Did you know that living in Malta is 33% cheaper than in the US? Or that Malta allow having multiple citizenships? These are some of the main reasons why moving to Malta from the USA became popular.
In this article, we’ll cover the reasons why you should consider moving to Malta, visa and residency requirements, and Malta's golden visa opportunities. You’ll also learn about pre-move preparation and the pros and cons of life in Malta.
Key Takeaways
- The main reasons to move to Malta include the opportunity to apply for Maltese citizenship, affordable prices, and a high quality of life.
- Before moving to Malta from the US, consider opening a bank account, finding accommodation, researching the job market, and learning more about their schools and universities (if you or your relatives need to study).
- While applying for a Malta Golden Visa, consider the following costs: Malta government contribution, philanthropic donation, property investment, and government fee.
- The main pros of living in Malta are its good climate, free healthcare and education, safety, and reliable public transport.
- The main cons of living in Malta are overcrowdedness, bureaucracy, and a high level of pollution.
Reasons to Move to Malta
Some of the main reasons for moving to Malta from the US are:
Multiple Citizenship
After having a Malta permanent residence permit for at least 5 years, you can apply for Maltese citizenship. Malta is one of those few EU countries, that allows multiple citizenships, meaning that you can have 2 or more citizenships if the other countries involved have no limitations.
Family Extension
As an applicant, you can include your relatives in the Malta golden visa application. You’re eligible to include the following dependents:
- Spouse
- Parents of the Main applicant and Spouse, over the age of 55
- Children under the age of 18
- Financially dependent children under the age of 29
High Quality of Life
Moving to Malta is an attractive option for individuals, as this country offers free healthcare and education, enhancing its attractiveness as a place to live and work.
Affordable Prices
According to the statistics, it’s 33.1% cheaper to live in Malta than in the US. Rent and grocery prices are accordingly 72.9% and 47.9% less than in the US.
High investment returns
Another reason to move to Malta is that it gives high returns off of real estate property and business. It’s important to mention that Malta’s real estate market is growing, more than three million tourists have visited Malta in 2023, providing high rental income.
Pre-Move Preparation
Before moving to Malta from the USA, make sure you’ve considered all of the following points.
- Visa and Residency: Programs such as the Malta Ordinary Residence Program, Malta Global Residence Program, or Malta Golden Visa are specially created by the Maltese government to help individuals get residence permits in Malta. With the guidance of a licensed agent who specializes in helping people get residence permits, golden visas, or citizenship, you can find out which program works best for you.
- Banking: Open a bank account in Malta for local transactions.
- Accommodation: Research and find the best place for you to live in Malta. Consider buying or leasing a house. Set a budget for rent or purchase.
- Job Market: Research and find which professions are in demand and what qualifications you need to have to work.
- Education: If you’re a student or have a family member who needs to go to school/university, research schools and understand the registration process. Consider international schools if language is a barrier.
- Cultural Adjustment: Learn about Malta’s culture, traditions, and social norms.
Visa and Residency Requirements
Depending on the period of time you’ll stay in Malta, the required documents may vary. Short-term visits (up to 90 days within a 180-day period) are usually for business or travel purposes. For that, you’ll need:
- Valid passport
- Proof of travel insurance
- Proof of sufficient financial means
- Round-trip ticket or proof of onward travel
- Accommodation details
- Completed visa application form
- Visa fee payment
Long-term visits may be for employment, study, or family reunification. For that, you’ll need to:
- Employment: Job offer from a Maltese employer and work permit (if your goal is to work there)
- Study: Enrollment in an accredited educational institution (if your goal is to study there)
- Family reunification: Proof of relationship with a resident family member (if your goal is family extension)
- Health insurance coverage
- Proof of accommodation
- Sufficient financial means
- Application form and fee payment
You can also consider the 3 main residency programs in Malta: the Malta Ordinary Residence Program, the Malta Global Residence Program, and the Malta Golden Visa. Each of these options has its own eligibility criteria. However, there are some overlapping requirements.
To apply for a Maltese residency permit, you’ll need to meet the following criteria:
- Be over the age of 18
- Be financially stable
- Be a good character
- Have a clean criminal record
- Have a stable job or income
- Have a place of accommodation in Malta for at least 5 years
- Have a valid travel document
- Have health insurance for the residency duration
- Write a comprehensive cover letter
Malta Golden Visa Opportunities for US Citizens
Of the 3 main residency programs mentioned above, applying for a Malta Golden Visa is the most popular choice among people moving to Malta from the US.
First of all, make sure that you meet the eligibility criteria.
