What You Need to Know About Retiring in Malta

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

It is easy to see why so many expatriates choose Malta as their destination to sit back and relax in their older age. Malta has warm weather year-round, mouth-watering cuisine, good healthcare, rich history and culture, stunning architecture, idyllic beaches, and a comfortable lifestyle. Malta offers retirees everything they could want in a retirement destination.  

Malta ranks among the best places to retire abroad on several lists, ranking high based on several categories such as visas, residency, housing, cost of living, health care access, tax regime, climate, and political stability. Most notably, Malta has been placed in Forbes’s Top 5 European Countries to Retire in 2022.   

If you’re still looking for a place to retire, read on to learn more about what Malta offers.  

Why Malta is a Great Place to Retire 

Great Weather  

The weather in Malta is warm and sunny most of the year, making it a popular destination for tourists and retirees. Between May and late October, you can expect to enjoy average temperatures of 24 degrees Celsius. However, the summer months can get hot, with the mercury hitting the early to mid-thirties. The average temperature in winter averages 15 degrees, but January and February can get cooler.  

Strategic Location  

Our three-island archipelago is also connected to the European mainland with air and sea routes to all major cities. Australia is also well serviced by Emirates airlines. A ferry service links Malta and Gozo. The Maltese government also plans to upgrade a heliport on Gozo Island to establish an air taxi service to and from Malta International Airport. The government has also pledged to build a tunnel between the two islands.    

Language, Culture, and Community  

Nearly all Maltese are bilingual and, in some cases, trilingual. The country’s official languages are Maltese and English. A good portion of the population also knows the Italian language. The Maltese are hospitable, pleasant and helpful by nature. Malta is home to three sites included in the UNESCO World Heritage List. There are also active ex-pat communities that regularly interact.  

Affordability  

Malta is also very affordable and well serviced by public transport. Groceries are affordable, and most mainstream worldwide brands are available in even the smallest grocery shops. Despite the affordable price, local produce is very high quality. Farmers still sell local produce on trucks straight from the farm.    

Malta Retirement Programme    

Malta also has numerous residency schemes, one of them being the Retirement Scheme. Retirees must meet certain conditions to take advantage of the Malta Retirement Programme.  

Retirees must receive a pension, as supported by documentary evidence, all of which is received in Malta and constitutes at least 75 per cent of their chargeable income.  

To qualify for the scheme, retirees must own or rent a property in Malta or Gozo. If the property is a rental, 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, the value must be over €250,000.    

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.    

Beneficiaries of this Programme are subject to a final tax rate of 15 per cent. 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. This is state of the art and equipped with all amenities for patients and visitors alike.    

Contact us now for further information about retirement in Malta!  

Our team of experts are experienced in helping retirees create a plan for a relaxed and enjoyable retirement overseas. With our help, you can make the most of your golden years by retiring in Malta.