The Malta Retirement Program (MRP)
Welcome to our latest blog post, where we explore the Malta Retirement
Program, a topic requested by several of our readers. The "Malta
Retirement Programme" (MRP) is designed to attract retirees from
the EU and non-EU countries to enjoy their golden years in this
Mediterranean paradise. Let's look at the application requirements,
benefits, and key details of retiring in Malta.
1. Application Requirements
To qualify for the
Malta
Retirement Program, applicants must meet the following criteria:
Age: The primary applicant must be at least 55
years old.
Employment Status: Applicants must not be employed
in Malta. However, they are allowed to hold non-executive positions
on the boards of companies, foundations, or other organizations.
Pension: Applicants must receive a pension
that constitutes at least 75% of their total income chargeable in
Malta. This pension must be transmitted to / received in full in
Malta. Total income includes income derived from cash receipts,
rental income, interest, dividends, and other sources if earned
outside of Malta and brought into the country, or arising from activities
inside Malta.
Property: Applicants must
own or rent property in Malta. The property must have a minimum
value of €275,000 (reduced to €220,000 if located in Gozo or the
South of Malta) or be rented for at least €9,600 annually (reduced
to €8,750 in Gozo or the South of Malta). Feel free to browse available
real estate listings
on our
website.
Residency: Applicants must
reside in Malta for at least 90 days per year on average over a
five-year period and must not reside in another country for more
than 183 days per year.
Health Insurance:
Comprehensive health insurance is required.
Clean
Criminal Record: A clean criminal record is mandatory.
Minimum Tax: Pension payments transferred
to Malta are subject to a special reduced tax rate of 15%. Double-taxation
agreements with other countries are in place to avoid your pension
payments being taxed twice. A minimum annual tax of €7,500 is required,
with an additional €500 per dependent.
2. Benefits
of Retiring in Malta Retiring in Malta comes
with a multitude of benefits, making it an attractive destination
for retirees:
Mediterranean Climate: Malta
enjoys over 300 days of sunshine each year, offering a warm and
pleasant climate.
High Standard of Living:
Malta boasts a high standard of living, with excellent healthcare
facilities, a low crime rate, and a rich cultural heritage.
Affordable Cost of Living: Compared to other
European countries, Malta offers a relatively affordable cost of
living, making it easier for retirees to enjoy a comfortable lifestyle.
English-Speaking Environment: English is
widely spoken in Malta, which helps retirees adapt easily and communicate
effectively.
Vibrant Expat Community: Malta
has a large and welcoming expat community, providing ample opportunities
for socializing and making new friends.
3. Important
Note: Malta Citizenship / the EU Passport
While the Malta Retirement Program offers numerous benefits, it
is important to note that that it does not grant Malta citizenship
or an EU passport. For those who are interested in obtaining Malta
citizenship (which includes the EU passport, enabling the holder
to live, study, work, and retire in any European country), the
Malta Citizenship by Investment Program is a distinct option
that allows individuals to acquire citizenship through a substantial
investment.
Conclusion Malta is
an idyllic destination for retirees seeking a sunny, relaxed lifestyle
with numerous benefits. The Malta Retirement Program provides a
straightforward and attractive option for those looking to spend
their retirement years in this beautiful Mediterranean country.
If you're considering retiring in Malta, we encourage you to explore
this program further and take advantage of the unique opportunities
it offers.
For more information or assistance with your
application, feel free to
contact our team. We're here to help you make the most of your
retirement in Malta!
Because immigration by investment programs can change over time
please
contact us to speak with an advisor or to receive a preliminary
quotation. The information provided in this blog post is intended
for educational and informational purposes only. It should not be
construed as legal or financial advice.
Everything you need to know about Malta citizenship,
residency, and real estate.
Malta Citizenship
Malta Residency
Malta Real Estate
Click here for the
Malta citizenship by investment program.
Click here for the
Malta residency programs.
To start the application process online please
register here.
For a detailed cost estimate or to schedule a confidential consultation
please use our
contact form.