Malta, a sun-kissed archipelago in the Mediterranean, is more than just a tourist destination. It’s a symbol of hope for the LGBTQ+ community. With its progressive laws and welcoming atmosphere, Malta has set a benchmark for LGBTQ+ rights in Europe.
Notable achievements
Legislation: Malta was the first European country to ban conversion therapy in 2016. This pioneering move was a significant step towards recognizing and protecting the rights of the LGBTQ+ community.
Top Rankings: According to the ILGA-Europe’s annual Rainbow Europe Index, Malta has consistently ranked first for several years, scoring an impressive 90% in terms of LGBTQ+ rights and policies.
Transgender and Intersex Rights: Malta’s Gender Identity, Gender Expression, and Sex Characteristics Act, enacted in 2015, is considered one of the most progressive in the world. It allows individuals to change their legal gender without undergoing surgery or hormone therapy.
Beyond the stats, historical sites and natural beauty, the Maltese are known for their warm hospitality. This extends to their acceptance of the LGBTQ+ community. From restaurants to bars and night clubs, you can let loose, relax whilst feeling safe and welcomed.
In September 2023, Malta proudly hosted EuroPride, a significant event that underscored its dedication to LGBTQ+ rights and its influential role in championing them within the region. More than just a parade, EuroPride celebrated the rich tapestry of diversity, acceptance, and the remarkable progress in LGBTQ+ rights. The vibrant festivities saw visitors immerse themselves in a myriad of cultural events, parties, and the iconic grand parade which was followed by a free Christina Aguilera concert in the nation’s capital. Malta’s streets came alive with hues, melodies, and dances, as throngs of people united in a celebration of love. Beyond the celebrations, the event facilitated crucial discussions, workshops, and seminars, addressing the LGBTQ+ community’s challenges, ensuring that the event leaves a lasting impact long after the celebrations have concluded.
While EuroPride shone a global spotlight on Malta, it also it symbolised an endorsement to what nations can achieve with dedication and a commitment to equality. However, the journey doesn’t end here. With continued efforts in education, public perception, and healthcare, Malta can not only maintain its top spot but also serve as an all-encompassing haven for the LGBTQ+ community.
Malta is set to further enhance its position as a European leader in internet speeds with a €50 million investment aimed at delivering speeds of up to 10 gigabits per second over the next seven years.
Currently, Malta is the only EU nation that offers country-wide internet speeds of up to 1Gbps, as per the European Commission’s Digital Economy and Society Index (DESI). This advancement is not just about speed; it’s about future-proofing the nation’s digital infrastructure for emerging technologies like AI.
The initiative also emphasizes sustainability, with a commitment to minimize environmental impact. Economy Minister Silvio Schembri highlighted the significance of high-speed internet for various local industries, including telemedicine, and described technologies like 5G as “game changers” for the nation.
Every September, two nations on opposite sides of the globe come together to celebrate their rich cultural tapestry and historical legacies. South Africa’s Heritage Day on 24 September and Malta’s Independence Day a little earlier on 21 September, share the spotlight in this month of cultural celebration, highlighting the significance of diversity, history, and tradition.
Diverse Cultural Melting Pots
Both South Africa and Malta are known for their diverse populations, a result of centuries of migration, trade and a developing multi-cultural, cosmopolitan landscape.
South Africa’s Rainbow Nation is a reflection of its multi-ethnic society, with influences from indigenous African, European, Indian, and Asian cultures.
Similarly, Malta, at the crossroads of the Mediterranean, has been shaped by Phoenician, Roman, Arab, Norman, and British influences, creating a unique blend of cultures.
Culinary Delights
Food is an integral part of any cultural celebration, and both nations offer a gastronomic journey through their heritage. In South Africa, a traditional “braai” (barbecue) is the centrepiece of Heritage Day, bringing together people of all backgrounds to enjoy grilled meats and traditional dishes.
Independence Day in Malta is a celebration with elaborate parades, festivities and, of course, a culinary adventure across the country featuring local delicacies like rabbit, bigilla, and savoury pastries filled with ricotta or peas, known locally as pastizzi.
Music and Dance
Music and dance are universal languages that connect people across generations. South Africa has a vibrant local music scene which encompasses a wide range of styles, from traditional African rhythms to jazz and contemporary pop in all official languages.
