Retiring to Malta: Residency, Cost of Living, Housing and More

Retiring to Malta: Residency, Cost of Living, Housing and More

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For many years, Malta has been and still is a prime destination for expats who want to retire. In fact, retiring in Malta is extremely popular due to the warm climate, high standard of living, affordable day-to-day costs, and the multilingual nature of the community. Expats often seek a retirement visa in the country because living there is simple, and enjoyable.

How much money do I need to retire in Malta?

How much money you need to retire in Malta, really depends on the individual. It also depends on whether you will rent a property or buy, and what standard of life and social activities you expect. A good starting point for an individual person is around €2,600 a month. This would include going for dinner and drinks once a week, some leisure activities, utilities, shopping for food, and running a vehicle.

The Malta Retirement Programme and Special Status

Malta offers a unique retirement visa for expats who want to make the island home. Those from the EU, EEA and Switzerland can enjoy a beneficial tax status of 15% when remitting their pension to the country. There are also options for third-country citizens who want to retire to Malta. The Malta Retirement Programme and Special Status require buying or renting a property, remitting the pension locally, and meeting other requirements. It’s a flexible programme that allows applicants to enjoy a high standard of living and other benefits. You can find out more here.

Retirement in Malta for EU Citizens and Non-EU Citizens

The Malta Retirement Programme is open to applicants and retirees of all nationalities. This includes EU, EEA, and non-EU. Of course, there are varying requirements and obligations, but CSB Group Malta can help you understand what is needed. The only people who are not eligible to apply are Maltese citizens or those who hold a Maltese passport in addition to another.

Buying a retirement home in Malta

When retiring in Malta, you might be looking to buy a retirement home. Popular places to buy include Sliema and St Julian’s, Swieqi, Marsascala, Naxxar and Bugibba. Most of these areas have a thriving expat community and offer high-quality homes in a beautiful environment. There are many complexes served with lifts, swimming pools, and even gyms and grocery shops. For a two-bedroom, highly finished apartment (including AC for heating and cooling) in one of these key locations, prices start at around €250,000. Anyone wishing to buy a property to meet one of the Malta Retirement Programme requirements needs to keep in mind that the minimum property value has to be €275,000 in the north or central areas of Malta or €220,000 should the property be located in the south of Malta or in Gozo.

Renting in Malta

If you want to rent when you retire in Malta, you can expect to pay €800 a month and up, depending on your specifications. Most properties come with AC for heating and cooling as standard and are served with lifts for accessibility. Parking can also be found and included in the rent. The best areas remain the same as those mentioned above. You could also consider areas like Naxxar and the Three Cities, which enjoy all the amenities and are not far from health facilities.

Property rental can also be considered by the Malta Retirement Programme applicant in order to satisfy one of the requirements. The minimum rental fee per annum has to be €9,600 if property is in the north or central areas of Malta or €8,750 for property situated in the south of Malta or in Gozo

Opening a Bank Account in Malta

You will need to open a bank account when retiring to Malta. There are a selection of banks to choose from including local and international names. Additionally, several niches and private banking establishments cater to individuals with a high net worth or specific investment or saving goals. When navigating the banking sector, it is best to consult with CSB Malta to help you make the right decision.

Income Tax

The amount of tax you will pay on your pension when you retire in Malta will depend on the visa you have, where your money is remitted, and even which country you are from. Thankfully, Malta presents several different options and has a vast double taxation treaty with many other countries. Beneficiaries of special tax status granted in terms of the Maltese Retirement Programme will need to pay a minimum tax in respect of the income arising outside Malta which is received in Malta of €7,500 in respect of the beneficiary and five hundred euro €500 per year of assessment for every dependent and every household staff. CSB Group may be enlisted for help with any tax matters and to ensure you are in line with local and international requirements.

Access to healthcare in Malta

Malta has an excellent public health system. If you are retiring in Malta, you can benefit from access to public healthcare. You can also choose from a variety of private hospitals that offer high standards of care at lower prices than continental Europe. Similarly, high quality of care can also be found for other kinds of medical assistance including opticians, dentists, and various specialists. To access public healthcare, expats will need to provide proof of residence for example the ID card issued by the Maltese government.

All Malta Retirement Programme applicants must have a private health insurance which covers them at least in Malta. They need to have it before the application and must be renewed ever year thereafter.

About the locals

Maltese people are welcoming and friendly and are used to living side-by-side with expats. Most speak English or Italian as a second or even third language, and many are fluent in other European languages. As a community, you will be welcomed, and there are always plenty of events going on, including markets, live music, exhibitions, festivals, and other kinds of meetups. If you decide to retire to Malta, you will find it easy to settle, integrate, and find exciting things to do with your time.

Things to do in Malta

For a small island, there are plenty of things to do! Retiring in Malta means you will have time on your hands to explore its rich history, including prehistoric temples and ancient walled cities. Malta is also known for fine Mediterranean cuisine, stunning coastline and beautiful beaches. You can sail, hike, dive, or just sit back and enjoy the slow pace of life.

Getting around in Malta

Malta is a small island and, therefore, not difficult to get around. There is a network of public buses that can take you almost anywhere you want to go. There is also a regular ferry to Gozo that runs throughout the day and evening. You can also travel by taxi, which can easily be ordered via mobile. Alternatively, you can drive yourself by either purchasing or renting a car.

Key Contacts

Malcolm Ferrante

Senior Manager Business Development

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Vanda Marlok

Investment Migration Officer

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