There are plenty of destinations to choose from when planning your retirement. However, if you are seeking sun, sea, and security, Malta should be your first choice.
Topping several lists, the small island nation of Malta has rapidly emerged as a top-tier destination for retirees seeking safety and tranquility. Known for its idyllic Mediterranean climate, rich cultural heritage, and robust healthcare system, Malta offers an appealing blend of lifestyle benefits and peace of mind.
Violent crime is extremely rare in Malta, and petty crimes like pickpocketing and theft are relatively uncommon compared to larger urban centers. Malta also benefits from political stability due to its well-established democratic system, robust governance, and its membership in the European Union.
Furthermore, the police force is effective and focused on the community, which enhances the overall sense of safety – especially for retirees. Similarly, Malta has a well-developed infrastructure with reliable public services, including emergency response teams that are quick and efficient.
In terms of affordability when compared to some of the largest cities in the US, living expenses in places like Valletta are significantly lower than those in New York City. Consumer prices in New York are 59.8% higher than in Valletta when excluding rent, and this disparity widens to 110.8% when rent is included.
Specifically, renting in New York costs 225.4% more than in Valletta, reflecting the stark contrast in housing expenses. Dining out in New York is also more expensive, with restaurant prices 50.9% higher.
Groceries are also notably more expensive in New York, being 84.5% more costly. Despite these higher living costs, New York offers a substantially greater local purchasing power, 114.2% higher than Valletta, which may mitigate some of the financial strain associated with the city’s elevated expenses.
How to Retire in Malta
Malta is a welcoming destination for foreigners, offering several immigrant visa programs for non-EU citizens These programs include the Malta Permanent Residency by Investment scheme and the Malta Retirement Program. According to our Global Intelligence Unit’s US Retirement Trend report, Malta is widely recognized for its safety, with the US Department of State assigning it a Level 1 travel advisory, indicating that it’s among the safer destinations for travelers.
Malta Retirement Program (MRP)
If you’re considering retirement on the island, the Malta Retirement Program (MRP) is the official route in the country. It offers an exclusive opportunity for EU, EEA, Swiss, and non-EU nationals to secure a residence permit for retirement in Malta.
To qualify for the MRP, the primary applicant must:
- Be at least fifty-five years old
- Be in receipt of a pension income, of which at least 75 percent is remitted to Malta
- Own or be leasing a property in Malta
- Have health insurance
The requirements include prerequisites such as owning a property of a minimum value, leasing a property with a minimum rent, and holding no other visas obtained through a residence program.
Malta Permanent Residence Program
Another option is the Malta Permanent Residence Program (MPRP), a residency by investment scheme enabling foreign nationals to obtain a renewable Maltese permanent residence permit.
This is ideal for retirees seeking to make a permanent move to Malta but not seeking citizenship. The residence permit program is based on real estate investment, which can take the form of a purchase or a five-year lease agreement.
To qualify for the Malta residency by investment program, investors can choose to rent a property, costing €14,000 per annum, over a five-year period. Alternatively, they can purchase a property for €375,000. Both options require a €37,000 government contribution and a donation a Maltese NGO of €2,000.
Malta Global Residence Program
The Malta Global Residence Program (GRP) is for non-EU/EEA nationals who want to live in Malta and benefit from favorable tax rates. To qualify, applicants must show financial self-sufficiency, have a minimum annual income of around €100,000, and meet a property requirement by buying or renting a home in Malta above a set value.
The program offers a flat 15% tax on foreign income, with a minimum annual tax of €15,000, while Maltese-source income is taxed normally. Residency is usually granted for one year and can be renewed if requirements continue to be met. Spouses, children, and dependent parents can also join. The GRP is ideal for those seeking a high-quality lifestyle in Malta with a tax-friendly setup.
How Can Global Citizen Solutions Help You?
Global Citizen Solutions is a boutique migration consultancy firm with years of experience delivering bespoke residence and citizenship by investment solutions for international families. With offices worldwide and an experienced, hands-on team, we have helped hundreds of clients worldwide acquire citizenship, residence visas, or homes while diversifying their portfolios with robust investments.
We guide you from start to finish, taking you beyond your citizenship or residency by investment application.
