Signed on the 9th October 1995, the Double Taxation Agreement between Sweden and Malta came into force on the 3rd February, 1996 through LN 104 of 1996. By virtue of the Agreement, taxing rights in relation to several types of income, such as dividends, interest, royalties and income derived from immovable property are allocated between the two states. Further, in some instances tax rate caps are imposed to facilitate trade and investment. The Agreement is substantiated by EU legislation, both being full members of the European Union.
Swedish businessmen are represented on the Scandinavian Business Forum in Malta. A Swedish delegation comprising 13 high profile Swedish businessmen and their spouses (most of whom are London-based) were hosted at the Chamber of Commerce, Enterprise and Industry in Valletta on the 16th May, 2011. The group of Swedish businessmen is known as the Tuesday Club and visited Malta due to its growing reputation as a well-regulated European financial centre. The Business Forum was held to expose Malta’s potential for investment, particularly in the financial services sector. Dr. Jean Philippe Chetcuti was one of the Maltese financial services practitioners to be given the opportunity to meet the delegation of Swedish business persons that visited Malta.
The Swedish businessmen, specialised in Investment Banking, Property, Capital Markets and Private Equity/Asset Management Funds, met with several Maltese and expatriate counterparts and financial services practitioners with a view to maximise on the networking opportunity provided. It was explained that around 12% of Malta’s GDP relates to financial services and that a 2015 estimate lies at around 25% of the GDP. The sector, which has a record of 30% expansion per year, employs approximately 4% of the workforce. The investment industry is also growing with some 400 funds domiciled in Malta. In addition, some 41 insurance companies, 24 foreign and privately-owned credit institutions and 15 financial institutions are registered in Malta.
The flourishing relationship between the two states is evidence through the increasing number of Swedish nationals taking up residence in Malta. Malta is represented in Sweden through its embassy in Copenhagen (Denmark) and through 2 honorary consulates in Malmo and Sundsvall. Sweden is represented in Malta through a non resident ambassador (based in the Foreign Ministry in Stockholm) and through an honorary consulate in Valletta.
