The National Statistics Office (NSO) published the Foreign Affiliates Statistics: 2024 (NR 163/2026) on 16 September 2026, providing detailed insight into the role of foreign-controlled enterprises within Malta’s non-financial business economy. The data highlights the significant contribution of foreign affiliates to output, investment, and value added, while also illustrating broader trends in employment, sectoral performance, and outward investment by Maltese-controlled enterprises.
Foreign-Controlled Enterprises in Malta
Foreign-controlled enterprises continue to represent a relatively small proportion of Malta’s business population while accounting for a significant share of economic activity.
In 2024, foreign-controlled enterprises represented just 2.6% of all business units operating within Malta’s non-financial business economy. Despite their limited number, these enterprises generated 62% of the total value of output, underlining their substantial economic presence.
The statistics suggest that foreign-controlled enterprises tend to be larger and generate considerably more output than the average resident-controlled business operating within the same economic framework.
Investment Performance
Investment activity recorded one of the strongest developments among foreign-controlled enterprises during 2024. Gross investment in tangible non-current assets by foreign-controlled enterprises increased by 99.8%, while investment by resident-controlled enterprises decreased by 7.0%. This contributed to an overall increase of 39.4% in gross investment across Malta’s non-financial business economy. The most significant growth was recorded in mobility, logistics and hospitality service activities, where gross investment increased from €463.1 million in 2023 to €1.23 billion in 2024.
Sectoral Performance
Sector‑specific results show varied performance across activity domains:
- Technological solutions, professional and business support activities recorded the largest increase in value added among foreign‑controlled enterprises, rising by €329.5 million.
- Gambling and betting activities remained highly internationalised, with 6% of value added generated by foreign‑controlled enterprises.
- Wholesale and retail trade saw value added increase by 3%, and net turnover rise by 57.4%.
Industry (NACE B–E) experienced declines in both value added (‑7%) and gross operating surplus (‑20.7%).
Enterprise Size and Structure
Foreign‑controlled enterprises are predominantly large in scale:
- Large enterprises accounted for 73.2% of value added, 57.7% of persons employed, and 59.1% of employee benefits expense within foreign‑controlled entities.
Small and medium‑sized foreign enterprises also showed positive performance:
- Medium‑sized enterprises increased value added by 3%.
- Small‑sized enterprises increased value added by 1% and more than doubled gross operating surplus.
Small Mid‑Cap enterprises (SMCs) recorded declines in most variables except investment, which nearly doubled from €55.3 million to €110.2 million.
Geographic Distribution of Ownership
Foreign ownership of enterprises operating in Malta remained predominantly European in origin.
Residents of European countries ultimately controlled 74.6% of all foreign-controlled enterprises operating in Malta. Residents of non-EU European countries alone controlled 57.3% of foreign affiliates, making them the largest ownership group by geographic origin.
Foreign-controlled enterprises whose ultimate controlling units were resident in non-EU European countries more than doubled their gross investment in tangible non-current assets, increasing from €564 million in 2023 to €1.18 billion in 2024.
At country level, residents of the United Kingdom, Italy, the United States and Germany controlled the largest number of foreign affiliates operating in Malta, accounting for a combined total of 562 enterprises.
Among individual countries of control, enterprises ultimately controlled by Swedish residents generated the highest value added, amounting to €1.68 billion, and recorded the second-highest level of employment among foreign-controlled enterprises, with 5,955 persons employed.
Maltese-Controlled Foreign Affiliates Abroad
The NSO statistics also provide insight into enterprises controlled by Maltese residents operating abroad.
In 2024, Maltese-controlled foreign affiliates generated net turnover of €2.07 billion, representing an increase of 8.9% over the previous year. These affiliates operated across 58 countries and employed 15,611 persons. EU Member States accounted for €1.41 billion, or 67.9% of total net turnover, and 12,173 employed persons, representing 78.0% of total employment within Maltese-controlled foreign affiliates. Romania remained the largest employment location for Maltese-controlled foreign affiliates, accounting for 5,141 employees despite a year-on-year decline in employment levels.
To Sum Up
The Foreign Affiliates Statistics: 2024, published by the National Statistics Office, provide a detailed overview of the contribution of foreign-controlled enterprises to Malta’s non-financial business economy. The data demonstrates the significant role these enterprises play in output generation, value added, and investment activity, while also highlighting evolving employment and sectoral trends, offering a comprehensive snapshot of Malta’s international business footprint and the growing interconnectedness of its enterprise sector.
For more details, please refer to the Foreign Affiliates Statistics: 2024 (NR 163/2026).
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Frequently Asked Questions (FAQ)
What is a foreign-controlled enterprise?
A foreign-controlled enterprise is a business operating in Malta that is ultimately controlled by an institutional unit, company, or individual resident in another country. Control is generally determined through the ability to direct the enterprise’s policies and strategic decisions.
What are Foreign Affiliates Statistics (FATS)?
Foreign Affiliates Statistics (FATS) measure the economic activity of enterprises operating under foreign control. These statistics provide information on employment, turnover, value added, investment, and the number of enterprises.
What is the difference between inward and outward foreign affiliates statistics?
Inward FATS measure the activities of foreign-controlled enterprises operating in Malta, while Outward FATS measure the activities of foreign affiliates abroad that are controlled by Maltese residents.
Why do foreign-controlled enterprises account for such a large share of Malta’s economic output?
Although foreign-controlled enterprises represented just 2.6% of business units in Malta’s non-financial business economy in 2024, they generated 62% of total output. This reflects their concentration in larger and highly internationalised sectors.
What is the Ultimate Controlling Institutional Unit (UCI)?
The Ultimate Controlling Institutional Unit (UCI) is the entity at the top of the ownership chain that ultimately controls an enterprise and is not itself controlled by another entity. This methodology helps identify the true country of control.
Which sectors in Malta have the highest concentration of foreign-controlled enterprises?
According to the NSO’s 2024 statistics, gambling and betting activities remain among the most internationalised sectors, while technological solutions, professional and business support activities represent a major area of foreign-controlled economic activity.
Why is foreign investment important for Malta?
Foreign investment supports economic activity through capital expenditure, employment creation, skills development, innovation, and international business connectivity.
Which countries account for the largest number of foreign-controlled enterprises in Malta?
The largest number of foreign affiliates operating in Malta were ultimately controlled by residents of the United Kingdom, Italy, the United States, and Germany.
Do Maltese businesses also operate internationally?
Yes. Maltese-controlled foreign affiliates operated across 58 countries in 2024, generating €2.07 billion in net turnover and employing 15,611 persons.
Are Foreign Affiliates Statistics the same as Foreign Direct Investment (FDI) statistics?
No. FDI statistics measure investment relationships and ownership links, whereas FATS measure the actual economic activity of businesses operating under foreign control, including turnover, employment, value added, and investment.
What do the 2024 statistics indicate about Malta’s business environment?
The statistics show that Malta remains a highly internationalised economy, with foreign-controlled enterprises playing a significant role in output, value added, and investment activity while Maltese-controlled enterprises continue expanding internationally.
 Chris Armstrong |  Szabolcs Toth |
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