A large number of those at retirement age are choosing to take permanent residency in this country. Why? Malta is a sought-after place to retire because of its high standard of living and quality of life. It is home to 3 Official UNESCO World Heritage Sites, breathtaking natural beauty, excellent climate and low crime rate making it a popular retirement destination with overseas retirees.
Malta also boasts excellent health care and education and it’s English-speaking. This tiny island offers you a laid-back Mediterranean lifestyle and an affordable cost of living. Property taxes don’t exist in Malta and permanent foreign residents can take advantage of a 15 per cent tax rate. Here are some more reasons why Malta is so attractive as a place where to retire.
Best all-year round climate
According to the Global Retirement Index by International Living magazine, Malta enjoys the best year-round climate in the world. (Frost and snow are more or less unknown here, and the temperature can reach 70 degrees Fahrenheit in November.) With 5.2 hours of sunshine a day and a stable government and economy, Malta is a strong pull for expatriate retirees.
Low Tax Rate
A flat 15% tax rate is charged on all income. This may also include the remittances received in this country from overseas destinations. If you have permanent resident status, you can use the double taxation agreements with Malta and some other countries to avoid double taxation for the same income.
Low Cost of Living
The cost of living in Malta is relatively low by comparison to other European countries. All the basic shopping items are available at affordable prices. The transportation network and the infrastructural facilities are well developed and all the essential services are available at reasonable prices.
Low Cost of Healthcare
Malta boasts excellent medical facilities. The state and the private hospitals of the country are equipped with good infrastructure including expert doctors and staff. Increasing numbers of retirees are opting for Malta as a preferred retirement location based on the high quality health care facilities available here. Reciprocal healthcare agreements exist between Malta and other countries can result in treatment free of charge.
Attractive Residency Schemes
The Maltese Government persuades overseas purchasers to buy or rent property for use as a permanent residence. For people who are willing to take up Permanent Residence status, financial criteria are modest. Pensions can be transferred to this island freely from abroad.
Conditions for Permanent Residence in Malta
The conditions for those wishing to apply for Permanent Residence is currently being updated.
One can still acquire property in Malta as a holiday home, for retirement and in Special Designated Areas as a rental investment.