After that, calculate the cost of applying for a Malta Golden Visa, and consider the following points:
- Malta Government Contribution
- Main applicant: €28,000 (if the applicant has purchased the property), €58,000 (if the applicant has rented the property)
- Spouse: no charge
- Children: no charge
- Dependent parents and/or grandparents: €7,500
- Philanthropic Donation: €2,000 (must be paid only by the main applicant)
- Malta Property Investment:
As an investor, you’ll need to hold the investment property for at least 5 years. You can either buy a property for €350,000 (or €300,000 if the property is in the south of Malta or in Gozo) or lease a property for €12,000 per year (or €10,000 if the property is in the south of Malta or in Gozo),
- Malta Government Fee: €40,000 (must be paid only by the main applicant),
- Other Legal Fees: This may vary depending on the number of applicants.
Finally, you’ll need to follow these steps:
- Choose a licensed agency, that will guide you through the whole process,
- Choose the property you want to purchase / lease,
- Submit a cover letter, where you give the reasons why you are applying for this program,
- With the help of a licensed agent, gather all the required documents. Having the guidance of a professional like Mirabello Consultancy will make the application process hassle-free,
- Make an appointment with The Residency Malta Agency Customer Care to submit the application materials to the appropriate officials,
- Pay the fees,
- Undergo due diligence: during this process, Maltese authorities check the documents of the applicants,
- Receive the letter of Final Approval in Principle,
- Receive the Malta golden visa.
Life in Malta: Pros and Cons
While thinking about moving to Malta from the US, it’s advisable to take a paper and start listing all the pros and cons that are common for expats in Malta. You should consider:
Pros:
- Climate: Mild winters and sunny summers make Malta an ideal place for outdoor activities during every weather.
- Language: Maltese and English are both official languages in Malta. Additionally, there are small communities of British, Greek, and Italian, meaning these languages are often spoken there as well, which makes it possible to practice foreign languages in Malta.
- Free Healthcare and Education.
- Safety: Malta is considered a safe place to live. Crime rates are very low there.
- Investor-friendly Tax System.
- Extensive and Reliable Public Transport.
- Strong Family Values.
Cons
- Overcrowdedness: Malta is a small European country that attracts many visitors. This makes cities like Slimea, Valletta, and Gozo overcrowded.
- Bureaucracy: Dealing with bureaucracy can be challenging, with potentially slow and complex administrative processes.
- High level of Pollution.
Financial and Tax Considerations in Malta
Malta taxes individuals based on residency and domicile. Residents and domiciled individuals are taxed on worldwide income, while non-domiciled residents are taxed only on income earned in Malta and foreign income remitted to Malta. Non-residents are taxed solely on Malta-sourced income.
Tax Rates for 2024:
- Married Residents: Progressive rates from 0% to 35%, with the highest rate for income over €60,000.
- Single Residents: Progressive rates from 0% to 35%, with the highest rate for income over €60,000.
- Parents: Preferential rates for those supporting children under 23.
Special Tax Rates:
- Sports Professionals: 7.5% on income.
- Artists: 7.5% on up to €50,000 turnover.
- Royalty Income: 7.5% on qualifying literary works.
- Part-Time Work: 10% on up to €12,000.
- Overtime: 15% on the first €10,000.
FAQ
Is Malta a good place to live?
Due to its growing economy, high standard of living, and high prosperity index, Malta is considered a favorable place to live in. Additionally, Malta offers a warm climate, safety, good healthcare, and an English-speaking environment, making it appealing for expats.
Is it cheaper to live in Malta than in the US?
Living in Malta can be cheaper than in the US, but it depends on the specific locations being compared. Generally, Malta has lower healthcare and transportation costs, but housing and groceries can be expensive. The overall cost of living in Malta is typically lower than in major US cities.
Is Malta safe to live in?
One of the pros of living in Malta is that it’s included in the list of the safest EU countries. Here crime rates are very low.
Where do most expats live in Malta?
Most expats in Malta tend to live in areas that offer a good mix of amenities, social opportunities, and convenient access to work and leisure activities. The most popular locations are Paul’s Bay, Valletta, Sliema, St. Julian’s and Gozo.
How long does it take to get Malta citizenship?
Depending on the method you choose to get Maltese citizenship, the duration of the process may vary. For example, if you choose to obtain a golden visa and then apply for citizenship, it will take at least 5 years. If you choose naturalization, you’ll need at least 7 years.
Conclusion
To sum it up, Malta offers a range of advantages to its residents, such as free healthcare and education, an investor-friendly tax system, visa-free travel, and affordable prices. However, applying for a Malta golden visa can be a tedious process. That’s why it’s suggested to contact a professional, who will break down all the details about how to move to Malta from the US, and will help you throughout the whole process.
