10 Reasons To Retire To Malta
10 Reasons To Consider Malta For Your Retirement
Retire to Malta! The Maltese Islands are an ideal place to retire for a number of reasons. Below, we have created a list of these key factors that help make Malta and Gozo such a perfect place to spend your twilight years.
Sun
Malta gets about 300 days of sunshine a year. Long hot summers and short mild winters generate a balmy average year-round temperature of 19 degrees.
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!!
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 neighbouring states. Plus the beautiful Islands of Sicily, Corsica, and Sardinia are just next door!
Low Crime Rates
Very low levels of crime make Malta one of the safest places in Europe. In fact, Malta consistently ranks in the top 10 of the safest countries in Europe.
EU Membership
A member of the European Union since 2004, Malta is an independent republic enjoying political stability.
Language
English and Maltese are the two official languages of the Islands and are spoken fluently all over the Islands. Italian is also widely spoken throughout the Maltese Islands.
Healthcare
The island boasts a high standard of hospital and medical services, both private and public.
Low Living Costs & Tax Rates
A relatively low cost of living and taxation when compared to other countries in the EU.
History
The Maltese Islands have a spectacular and diverse array of historical buildings, sites and museums including some of the oldest man-made ruins in the world
Gozo & Comino
Visit these un-spoilt islands off the coast of Malta with their crystal clear waters, caves and charming architecture.
Travel & transport
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Local amenities
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Buyers expenses
LoreThe standard rate of Stamp Duty in Malta is 5%. However, there are certain government incentives which may reduce this rate depending on individual circumstances and some of which are detailed below.
20% of the total stamp duty is payable on the ‘Promise of Sale’ agreement (often referred to as the ‘Konvenju’ in Maltese), and the balance is payable on the final deed of purchase.
Please note: the government has an ongoing incentive for ‘First-Time Buyers’ where there is an exemption from stamp duty on the first €150,000 (therefore the maximum saving could be €5250). Both foreigners and Maltese nationals can benefit from this scheme provided certain criteria are satisfied. For more information click on the link below in the Notary section.
Urban Conservation Area (UCA) – in the Budget of 2022, it has been announced that there shall be an unprecedented tax exemption on the first €750,000 for property located in Urban Conservation Areas or properties with traditional Maltese features. Such exemptions apply to both vendors and purchasers.
There is a new scheme being introduced in the Budget 2018 for second-time buyers, where the stamp duty paid will be reduced by up to €3,000. Also if the buyer is disabled, the reduction will go up to a maximum of €5,000.
Gozo – residential properties bought in Gozo qualify for a reduced rate of stamp duty at 2% as long as the promise of sale is signed and registered after 16th October 2016 with the Inland Revenue Department (IRD) and the final deed is completed by 31st December 2018
Local schools
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Travel & transport
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat.
Local amenities
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat.
Buyers expenses
LoreThe standard rate of Stamp Duty in Malta is 5%. However, there are certain government incentives which may reduce this rate depending on individual circumstances and some of which are detailed below.
20% of the total stamp duty is payable on the ‘Promise of Sale’ agreement (often referred to as the ‘Konvenju’ in Maltese), and the balance is payable on the final deed of purchase.
Please note: the government has an ongoing incentive for ‘First-Time Buyers’ where there is an exemption from stamp duty on the first €150,000 (therefore the maximum saving could be €5250). Both foreigners and Maltese nationals can benefit from this scheme provided certain criteria are satisfied. For more information click on the link below in the Notary section.
Urban Conservation Area (UCA) – in the Budget of 2022, it has been announced that there shall be an unprecedented tax exemption on the first €750,000 for property located in Urban Conservation Areas or properties with traditional Maltese features. Such exemptions apply to both vendors and purchasers.
There is a new scheme being introduced in the Budget 2018 for second-time buyers, where the stamp duty paid will be reduced by up to €3,000. Also if the buyer is disabled, the reduction will go up to a maximum of €5,000.
Gozo – residential properties bought in Gozo qualify for a reduced rate of stamp duty at 2% as long as the promise of sale is signed and registered after 16th October 2016 with the Inland Revenue Department (IRD) and the final deed is completed by 31st December 2018
Local schools
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat.
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