16-Year-Olds Could Soon Be Able To Open Bank Accounts And Launch Businesses In Malta
Youths aged 16 to 18 will soon be allowed to open bank accounts and start their own companies due to an upcoming legal amendment, TVM News reported.
Economy Minister Silvio Schembri announced the change during Parliament’s debate on his ministry’s budget estimates, adding that a bill will be presented in the coming weeks to strengthen INDIS and pave the way for Malta’s first industrial policy.
Schembri also revealed that the University of Malta has been chosen to lead Artificial Intelligence training, including courses on AI ethics and critical thinking. A public consultation will soon be launched on how AI can boost productivity.
During the debate, Opposition spokesperson Jerome Caruana Cilia criticised the government’s economic record, arguing that Malta’s “successful economy” still leaves many struggling with poverty, traffic, and rising living costs. He cited YMCA figures showing 450 homeless people last year, including 72 children, and said many young Maltese are unable to afford property.
Caruana Cilia said the Opposition’s proposals include tax cuts on the first €10,000 earned through part-time or overtime work, a children’s fund, and a drive to reduce bureaucracy while investing in new economic sectors.
Schembri defended the government’s track record, noting that Malta’s economy grew from €7 billion in 2013 to €24 billion today, allowing measures like covering 65% of wage increases for two years and offering strong tax credits for business investment.