In Malta, the “Għana,” traditional and unique Maltese folk singing, and “Festa” (religious) celebrations with colourful processions, lively dances and fireworks, offer a glimpse into the nation’s musical heritage.
Historical Sites and Landmarks
Heritage celebrations often include visits to historical sites and landmarks that preserve a nation’s history. South Africa boasts iconic heritage sites like Robben Island, where Nelson Mandela was imprisoned, and the Cradle of Humankind, a UNESCO World Heritage site known for its archaeological significance. Malta, with its medieval towns, ancient temples, and fortified cities, offers a living history lesson in every cobblestone.
Cultural Pride and Unity
Perhaps the most significant similarity between the two celebrations is the sense of pride and unity they foster. Heritage Day in South Africa encourages people to embrace their diverse backgrounds and recognize the shared humanity that transcends cultural differences. In Malta, Independence Day is an opportunity for the nation to come together and celebrate its unique identity, despite its small size and historical challenges.
Malta shares so much with South Africa
South Africa and Malta are both members of the Commonwealth, which opens up opportunities for trade and benefits with other member countries. Apart from the diverse cultures in both countries and the shared enjoyment of the outdoors and the culinary delights in each, both countries drive on the left hand side of the road and English is an official language in Malta and South Africa. September is a special month for both countries as they celebrate their rich cultural heritage.
The month brings people together to celebrate their heritage and for South Africans living in Malta, the day is just as special as it is in South Africa.
On 24 September, South Africans in Malta can share this special day at a celebration in Malta. Booking is essential, contact saffasmalta@gmail.com to celebrate the heritage of South Africa.
Kom laat ons braai – kuier – our own biltong and boerewors and continue the rugby world gees.
While South Africa’s Heritage Day and Malta’s Independence Day may occur thousands of miles apart, they both stand as testament to the power of culture and heritage in shaping the identity of a nation. These celebrations serve as a reminder that, no matter where we come from, our shared histories and traditions connect us in meaningful ways, fostering a sense of belonging and unity that transcends borders.
Contact MaltaLifestyle.com for information on how to relocate, invest in or simply visit Malta:
Many expats, including workers, retirees, and business people, relocate to Malta each year. The country’s popularity is due to its idyllic destination with excellent weather, a dynamic business hub, and an easy-going lifestyle. Whether you’re considering Malta after falling in love with it on holiday or exploring options, Frank Salt Real Estate can be your gateway to settling in the country. They can provide answers to your questions, offer homes and commercial premises for sale or rent, and assist with understanding the government’s residency programs.
How far is Malta from the rest of Europe, and what is the climate like?
Malta is a premier travel hub to Europe, North Africa, and the Middle East. It has a warm, sunny climate with some of the best average temperatures in the EU. All major EU destinations are just a two-hour flight away, and direct flights are available to cities like Paris, London, Frankfurt, Madrid, and Lisbon, taking around two and a half hours on average.
Is there a language barrier in Malta?
No, more than 80% of the population speaks English in addition to Maltese. English is widely used in business, making it easy for English speakers to feel at home in Malta.
What is the quality of healthcare in Malta?
Malta’s healthcare system is highly regarded, ranking 5th globally according to the World Health Organization. State healthcare is free for those who work and contribute to social security. Many people also opt for private health insurance, which is affordable in Malta.
How is the education system in Malta?
Malta’s primary education is of high quality and follows the UK model. Public schools are free for resident children, but there are also church and private schools available. Additionally, Malta hosts over 40 English language teaching schools, attracting youngsters from around the world to master the language.
What job opportunities are available in Malta?
Malta offers various job opportunities, and its workforce is highly educated and English-speaking. It is known for sectors such as IT, i-Gaming, banking, financial services, pharmaceuticals, shipping, automotive, aviation, and more. Additionally, Malta recently introduced the Digital Nomad Visa, attracting remote workers from across the globe.
How is doing business in Malta?
Malta provides numerous opportunities for international companies to set up businesses on its shores. It offers borderless access to the rest of the EU, open trade, and a unified currency (Euro). Companies established in Malta enjoy easy trade with other EU countries due to the stringent measures they undergo to comply with EU regulations.
What is the tax system like in Malta?
Malta’s tax system is designed to attract global investment and innovators. Corporate tax is generally 35%, but numerous refund schemes can significantly reduce the effective tax rate to as low as 5%. Malta also has over 70 double taxation treaties with other countries, preventing double taxation on the same income.
