It may be one of Europe’s smallest countries, but Malta has much to offer its growing expat population, especially retirees. And we don’t just mean its scenic beaches (one of which was named the best in Europe) and historic towns that dot the tiny island nation in the Mediterranean.
Malta was just named the third-best country to retire on the Old Continent by Global Citizen Solutions, a visa and relocation consulting company. Portugal and Spain topped the list, which highlights vibrant destinations that offer more than tourist attractions and picture-perfect landscapes.
“Malta boasts an incredible healthcare system, attractive property prices, fantastic tax exemptions and incentives, political stability, a wide range of entertainment options, ideal year-round weather, and a large English-speaking population, among other things,” the report states.
The country, sitting between Italy and Libya, has a population of a little over 530,000. Because of its strategic location in the central Mediterranean, its culture and traditions are an eclectic blend that reflects its North African, European, and Middle Eastern influences over the centuries. And while it might have had a turbulent past, the country is currently one of the safest in Europe, according to the World Bank. (It is also much safer than the United States.)
As an added benefit, English is one of Malta’s official languages, attracting many English-speaking expats and making cultural assimilation and daily life much easier.
Like most European countries, Malta provides universal healthcare to Maltese citizens and legal residents. However, non-EU citizens need private healthcare insurance, the annual rate of which depends on factors like the person’s age and health. According to the financial website SmartAsset, monthly healthcare premiums in the country cost less than $100, with medical services also significantly less than in the U.S. (The out-of-pocket cost for lab work, for example, is approximately $30.)
The cost of living is also lower than in certain EU countries, with an estimated average monthly budget of $2,600-$3,000. Housing options are diverse, but as one of the most densely populated countries in the world, most people live in apartments or condos. Global Citizen Solutions lists Valletta (Malta’s capital); St. Paul’s Bay; and Victoria, the capital of Gozo; as the best cities for American retirees, all with large expat communities.
In addition, non-Maltese nationals can obtain residency in the country in less than a year by investing at least €110,000 (about $120,000) in real estate. This also gives them the right to travel visa-free in all EU and Schengen countries.
Malta is followed by Greece and Turkey in the top five of Global Citizen Solutions’s list of the best places to retire in Europe.
You can see the full ranking on globalcitizensolutions.com.
Source link : https://www.travelandleisure.com/malta-best-country-to-retire-in-europe-for-americans-8681412
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Publish date : 2024-07-29 15:38:00
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