Cost of living in Malta in 2021

Malta is an island state of the European Union, which year after year confirms stability in both political and economic sectors, and also welcomes innovation and attracts new technologies from abroad, creating a favorable economic climate for doing business, in particular the development of startups.

The Maltese government's modernized approach to developing and attracting investment into the state, its open and business-minded tactics and lowered tax barriers have attracted foreigners, above all, to develop their businesses. And despite the existing investment programs, which allow you to obtain a residence permit, permanent residency and citizenship of the Republic, few people are considering Malta for permanent residence.

The main motives for investment in the Maltese real estate and the economy, however, are obtaining a European passport and the prospects of business development. Malta is one of the top ten countries, leading the annual ranking of the safest countries in the world. And in addition, is the country, the most favorable for the residence of expats. One of the confirmation is a recently published by International Living Magazine assessment. The conclusion is based on indicators such as climate, level of safety, level of health care, coastal location, preferential taxation, in particular income tax of 15%.

Today we would like to consider Malta for living, advantages and disadvantages of this country.

Life in Malta for retirees

A quiet and full life at an advanced age, when employment is over, is the dream of every pensioner. Life for pensioners in Malta is measured and comfortable. Favourable climate and warm weather, a first-class health system, which occupies the fifth place in the world according to the WHO, a relatively low price level attract older foreigners to Malta.

According to the largest international portal Numbeo, which determines the cost of living in different parts of the world, the average rent for an apartment in Valletta in November 2018 is: a one-bedroom apartment in the city center - 830 euros; a one-bedroom apartment on the screen - 650 euros; three-bedroom apartment in the city center - 1484 euros; three-bedroom apartment in the suburbs - 1035 euros; and the average check in a restaurant is 45 euros, in the economy-level cafe - 12.5 euros.

The highest number of immigrants in retirement age is observed among the British and this is justified by several reasons: the proximity of the island to the British Isles - only three hours flight; English is an official language on a par with Maltese; the feeling of comfort due to the food, culture and tolerance of the Maltese, after all Malta is a former British colony, which affected the mentality of the people and the general order of the country; free medical care in accordance with the agreement on mutual security.

According to the same Numbeo calculations, living in Valletta for the average Briton is almost two times cheaper than in London. Savings in pounds sterling for equal conditions, standard of living and expenses, including rent, are £ 2,760.88 and £ 4,600.00, respectively. In terms of regional distribution, foreign pensioners prefer a moderate life in Malta - the island of Gozo. It is worth dwelling on the government program The STM Malta Personal Retirement Plan, which provides favorable pension terms for EU residents.

In particular, the scheme of transfer of pension payments to Malta with the avoidance of double taxation for many countries, as well as receiving benefits in the same form as in the country of citizenship. Life in Malta for the working-age population Geographical location and natural character has affected not only the life of Malta, but also the labor force.

Ever since the industrialisation of the country and the shortage of its own natural resources, the state has been committed to developing a labour force that would eventually form the backbone of a growing economy. To this end, over the past six decades Malta has invested heavily in education and training. This has had an impact both on the productivity of the workforce and on the innovative nature of the productive spheres.

The Maltese workforce is characterised by a strong work ethic, flexibility and the development of innovative, cost-effective solutions. As such, Malta is renowned as a hub for companies that are highly innovative and demanding. The average monthly after-tax salary in Malta as of November 2018 is 1,300 euros. The widest supply of vacancies is in the sale of goods and services. The unemployment rate in the country is less than 4%. In addition, the launch of government programs that attract highly qualified personnel from abroad has filled certain gaps in the local labor market.

Maltese employers do not have to go through formal difficulties to attract foreign workers, as in most EU countries. Foreign nationals can apply for vacancies in health care, information technology, finance and education, construction and architecture. Great prospects for employment of foreigners represent the position of top managers and CEOs. At present there are about 6000 citizens of third countries employed in Malta. The largest number of foreign workers are citizens of the Philippines, Serbia and China. Among other nationalities, the largest proportion are personnel from India, Libya, Russia, Ukraine, Turkey, Pakistan and Somalia.