How is the banking system in Malta?
Malta has one of the world’s best-rated banking systems with strict anti-money laundering measures. This makes Maltese banks highly reputable and trustworthy for international trade and business.
What are the steps involved in buying a property in Malta?
Buying real estate in Malta is a straightforward and safe process. It involves signing a Promise of Sale, conducting due diligence checks, applying for permits (if necessary), and signing the Contract of Sale or Deed of Sale. Costs include stamp duty, notarial fees, search and registration fees, and an AIP Permit (if required).
Is it advisable to rent a home first?
Yes, many people prefer to rent first to explore the area and lifestyle before committing to a purchase. Renting allows for flexibility and finding the perfect fit. Frank Salt Real Estate’s Rentals Division can assist in finding the right rental property.
Tell me about the i-Gaming Industry in Malta.
Malta is a top destination for i-Gaming companies in Europe, with over 250 companies operating on the islands. The sector’s value is projected to rise significantly in the coming years.
What are the benefits for international companies operating from Malta?
Operating from Malta offers numerous advantages, including a comprehensive regulatory framework, watertight jurisdiction for the EU, incentives like beneficial tax rates and low license fees, access to the EU market, a highly skilled workforce, and a reputation as a market leader in hosting i-Gaming companies.
Living in Malta offers expats a blend of warm weather, a vibrant business environment, excellent healthcare, and a thriving expat community. The country’s English-speaking population and business-friendly atmosphere make it an attractive destination for people from various backgrounds and professions. Whether you are considering moving to Malta for work, retirement, or investment purposes, the country has much to offer and can be an excellent place to call home.
For more information contact MaltaLifestyle.com on WhatsApp (+27) 82 574 4661 or email malta@maltaifestyle.com.
Malta is a great investment destination for buying real estate, offering unique advantages to both residents and foreigners. Situated in the heart of the Mediterranean, this small island nation boasts a robust economy, rich cultural heritage, and an incredibly favorable tax system. But that’s not all – there are other long-term incentives that have proven to be rewarding for those who have already invested in property here.
Let’s explore some reasons why you should consider buying a property in Malta.
1. Strong economy and stability
Malta’s economy remains resilient, thanks to its stable political climate and innovative leadership. This enduring strength has led to consistent economic growth, making it an appealing choice for long-term investors, especially in the real estate sector. The country’s low unemployment rate and well-regulated financial system further contribute to its position as a strong contender in the EU market, promising above-average returns for serious investors.
2. Location
Malta’s strategic geographic location at the crossroads of Africa, Europe, and the Middle East has transformed it into a bustling hub for both business and tourism. Its convenient accessibility from all over Europe, with an average flight time of just over two hours, has boosted the thriving tourism industry. With its pleasant and temperate climate, Malta has become a highly sought-after holiday destination, driving demand for various rental properties.
3. A full member of the EU
As a full-fledged member of the EU, Malta enjoys all the advantages that come with it. This membership opens doors to a vast market brimming with business opportunities, facilitating trade with the EU, North Africa, and the Middle East. Moreover, EU affiliation ensures a transparent legal system, strict property rights, and legal protection, offering investors the peace of mind they seek.
4.Language:
In addition to Maltese, English serves as the other official language in Malta. This linguistic advantage greatly facilitates communication for foreign residents and investors, as all contracts are conducted in English. With nearly 90% of Maltese being fluent in English and a highly skilled workforce in the country, investors find it easy to employ workers or establish businesses in Malta.
5.Tax Benefits:
Malta’s tax regime presents a highly attractive proposition for both local and foreign residents and investors. Notably, Malta imposes no inheritance tax and no Capital Gains Tax on property, making it an appealing destination for financial growth. Moreover, foreign investors have the potential to acquire residency and even citizenship through property investment, provided all criteria are met. For more details on the various residency options available, visit https://residencymalta.gov.mt/
An aerial shot of Spinola Bay in St Julians
6. High Rental Demand:
Malta experiences a soaring demand for rental properties, driven by its expanding international presence and flourishing economy. While tourism remains the primary rental sector, the country also attracts a significant number of remote workers and i-Gaming companies, all seeking rental opportunities for both residential and commercial properties. To explore available rental properties and options, click here – https://malta-gozo-property.com/?partner=maltalifestyle
7. Rich Culture and History:
Malta offers a superior quality of life, enriched by its abundant cultural heritage spanning thousands of years. The archipelago boasts a diverse array of historical sites and scenic marvels, renowned for its crystal-clear seas that allure divers and water sports enthusiasts from around the world. Embracing village feasts (known as festas locally), cultural events, international fairs, and an array of year-round happenings, Malta pulsates with a wide range of experiences to see and do.
