It is finally your date of retirement and you have done your homework on the best possible retirement destinations. Considering all aspects of living the best possible retirement life, you have chosen Malta as your final retirement destination.
And indeed! It is an excellent choice.
Malta has plenty of scope for retirees for upgrading their quality of living and an overall highly satisfied lifestyle. The very exotic European nation offers a lot of immigration visa programs for any non-European who wishes to retire in Malta.
According to reviews and reports, the very European nation offers a friendly and secure environment for the seniors who come here after they retire from work.
One of the official languages spoken in this country English makes communication very convenient for non-Europeans. Overall Malta offers a great health care system, a relaxed environment, and an overall affordable form of living.
Is it cheaper to live in Malta?
Considering the living expenses of an average individual, moving in Malta is fairly affordable. However, it is to be noted that Malta is an Island and the cost of imported goods will definitely be expensive.
In recent times the economic growth of Malta has definitely increased the overall living cost but still does not make it too expensive to afford for a family with an average income when compared with some other popular retirement destinations.
Good things about retiring in Malta
Being one of the best-known destinations globally for leading after retirement life, Malta has a lot to offer to retirees who wish to settle here.
When it comes to permanently settling in any location the first thing that any common man would do is to get the best deal possible for buying a property. Malta has an attractive as well as an affordable range of property prices, family-friendly neighbors as well as locals, and uncountable tax incentives, especially for retired people.
The after-retirement life would be a pleasing one for various reasons. The climate of Malta is very soothing. A bright sunny sky prevails almost throughout the entire year.
If you are planning a tour, island hopping in Malta can be a quick solution to this problem, and swimming in the Mediterranean ocean is a bonus.
Malta also has a lot to offer in terms of its heritage and unique architecture which is bound to freshen up the mind and leave you awestruck whenever your eye catches them on a regular day.
So, if you are in search of the best country to retire from, then retiring in Malta would be the best.
How to retire in Malta?
The process of retiring in Malta is dependent on your nationality and personal requirements. In general, there are a few ways one can take.
Malta permanent resident visa
This visa allows non-EU nationals to be permanently established in Malta. Renewal of permanent residence permits needs to be done every year to avoid any legal complications to staying in this country. It is to be noted that a permanent resident visa grants you to live in Malta only and does not allow you to work here.
There are a few points to consider for getting a permanent residence permit. You should not have any criminal background, have an active Maltese bank account, clear the interview stage and hold a net worth of at least $395127.33.
Malta citizenship by investment (CES)
This program is also known as Malta citizenship by naturalization for exceptional services. Under this program, investors are awarded a certificate of neutralization if they have made a qualifying investment before.
This method of returning permanently to Malta is a good choice for non-EU ex-pats. This is also ideal for seniors wanting to travel through the European Union without any obstruction. And get access to a great tax system which will be an added advantage for them as foreigners gaining permanent residency after moving to Malta.
To qualify for this process a direct and exceptional investment in real estate is required along with a donation value of above €690000.00 excluding costs. Having no criminal record and living in good health are some additional requirements that need to be fulfilled.
Where to live in Malta?
For leading after retirement life, experts suggest considering the so-called “urban” areas of Malta and the towns located along the coastal region as they have a fine blend of commercial and residential properties to be indulged into.
Some of the best suggested places for retiring in Malta are
Valletta is the capital city of Malta. It has a lot to offer concerning its traditional houses and ancient walls. Apart from being one of the most affordable options, this place has got an exceptionally pleasing environment which is bound to make you fall in love with its surroundings.
Swieqi & Pembroke
Pembroke is one of the top attractions in Swieqi. The town is situated in the northern region of Malta which is often referred to as the country’s youngest locality. The entire area covers a coastal zone with beaches filled with rocks and was once kept as a British military base during the 1850s.
Mellieha, St Paul’s Bay & Buġibba
St Paul’s Bay lies in the northeastern region of Malta. One of the major attractions of this place is its nightlife and entertainment. With a good number of quality coffee shops and restaurants, regular and efficient public transport, proper healthcare facilities and hospitals, a beautiful and natural environment, and rocky beaches for your weekends this can be described as one perfect retirement location all over Malta.
