Sunny Malta is one of Europe’s top rated retirement destinations
If you’re thinking about retirement and are considering an overseas destination, a warmer, sunnier climate would surely be on your wish list. Perhaps a place where English is spoken widely and where the culture is not too far off from England’s culture will make it easier to transition.
The Telegraph has listed Malta as one of the best places to retire abroad and let’s face it, there must be a reason why it’s one of the most densely populated countries on earth. With more than 300 days of sunshine a year, an average temperature of around 19 degrees Celsius, and with English being a first language for most, it seems like the obvious and most tempting choice for Britons. Add all this to a rich history and, the island seems like a match made in heaven.
The 2013 edition of the World Risk Report also placed Malta as the second safest country, and Forbes listed the Mediterranean Archipelago among the top 15 perfect retirement places. Malta made it to this elite list after the survey considered factors such as real estate costs, healthcare services, food pricing, the weather, friendliness of the locals, utility costs, ease of integration and even entertainment venues. According to the Forbes list, Malta is eighth, just behind Spain and ahead of Italy, Portugal and even Ireland.
Malta’s Retirement Programme (MRP) is an additional attraction to people from the EU, EEA and Switzerland who are not in employment and are either pensioners or receive some other source of regular income. Once an individual starts to benefit from the Malta Retirement Programme they may hold a non-executive position on a board of a company in Malta but is prohibited from being employed in any capacity.
Individuals on the MRP are free to engage in institutions, public trusts or foundations or any other philanthropic, educational or research development work in Malta.
The following are some of the most important conditions that need to be met for one to benefit from Malta’s Retirement Programme. It is advisable to seek more expert advice for more detailed information but these are the most basic requirements:
Beneficiaries,
- must be nationals of EU, EEA or Switzerland
- cannot be in employment.
- must purchase or rent property. This can be situated either in Malta or in Gozo but which falls within pre-established value brackets.
- Are to abide by an application process which is to be fulfilled by an Authorised Registered Mandatory and against a fee of €2,500.
- must live in Malta for a minimum of 90 days but these can be spread over any 5 year period
- are not to live anywhere else for more than 183 days within in any calendar year.
- are free to engage in institutions, public trusts or foundations or any other philanthropic, educational or research development work in Malta.
- are to make sure that the pension received makes up 75% of the their chargeable income as it is only permitted to generate 25% of their chargeable income from any non-executive posts.
A qualified expert is guaranteed to make the process of retiring on this magical island seamless and easier. We can guide you on every step of the way by providing hands on information on Malta, the MRP as well as the application procedure.
Roselyn Knight is a Partner who is Maltese and who is dual qualified in the UK and Matla. She can give you all the necessary guidance you require, from practical to legal. She can be contacted via email on[email protected] or telephone number: 0207 438 1060.