Maltese officials promote permanent residency in Viet Nam
by Maria, on Jun 17, 2019 2:27:32 PM
MALTA - A GATEWAY TO EUROPE AND BEYOND
The first official private event in Vietnam with direct discussions with representatives from the Maltese Government and top consulting firms.
Many countries aim to attract high-net-worth individuals and business leaders, but recently one country emerged at the forefront, Malta, the fastest growing economy in the European Union.
Showcasing the country’s successes and opportunities, two events were recently held for VVIPs and prominent business people in Hanoi (27 February 2019 at the Maison Vie Fine-dining) and Ho Chi Minh (1 March 2019 at Saigon Sensation Fine-dining Cruise) under the auspicious of His Excellency Mr John Aquilina Ambassador of Malta and the Honorary Consul for Malta in Ho Chi Minh City Mr Huynh Trung Nam.
The events titled ‘Malta a Gateway to Europe and Beyond’ were primarily sponsored by Wahaat an Official Government Concessionaire for Malta’s Residence and Visa Program, together with industry leaders Frank Salt covering real estate and Zenith covering investment services and Blockchain Advisory Limited.
As a background, Malta’s story is not too dissimilar to that of Singapore. Both are small island nations that took their independence from British rule, both enjoy a highly skilled workforce, a diversified economy and strong economic growth, and both continue to attract significant amounts of foreign direct investment.
Its proximity to Italy means that Malta enjoys a Mediterranean lifestyle merged with the foundations of a British management and education system. Nestled between Europe and North Africa, Malta has been treasured as a strategic conquest by various major empires over time.
Malta's magnificent capital city Valletta is internationally recognised as among one of the world's most beautiful. It is, therefore, no wonder, that the entire city was declared a UNESCO World Heritage Site and subsequently declared European Capital of Culture for 2018.
Malta is a full member state of the European Union (EU), the world’s largest free-trade zone. In addition to tariff relief, the EU allows free movement between the countries for employment and commerce. Furthermore, nineteen of these countries share a common currency, the Euro.
The following was the full list of Maltese representatives during the visit:
- H.E. Mr John Aquilina, Maltese Ambassador to Vietnam
- Mr Huynh Trung Nam, Honorary Consulate of Malta in Vietnam
- Mr Oliver Said, Director - Wahaat
- Mr Karl Cini, Consultant - Wahaat
- Mr Anton Dalli, Director - Blockchain Advisory Ltd
- Mr Matthew Pace, Executive Director of the Zenith Group
- Mr Darren De Domenico , Director - Frank Salt Real Estate
- Mr Nicholas Portelli, Senior Property Sales Consultant - Frank Salt Real Estate
In his welcome note, the H.E. John Aquilina, Ambassador for Malta said ‘Malta is now venturing solidly into an area which will provide mutual benefit for the markets of both Vietnam and Malta. Vietnam is inviting Malta to look at its largely untapped market. On the other hand, Malta is offering Vietnam the huge benefits that come with its membership of the European Union, arguably the largest market in the world’.
Even if you have never set foot on the island, chances are you have seen Malta numerous times while watching Hollywood blockbusters. Movies such as Gladiator, Troy, Munich and the Count of Monte Cristo, World War Z, By the Sea, Assassin’s Creed or television series such as Game of Thrones have all been partly filmed in Malta.
As a result, modern Malta is cosmopolitan by birth. Its skyline is dominated by limestone fortifications, baroque architecture and a stunning natural harbour boasting unparalleled views that today berth some of the world’s most luxurious super-yachts.
Malta attracts so many business people because the country is known to have a very beneficial tax regime for both corporates and individuals. Malta offers various residency tax schemes which can lower the effective tax rates to individuals. This makes it an ideal destination for those who seek a reputable onshore jurisdiction.
Averaging 6.5% growth over the past few years, Malta is among the fastest growing countries in Europe outpacing the United Kingdom, France and Germany. Sustained by continued rapid growth, the Maltese economy retains a relatively low rate of unemployment. The economy is dependent on foreign trade, manufacturing (especially electronics and pharmaceuticals), and tourism. The economic recovery of the European economy has lifted exports, tourism, and overall growth. The major markets for Malta are the Eurozone, USA and Singapore.
Malta encourages foreign investors to establish operations locally by adopting an open economy and a business attitude to direct investment. To that effect, Malta provides for a number of fiscal and non-fiscal incentives including investment aid, enterprise support, access to finance, support for employment and training and research & development support. The official languages of Malta are Maltese and English. Likewise, most business correspondence and all private education are conducted in English.
Malta is an independent parliamentary republic with a parliament-elected president as head of state, and a Prime Minister leading an elected government for five-year terms. Interestingly Malta is the only country in the world to be a simultaneous member of the EU, Commonwealth and Schengen.
Malta is deemed to be at the forefront of distributed ledger technology, being one of the first countries in the world to issue carefully drafted regulations for issuers of initial coin offerings, cryptocurrency exchanges and service providers.
Mr Oliver Said, Director of Wahaat concluded his presentation by highlighting the benefits of the Malta Residency and Visa Program that Malta launched in 2015 saying that
Although every citizen sees value and beauty in their own country, what Malta can offer to the individual is second to none.
Wahaat is proud to be the official concessionaire chosen by the Government of Malta to promote the Malta Residence and Visa Program throughout the Middle East.
Wahaat is an advisory service firm that focuses on High-Net-Worth Individuals providing Family Business Advisory Services for Investment opportunities in Malta affiliated with a group having a presence in over 120 countries, represented by 565 offices.
*** For Vietnamese PR Release kindly click here ***