Over 2 million tourists visited Malta in 2022, which helped the economy gain a staggering $2 billion. It’s a beautiful island country that many tourists fall in love with. Some even decide to retire in Malta eventually.
But retirement is a big decision and there’s a lot you should know about becoming a Malta expat. The following guide will explain the quality of life in Malta and other key factors to consider.
Read on to discover if retiring in Malta is the right choice for your lifestyle and budget. Malta is also a good business destination especially for foreign entrepreneurs who come here to set up businesses being attracted by the low taxes and the good local opportunities.
Collecting Retirement Income
To collect retirement income from your home country, you must obtain a visa called the Maltese permanent residence permit. It’s a visa designed specifically for retirees so that they don’t have to work in Malta to get their money.
To qualify, you need a minimum net worth of $39,5127.33 or make a minimum of $26,039 each year. You can’t have a criminal record and you must complete an interview process.
After you get the visa, Malta requires you to buy a house worth a minimum of $132,463. You can also buy an apartment worth at least $79,251 to qualify.
If it’s out of your budget to buy a home, you can pay $4,698 each year instead. The country also requires you to open a Maltese bank account after receiving a permit.
Malta Housing and Cost of Living
The cost of living is much cheaper than in the US and many other countries. For example, the average cost to rent an apartment is just under $1,000 in Malta. In comparison, the average apartment rent in America is $1,702.
An Acquisition of an Immovable Property Permit allows expats to buy 1 property in Malta to live with their family. You’ll need a notary public to obtain the permit.
Then, you find a real estate agent to help you find a Malta property. Once you find a house to buy, expect to pay 10% upfront as a down payment.
Benefits of Living in Malta
Malta gets some of the most sunshine in Europe and it makes for excellent sunbathing by the turquoise water. The summer stretches across 7 stunning months in Malta.
Its gorgeous beaches provide a great way to relax and spend time outdoors. There are also many archaeological sites, medieval monuments, museums, and fascinating architecture to dive into.
You can grab a drink at a bar by the water and watch boats and the sunset roll in every evening. There are also amazing fresh seafood offerings at a variety of restaurants and excellent Pizza as well.
Like with housing, the cost of entertainment and food is relatively low in Malta. The excellent healthcare in Malta is also affordable and up to the EU’s standards.
Perhaps most importantly, the crime rate in Malta is low which gives peace of mind to many retirees. You can learn more about retirement benefits at the link.
How to Retire in Malta
Now you know what it takes to retire in Malta and the benefits that lead many others to do so. It’s a straightforward and affordable process that gives you daily access to wonderful weather, breathtaking views, and delicious food.
Take a look at our site’s money-saving and travel sections for more great retirement tips and ideas.