8. Diverse Real Estate Investment Opportunities:
Malta’s charm lies in its idyllic settings and picturesque locations, featuring a captivating blend of historic villages and cosmopolitan towns. The real estate market here offers a diverse range of property types to suit various preferences and needs. From apartments, penthouses, villas, and bungalows to maisonettes, townhouses, terraced houses, farmhouses, houses of character, and even palazzos, there’s something for every investor.
The local government plays an active role in fostering investment in the property sector, implementing groundbreaking initiatives to promote home ownership, spur property developments, and revitalize urban areas. As a result, the market offers countless opportunities for capital appreciation, making it an enticing prospect for discerning investors.
9. Excellent Healthcare and Retirement Options:
Malta prides itself on providing an excellent standard of free healthcare for all its citizens and full-time employees. For expats contemplating retirement in Malta, the country offers highly affordable health insurance options from reputable insurance companies.
10.Business-Friendly Environment:
With an unwavering commitment to economic growth, Malta welcomes foreign investment with open arms. The government has taken innovative measures to attract businesses, including streamlined procedures for starting companies, favourable taxation policies, and other supportive regulations. Establishing a business in Malta is an expedited process, thanks to reduced fees, attractive incentives, and numerous stimulus packages. For more insights, visit MaltaEnterprise, the country’s economic development agency website, at https://www.maltaenterprise.com/support.
As one of Europe’s premier investment destinations, Malta offers a plethora of benefits to investors of all kinds. Whether you seek to own a holiday home, find a retirement haven, explore business opportunities, or simply rent short- or long-term, Malta caters to your needs. Many visitors who experienced the country’s opportunities and lifestyle during holidays or business trips have decided to make Malta their permanent home. Why not consider doing the same?
South Africans seeking the perfect retirement option need to look no further than Malta, an idyllic Mediterranean island offering so much more than just island living. Malta offers a multitude of options, giving South Africans and exceptional choice. With a rich cultural history, affordable cost of living and world-class medical care, it’s not just the Mediterranean climate that attracts you to this alluring retirement haven.
Merle Whale, a South African living in Malta, says that due to the increased number of young South Africans emigrating, we are seeing an increased interest for retirees who are looking for a solution to be closer to their children, where they can easily have visits that do not involve exorbitant travel costs. Malta has it all. Not only does it offer a secure retirement option, but the combination of the climate, economic conditions, property market and lifestyle makes Malta a viable choice for South Africans approaching retirement. Retirement by investment in Malta is an affordable option to live in Europe and obtain a Schengen visa making travel easier.
Mediterranean climate. One of the key attractions is the Malta climate. The archipelago enjoys warm, dry summers and mild winters. With more the seemingly endless number of hours of sunshine annually, retirees can bask in a perpetual summer-like ambience. The pleasant weather promotes an active, outdoor lifestyle, ideal to foster a healthy and vibrant experience.
Rich culture and heritage. Malta’s culture is a blend of diverse influences from its ancient history. Its’ location in the Mediterranean has attracted various civilisations through the centuries, leaving behind a wealth of historical and architectural treasures. Here retirees can immerse themselves in a captivating heritage and explore ancient temples, medieval cities and baroque palaces. There is a vibrant art scene, bustling festivals and traditions that are a constant source of enjoyment in Malta. Those aged 60+ with a Malta identity can apply for a Heritage Malta’s Senior Passport which entitles an elder and two accompanying youths free access to most of Heritage Malta’s sites and museums.
Cost of living. With affordability top of mind for the discerning retiree, Malta stands out offering a cost of living that is lower than many European countries. Housing, utilities and groceries are reasonably priced, allowing retirees to comfortably stretch their savings and pension funds. Malta’s favourable tax incentives further enhance the financial benefits for South Africans. One main taxation benefit is zero inheritance tax, only 5% stamp duty on immovable property. Malta Resident card holders are entitled to free public transport. Owning property in Malta does not incur any local council rates & taxes.
