Tory politician and businessman Lord Michael Ashcroft has urged British companies seeking an EU base post-Brexit to opt for Malta ahead of financial giants like Paris and Frankfurt.

“My lifelong passion for bravery, in general, and gallantry medals, in particular, means that I have long had a soft spot for Malta,” Lord Ashcroft, a staunch Brexiter, wrote in a blog on Conservative Home. “As the only country in the world to be awarded the George Cross – for its tenacious resistance to Germany and Italy during the Second World War – my admiration for the island’s once-besieged people is immense. However, my support for Malta as a business location where UK companies might wish to set up a base after Brexit has nothing at all to do with any sentiment.”

The Tory peer, who hit the news in Malta last year when his private jet was blown off the Luqa airport apron, gave these reasons for why British businesses should move to Malta.

1. A booming economy

“To start with, the country’s economy has rarely, if ever, been in better shape. Last year saw an extremely healthy 6.6 per cent growth in GDP. Malta’s unemployment rate is incredibly low: officially 3.5 per cent but, in reality, virtually everyone who wants to work and is able to work can find a job. Inflation is at just 1.6 per cent and Malta recently recorded its first trade surplus for more than three decades.”

Successive governments from both main parties – Labour and Nationalist – have provided strong, stable leadership. Dr Joseph Muscat, the current Labour Prime Minister, may be broadly left of centre but his supporters and opponents alike acknowledge that he is aggressively pro-business.

2. A great work ethic

“Many foreign firms have been attracted to Malta by its advantageous tax system, both for companies and their workers, as well as the island’s relatively cheap costs in comparison to major European cities.

Yet, arguably the key to the country’s economic prosperity is the solution-solving attitude and solid work ethic of its business leaders and workforce. There is a standing joke on the island that goes: “We got our cooking skills from the Italians and our work ethic from the British. God forbid it was the other way around!”

Joking apart, Malta has no worthwhile natural resources (other than the sun and the sea) and, as a result, its law-makers and regulators realised some time ago that for the country to be successful it had to be forward-thinking and innovative.”

3. English is an official language

“English (along with Maltese) is one of the country’s two official languages. Furthermore, legislative, judicial and company documents are available in English and, in a court of law, it is the English version that prevails.”

(This isn’t accurate: In cases of legal discrepancies, it is the Maltese version that prevails)

4. A pretty great quality of life

“Malta offers a wonderful quality of life, with its rich history and its Mediterranean climate that is close to perfection: mild winters, and warm/hot summers. Indeed, Malta has 300 days of sunshine every year for those who want to pursue an outdoor leisure life, whether it is yachting, diving or walking. Good education and health systems, plus excellent flight connections to many European countries and beyond (more than 80 destinations in all) are other positives that the island can boast.”

5. Malta is ‘one of the safest places in the world’

“Malta is a safe place to live too, with violent crime rare. Indeed, in 2016 Malta was ranked as the world’s second best place for foreigners to live by a wide-ranging global industry survey.”

6. It isn’t afraid of taking risks

“Over the past two or three decades Malta has taken calculated risks in that it has embraced new areas of international business on a regular basis, and many have been very successful. Some, like the 1988 offshore services project with high levels of secrecy and very low or no tax, were not and were quickly reversed. Others expose the country to criticism – notably internet gambling.

In a similar vein, though now in an era of heightened transparency and compliance within the EU, Malta is currently enthusiastic about blockchain, the cryptographically-enhanced decentralised digital ledger technology.”

7. It can help businesses expand to North Africa

“Significantly, with its location and the contacts of its islanders, Malta offers a gateway for UK firms to new North African markets too, particularly those in Egypt, Morocco, Tunisia and Libya.”

Malta’s reputation damage after Daphne Caruana Galizia’s murder was mentioned as a drawback

After interviewing political and business leaders, including Prime Minister Joseph Muscat, Lord Ashcroft also came up with a list of drawbacks about Malta – most specifically labour shortage and reputation damage incurred in the wake of corruption and money laundering scandals and the assassination of journalist Daphne Caruana Galizia.

Public transport, roads, housing and planning fall into his ‘can-do-better’ category.

“The award of the George Cross to Malta by King George VI on April 15 1942 was in recognition of the courage, strength, resilience and determination of its people,” Lord Ashcroft concludes. “If UK firms decide that they need a EU base post-Brexit, these qualities are the ones that they will benefit from if they choose to co-locate to the island.”

What do you make of Lord Ashcroft’s assessment of Malta?

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Tim Diacono

Tim is interested in the rapid evolution of human society and is passionate about justice, human rights and cutting-edge political debates. You can follow him on Instagram or Twitter/X at @timdiacono or reach out to him at [email protected]