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Retirement

10 Reasons to Retire to Malta

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10 Reasons to Retire to Malta:

  1. 1 Sun - Malta gets about 299 days of sunshine a year. Hot summers and mild winters generate a balmy average year round temperature of 19 degrees.
  2. 2 Sea - Malta has an average sea temperature of 22.2 degrees and many sandy beaches from which you can enjoy the warm waters. Also divers from around the world have just voted Malta the best diving in the Mediterranean and 3rd best in the world after the Red Sea and the Maldives in a recent online survey conducted by International Diver Magazine!!

Retirement

  1. 3 Location - Malta is a great place to explore and travel from due to its perfect geographical location in the very heart of the Mediterranean Sea, with easy access from all major cities in Europe, North Africa and neighboring states. Plus the beautiful Islands of Sicily, Corsica, and Sardinia are just next door!

Location

  1. 4 Low Crime - Very low levels of crime which make Malta one of the safest places in Europe (44th out of 50 countries)
  2. 5 EU Membership - A member of the European Union since 2004, Malta is an independent republic enjoying political stability.
  3. 6 Language - English is one of the two official languages of the Islands and is spoken fluently by most locals all over the Islands.
  4. 7 Healthcare - The island boasts a high standard of hospital and medical services, both private and public.
  5. 8 Low Living Costs and Tax Rates - A relatively low cost of living and taxation when compared to other countries in the EU.
  6. 9 History - The Islands have stunning and diverse array of historical buildings, sites and museums including the oldest man made ruins in the world!

Ggantija

  1. 10 Gozo and Comino - visit these un-spoilt Islands off the coast of Malta with their crystal clear waters, caves and charming architecture.

Gozo and Comino

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Malta Retirement Programme

Malta is a great place to retire and take up residence at any age. The introduction of the Malta Retirement Programme in 2012 aids many EU, EEA or Swiss nationals whose main income is from pensions, retirement schemes or such related investments. There is also an attractive tax structure supporting this. Foreigners living in Malta are only taxed on their Maltese (derived) income and on overseas income that is remitted to Malta. They are not taxed on their worldwide income. Additionally there are no property or wealth taxes. There is Capital Gains tax but it does not apply if it is from the sale of your main residence as long as you have owned and occupied it for the previous 3 years. There is also protection from double taxation through agreements with a large number of countries all over the world which ensure that tax is never paid twice on the same income in different countries. Other foreign earned income such as dividends, interest and royalties that are remitted to Malta can qualify for a reduced rate of tax or are exempt from taxation (private pensions and certain capital gains). We recommend that you seek advice from a professional in this field or ask us and we will be happy to put you in touch with one of our contacts who specialize in this area.

Application requirements

Firstly, Applications have to submitted by an Authorised Registered Mandatory. Once the applicant has been granted a Registration Certificate, he or she may then apply for tax status within the Malta Retirement Programme (MRP) which benefits from a 15% tax rate.

Qualifying criteria

  • applicants must be from an EU or EEA (Norway, Iceland, Leichenstein) country or a Swiss national.
  • Individuals benefitting from MRP status must not live in any other country for more than 183 days a year and must also reside in Malta for a minimum of 90 days a year averaged over a 5 year period.
  • Individuals must own or rent a property in Malta or Gozo. For purchase there is a minimum value of €275,000 for Malta and €250,000 for Gozo. For rentals there is a minimum annual value of €9600 for Malta and €8750 for Gozo. When renting there is also a minimum term required of 1 year which has to be supported by a copy of the lease agreement.

Click here to search Malta Properties For Sale - €275,000 +

Click here to search Gozo Properties For Sale - €250,000 +

Click here to search Malta Properties To Let - €9600 + annually

Click here to search Gozo Properties To Let - €8750 + annually