Retirement opens a new chapter in life—one filled with relaxation, new experiences, and simple joys that make life meaningful. For many retirees, finding the perfect place to settle down becomes an important part of this journey. If you’re an expat searching for the ideal destination, Malta should be at the top of your list. This Mediterranean treasure offers stunning landscapes, a rich cultural heritage, and a lifestyle that combines comfort with peace of mind. The warm, welcoming locals add to Malta’s charm, making your stay even more enjoyable! Whether you’re strolling through the serene streets of Mdina, unwinding on one of the island's beautiful beaches, or dining in style, Malta offers endless possibilities to make the most of your retirement.
While it may be one of Europe's smallest countries, it packs a punch when it comes to offering retirees an exceptional quality of life. And it’s not just about the picturesque beaches—one of which has been named the most beautiful beach in Europe—or the charming historic towns scattered across this Mediterranean gem. Let’s explore the key reasons why Malta is a top choice for expat retirees who wish to find a home away from home.
The Appeal of a Warm Mediterranean Climate
One of the biggest draws for retirees in Malta is its warm, sunny climate. With more than 300 days of sunshine a year, the island boasts one of the best climates in Europe. Although summers are significantly hot and dry, you are never far from the sea at any point, so as long as you apply sun protection and keep yourself hydrated, you can always cool off with a refreshing dip at one of the beautiful beaches that dot the island. Winters in Malta are fairly mild, rarely dipping below 50°F (10°C), allowing for year-round outdoor activities. This consistently pleasant weather enhances the quality of life here, making every day feel like a vacation.
Exceptional Healthcare at an Affordable Cost
Healthcare is a critical consideration for retirees, and Malta excels in this area. The country’s healthcare system ranks among the best in Europe, 19th out of 167 countries, to be precise. Residents have access to both public and private healthcare services, with the public system being free for Maltese citizens and legal residents. For expats, private health insurance is affordable and provides quicker access to medical care, with comprehensive plans starting at just €350 per year. The quality of care, coupled with affordable costs, ensures that retirees can access top-notch medical attention without financial strain, offering peace of mind as they enjoy their golden years.
Cost of Living: Comfortably Affordable
With healthcare covered, another crucial aspect to consider is your budget. Malta offers a relatively affordable cost of living, especially when you compare it to other popular European retirement destinations. Essentials like utilities, groceries, and healthcare are reasonably priced, allowing retirees to live comfortably without breaking the bank. Of course, your monthly expenditure would vary depending on your personal lifestyle choices—whether you decide to rent or buy a home, and if you plan to own a car, for instance. But for those looking to enjoy a simpler, more modest lifestyle, Malta makes it easy to live comfortably on a reasonable budget.
Favourable Tax System for Expats
Malta’s tax system is particularly attractive for retirees. The Global Residence Program (GRP) offers a flat 15% tax rate on foreign income brought into Malta, under certain conditions. This, coupled with the island’s affordable living costs, makes Malta a financially savvy choice for retirees looking to stretch their pensions further.
No Language Barriers for English-Speaking Expats
Language barriers can be a challenge when moving abroad, but in Malta, English is one of the official languages. This makes day-to-day life easier for English-speaking expats, whether you're dealing with healthcare providers, financial institutions, or simply socialising with locals. Additionally, many Maltese speak Italian and other European languages, adding to the island’s inclusive and welcoming atmosphere.
Safety is a top priority for retirees, and Malta also delivers in this regard. The island consistently ranks high on the Global Peace Index, thanks to its low crime rate and peaceful environment. Violent crime is rare, and general safety measures like avoiding poorly lit areas at night are enough. Malta’s capital, Valletta, is not only a UNESCO World Heritage site but also one of Europe’s safest cities, offering a secure environment for retirees.
Rich Cultural Heritage and a Vibrant Expat Community
Malta is a melting pot of cultures, where a rich blend of history, art, and traditions creates a vibrant cultural landscape. Valletta, with its UNESCO World Heritage status, is just a taster of the island’s cultural prestige on a global level. The city and beyond are always buzzing with exciting events, from lively jazz festivals to engaging historical reenactments, ensuring there's always something to see and do. The locals are welcoming and friendly, and the strong expat community brings together people from all over the world, making it easy for everyone to feel at home. Whether you’re interested in joining social clubs, participating in community events, or simply enjoying some delicious local cuisine, Malta is a great place to connect and engage with like-minded individuals in a lively, diverse setting.
