Family businesses in Malta have saved more than €55 million in stamp duty reductions on transfers since the Family Business Office was set up in 2017.

This was highlighted during a visit to E&L Enterprises, one of the 400 family businesses registered with the office. During the visit, the company's experience as a family business that has succeeded in growing over the years was discussed, emphasising the importance of long-term planning, strong governance and a succession plan to ensure the business continues to strengthen from one generation to the next.

It was noted that the benefits granted through the Family Business Act have served not only to reduce the financial burden on these businesses, but also to create more room for investment, innovation and the creation of new job opportunities.

The Regulator of the Family Business Office, Joseph Gerada, said that the €55 million figure is clear proof that policies in favour of family businesses are delivering concrete results.

"When a family business saves, it is not only strengthening its own future, but also reinvesting in the economy, creating more opportunities and further growing the value it gives to the country. This is a policy that is bearing fruit, and one we must continue to build on," concluded Dr Gerada.

Dr Gerada went on to explain how Malta was the first country in the European Union to introduce a regulatory framework exclusively for family businesses, a step that laid a solid foundation for these businesses to receive the support they need to keep growing and planning for the future. He explained that this legislative act will continue to be developed and strengthened, so that it reflects economic realities and the new challenges facing family businesses, while continuing to encourage growth, good governance and successful transfer from one generation to the next.

He encourages more family businesses to register and benefit from the measures available, noting that today more than 400 family businesses form part of this register, which continues to strengthen the sector and looks toward its sustainable growth in the years ahead.