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Malta has been independent since 1964, became a republic in 1974 and has population of 450,000 people. The nation joined the European Union in 2004 and adopted the Euro in January 2008. It is the smallest economy in the European Union and depends heavily on imports to sustain its economy. Malta has two official languages, Maltese and English, and boasts a highly educated workforce.
The country’s main industries are the services industries where the tourism sector accounts for a large portion of the services industry output. Due to its political and institutional stability, financial attractiveness and geographical position between Europe and North Africa, Malta has become a well sought after country also for the betting and financial services industries. It is also worth mentioning that Malta emerged relatively unscathed from the global financial services crisis, largely because its debt is mostly held domestically and its banks have low exposure to the sovereign debt of the peripheral European countries.