How are global geopolitical events affecting mobility in your jurisdiction?
Over the past few years, global political and economic developments have taken centre stage. Going back to COVID-19, passing through the war in Ukraine right up to the Middle East crisis, and ending with the tackling of climate change and inflation, one can say that many countries, including Malta, continue to face the perfect storm of disruptive forces.
Although Malta’s growing economy still outpaces a number of fellow EU member states, the small island nation still faces difficult choices in a number of critical areas, mainly:
- tackling inflation
- avoiding any widening of inequality gaps
- the panning out of an inclusive and sustainable growth path
- balancing energy demands with decarbonisation pledges
- an efficient and effective management of resources.
Historically Malta has always boasted a resilient economy and despite the seemingly never-ending disruptions, current forecasts continue to show that over the next few years, the country’s economic growth is likely to outperform that of the Euro area. Thus there is still a strong labour demand across all sectors, and this keeps pushing for the maintenance of a high pace of employment and eventually population growth. In order to curb any abuse arising from the influx of foreign workers to Malta, as of April 1st 2024, the Government of Malta is introducing rigorous new regulations to target ethical employment. The regulations have been drafted to re-emphasise the importance of maintaining high standards within the industry.
Rated as one of the safest places to live, with excellent healthcare, educational services and a family-friendly environment, Malta is still considered a desirable destination of choice by many HNWIs. Complemented by the carefully drafted residence and citizenship programmes, particularly the Malta Residence Programme, the Global Residence Programme, The Residence Programme, and the Citizenship for Exceptional Services by Direct Investment, amongst others, such individuals are guaranteed the necessary peace of mind should they wish to create a new reality away from headaches caused by the global political and economic developments referred to above.
Last but not least, Malta’s pitch as a hub for financial services, aviation, digital gaming, advanced manufacturing, life sciences, IT and blockchain services does not seem to have been negatively impacted by such events.
Read more in our brand-new publication, The Visionaries
