As economic uncertainty grasps the UK, it proves that the rise in financially safe Britons is focusing on new lives abroad.
“We see more people moving out of the UK than anywhere else,” says real estate agent Graham Salt. “They like the Mediterranean lifestyle, low crime rates, the fact that English is spoken here, and, above all, lower taxes.”
Once considered a sleepy front post base, Malta has undergone dramatic changes in recent years. Journalist Marianne Jones spent her childhood on the island, but recently returned and was impressed by how far it has come.
“The island doesn't resemble the somewhat sleepy rocks of my youth, where I remember seeing an old lady lace in the front door while the donkeys and carts were passing by,” she said.
“Malta today is a young, lively and crowded place, but still a surprising historical location. When we last visited Valletta, almost every bar was packed and there was live music on the streets.
“Even so, Michelin star tasting menus and nightlife are closely linked to pyramids, church bells and ruins older than masterpieces.”
Tax-friendly, sun-soaked
Malta's tax system is a big draw. It may seem complicated, but local real estate agents will provide clear guidance. Those who have lived on the island for five years can grant employment, education and access to public services and apply for a long-term residence permit.
Applicants must show stable income, health insurance and safe accommodation. Meanwhile, UK citizens can also seek permanent residency in Malta, requiring assets of at least 500,000 euros (429,000 pounds) including investments of 150,000 euros (129,000 pounds) and at least 75,000 euros (558,000 pounds).
Long-term residents face progressive tax rates of up to 35%. It's 10% lower than the UK's highest tax rate. Purchases of assets will incur a stamp duty of 5% and capital gains tax may apply to sales, but there are no wealth, inheritance or annual property taxes.
Retirements are available to use the Malta Retirement Program. To qualify, you must own or rent property. This is worth starting at 275,000 euros (236,721 pounds) in the South, or 220,000 euros (189,145 pounds). Annual rents must be at least 9,600 euros (£8,254) or 8,750 euros (£7,522) respectively. Retirees must reside for 90 days a year for 75% of their pension income. Foreign income is taxed at a 15% flat, and local income is taxed at 35%.
Business Boost and Career Opportunities
Starting a business in Malta is easy thanks to English as the official language. Registration takes just one to two weeks, with the stock capital requirement being modest at 1,165 euros (£977), of which only 20% is required. Corporate tax rates range from just 5-7%.
UK foreigners with skills, software, data analytics, or financial skills will have plenty of opportunities. Malta has become a hub for high-tech and financial companies. Given the island's popularity with language students, there is also a demand for English teachers.
Top Educational Options
Maltese education system is highly regarded, choosing a UK or US curriculum. Main schools include Verdala International, St. There are Edward's College, QSI International and St Martin's College, with annual fees ranging from 3,700 euros (3,105 pounds) to 10,800 euros (9,285 pounds). As many schools run wait lists, early applications are essential.
A rich tapestry of history and culture
Maltese's complicated history left a rich heritage, from Phoenicia to British rule. The Great Palace of Valletta, the Fortress of Mudina and ancient alleys create a timeless sense. The island has 350 churches, and visitors are spoiled for a choice, including a co-bishop of St. John's, which houses two Carabaggio masterpieces.
Despite its deep-rooted history, British influences remain strong, ranging from left-handed driving to familiar high street names like Marks & Spencer and Zara.
Affordable Island Life
The cost of living is lower than in the UK, with the average family spending around £2,571 a month compared to £3,907. Rent is 22% cheaper, with apartments in the city centre almost 40% cheaper than London.
Character properties
Malta's real estate market is booming, with prices increasing 125% over the past decade. While the initial view from the airport may not seem exciting, the deeper look reveals a fascinating blend of Baroque elegance and modern luxury.
Half of Malta's 297,000 homes are apartments, but there are plenty of options, from sophisticated developments like Tignepoint to views of Valletta and infinity pools to spectacular 16th-century palazzos in inland villages such as Garguru, Naxal and Rija.
“What most Britons like is that everyone is very happy and integrated,” says Salt. “In many countries like Spain, incomes are formed in their own communities and rarely attempt to mix them. That doesn't happen here.”
For many, it is this blend of tradition, opportunity and community that makes Malta a compelling place to call home.
As Marianne Jones puts it, “I still love Malta more than anywhere else in the world.”
