• GLOBAL MOBILITY
MALTA
About us...
MY ADVICE... Each global mobility strategy looks different. This is because there is no single template which can be applied, even more so when considering the multiple effects of changes to the geopolitical landscape. So whether it is a company relocating its employees, foreign workers seeking to be employed in a different jurisdiction, or HNWIs relocating to a new country, it is important that one invests both time and resources before considering such a move. With respect to my recommendations and general tips on the subject matter, it is important that one:
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. Q2 Climate concerns are increasingly becoming a decision-making factor in global migration – how is this impacting your jurisdiction? Malta has been recognised by the International Centre for Climate Mobility as a climate mobility champion leader during an activity organised during COP28 in December 2023. Malta’s work in the climate change and its impact on small islands have received widespread praise. Eurostat statistics also show that Malta is the EU country with the lowest emissions per working person. However, these accolades, although indeed positive and welcome, cannot hide the fact that Malta is located right in the centre of the Mediterranean, a region which has been particularly vulnerable to the impacts of climate change. Over recent years, the Mediterranean has seen heatwaves, wildfires, and storms wreaking havoc throughout the region. This has also prompted Med 9 country leaders to recognise the disproportionate impact of the climate crisis in the region. Yet so far, Malta’s climate continues to be made up of mild, rainy winters and dry, hot summers. The mean monthly
clarifies and defines the relocation process considers how to overcome cultural differences
reviews local laws, particularly those relating to employment and taxation, so as to better understand your obligations and compliance requirements prioritises effective wellbeing when making the move seeks professional advice to help navigate the complex matters arising from global mobility
Founded in 1994, WDM International is a Malta- based multidisciplinary firm offering audit, tax, legal, corporate, compliance, outsourcing, and business advisory services. WDM International strives to create value through focused excellence and constantly aims to continue growing, not only organically, but even by attracting new clients who could benefit from our approach. The Firm prides itself on a wide client portfolio over a range of industries, including financial services, manufacturing, leisure and entertainment, food and beverage, aviation and maritime, retail, film, construction, and more. WDM International also assists various business entrepreneurs to internationalise their business and provides advice to high-net-worth individuals on immigration, residence, and relocation. WDM International delivers a tailor-made service throughout, turning our clients’ business dreams into reality. We have the know-how and practical experience to guide clients throughout, whilst taking advantage of all the benefits Malta has to offer.
Q3 How is government policy influencing mobility in your jurisdiction – particularly in regard to employment relocation? Malta’s 2023 attractiveness survey anticipates that over the next 5 years, investors believe that Malta’s prominent business sectors will be tourism and leisure, digital gaming and artificial intelligence, a trend confirmed in previous attractiveness surveys. To this end, Malta’s migration policy for this decade has been reshaped to cater more for high-level and skilled workers, thus alleviating the need for specific skills in the Maltese labour market whilst consolidating the vision for Malta’s economic growth model without putting excessive pressure on the country’s resources, infrastructure and primary health care systems. In addition to this, during December 2022, Malta has also unveiled its Sustainable Development Strategy for 2050. Taking into account the lessons learnt from the 25% increase in the country’s population since 2013, mainly through the influx of foreign workers and HNWIs settling in, and the UN’s Global Goals and 2030 Agenda for Sustainable Development, Malta’s strategy will be focusing its efforts towards ensuring that social cohesion, the protection of the environment, and economic growth
temperature for the summer season was 35°C over the past century. The hottest month is July during which, at times, temperatures tend to exceed this value for short periods during the month. On the contrary, temperatures have never reached freezing point in Malta, with the lowest monthly average temperature for the past century being 11°C, in the winter months (January and February). There were instances when air temperatures dropped below 11°C, but only for short periods. Although exceptional extremes of 1.4°C and 43.8°C have been recorded in Malta, on average, the climate is still pleasant, with rainfall precipitation being the highest between November and February and the average number of daily sunshine hours being eight. From a climate perspective, therefore, Malta still provides the necessary stability required by global migrants when choosing a destination. This is supported by the ever-increasing number of tourists visiting the island, and by the number of foreigners deciding to relocate and settle in Malta.
wdm.com.mt
move forward in a coherent and mutually beneficial way. The 5 strategic goals identified comprise: • transitioning towards a climate- neutral green and blue economy • preservation of sustainable urban development and cultural heritage • ensuring healthy lives and well-being for all • acceleration of digital transformation, smart mobility and connectivity • achieving social fairness and prosperity for all
The principles of sustainable development encapsulated in Malta’s strategy document are wide and overarching, and incorporate all the elements that make up the country’s environment, economy, and society as a whole. Achieving economic growth and developing a healthy and cohesive society while safeguarding the environment is, however, no easy task and requires a strong concerted
commitment from everyone. Both Malta’s Sustainability
“Malta has been recognised by the International Centre for Climate Mobility as a climate mobility champion leader during an activity organised during COP28 in December 2023.”
Development Strategy and the updated migration policy play a crucial part in having every sector and actor actively involved throughout the entire process to transform the Maltese Islands into a country that can meet current and future needs and one that is capable of successfully overcoming any emerging challenges and threats.
66 | irglobal
irglobal | 67
Made with FlippingBook flipbook maker