Malta suits South Africans perfectly when it comes to language. English is an official language and the majority of the population speaks English. The growing population of South African expats promotes a home-away-from-home so to speak for South Africans living in Malta.
Malta’s robust healthcare system provides quality healthcare. Modern hospitals, trained medical professionals and specialists cater for the needs of retirees and all consumers on the island. Costs to visit a GP can be as little as €15. A full check up at the dentist including an x-ray and fillings is around €60.
Malta is renowned for its safety, ranking among the safest countries in the world, ensuring a secure and peaceful retirement environment. A common sight is people spending mornings and evenings walking and meeting up on the pavements, beaches and park areas.
Ms Whale says that for South Africans seeking an ideal retirement destination, Malta has a unique and irresistible appeal. It is also accessible via multiple commercial airlines who compete in routes to Malta making the options vast. Taking into account the Mediterranean climate, cost of living, cultural heritage, English as an official language, a quality healthcare system, security and a vibrant lifestyle, Malta should be on the top of the list of retirement options for South Africans.
For more information contact MaltaLifestyle.com on WhatsApp (+27) 82 574 4661 or email malta@maltaifestyle.com.
For South African investors looking to diversify their portfolios, Malta offers a wealth of advantages. With its strategic location in the Mediterranean, membership of the European Union (EU), Schengen visa benefits and a thriving property market, Malta presents a compelling proposition for investors seeking to maximise their portfolios.
Merle Whale, a South African living in Malta, says this Mediterranean gem has been welcoming South Africans to its shores, for a number of years now, offering investors, businesses and holiday makers a dream location.
Malta offers stability for investors and a Plan B option for South Africans looking to protect their families’ future. Whale offers some key attractions for South Africans:
Schengen visa and access to the EU. A primary advantage of investing in Malta is the access to the Schengen region. A Schengen visa allows investors to travel freely into 26 European countries, facilitate business opportunities, network in a thriving economic environment and to expand horizons.
Economically stable environment. Malta’s economy is stable, making it an attractive destination. Malta has experienced consistent economic growth over the years driven by thriving sectors such as financial services, gaming, technology, tourism and a booming property market. Coupled with a business-friendly market and attractive tax incentives, South Africans have ample opportunities for business, to invest in start-ups and participate in established industries.
Property market. Property has recorded impressive growth in recent years, enticing investors. High demand has seen property values appreciate offering attractive returns on investment. Investors can explore options, including residential properties and commercial spaces to capitalise on this upward trend. The Maltese government encourages foreign investment in property and offers incentives such as the Malta Individual investment Programme (MIIP) and the Global Residence Programme (GRP).
Nothing beats Malta’s quality of life. Malta’s allure extends beyond investment appeal. This island gem offers a high standard of living, a typical regional climate, stunning landscapes and a rich cultural heritage. South Africans seeking a change of scenery can embrace its vibrant lifestyle, beautiful beaches, historic sites, world-class healthcare and a safe family environment. A cosmopolitan atmosphere, diverse culinary scene and thriving arts and entertainment sector add to the overall quality of life.
Ms Whale says Malta offers a gateway to numerous opportunities. The Schengen visa facilitates access to the EU market, fostering business connections. The country’s stable economy, business-friendly environment and thriving industry sectors create a fertile ground for diverse investments. The property market’s attractive ROI is of significant importance to investors.
South Africans should consider the advantages that Malta offers, from capitalising on the property market to exploring business opportunities in the EU market making this a compelling choice for astute investors.
Team Malta continued to achieve remarkable success at the 2023 Games of the Small States of Europe, securing multiple gold medals on the fifth day of the competition.
In tennis, Francesca Curmi and Elaine Genovese won the women’s doubles final, while Matija Pecotic clinched Malta’s first men’s singles gold medal.
The men’s rugby 7s team dominated San Marino, earning a silver medal. In swimming, Georgia Bohl won her second gold medal in the 50m breaststroke event, and Sasha Gatt secured silver in the women’s 1500m freestyle race.
In squash, Bradley Hindle Deguara and Kijan Sultana emerged as champions in the doubles competition, while Dylan Cachia earned a bronze medal in the men’s 1500m freestyle race.
With these victories, Malta’s total gold medal tally reached an impressive 25 in the games.
Rugby fans will know that putting money on Japan as the winner of this year’s Rugby World Cup is a long shot, at best, but some will still put their money on Japan. Predicting the Rand’s performance against other currencies is just that…a long shot. Some get it right, many do not.
