Why retire in Malta?

Malta has been one of the best choices for many retirees due to the geographical location in the heard of the Mediterranean Sea. Compared to other retirement destination, moving to Malta is considered easy and affordable to many.

Residency

To retire in Malta, a residency permit is obligatory for any non EU citizen. Residency requirements include renting or owning a property in Malta. For rentals there is a minimum annual value of €9600 for Malta and €8750 for Gozo. When renting there is also a minimum term required of 1 year which has to be supported by a copy of the lease agreement. The capital required is an annual income excessing 24,000 euro.

Health insurance

Private health insurance is available for all retirees. Malta offers one of the best healthcare system’s in the world. Free healthcare services are offered to citizens and long term residents, therefore a residency is very important. A retiree who just moved to Malta does not qualify for the national health insurance in Malta unless they have been living there for latest 15 years.

Taxes

If a retiree receives a pension from another country, he might be eligible for a special rate tax of 15% instead and 35% tax rate on income arising in Malta. There’s no inheritance tax, no gift tax an no wealth tax, Malta offers a tax friendly environment for retirees.

Property prices

To rent an apartment in Malta can average for about $600 and in Gozo it can start from $250. As for owning a property, a one bedroom apartment can average for about 120,000 euros and a villa from 150,000 euros.

Social Life

Malta is a small and populated country. Retirees have no difficulty connecting with other expats or retirees, as it is a great social retirement place. Many associations facilitate the social life for retirees by offering several social events such as lunches, lectures, organized adventures and tours. Considered a very safe country, crime rates in Malta are extremely low.

Below is an example of associations in Malta:

Weather

It is always sunny in Malta. The average temperature all year round is 22 degrees celsius, with the sun shining 300 days of the year.

Living Costs

Malta offers a much lower living cost than the rest of Europe. The table below provides a few examples of necessities and their prices. 

Recommended Locations in Malta

Even though Malta consists of five islands, Malta and Gozo are the most populated. For those looking for a quiet enviroment, Gozo and Comino are the perfect islands to retire in Malta, as they offers a quiet environment, natural scenery and all the amenities you need.