Financial Services Industry Continues to GrowMEDIA ROOM
Following FinanceMalta’s 4th Annual Conference in May, that put into perspective growth of the financial services in Malta we are continuing to see a continuous affirmation that Malta is maintaining its jurisdictional reputation.
Malta’s economic stability has helped international financial businesses be more positive. The World Economic Forum’s Global Competitiveness Index placed Malta no.10 for soundness of its banks and no.11 for financial market development out of 139 countries. It would seem that Malta’s journey throughout the recession was a smooth one due to the fact that the country’s resilience in maintaining its reputation was strong.
The financial services sector grew by over 30 per cent in 2010 providing jobs for more than 9,500 people. 165 new authorisations were issued by the Malta Financial Services Authority in sectors such as banking, insurance, pensions, investment services and trust services.
While other European countries’ are at a standstill due to debt and lack of growth, Malta has seen 102 investment services licences and more than 400 funds registered in Malta to date – a 13.5 per cent growth, year-on-year with re-domiciliations from Cayman, Bristish Virgin and Channel Islands.
Double Taxation Agreements totalled 57 and another nine are being negotiated across major international markets that Malta is targeting.
CSB Group prides itself with being a leader in representing Malta in the financial services industry. Established in 1987, CSB Group offers its clients a spectrum of specialised Business & Commercial Services, offering a complete turnkey solution to clients wishing to set-up or relocate their business to Malta.