Malta is regarded as an ideal retirement destination in 2022
Forbes lists Malta in the top 5 European countries to retire in 2022 amongst Switzerland, Portugal, Italy and Greece.
Retirement plans are unique to every individual, each developed according to one’s lifestyle, wish list and financial capabilities. Given the recent extraordinary developments in the world, younger generations are looking into equitable retirement plans to start investing in their future earlier and settle for peace of mind before reaching a certain age.
One of the most questioned considerations is the place for retirement. Some may think about leaving the work-life behind as an opportunity to spend the rest of their lives in their dream location. The ideal retirement location is selected by recognizing the geographical and socioeconomic factors of a country, and by scoring high in different classifications that attract our elderlies. The main aspects include climate, personal security, health services, accommodation and cost of living vis-à-vis taxes. Independent and global researchers investigate popular retirement destinations to identify the merits and demerits of each Country and issue ratings, which clarify and ease the search for interested retirees of any age.
European and Central American countries are becoming the most popular destinations among retirees, the World Economic Forum stated in its recent article based on the 2022 Global Retirement Index. Malta makes it to the top 10, placing 8th on the list along with France, Portugal, Spain, Ecuador, Colombia, Costa Rica and Mexico. The article highlights the excellent climate of the island, exceptional healthcare, numerous outdoor activities, tasteful local cuisine and a mix of cultural influences that were infused by different leaders from many countries that ruled Malta over the centuries until it became a republic in 1974. The latter may be the reason for attracting more and more expats to settle on the islands over the recent years, given the Maltese friendly approach that is instantly felt by foreigners both when visiting as tourists and even by those living in Malta.
To issue its idyllic retirement country index, the popular business magazine Forbes recently cited other well-known business and financial publications, namely the World Population Review, WEF, International Living, Live and Invest Overseas, US News, Expat Financial, Stuff Travel and Black Tower Financial Group. From this data compiled, Forbes included Malta in its top 5 European countries ideal to retire in 2022 amongst Portugal, Switzerland, Greece, and Italy. The list underlines most of the aforementioned benefits that WEF stated about Malta, but further comments on the common use of the English language by local citizens - since Malta was ruled under the British colony for 150 years, its rich history with plenty of museums to relive the past and its picturesque towns and fishing villages.
Forbes mentions that close to 15% of the total residents are expats, many living in coastal towns such as Sliema, St. Julians, Mellieha and Valletta. All four localities are popular with the retired community due to the number of shopping centers, restaurants and bars, movie theatres and creative art galleries, marinas and sandy beaches equipped with convenient facilities and wheelchair access. All points marked the small islands of Malta on the Top 5 European Countries that appeals to retirees in 2022. To add to the above, the Maltese Government introduced the Malta Retirement Programme (MRP) where foreign pensioners and retirees can benefit from a special tax status which allows them to pay tax in Malta on foreign income remitted to Malta at a flat rate of 15% instead of 35%.
The retirement years require early planning especially if one is considering relocating to enjoy such exciting times overseas. A comfortable retirement should be a healthy combination of well-being enticements, entertainment options, an appealing climate and reasonable prices and Malta seems to hit most of the ticks on a number of lists.
Our multilingual professionals at DZ Advisory would be glad to assist you with your enquiries. If you would like to receive more information, please provide us with your contact details and a member of our shall be in contact with you promptly.
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