The Malta Institute of Accountants ("MIA") has called for a sector-specific approach in the proposed labour migration policy, highlighting the importance of recognising the needs of those sectors that offer high value-added potential to the Maltese economy.

“While it is positive that the policy addresses various areas such as retention and stability, employee rights and working conditions, we believe it falls short in several key areas that are critical for Malta's long-term success”, the MIA said.

In particular, the MIA expresses concern at various recommendations that limit the ability of the financial industry to recruit and retain the best available talent, irrespective of nationality, possibly hindering the growth and opportunities which the sector offers.

Greater flexibility is essential given the high competition for skilled professionals. This includes the policy’s lack of differentiation between low-skilled and highly qualified workers when recommending a minimum termination rate as a prerequisite for applying for TCNs. The proposed exemptions should be extended to include other sectors struggling to attract and retain talent, such as financial services and technology.

The Institute supports the introduction of Skilled Occupation Lists but cautions against restricting the hiring of third-country nationals (TCNs) based on the number of Maltese or EU nationals employed. Such limitations could hinder business growth, especially given the increasing workload and shortage of local qualified professionals.

Concern is also raised on potential bureaucratic burdens, such as the introduction of a mandatory Skills Card. The latter should be limited to front-of-house roles and not be required for back-office positions like accountants, financial controllers, or in-house lawyers.

In conclusion, the Institute calls for better alignment of the labour migration policy with other national strategies, such as education and infrastructure plans, to promote long-term development. It highlights the importance of preventing duplication and conflicting priorities while encouraging greater collaboration among stakeholders.