A Progressive and Inclusive Society
Malta stands out as one of Europe’s most progressive countries, especially in terms of LGBTQ+ rights and equality. The island has earned top marks on the ILGA Europe Rainbow Index for its comprehensive anti-discrimination laws and inclusive policies. Same-sex marriage has been legal since 2017, and same-sex couples enjoy the right to adopt children. Additionally, Malta’s Gender Identity, Gender Expression, and Sex Characteristics Act allows individuals to self-determine their gender and offers protections against discrimination. While you might occasionally come across a conservative view, such approaches are becoming less common. Overall, Malta’s forward-thinking environment ensures that all retirees, regardless of their orientation or background, can enjoy a comfortable and supportive home.
While Malta offers an excellent retirement setting, there are some practical considerations to keep in mind:
Housing Options: Buying, Renting, and Retirement Homes
Malta offers a range of housing options to suit different lifestyles and budgets. Non-EU citizens wishing to purchase property must obtain an Acquisition of Immovable Property Permit (AIP), which typically takes about three months to process. This permit allows the purchase of one residential property for personal use.
For those who prefer not to buy, renting is a viable option, with prices starting at €800 per month. Popular areas for retirees include Sliema, St. Julian’s, and Mellieħa, which offer high-quality homes with amenities like lifts, swimming pools and gyms. These tourist-centric locations may be pricier due to their popularity, but areas like Naxxar and the Three Cities are more affordable while still offering proximity to healthcare facilities and other amenities.
Additionally, Malta provides various retirement facilities, both private and public, for those seeking a more community-focused living arrangement.
Financial Planning: Banking, Taxation, and Pensions
Individuals may opt to open a bank account in Malta, with options ranging from local banks to international institutions. For those with specific financial goals, private banking services are also available. Retirees from countries like the UK, Australia, New Zealand, and Canada can usually continue receiving their pensions while residing in Malta. However, it's important to consider the tax implications based on your visa type, the origin of your funds, and tax treaties between your home country and Malta.
Malta offers a Contributory Retirement Pension for those of retirement age, set at 65 for individuals born on or after January 1, 1962. Expats may retire earlier based on personal circumstances and their home country’s retirement policies. The Department of Active Ageing and Community Care (AACC) provides various support services, including home care and state-managed retirement homes.
Daily Life: Getting Around and Staying Safe
Malta’s compact size makes it easy to navigate, with an efficient public bus system that reaches almost every corner of the island. Ferries provide a scenic way to travel between Malta and Gozo, while taxis and car rentals offer additional convenience for those who prefer more flexibility. Although Malta is generally safe, basic precautions like avoiding poorly lit areas at night and safeguarding valuables are recommended.
If Malta sounds like the perfect place to spend your retirement years, the next step is securing residency or citizenship. If you’re wondering how to get started, finding your way is very manageable, especially with the various residency programs specifically tailored to expats.
Malta offers several residency options for non-EU retirees. Let’s take a closer look.
Residency Programs for Non-EU Retirees
Malta’s Global Residence Program (GRP) is a popular choice for those on the hunt for residency. This program is not only one of the easiest routes to European residency, but it also comes with benefits like a flat 15% tax rate on foreign income brought into Malta. Family members can be included in your application, making it a great option for those moving with loved ones.
Permanent Residency Option
If you’re looking to settle more permanently, the Malta Permanent Residence Programme (MPRP) could be the right fit. This programme allows you to establish residency within 4 to 6 months, providing the freedom to live on the island indefinitely and enjoy visa-free travel across the Schengen Zone.
Pathways to Maltese Citizenship
For long-term planners, Maltese citizenship is achievable through various routes not just naturalization. Additionally, if you’ve made significant contributions to the country in areas such as business or culture, you might qualify for citizenship through the Granting of Citizenship for Exceptional Services Regulations.
Regardless of the path you choose, securing Maltese residency or citizenship opens the door to numerous benefits, including EU citizenship, enhanced global mobility, and access to high-quality healthcare, all of which will improve the quality of your retirement years.
Retiring in Malta offers more than just a place to live; it’s an invitation to embrace a new lifestyle in a commendable island. With its warm climate, rich culture, and welcoming community, Malta provides the perfect backdrop for a fulfilling and enjoyable retirement.
With the right planning and guidance from experts like us, you can make the most of your golden years, enjoying every moment in this beautiful island nation with well-deserved peace of mind.
Our multilingual professionals at DZ Advisory are glad to assist you in exploring your best options and start planning your ideal retirement in this Mediterranean haven. If you would like to receive more information, please provide us with your contact details and one of our team members shall be in contact with you promptly.