RESIDING IN MALTA – PROS AND CONS
Residing in Malta. What are the pros and cons of residing in Malta? Let’s take a look at what Asian immigration experts comment about this topic! During the past few years, residing in Malta has become a phenomenon for those who wish to reside in one of Europe’s best places for immigrants. Why is it so? What makes Malta such a heaven to reside in? In this post, Portico & Bridge present to you our break down on the pros and cons of residing in Malta. Our analysis and comparison promise to bring you a more thorough view of this country!
THE PROS OF RESIDING IN MALTA
Malta – the 3rd best country to live in
According to geobotany, Malta is classified as Mediterranean climate country. Therefore, Malta’s dwellers enjoy the pleasant weather which is comparatively suitable for Asian people. Malta is also Europe’s smallest island country still it owns outstanding features of economic potential. Besides, Maltese citizens are entitled to enjoying the strong social welfare system run by their government.
Plus, the people there are very kind and hospitable. Considering these factors, Malta is crowned the world’s top3 country that is worth living in.
Lear more about Maltese social security HERE
Malta – the 2nd safest country in the world
According to the World Risk Report, there is only 0.57% of possibility that natural disasters take place in Malta every year. The reinforced infrastructure system serves as Malta’s shield against damages caused by disasters such as earthquake, flood, etc. Together with its low hazard prone level and capability in dealing with disasters, this island country is ranked the 2nd safest country in the world.
This island also takes pride in having the least criminal rate. Safety and hospitality are the two outstanding features that you would obviously realize when being in Malta. So if you and your family are looking for a country that is totally safe to reside in, Malta would be the best choice you would ever make.
Malta – the 5th best healthcare system in the world
The World Health Organization (WHO) ranks Malta the 5th best healthcare system on the index of 100 countries. Malta has a system of large-scale hospitals that meet every standard regarding hygiene and convenience. The healthcare system emphasizes that their top priority is patients’ well-being. Besides, the EU health insurance card gives its holders access to charge-free healthcare services at public hospitals and medical practices in Malta.
The education system that follows UK curriculum
Malta’s education system is highly recognized globally. The education system of this country closely resembles to that of the UK which is widely followed by various countries in the world.
Besides, the Maltese Government implements tuition-free programs for its junior citizens during their 12 years of schooling. Besides, textbooks, student supplies and shuttle service are provided to Maltese children at a charge-free basis. Therefore, it is noticeable that Maltese citizens are never without the thorough supports from their Government in terms of education.
Malta – top1 country of Europe’s global growth rate
Malta is the only country which is a member of four major economic areas, including: Schengen area, EU, Eurozone, and the Commonwealth. Apart from that, this island country is Europe’s substantial gateway which leads to international trading activities. Therefore, in Malta, trading activities takes place smoothly and efficiently. As for its GDP figure, Malta’s continuously increases on a yearly basis and is Europe’s 2nd highest growth rate.
Malta also tops the chart of the World Economic Forum on microeconomics stability. More importantly, it is estimated that Malta will be home to Europe’s fastest growing economy within this year as well as next year, stated by the European Commission. Malta’s actual GDP growth rate in 2020 is 4.2% and in 2021, it is expected to be around 3,8%, known as the highest rate in EU.
Malta – potential real estate market
Malta is proud to be the country whose real estate market remains stable and profitable within many years. Unlike in other parts of Europe, investing in Malta’s real estate has been proved to be an excellent investment choice.
Following are benefits of investing in Malta’s real estate:
- Investment income has been proved
- No ownership tax and property tax;
- 5%-9% contractor tax on final selling price (no capital gains tax);
- 5% on stamp duty;
- 15% on rental income that is not subject to change;
- No VAT on property transfer.
Learn more about Malta’s real estate HERE
Malta – Enjoy Europe’s top quality of life with affordable cost of living
Cost of living in Malta is comparatively less expensive than those of other European countries. Both food cost and public transportation fares are pretty cheap. Though eating out can be steep in Malta, the average cost spent on it remains significantly lower than that of European major cities.
With a budget from 1.8000 EUR to 2.000 EUR, you are able to pay all the bills for monthly expenses. Malta’s per capita income is about 25.000 EUR per year. Generally speaking, this wage rate is totally able to afford a comfortable life in this island country.
To conclude, residing in Malta brings in excellent benefits for investors’ life and this island promises to be an ideal place to get settled. However, immigrating and settling in a brand new country is never an easy task. By merely examining the positive facets of this new life, investors may find themselves in trouble with the challenges that they fail to take into consideration. In order to make this complete, Portico & Bridge would like to inform you about some drawbacks existing in Malta’s life.
THE CONS OF RESIDING IN MALTA
Inefficient road network
This is one of the biggest concerns by people who have just moved to Malta. Narrow roads and short-distance routes are not able to efficiently accommodate the vehicle per capita rate which is the highest figure in Europe. As result, traffic congestion takes place in Malta on a regular basis.
For the newly arriving residents, to get acquainted with Malta’s transportation system would be a time-consuming process. Not only do residents have to stay alert during their driving, they also need to continuously keep track of all the available traffic rules and regulations. For example, Malta has some complex rules over its signal systems or giving way at roundabout, and even bans cell phone use while driving. Otherwise, troubles are inevitable.
Comparatively expensive food cost and internet service charge
Even though food cost in Malta is considered cheap as opposed to other European countries, eating out in this island country is rather costly. Therefore, cooking at home is obviously a more economical habit you should keep when residing in Malta.
In addition to food cost, internet and calling services are extremely steep. You may be charged an extra of 30 dollars per month for 50 Mbps/ 3 Mbps broadband as well as an amount of 35 dollars for phone service. In comparison with other European countries, these amounts are not inexpensive.
To sum up
The pros of residing in Malta obviously outnumber its counterpart. Therefore, Malta can be your promising candidate to top off your bucket list of places to get settled.
RESIDING IN MALTA VIA MALTA PERMANENT RESIDENCE PROGRAM
Malta permanent residence programme (MPRP) is currently the only one programme in Europe allowing four generations of a family to be included into one application. More importantly, investment amount is only payable right after investor’s application is approved by the Malta Government. Therefore, this programme provides absolutely safety for investors who get involved in it.
Before being eligible for Maltese citizenship status, investors have to get involved in an investment which lasts at least 5 years into a property or a Government financial contribution. Specifically, you can choose one out of these two following options:
- Purchase in a property that is at least 300.000 EUR and donate 28.000 EUR to the Government.
- Rent a property that is at least 10.000 EUR/year and donate 58.000 EUR to the Government.
Our expert team hopes that investors find this post useful in helping you learn about the pros and cons of residing in Malta in a more detailed manner.
“Settling in Europe – Let the European walk this way with you” Portico & Bridge is proud to be guided by Sir Trafford Busuttil – our CEO – the only Maltese citizen staying Vietnam for the time being. Sir Trafford comes from an infamous family in Malta. Up till now, the successful case rate at Portico & Bridge is always 100%.
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