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Why Retire to Malta

Updated on Tuesday 18th August 2015

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Why-Retire-to-MaltaMalta is one of the most attractive retirement destinations in the world. This country comprises five islands, among which the Island of Malta and the Island of Gozo are the most attractive for retirees. Foreign individuals considering Malta as a retirement destination must firstly verify the residency requirements. Citizens of EU and EEA (European Economic Area) countries are not subject to any Maltese residency visa requirements. Foreign individuals from non-EU countries, on the other hand, have several options through which they can gain Maltese residency. Among them, the most popular are the High Net Worth Individual Program and the Malta Retirement Program.

The High Net Worth Individuals Program in Malta

The High Net Worth Individuals Program is addressed to both EU and non-EU citizens if certain qualification criteria are met. Foreign citizens wanting to retire to Malta through the High Net Worth Individuals Program must own a qualifying property that must fulfill the following conditions:

  • - the Maltese property must have been bought after January 1st, 2011 and must have costs at least 400,000 euros,
  • - the applicant must have filed an application under the Residents Scheme Regulations or owns a Maltese property bought before September 14th 2011 worth at least 116,000 euros,
  • - rents a property in Malta with an annual rent worth 20,000 euros.

Foreign citizens applying for the High Net Worth Individuals Program in order to retire to Malta must submit a prescribed application form together with a valid passport and a health insurance policy obtained with a Maltese insurance company.

Our Maltese specialists in company formation will guide you through the High Net Worth Individuals Program.

The Malta Retirement Program

The Malta Retirement Program addresses to retired EU, EEA and Swiss citizens and receiving a pension as a regular income. However, foreign retirees are allowed to be employed as non-executives in Maltese companies. The conditions a foreign citizen may retire to Malta, according to the Retirement Scheme, are:

  • - he owns a property in Malta worth at least 275,000 euros or in Gozo worth at least 250,000 euros,
  • - he rents a property with an annual rent of at least 9,600 euros or in Gozo with an annual rent worth at least 8,750 euros.

It also very important for the applicant not to be a beneficiary of any of the Residents Scheme, High Net Worth Individuals Program or Highly Qualified Persons regulations. The only requirement for the applicant is to apply for a Registration Certificate in Malta under the Free Movement of European Union Nationals.

For complete details about the Retirement Scheme, please contact our experts in company incorporation in Malta.

 

 

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