Malta’s financial services sector is projected to contribute between €4.8 billion and €5.3 billion to the country’s GDP by 2035. However, the sector is also facing the critical challenge in ensuring the right amount of skilled workforce needed to sustain this projected growth.
“Without a coordinated strategy to attract, train and retain top talent, Malta risks slowing the growth of one of its most strategically important industries and undermining its position as a competitive international financial hub,” says Dr Bernice Buttigieg, FinanceMalta’s Chief Strategy Officer.
The Malta Financial Services Advisory Council has commissioned a landmark talent mapping study to provide the first comprehensive assessment of the sector’s workforce.
“Despite the importance of this exercise, to date, only 31 firms have responded and without broader input from companies across the sector, the study risks missing the full picture of Malta’s financial services talent landscape.”
Dr Buttigieg highlighted that today, the financial services sector contributes 8.2% of Malta’s Gross Value Added, and that the number of employees in this sector continues to grow. MFSA figures show how from 2073 MFSA-licensed entities in 2020, the number increased by 16.4% to 2413 entities in 2025. In terms of employees, the sector grew by 21.6% between 2020 and 2024.
“Malta has managed to strategically position itself across traditional and emerging niches such as fund management, insurance, fintech, aircraft finance and family office services. Notwithstanding this achievement, human capital remains the sector’s most critical resource. Policies and incentives can guide growth, but without skilled professionals, the sector cannot achieve its full potential,” she added.
The research for this mapping study, conducted by academics within the University of Malta and financed by Identità, is examining recruitment trends, retention pressures, emerging skills gaps and the effectiveness of key immigration pathways such as the Blue Card, Key Employee Initiative, and Single Permit schemes.
“Malta’s growth targets are achievable only if we understand the people driving the industry, who they are, what they do and where gaps exist,” said Dr Charmaine Portelli, Lecturer at the University of Malta’s Faculty of Economics, Management and Accountancy involved in this research study adding that a key focus of the research is Third Country Nationals (TCNs) who increasingly occupy specialist roles across banking, fintech and insurance.
Prof Emanuel Said and Senior Lecturer Dr Daniel Gravino who are also involved in the research, highlighted the study’s role in shaping long-term workforce strategy.
“Malta is competing directly with established European financial centres for highly skilled professionals, making talent availability a decisive factor in the country’s ability to expand its financial services industry. Mapping TCN employment by function and seniority will provide both policymakers and companies with insights on where recruitment, training and migration policies can be refined,” they added.
“We’re competing with some of Europe’s most established financial centres for the same talent,” Dr Buttigieg said. “Understanding exactly where bottlenecks exist will help Malta secure its competitive edge.”
Complementing these workforce initiatives, the Maltese government recently introduced the Highly Skilled Individuals Rules, a preferential tax regime offering a flat 15 per cent tax rate on qualifying employment income for top professionals in sectors including financial services.
Eligible employees must meet specific criteria, including a minimum annual salary of €65,000, relevant professional qualifications and senior or specialist roles within their organisations. These positions often correspond to some of the sector’s most pressing skill shortages, including senior analysts, portfolio managers, compliance heads and executive-level professionals.
“This incentive sends a clear signal that Malta is serious about attracting top international talent,” added Dr Buttigieg, noting that such measures complement immigration schemes and broader workforce planning initiatives aimed at supporting the country’s long-term economic strategy under Vision 2050.
The study is expected to be completed by June this year, but its effectiveness will depend heavily on broader industry participation.
“Financial services providers need to understand that this is not simply an academic exercise but an opportunity for the industry itself to help shape Malta’s workforce strategy. Only with stronger participation from companies across the sector can the study generate the data required to support evidence-based policymaking and ensure Malta continues to attract and retain the international talent needed to remain a competitive and future-ready financial hub,” she concluded.
To complete the survey, HR personnel operating in the financial services field are invited to click here: Skills Gaps Questionnaire (Page 1 of 9) Further information will be available on FinanceMalta’s website www.financemalta.org and social media pages in the coming days.