Having located within the central region of Malta, Ta Xbiex is a part of a headland that falls within the Marsamxett Harbour. Known for its sports and yachting culture, this is definitely a place to consider if you had been a sports enthusiast. The excellent Road network and natural ambiance are a bonus.
Cost of Living in Malta
If you just want a one-word answer if living in Malta is affordable or not, then the answer is yes. When it comes to Malta retirement, the overall lifestyle ofliving is quite budget-friendly.
Prices of commonly used food products are given below-
- Meat potions of beef, pork, and chicken can range between $7 to $15
- Fruits such as strawberries, coconut, apples, oranges, and blueberries can range anywhere between $1 to $15
- Juice, snacks, and beer can range anywhere between $0.5 to $2 for 1 liter/kg
A standard dinner for a couple along with a glass of wine can cost $50. However, if you planning to spend your time on the Beach the costs will be a lot lesser as all will be spending is on cheap snacks.
Except for the region which is near the beaches, Malta is fairly affordable when it comes to two accommodations. A very basic house will range anywhere between $800-$1200 per month.
Transportation is really affordable and if you are a daily passenger, booking a one-day ticket gives you a clear advantage of saving a few bucks. These tickets are valid for two hours in Malta and can cost anywhere between €1.5 to €2.6.
Also, excluding the rent amount, a family of four living in Malta will have an estimated cost of about $2732. On the other hand, if you are living alone, your estimated monthly expenses will be around $750.
Not only this, expats in Malta suggest that an entire day of a food will cost under 35 Euro while not compromising on quality and several meal options to choose from.
Healthcare service in Malta
Malta offers outstanding healthcare facilities and is extremely affordable if compared to simply having private health insurance in the USA. Healthcare services and facilities are free and open for multi citizens.
However, a considerable amount of citizens prefer to register into private health schemes as they promise to offer a few extra ranges of security and services.
It is always recommended to get enrolled in a private healthcare scheme if you are permanently settling in Malta after retirement.
Not only that health care services are completely free if are an EU citizen and are the period of the E121 form. These free healthcare facilities help significantly reduce the cost of living and make it surprisingly affordable to permanently settle in Malta.
Bad things about living in Malta
Everything in this world has its own specific advantages and disadvantages. Malta is no exception. Several things can be considered as the cons of living in Malta.
The road network in Malta is not up to the mark, is stagnant, and is in terrible condition. Amongst the European Union, Malta has the record of having the highest number of cars per household. Because of the faulty road distribution system and the lack of properly built roads, heavy traffic and big jams during rush hours are very common here.
The personality of the locals
While the Maltese people in smaller towns and villages have a great reputation for their nice behavior, visitors and locals suggest that the Maltese were perhaps the most stubborn people they have ever met and that it is next to impossible to change their opinion on any topic irrespective of how hard one tries to convince them with actual facts and proofs.
Referring to the cons of the climate and overall environment, Malta is considered to be extremely hot during summers while during monsoons it gets flooded when it rains.
The overall salaries of workers are very low here. This may further bring psychological degradation to the workers here and the locals in general. However, that is surely not a point to consider if you are intending to spend your life after retiring in Malta.
Is it easy to retire in Malta?
Definitely yes. It is extremely easy to retire to Malta aside from being affordable as well. With a wide variety of options for non-Europeans to choose from. If you are worried about the environmental conditions and whether it will be easy for you to adapt to, Malta has great living standards and overall great weather with no scope for struggling to cope with the environment.
Where should I not live in Malta?
While Malta is one of the safest places to retire in, several areas significantly increase the chance of getting hurt and risking yourself. Some of them are – St. Julian’s beaches, Albert town, and Paceville.
How much do I need to retire in Malta?
To live in Malta all you need to have is a permanent residency visa whose terms and conditions require the applicant to be holding a net worth of at least $39,5127.33. However, if your annual income was over $26,039, you can still apply for a permanent residency visa.
Do I need medical insurance for Malta?
Living in Malta what is entitled to and is granted access to using the public healthcare system of the country. However, this access relies on if you are an ex-pat and if you have made your social security contributions that fund the Maltese healthcare system.