According to Merle Whale, founder of MaltaLifestyle.com, a South African living in Malta for more than 10 years, one of the reasons Malta is an attractive investment for South Africans is its stable economy. Property and investment opportunities are well-priced and attractive for investors to make the move to Malta.
It has been said that when the USA sneezes, the rest of the world catches a cold. This is especially true for the South African economy, which typically follows the interest rate cycles of the American banks. Economists forecast further interest rate hikes in 2023 largely based on a number of factors in South Africa:
The economy and credit ratings. South Africa’s stagnant economic growth offers a negative outlook, which is a key factor for ratings agencies.
The cost to the economy is beginning to bite, particularly for small businesses and households, who are being stretched to the limit.
Never a good sign for any economy.
Interest rate hikes. Pressure on global interest rates have a significant impact on the trajectory of interest rates in South Africa.
Exchange rate. The weaker the rand the greater the pressure on interest rates and South African investment opportunities abroad. Offshore investments become expensive.
With the Rand exchange rate currently making global travel unaffordable for many, this year’s Rugby World Cup may just be out of reach for local fans. The cost of a ticket to the Rugby World Cup Final can reach up to EURO 900 for top seats. Costs for lower priced seats are around EURO 200, which when converting to ZAR will cost you more than double(+-R4000) the cost of the seat in the 2007 tournament, when the Springboks claimed their second World Cup title.
Ms Whale says that with Malta still offering favourable investment and travel opportunities, being a 4 to 5 hour flight to France is an attractive option for South Africans living in Malta.
With the Rugby World Cup a matter of a few short months away, turning your eyes to Malta as an investment option may just be the right decision to take capital offshore. The Rand exchange rate should not be a deterrent for long-term investment, the Rand exchange rate is far too volatile for that, not to mention the unstable climate facing South Africans currently.
Consider your offshore investments wisely.
Ms Whale will be embarking on a roadshow in South Africa in May to host sessions on the benefits of an investment in Malta as part of property and investment portfolios for South Africans.
Information sessions are set for Gauteng, Free State, KZN and Northern and Western Cape from 3 to 24 May. Presentations are scheduled from 2pm for 1 hour each. The format is a 45-minute presentation followed by Q&A discussion. Private pre-booked one-to-one sessions are to be reserved.
Booking is essential. Sessions are free on verification and are on a first-come first-served basis. Right of admission reserved.
Fitch Ratings has affirmed Malta’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘A+’ with a Stable Outlook. The rating is supported by high per-capita income and a pre-pandemic record of strong growth and sizeable debt reduction. However, the small size of Malta’s economy, which is highly vulnerable to external developments, and a recent deterioration in public finances with large fiscal deficits, have led to a sharp increase in the moderate public debt burden.
The Maltese economy expanded rapidly at 6.9% in real terms in 2022, outperforming the rest of the EU. Growth came mainly from investments, which were heavily impacted by the acquisition of imported aircraft equipment. Private consumption remained sound, supported by the accumulation of past savings and favourable labour market conditions. Key sectors driving growth were online gaming, information and technology (ICT), and professional services, while construction contracted quite sharply. Recovery in the tourism sector continued narrowing the gap of tourist arrivals relative to 2019 to around 17% in 2022.
Fitch forecasts growth to slow to 3.5% in 2023, due to the projected economic slowdown in Malta’s main trading partners and as evidenced by a moderation in economic indicators. Growth will be close to potential in 2024, reaching 3.7%. The lifting of international travel restrictions has helped support the return of foreign workers, further uplifting domestic consumption and potential growth while somewhat easing structural labour supply shortages.
Overall, Fitch estimates that Malta’s fiscal deficit narrowed to 5.8% of GDP in 2022 from 7.5% in 2021. While sizeable energy and food subsidies weighed on the budget balance, these were offset by the government’s ad-hoc spending review during the summer and the continued phasing out of Covid-19 expenditure. The 2023 deficit is projected to reach 5.4% of GDP, close to the government’s budget target of 5.5% but exceeding the ‘A’ median of 4.1%. The European Commission has yet to approve the bailout package for state-owned airline Air Malta, and the timing and total cost of any state aid to the airline remains unknown, although some restructuring costs are already priced into the budget at close to 0.4% of GDP for 2022/23.
