the main parts of Sliema helps too.
As my Maltese adventure continues (mentioned here), I have come across a charming firm that runs a small chain of hotels in the prime spots on the island.
These hotels seem to be used mainly by young people, which gives them a cool vibe. All these twenty-somethings in their T-Shirts and bikinis wandering in and out on their way to or from the sea.
The chain is quite new and only based in Sliema and St Julian’s, so very niche. Still, having visited one, I was quite impressed and feel comfortable recommending them to other people.
Yesterday was England’s Charity Shield, the first match of the domestic football season. It seems as though football has barely been away this year, given the world cup, but I am glad the game is back.
In yesterday’s match Arsenal beat Manchester City 3-0 which was something of a surprise.
One great aspect to the start of the new season is that I can start playing fantasy football once again. Last year I began to play an online game, called Oulala which updates every few seconds onto my phone with the current performance of my team. It is amazing and free! I recommend everyone that loves football to play, but be warned, it is highly addictive!
In my previous post (here) I mentioned that I am currently in Malta, a small, sunny country in the central Mediterranean Sea.
While I have been here I have been investigating business sectors in which I could possibly work. I would never have realised it, but Malta has a fast growing destination wedding sector. There are now many couples that come to Malta to get married and enjoy the non-stop heat and sunshine in the summer months.
A few days ago I spoke to Martina, a leading wedding planner (here), who explained more about the business to me. It seems like a wonderful way to earn a living and I am envious of her.
In recent weeks your author has been searching for a new apartment. For now, I am in the sunny Mediterranean Island of Malta and have been looking around for somewhere suitable.
I have viewed a number of quite nice apartments and a few houses. There is a good amount on the market to see, for sure.
Of the agents I have worked with, I have found the people I am working with to be particularly helpful. They are well located in Sliema, in amongst the best locations, and have a wide range of properties on their books and very friendly staff. Highly recommended!