2009-09-02
I randomly ended up on Malta, but pretty quickly I saw a great potential in a niche industry, therefore it was business opportunities here.
A Swedish broker that was a specialist on Malta did not exist. And the idea was also to be in place on Malta at all times and assist customers on site. It is not just about showing an object, it is a completely new country with new opportunities that should be sold to the prospective client. Then nuanced and competent counseling are needed.
The fact is that many Swedish "international investment brokers" today are brokers with offices in Sweden only, but no physical presence on Malta. This was not the way I wanted to work.
My focus was, and is, to work on sight on Malta. This is where the properties are and this is where the customer will show up. = This is where I can be most effective.
Although English is not always a barrier to the client, it usually feels much more comfortable if you can speak Swedish with the broker when it comes to detail.
In addition, there are few female brokers on Malta, so it is very appreciated by the Maltese that I am a foreign woman and works as a broker. For example, in the launch of a new construction project, I am always invited among the first to see this.
Moreover, the Maltese property market differs completely from the Swedish because many brokers share the same objects and the buying process is completely different.
Also, the rental market is very popular because start-ups send employees down to work on Malta and they usually want to rent an apartment. The rental properties we receive in the morning are usually not available anymore in the afternoon.
The interest in buying a property on Malta has increased dramatically. A large group is "55 +" i.e. those who are heading towards retirement. These people usually buy housing because it will be their home for several years to come and they will be staying here.
The financial crisis has not really affected the real estate market. In the central parts, the price of properties remained stable as supply is limited and demand is high. On Malta, "location" is more important because the island is small.
Foreign companies continue to establish on Malta. The financial crisis has not affected the pace to a great extent, rather the opposite. One explanation could be that companies take the opportunity to cost-optimize their operations and cost structure also includes taxes and where Malta offers great opportunities.
It is also important to understand how the Maltese State by law has created various incentives towards companies in the IT and financial sector, i.e. companies can be credited with the only raw material available on Malta - Highly educated individuals.
For example, the Maltese State has a long term plan which means that the financial sector will contribute to nearly 15 percent of GDP and thus become as important as tourism.
Industries in the remote-services (call centers, support, etc), financial operators, IT and Internet-based service companies are all companies for which Malta offers a very pleasant business climate. Since the manufacturing industry generally requires transportation, this is not where the focus is.
However, Malta´s perfect location midway between Europe and the Middle East and Asia is an advantage in terms of physical movements in and out of Europe. Also, a wide network of double taxation agreements with countries around the world gives Malta a competitive advantage.
The Maltese are very service-minded and it strikes across the whole society; contacts with authorities, etc. are usually simple and flexible, non-bureaucratic approach and deep understanding of the value that foreign companies bring to Malta. Maltese are very open and very helpful. Even if you are not born on Malta, you always feel welcomed.
Then, there are also great connections in Europe, i.e. daily flights to almost all main and major cities on the continent. Cost of living is lower than for example in Sweden and the employee may retain more of their salary, which also has greater purchasing power.
A very wide range of selection of restaurants and other evening entertainment attracts as well.
Another extremely important factor is the absence of crime, it feels safe and secure and the police are present on the streets, not as in Sweden, i.e. sitting in a car, but among the people and thus as a natural part of the society.
In short: The combination of the best tax system for both employed and retired individuals, and the fact that the house is free from tax after 3 years is a factor affecting interest positively.
And if you get into an accident, the hospital is like a 5 star hotel ...!