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Retirement Guide to Malta | Perry Property Malta
Retirement in Malta
In 2012, Castle Cover Insurance based in the UK voted Malta as the best place in the world to retire to for English speakers. In addition to this Malta has continually been in the top ten of retirement destinations and was even voted the best climate on earth in 2011! Based on this information more and more retirees are now choosing Malta as their retirement destination. Here’s a closer look at why it’s such a great place to enjoy those twilight years.
One of the top priorities for most people when moving to another country is climate and it’s easy to see why Malta ranks so highly in this area when you start to look at the facts. Malta enjoys about 300 days of sunshine a year with an average year round temperature of 19 degrees and also ranks well with a very low annual rainfall level of 560mm compared to the UK which has more than double that. In fact, Malta is 128thin the rainfall list out of 169 countries globally. The reality of long hot summers and mild winters are a major attraction. Furthermore being an Island, Malta is blessed with some amazing beaches (especially Golden Bay and Mellieha) and has an average annual sea temperature of 22 degrees which allows the opportunity of year-round swimming. Sailing and boating activities are very popular in Malta and there are an endless range of marine activities to help you pass the time. There is also world class diving in the Maltese Islands including many World War II wreck sites (in a recent poll Malta was voted the 2nd best diving destination in the world by Diver Magazine.
English Speaking Malta
Another positive when considering Malta is the fact that English is an official language here (along with Maltese) so conducting business is simple and straightforward as all official documents are always prepared in English. This obviously makes property transactions (whether buying, selling or renting) and setting up utility arrangements such as internet and phones very straightforward for English speakers.
When it comes to retirement considerations, Healthcare is often a major factor. In this regard, Malta ranks highly with fantastic facilities in both the private and state sectors especially with the newly launched Mater Dei hospital attracting doctors from all over the world in a state of the art medical complex. Internationalliving.com gave Malta an excellent score of 86% in this field (which is higher than New Zealand, Italy and Portugal). Malta also benefits from a very low crime rate and as a result was recently rated as the 6th safest location in the EU out of 50 countries.
Malta Retirement Program
Another contributing factor was the launch in 2012 of the Malta Retirement Program which aids the relocation for EU, EEA and Swiss nationals who derive their incomes from pensions or retirement-related schemes. There is an attractive tax structure for those joining this program including taxation only on income earned or remitted to Malta (not on worldwide income) and there is no property or wealth taxes while capital gains tax is zero if the property is ones main residence and has been occupied for the previous 3 years. There is also double taxation relief with a large number of countries which means income is not taxed twice.
Malta’s Vibrant History
Lastly and another important draw for many is the rich architectural and cultural heritage of the Maltese Islands. All over the Island, there are signs of this, especially in places such as the UNESCO listed capital city Valletta with its Baroque-inspired buildings as well as the magnificent old capital of the island, Mdina with its beautiful backstreets and spectacular views. The Maltese Islands also have some of the oldest freestanding stone structures in the world which pre-date even Stonehenge in the U.K. and the historic Three Cities or Grand Harbour area is always an amazing place to visit with its infamous past including the Great Siege of 1565.
To conclude it is clear that Malta has all the ingredients required for any retiree considering a relocation to warmer shores. What are you waiting for? If this article was not enticing enough then make sure to have a look at our top reasons why you should retire to Malta and our guide to moving to Malta.
For more information feel free to call us on (+356) 2131 0800 / 0088 or pop into any one of our three branches in Sliema, St.Julians or Valletta to discuss your requirements further.
Robert Spiteri Paris B.A, LLD is the Managing Director at Perry Estate Agents Malta
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