Seniors Network

Seniors Network

  Spain
clear gif

The Magic of Malta

If you are looking for a retirement destination or maybe a low tax haven to relocate to, then Malta may just be what you are looking for.

Malta is a tiny archipelago in the middle of the clear blue Mediterranean Sea, some 60 miles south of Sicily. It consists of Malta, Gozo and Comino. Malta is 95 square miles, Gozo is smaller at 26 square miles and Comino is barely over a mile square.

The Island has strong links with the UK. It has always been a popular destination for individuals from over here and it’s not hard to see why. English is widely spoken, driving is on the left, medical care is top class and most important of all, the Maltese are a welcoming and friendly people who will help you settle easily on their island home.

Through its long and colourful history, the islanders have come into contact with numerous ruling nations all of which has contributed to Malta being an historical oasis. Despite its history, the Maltese have remained steadfastly independent, proud of their cultural roots yet hospitable to visitors.

Malta is an island of contrasts, which is all the more interesting when you take into account its tiny size. From Neolithic temples to 5-star hotels, from imposing fortifications to yacht marinas, from tiny cafes to top class restaurants, the island has it all. Life can be as lively or as laid back as you wish it to be, as sophisticated or as rustic as you choose.

Malta’s climate is warm and healthy, with mild winters and dry hot summers. No frost or snow and that’s a promise. Temperatures between November and April average around 15C with temperatures between May and October averaging around 23C.

As you get older, you will quite naturally be concerned about healthcare. Well you need not worry. Medical services on the Island are excellent. A survey carried out in 2000 by the World Heath Organisation ranked Malta’s health system 5th in the world (incidentally the UK came in at 18th). Medical services are easily accessible with many of the specialist having obtained their post graduate training in the UK. EU citizens resident in the UK are entitled to free public health care in accordance with entitlements as determined by the Ministry of Health.

You may also be concerned about making a new circle of friends. A good place to start will be the British Residents Association. The BRA has a full diary of events, ranging from coffee mornings, lunches and visits to places of interest. It also has a strong welfare support system, keeping members abreast of important information, and services available.

If sport is your thing, again you have a wide choice on the Islands. Everything from a leisurely swim in the crystal clear Mediterranean to golf and tennis at the Marsa Sports Club is on hand.

A growing number of foreign individuals are recognising the tax benefits of taking up permanent residence in Malta or its sister island of Gozo. In addition to the life style benefits afforded by its pleasant climate, safe way of life and hospitable and friendly English speaking population, the Island can also offer a very attractive taxation regime. The permanent residency scheme has recently been suspended pending the introduction of a revised scheme. While at this stage details of the new scheme are not known, it is anticipated that the benefits of the previous scheme will continue with some amendments to the financial qualifications (check luvmalta.co.uk for updates). The scheme is designed to attract in particular, high net worth individuals to the Island. The benefits of the previous scheme included;

Low flat tax rate & minimum tax amount – a flat tax rate of 15% is chargeable on all income received or remitted to Malta from either local or foreign sources. This was subject to a minimum annual charge of euro 4,230

Capital Gains – No tax charged on capital gains whether remitted or originating in Malta

Inheritance tax – No inheritance tax or estate duty is charged

No rates or local municipal taxes

Repatriation of capital/income – proceeds from excess income, local income or the sale of property can be freely repatriated subject to all taxes having been settled

As someone who has had the privilege of growing up in Malta and despite having lived in the UK for some 30-years, I find the draw of the Island is irresistible. I return each year to catch up with friends and enjoy the vibrant atmosphere of the place. If you would like to find out more, then visit my website luvmalta.co.uk. I would be happy to assist you in the process of finding out why I think Malta is an ideal home from home for the British and perhaps you too will be captured by its charm.

 

>>'>

Do YOU
Need a
Hearing Test?

 

Copyright Seniors Network 2000-2011  Site designed by MOL -selected for preservation by the British Library and archived regularly