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Retiring in Malta

With a mild climate, vibrant Mediterranean lifestyle, affordability and excellent healthcare system, Malta is becoming an increasingly more attractive place to retire.

With stunning architecture, mouth-watering cuisine, idyllic beaches and modern infrastructure, it is easy to see why so many expatriates are choosing Malta as their destination to sit back and relax in their older age.

Our three-island archipelago is also very well connected to the European mainland with air and sea routes to all major cities. Australia is also well serviced through Emirates airlines. Malta and Gozo are linked by a ferry service while a helicopter link is set to be revived. The government has also pledged to build a tunnel between the two islands.

Between May and late October, you can expect to enjoy average temperatures of 24 degrees Celsius although the Summer months can get hot with the mercury hitting the early to mid-thirties.

The average temperature in winter averages at 15 degrees although January and February can get cooler.

Nearly all Maltese are bilingual and in some cases trilingual, speaking English, Maltese and Italian. The Maltese drive on the left side of the road. The Maltese are also hospitable, affable and helpful by nature.

Malta is also very affordable and well serviced by public transport. A meal for two, including a decent bottle of wine will cost as little as EUR 50.

Groceries are also cheap and most mainstream worldwide brands are available in even the smallest of grocery shops. Local produce is very high quality versus price and is still sold by farmers on trucks straight after it comes out of the ground.

Malta also has numerous residency schemes, one of them being the Retirement Scheme. In order to take advantage of this, applicants must declare a minimum of 75 percent of their pension and a minimum of 25 percent of their normal income.

Should you be approved, the final tax rate which you will pay will be of 15 percent. Malta is also a signatory to numerous double taxation agreements, meaning that you will not have to pay tax twice.

If your application is accepted, mandatory insurance will cover you for all public health centres and Mater Dei Hospital, which is state of the art and equipped with all amenities for patients and visitors alike.

Under the scheme, retirees must live in Malta for an average of 90 days over five years. Another condition is that they cannot live in any other single jurisdiction for more than 183 days within any year.

To qualify for the scheme, retirees must own or rent a property in Malta or Gozo. If the property is a rental, then it must be for a minimum of 12 months. The rental thresholds are €9,600 per annum in Malta and €8,750 per annum in Gozo.

If the applicants intend on buying a property, it must be worth over €275,000. If the property is in the South of Malta or Gozo, then the value must be over €250,000.

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