When Malta joined the European Union in 2004 it was not widely known as an international financial centre (IFC). Since then, with the help of promotional agency Finance Malta, the smallest country in the EU has “spread its wings and built a nice brand.”

Now financial services accounts for around 12 percent of the country’s GDP, making it an important part of Malta’s economy, Finance Malta’s chairman Kenneth Farrugia told thewealthnet. The country’s average economic growth stands at six percent, significantly better than most (the latest figure for the EU was 1.4 percent).

“It’s very difficu...