Libya and Malta have long enjoyed good relations. The latest bilateral agreement for double taxation relief between the two states was signed on the 28th December 2008 and is effective with respect to income derived during the taxable years beginning on or after 1 January 2011 by virtue of LN 328 of 2010. The treaty has replaced that of 5th October 1972.
Malta is looking forward to continuing its support for Libya and to renew its strong relationship with Libya through the National Transitional Council for Libya (NTC), particularly as new businesses opportunities are in sight with Libya beginning to settle. The Maltese Minister of Finance has held many talks with NTC representatives. These talks are focused around opportunities for Maltese companies carrying out new business in Libya as well as financial assistance and investment in the early days of rebuilding the Libyan economy. The true test will be to build benefits for both Malta and Libya through these ventures.
Economic ties between Malta and Libya were established shortly after Malta achieved independence in 1964 and today there are many Maltese business owners who own companies in Libya. Maltese businessmen make up part of the culture of doing business in the Mediterranean, a culture which might be foreign to entrepreneurs from northern Europe and other continents. The Maltese are thus ideal as business partners for non-Mediterranean entrepreneurs who want to invest or provide services in Libya, being long accustomed to communicate and commute between the two states. The centuries of close ties and friendship have built up a strong mutual respect and trust between Maltese and Libyans.
Officials now have visions of turning Malta into a gateway between the Arab world and Europe. Malta’s tax regime further encourages using the Islands as a stepping stone to Libya. Foreign entrepreneurs may carry out business in Libya through a Maltese company and benefit from Malta’s tax treatment of dividends under local law and the double tax treaty. Further, Malta’s highly skilled workforce allows easy access to all the necessary professional and clerical skills, and Malta’s state-of-the-art telecommunications system and daily airline connections connect the Islands with Europe's major cities.
In spite of the recent crisis, the Maltese economy grew 3.7% in 2010 - the fastest rate in the eurozone. The International Monetary Fund is predicting that the GDP will grow by 2.5% in 2011, more than the 1.6% predicted in the eurozone. Fareed Abdulrahman, a businessman from the United Arab Emirates, is completing Smart City Malta, a high-tech business park that will include Cisco Systems (CSCO) and Hewlett-Packard (HPQ) as tenants. In 2009, with global markets melting down, financial services in Malta expanded more than 20% and growth returned to pre-crisis levels of 30% in 2010.
[Full List of Malta Double Taxation Agreements]
Libya and Malta have long enjoyed good relations. The latest bilateral agreement for double taxation relief between the two states was signed on the 28th December 2008 and is effective with respect to income derived during the taxable years beginning on or after 1 January 2011 by virtue of LN 328 of 2010. The treaty has replaced that of 5th October 1972.
Malta is looking forward to continuing its support for Libya and to renew its strong relationship with Libya through the National Transitional Council for Libya (NTC), particularly as new businesses opportunities are in sight with Libya beginning to settle. The Maltese Minister of Finance has held many talks with NTC representatives. These talks are focused around opportunities for Maltese companies carrying out new business in Libya as well as financial assistance and investment in the early days of rebuilding the Libyan economy. The true test will be to build benefits for both Malta and Libya through these ventures.
Economic ties between Malta and Libya were established shortly after Malta achieved independence in 1964 and today there are many Maltese business owners who own companies in Libya. Maltese businessmen make up part of the culture of doing business in the Mediterranean, a culture which might be foreign to entrepreneurs from northern Europe and other continents. The Maltese are thus ideal as business partners for non-Mediterranean entrepreneurs who want to invest or provide services in Libya, being long accustomed to communicate and commute between the two states. The centuries of close ties and friendship have built up a strong mutual respect and trust between Maltese and Libyans.
Officials now have visions of turning Malta into a gateway between the Arab world and Europe. Malta’s tax regime further encourages using the Islands as a stepping stone to Libya. Foreign entrepreneurs may carry out business in Libya through a Maltese company and benefit from Malta’s tax treatment of dividends under local law and the double tax treaty. Further, Malta’s highly skilled workforce allows easy access to all the necessary professional and clerical skills, and Malta’s state-of-the-art telecommunications system and daily airline connections connect the Islands with Europe's major cities.
In spite of the recent crisis, the Maltese economy grew 3.7% in 2010 - the fastest rate in the eurozone. The International Monetary Fund is predicting that the GDP will grow by 2.5% in 2011, more than the 1.6% predicted in the eurozone. Fareed Abdulrahman, a businessman from the United Arab Emirates, is completing Smart City Malta, a high-tech business park that will include Cisco Systems (CSCO) and Hewlett-Packard (HPQ) as tenants. In 2009, with global markets melting down, financial services in Malta expanded more than 20% and growth returned to pre-crisis levels of 30% in 2010.
[Full List of Malta Double Taxation Agreements]