years. In 2010, Malta has managed to privatize telecommunications, postal services, shipyards and shipbuilding.
Malta has taken important and substantial steps to establish itself as a global player in the cross-border fund administration business. Competing against countries like Ireland and Luxembourg, Malta has a unique combination of a multi-lingual workforce and a strong Anglo-Saxon legal system. Malta has a mixed reputation for transparency and a DAW Index score of 6 although both would be expected to improve as Malta increasingly adopts more comprehensive legislative framework for financial services. Malta has a regulator, the MFSA, with a strong business development mindset and the country has been successful in attracting gaming businesses, aircraft and ship registration, credit-card issuing banking licences and also fund administration. Service providers to these industries, including fiduciary and trustee business, is a core part of the growth strategy of the Island.
Malta and Tunisia are currently discussing the commercial exploitation of the continental shelf between their countries, particularly for petroleum exploration. These discussions are also undergoing between Malta and Libya for similar arrangements.
Malta does not have a property tax.
According to Eurostat data, Maltese PPS GDP per capita stood at 76 per cent of the EU average in 2008.
Banking and finance
The two largest commercial banks are Bank of Valletta and HSBC Bank Malta, both of which can trace their origins back to the 19th century.
Malta is one of the world's financial centres.
The Central Bank of Malta (Bank Ċentrali ta' Malta) has two key areas of responsibility: the formulation and implementation of monetary policy and the promotion of a sound and efficient financial system. It was established by the Central Bank of Malta Act on 17 April 1968. The Maltese government entered ERM II on 4 May 2005, and adopted the euro
