Malta in a member state of the EU. It also with Cyprus joined the Euro on the 1st January 2008 replacing the Maltese Lira currency

Malta company's standard tax rate is 35% However, the system provides for refunds on the tax paid by the company on the distribution of dividends.

The amount of refund is set at 6/7 of the tax paid by the company, therefore ,the effective company rate is 6/7 of 35% refund which is 5%.

The effective rate is reduced to 5/7 if the income from which the dividend has been paid is derived from passive interest and royalties.( 10% ) If the company has claimed doule taxation relief, the refund is reduced to 2/3 of the tax paid by the company

As of the 21 December 2007 , Malta along with eight other countries became part of the new Enlarged
Schengen area.

People can now travel freely between the 24 member countries without internal borders