Retirement in Malta: procedures and practical information.
In this article, we answer the most frequent questions asked by retirees or future retirees who wish to spend their retirement in Malta or are looking for a destination to live their retirement in the sun without straying too far from the old continent. You will learn in this article about finding properties for sale in Malta.
Why retire in Malta?
When looking for a pleasant and sunny destination in which to retire, the island of Malta is not necessarily the first country you think of. Indeed, this small quiet island in the Mediterranean is not much talked about. This is normal since it displays both great economic stability and a high level of security. It, therefore, offers many advantages, especially for European residents. Only about 2 hours by flight from Paris and the main European capitals, it is easily accessible and allows you to enjoy an ideal climate. You will benefit from more than 300 days of sunshine per year and temperatures oscillating between 15 and 35 ° all year round.
Maltese cultural and historical richness
If you decide to retire in Malta, you will be able to fully enjoy the Mediterranean good life. Its cultural abundance and its historical heritage are also extremely important and varied. You will discover modern architecture as well as prehistoric sites. Its riches are abundant, thanks to its five-thousand-year-old temples and its fortified cities. Its beaches and fishing villages are worthy of the most beautiful Mediterranean panoramas. Finally, Malta knows how to highlight its Sicilian and North African culinary influences and the English imprint brings a unique charm to its gastronomy.
A simple and warm welcome
The Maltese are very welcoming and all speak fluent English. Shakespeare’s language is the second national language along with Maltese, so it is very easy to be understood everywhere. Italian is also a widely used language on the island. Other counties and cities are studied at school but few Maltese practice it.
A high-level health system
Malta has a high-level health system, which easily rivals that of France. It has establishments benefiting from the latest cutting-edge technologies and highly qualified health specialists. This quality of care can be verified in both public hospitals and private clinics.
The cost of living in retirement in Malta
The standard of living is slightly lower than in large European countries, housing and food are often more attractive. It is therefore not surprising that many Europeans come to invest in the property system in Malta. However, the cost of accommodation in some cities like Sliema or St Julian’s is much higher than elsewhere on the island. It should also be noted that imported products bear transport costs and will be more expensive than on the continent. This is why it is recommended to prefer local products which will allow you to easily control your budget and forge relationships with the Maltese population to glean some precious advice or typical cooking recipes for example.
How to settle in Malta for retirement?
If you want to spend a sweet retirement in Malta, some steps are necessary to settle on the island.
Finding accommodation for retirement in Malta
A European citizen wishing to retire in Malta will have no difficulty finding accommodation on the archipelago, both for purchase and rent. Property system is booming and it is very easy to find recent buildings with all the necessary equipment (parking, elevators, etc.). It is also possible to choose a habitat with more rustic charm in less densely populated areas where very well-equipped villas can be found without difficulty. Thus, you will find a wide variety of accommodation whatever your tastes from the simple apartment to the penthouse, from the prestigious villa to the Farmhouse or house of character. You can book a yacht charter in Malta by clicking this highlighted link. You will inevitably find your happiness in the dynamic area of Valletta, Sliema, and St Julian’s or the atmosphere, more calm and traditional, of the rest of the island and Gozo. A Malte Conseils property system advisor will be able to guide you as best as possible according to your expectations and your budget and assist you in your negotiations and purchase procedures.
Administrative procedures and obtaining a residence permit in Malta
It is compulsory to apply for a Residence permit within three months of settling in Malta. This is done with the Maltese Ministry of the Interior. For European Union nationals, you can make this request by mail. We also recommend that you register with the property system in Malta in the register of people abroad. This will allow you to be recognized by the embassy and thus facilitate all your administrative procedures.
A specific program for wealthy retirees
If you are retired with a high income, know that a special program has existed for you since 2012: the Malta Retirement Program. This is not mandatory and will be particularly relevant if you exceed a minimum tax threshold of minimum USD per year to which is added maximum for each additional dependent. It offers a more advantageous tax regime than ordinary residence since the taxable income generated outside Malta and repatriated to Malta (your retirement in particular) will be taxed at the fixed rate of 15%. On the other hand, income generated and capital gains made in Malta will be taxable at a higher rate of 35%.
To choose this program you will have to meet certain conditions and in particular:
Live in Malta at least 90 days a year and not reside in another country for more than 183 days, Rent or buy a property under certain minimum financial conditions, receive your retirement or pension in Malta, and that this represents at least 75% of your taxable income by our recommended site.
You can find more details in this article on the Retirement Program
The request must come from an authorized Maltese representative and the costs are very low range. In addition, if you physically reside on the island for more than three consecutive months, you must have an ordinary residence permit.