Date Published: 14th February 2011
In the years to come, Malta is predicted to be a great financial centre where multimillionaires and billionaires alike invest their money. This fact was the result of a study commissioned by Credit Suisse Research Institute. The study also identified Singapore and Panama as the next most favoured destination for investors after Malta.
The study also shows that there are approximately 1,000 people around the world who classify as billionaires – 500 in North America, 245 in Asia and 230 in Europe. Although the United States seems to be the wealthiest country in the world, Australia and Norway are both achieving rapid growth in the economy and wealth.
It states that after the agreement between the governments of Switzerland, England and Germany to charge tax on those who invest their funds in Switzerland, Malta is expected to become the most attractive jurisdiction for foreign investors worldwide because of the country's strong financial system.
An interesting fact arising from the study is that many of the people in the upper class of Europe do not live the luxurious life we see in films. This is because the European philosophy is that to live a comfortable life you should work hard for your money and save for any future requirements – the same philosophy as in the Maltese islands. The value of this way of life has been demonstrated by the amount of reserves held by Maltese banks during the recent financial crisis, easing the pressure on the banking system, which experienced fewer problems than banks in other countries during this tough time.
Therefore, although facts were already enough to prove that Malta has become a prime location of investment which is also part of the European Union; this study further shows the progress of this country’s financial sector.
If you would like further information please contact [email protected] or visit their website - www.ksimalta.com.
Julie is a law graduate who qualified with Price Waterhouse in 1994. Julie joined Smith & Williamson in 1997 and became a partner in 2001. With Mike Stevenson, Julie set up Middleton Partners offices in Salisbury and Southampton, both of which are now part of Begbies Traynor.
Julie is a member of the Insolvency Practitioners Association and is a Fellow of The Association of Business Recovery Professionals. Julie deals with all aspects of Corporate Recovery and turnaround work and takes all form of personal insolvency appointments.