The 1st of May 2022 marks 18 years of Malta being a full member of the European Union (EU).
The Republic of Malta officially joined the European Union in May 2004 together with Cyprus, Czechia, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia, and Slovenia. An intake which saw EU membership increase from 15 countries to 25 countries.
In 2003, a referendum held in Malta resulted in a majority of the population voting in favour of joining the European Union.
By joining the EU, Malta benefits from the underlying principles of the European Union which include: freedom, democracy, equality and the rule of law, promoting peace and stability.
Freedom of movement gives citizens of member states the right to move and reside freely within the Union. EU citizens are entitled to live, work and travel in another EU country. Malta is also a member of the Schengen Zone, which allows free travel between the Schengen countries without the need for border checks.
EU citizenship is granted automatically to persons holding the nationality of an EU member country.
Under EU law, citizens of the European Union do not need a permit to work in any EU country as an employee or self-employed and enjoy the same rights as nationals of that country such as pay and social security.
Within four years of joining the EU, on the 1st of January 2008, Malta adopted the euro (€) currency replacing the Maltese lira (MTL). Malta operates in the EU single market that facilitates trade and allows free movement of capital, labour, goods and services. The common currency benefits individuals and businesses making it easier and safer to buy and sell within the euro area.
The EU currently has 27 member countries and 24 official languages. Malta is one of two EU countries that has English as an official language.
Malta offers several investment migration options to investors, alongside favourable corporate and taxation laws for businesses. For further information about how Vertex Alliance can assist, please contact us.