EU and Monaco sign new tax transparency agreement

EU and Monaco sign new tax transparency agreement

Brussels, 12 July 2016

MALTA, the best jurisdiction in EU for Cost, Tax, Transparency, Compliance

MALTA, la migliore giurisdizione per Costi, Tasse, Trasparenza, Compliance

and business & life quality

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Today the EU and Monaco signed a new tax transparency agreement, under which they will automatically exchange information on the financial accounts of each other’s residents from 2018.

This will ensure that both sides are better equipped to detect and pursue tax evaders, who will nolonger be able to hide income and assets in financial institutions abroad.

Pierre Moscovici, Commissioner for Economic and Financial Affairs, Taxation and Customs, said: “Today’s agreement reinforces Monaco’s commitment to international tax transparency standards. The EU and Monaco have today sent a joint clear signal: we are allies when it comes to tax transparency and allies in the fight against international tax avoidance and tax evasion.”

Under the new agreement, Member States will receive the names, addresses, tax identification numbers and dates of birth of their residents with accounts in the Principality, as well as other financial and account balance information. This is fully in line with the new OECD/G20 global standard for the automatic exchange of information.

Today’s agreement marks the latest in a series of international landmark deals the EU has signed with Switzerland, Liechtenstein, San Marinoand Andorra.

For more information, see:

Labour costs growing fast in Malta in 1Q 2016

Labour costs growing fast in Malta – up by more than 11% where Malta has clearly a skills’ shortage

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When economy heats up, the desire for the best heats up as well…..

WHY MALTAWAY ? is the key question indeed!

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Contatta Maltaway per la tua relocation a Malta


Labour costs in Malta appear to be consistently on the rise with increases ranging from 1.1 per cent quarter to quarter up to an impressive 11% in certain sectors such as non-wage costs. Malta was well above the average for wage cost rises at just under 3% or in 11th place where nominal labour hourly costs were concerned.

Hourly labour costs rose by 1.7% in both the euro area (EA19) and the EU28 in the first quarter of 2016, compared with the same quarter of the previous year. In the fourth quarter of 2015, hourly labour costs increased by 1.3% and 2.0% respectively.

The two main components of labour costs are wages & salaries and non-wage costs. In the euro area, wages & salaries per hour worked grew by 1.8% and the non-wage component by 1.5%, in the first quarter of 2016 compared with the same quarter of the previous year. In the fourth quarter of 2015, the annual changes were +1.5% and +0.7% respectively. In the EU28, hourly wages & salaries rose by 1.7% and the non-wage component by 1.6% for the first quarter of 2016. In the fourth quarter of 2015, annual changes were +2.1% and +1.3% respectively.

Breakdown by economic activity

In the first quarter of 2016 compared with the same quarter of the previous year, hourly labour costs in the euro area rose by 2.0% in industry, by 1.4% in construction, by 1.7% in services and by 1.6% in the (mainly) non-business economy. In the EU28, labour costs per hour grew by 1.9% in industry, by 2.6% in construction, by 1.6% in services and by 1.5% in the (mainly) non-business economy.

Member States

In the first quarter of 2016, the highest annual increases in hourly labour costs for the whole economy were registered in Romania (+10.4%), Bulgaria (+7.7%), Estonia (+6.9%), Lithuania (+6.1%) and Latvia(+4.7%). Decreases were recorded in Italy (-1.5%) and Cyprus (-0.3%).

The best are moving away! Italian Expats Abroad, Multilingual and Educated – I migliori se ne vanno? Italian Expats, multilingue e istruiti

The best are moving away! Italian Expats Abroad, Multilingual and Educated – I migliori se ne vanno? Italian Expats, multilingue e istruiti

Expats from Italy move abroad for practical reasons, rarely intending to abandon their home country forever.

To move to Malta, MALTAway is your way

Probably due to current subpar economic conditions in their home country, Italian expats’ main motivation for relocation is often the improved working opportunities other countries can offer. Over half (53%) mention the economy and/or labor market as an important factor for their decision to live in another country and the overall single most important reason for leaving Italy is finding a new job abroad, as listed by 19% of Italian respondents. As such, typical expat types among Italians are the Foreign Assignee (21%) and Career Expat (16%).

Germany (hosting 17%) and Switzerland (10%) are the most favored countries of the Italian expats, likely because of the proximity to the motherland. The short distance to home is indeed an attribute Italians appreciate, with 28% mentioning it as an issue that was on their mind when considering moving abroad.

Expat Statistics 2015

Expat statistics on Italians abroad - infographic

Speaking Proficiently

Regardless of where expat life takes them, Italians seem to be fairly talented when it comes to languages. Close to half (46%) state they speak four or more languages including their mother tongue(s). Globally only 30% of the expats are so accomplished. Italians also seem to have a good command of the local language in their respective host country: 58% boast being able to speak their host country’s language fairly or even very well, while only 48% of all survey participants say the same. Improving language skills also serves as a motivation to move abroad: 13% of Italian expats mention it as one reason for their relocation.

Academic Accomplishments

As mentioned, Italians often travel abroad driven by better working opportunities. Highly educated – two-thirds have a post-graduate degree such as a Master’s degree or PhD – Italian expats nevertheless tend to be conventional employees and managers (63% vs. the global 47%) rather than, for example, researchers (6%), freelancers (5%), or entrepreneurs (6%).

Overall, the effort of moving abroad is rewarded in the form of higher incomes: 73% say they currently earn more than they would back home and 35% even go so far as to say their income is now a lot higher. In general, Italian expats also have slightly higher incomes than the worldwide average: 59% of the Italians say their annual household income is higher than 50,000 USD, compared to 51% among the entire survey population.

Love across Borders

Italian expats happen to be single more often than the global average would suggest (46% vs. a worldwide 38%). Of those who do have a partner, 16% are in a long-distance relationship with their better half residing in another country.

On the other hand, only two in five Italians in a relationship have a partner who is also Italian. In 28% of the cases the partner is neither from the home country nor the current country of residence.

Attending Expat Activities

Expats from Italy have a tendency to keep company mostly with other expats. Almost half (48%) say their acquaintances consist mainly of fellow internationals; around the globe only 34% say the same. When asked about the origin of their expat friends, 21% say they are mostly from Italy, too. On the other hand, close to one-third (32%) has expat friends from a third country with a different culture and no shared language.

Being work-oriented, Italian expats most commonly meet new people through their jobs: two-thirds of them mention work as a place to socialize, followed by those who find friends through other friends (55%). Italians also frequently attend expat events, with 45% saying these are a good place to make new friends.


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Unified Cloud Communications

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10 Reasons Why You Should Study Abroad, in Malta as well

10 Reasons Why You Should Study Abroad, in Malta as well

Ask to Maltaway for the best school and UNI fees in MALTA, local cost of living and the best way to transfer money around the world

  1. Do it while you are young and energetic, before you are tied down to one place.
  2. Meet new friends from around the world, who you can share interests with and learn new ideas from.
  3. Gain new perspectives on things you normally wouldn’t have.
  4. Instead of just visiting for a few days, you are actually living there for four months.
  5. Learn a new language and maybe pick up a few things you didn’t already know.
  6. A semester abroad looks great on a resume!
  7. Learn to be fully independent and see what you can do on your own.
  8. Immerse yourself in a totally different culture… you might really like it.
  9. Experience a different education system than your home country.
  10. Something totally different and an unforgettable experience. You will never do anything like this again in your life.


The fatal bias. Too many know the cost of everything but the value of nothing.

The fatal bias

The prevailing managerial bias towards cost efficiency is seriously harmful to corporate performance.

Too many know the cost of everything but the value of nothing.