RETIRE IN MALTA – BEST PLAN FOR YOUR FUTURE
Retire in Malta. What is Malta’s retirement policy? Why is this country a “heaven” for retirees who wish to spend their old age in Europe? Malta is ranked TOP7 by BBC NEWS as one of the best countries to retire abroad. Which policy makes this country such a heaven for retirees? Why do investors chose Malta to invest for their parents’ retirement? Let’s get to know more about it right away with Portico & Bridge!
MALTA’S RETIREMENT ELIGIBILITY REQUIREMENTS
Like other countries, Malta also applies specific eligibility requirements on retirement age as well as provides retirement benefits as follow:
Those who were born on or after 1st January 1962 will enjoy their retirement on their 65th birthday. However, Maltese citizens are totally eligible for pension since they reach the age of 61. This is why most Maltese senior citizens chose to begin their retirement among the age between 61 and 65.
In case of immigrants, you can move to Malta once you reach your retirement age in your home country or even sooner. The sooner you settle in Malta, the more pensions you would receive whereby you can better enjoy your life on this island.
Malta comprises an archipelago of six islands and islets which is 100 miles away from North Sicily. For years, Malta has been a popular place for leisure travel thanks to its stunning towns and picturesque views. Recently, this island country has also been widely known as one of the most ideal places to retire in.
WHY SHOULD YOU RETIRE IN MALTA?
After many years of hard work, it is your rightful decision to rest and recover the way you deserve. Therefore, to determine where to spend retirement is the matter of great importance for everyone. For your further reference before deciding to retire in Malta, we have included some significant features regarding retirement life in this country.
Retire in Malta – Enjoy the world’s top5 healthcare system
Malta has been doing an excellent job in delivering healthcare service that is of high quality. Both Malta’s public and private healthcare institutions are modernly equipped with cutting edge facilities and are accessible nationwide, in its every member island and islet.
Malta is also the 5th best healthcare system in the world. In Malta, you will only find large hospitals with high quality facilities, absolutely cleanliness and quietness. These hospitals practice the sole priority of maximizing the well-being of patients by providing the utmost comfortable conditions.
Hospitalization fee rate at public hospitals in Malta is very low and if you are a Maltese permanent resident, you will be entitled to charge-free healthcare services.
Considering Malta’s excellent healthcare system, this country has thoroughly satisfied one of investors’ prerequisite expectations when determining a country to retire abroad.
Retire in Malta – Risk-free life
As per the World Risk Report by the UN Institute for Environment and Human Security, Malta is the second safest country in the world.
In Malta, the general crime rate is remarkably low except for those regarding bribe and corruption. Even in Gozo, an island of Malta, no actual criminal case has ever been registered.
Moreover, the people there live a leisure life that is without the hustle and bustle. By living side by side with the stunning beaches under the pleasant weather of 300 sunny days per year, retirees would absolutely be able to enjoy the rest of their life to the fullest. Plus, there is a wide variety of festivals and public events that really work to fill retirees’ life with excitement and experiences.
Malta’s grant for the retirees
In simple terms, this is the pension granted by the Government for those who are of retirement age and satisfy all the eligibility requirements. There are various forms of grant but the main one in Malta is called the ‘Two-thirds Pension’.
Even when you have successfully resided and become a legal citizen of Malta. You will have to satisfy one of these following criteria to be eligible for the Two-thirds Pension program:
- Having worked in Malta at least 10 years before retirement
- Having paid an amount to the National Insurance that is in accordance with contribution rate
- Having contritbuted averagely at least 50 out of 52 donations to the National Insurance every year within the required contributory period.
It depends on the income rate and the amount you contribute to the National Insurance that your pension may vary. The Two-thirds Pension Program is designed to provide Maltese senior citizens with the pension that is two-thirds equivalent to their actual salary. However, this would only be applicable for those who have contributed adequately the amount designated by the National Insurance and whose salary does not exceed the maximum salary point.
Other benefits for retirees
Malta government provides a number of aged care facilities that are both private and public. The Active Ageing & Community Care of Malta operates a network of public services to support the elderly to continue living comfortably encompassing some of the following: food delivery, home nursing, retirement home and nursing home.
Besides, there are some benefit packages as follow:
The Senior Citizen Grant is a one-time payment paid every year. The amount of €300 is paid to those elderly persons who are between 75 years and 79 years of age on the 1st January of the current year, or on a pro-rata basis from the date of the 75th birthday up to the end of the current year. As from 1st January 2020, elderly persons who are 80 years and older will receive a grant of €350.
Active Ageing Centres:
The Active Ageing Centres offer opportunities for older adults to remain physically, mentally and socially active. These centres enable senior citizens to meet other people of their age and enjoy themselves during the activities organised. Each centre offers a varied programme of activities which include talks, outings, a variety of games and lifelong learning programmes and sessions.
Silver T Service
The Silver T Service consists of local transport for older persons to conduct their daily errands such as to the supermarket, bank. Or medical center within the community without having to depend on their families and friends.
Malta with easy settlement conditions
With these favorable policies gearing towards retirees, Malta is such an awesome place to retire in. This country also implements the least complex and time consuming immigration policies in EU at the moment.
Malta has no specific visa program designed for retirees but the permanent residence program for non-EU citizens instead. You can be eligible for this program by renting a property with the monthly rental of 800 euro at minimum in Malta. This is the one and only country in EU providing residence visa under the simple condition of renting or purchasing a property in its country. Additionally, Malta applies no strict requirement on physical presence days. So applicants do not have to worry about having to physically stay in Malta for a certain period per year.
Malta has seen a stable growth rate in its number of foreign people residing inside its country. The figures for 2005 and 2016 were 12.000 (3%) and 30.000 (6,7&) respectively.
CONCLUSION – Retire in Malta
Portico & Bridge is proud to be guided be Sir Trafford Busuttil, our CEO, also the only Maltese citizen staying Vietnam for the time being. For further information about him, Sir Trafford Busuttil comes from a renowned family in Malta. Up till now, Portico & Bridge’s successful rate of Malta settlement cases is 100%.
“European settlement – Let the European walk this way with you”. We highly believe that Malta is the best place in Europe for settlement as well as retirement.
Call us at 0909.898.758
At PORTICO & BRIDGE, “Your Children We Care”.