The island of the Maltese archipelago lies midway between Africa and Europe. It was ruled by foreign powers until independence in 1964. Malta is spread over an area of 316 square kilometers. It has a population of 392,000 people, where about ninety-five per cent of Malta's population is made of Maltese. Valletta is the capital city and its grand harbor is a busy modern port, which developed due to its position on the trade route between Europe and Africa. It is a historical city and registered as a world Heritage site by UNESCO. The two officially recognized language of Malta is Maltese and English and other languages include Spanish, Italian, German, and French. Maltese Lira is the monetary unit of Malta. Malta's rapidly growing economy largely relies on industries including tourism, electronics manufacturing, and international trade. Malta has rich reserves of limestone. In this country, there is no provision of property tax.