AngusJames

I am already in receipt of the UK state pension and have been looking at Malta as a possible retirement destination. Possibly the first thing to say is that I am easily confused . I am trying to get my head around the Malta government's Retirement Scheme (which may not be its correct title). From what I have read, it seems a person can only qualify for this scheme if they apply five years before they want to move to Malta. Have I got this right? If so I am far too late.

If I am too late it seems that I will have to pay 35% tax on my pension remitted to Malta which is more than I would be paying in the UK. Are there any allowances so that I would not be paying 35% on the whole pension amount?

Any hints and tips will be very welcome.

Jon-Bxl

Hi The pensions thing could be very complicated and I strongly recommend that anyone considering an international relocation - speak to qualified tax advisors to understand all the tax implications and/or also to financial advisors to plan any move - BEFORE doing it. I would also add that one should really examine the health system and its costs as well. IMHO.

There are perfectly legal ways that don't use complex loopholes (so are morally correct) to plan this all out in advance.. and prepare for it (e.g like recapitalisation of assets)

This could make a huge impact depending on your personal financial circumstances. Of course all this depends on your personal situation....

Malta being in the EU will have some common rules and also there are double taxation treaties that should ensure you don't pay twice... but you normally pay the highest of the two. Also there may be a chance to claim a local state pension...

Perhaps this link - or a wander around the site will help

http://europa.eu/youreurope/citizens...n/index_en.htm

Hope this helps and good luck

Jon

AngusJames

Jon,

Thank you. I will check out that link.

Since my original post I have checked out the Malta Govt website. The retirement scheme rules still confuse me as rule 1 seems to contradict rule 6 but it is all academic since I now realize that to make the scheme worthwhile my pension remitted would have to be at least e50,000 a year - I wish!

Thanks again for taking the time to help.

Regards, Angus

robbo462003

Hello Angus , I read your post with interest as I am in the same boat.Have a look at the following link the Malta Residence Conditions are explained there.http://www.cc-advocates.com/immigrat...htm.Obviousley research needs to be done before making commitments.

britishbull

If you are British you can move to Malta without doing the retirement option under EEC rules of free movement etc, low end of apartment rental (studio or one bed) is 250-300 a month euro depending where you want to live but twice that if you want to be next to the main promenade in somewhere like St Julians but food seems quite expensive compared to say buying it in the likes of Asda or Tesco. There are personal allowances for tax but a lot less than UK, I think 6k Euro from memory. No council tax is a major saving and low use of electric and water gets a discount rather than hammered by the thieves running UK utilities. Health care is free but no idea of quality. Not sure what the 35 percent tax is applicable to but possibly for non EU nationals doing retirement visa?

morgoneze

thats what i thought i couldnt get my head around this stuff about rules and regs for retirees as we are all in the european union and you are allowed to just move within it without coffing up large sums of money etc

kevincom

Hi everyone, we are thinking of retiring to Malta, where are the best places to live with a mix of expats and locals. I have heard Meheilia is nice.

misterd1948

if I have read this right I can come to live in Malta just like I was going to move to say another part of the UK, I wont pay anymore tax than I am already paying and I think I need to prove that I have an income of 10,000 Euros PA ....and the Health Care is fair to sufficient ???

Gozit

Yes, pretty much, as long as you are a UK national. (and the UK doesn't back out of the EU ) When you arrive, you will need to apply for the eResidence card, but that is free and straightforward, plus since you are an EU national there is almost no chance you can be declined, unless you have a severe criminal record. It's actually pretty good because it keeps you from having to carry around your UK passport as official ID, instead you can use your eResidence ID card.

The Maltese health care system is pretty good, we were (and still are!) worried about my grandfather when he retired back to Gozo (his home) after many years of living in Canada, him having heart disease and all, but he has been fine and says good things about the system compared to when he left Malta in the 60s... Since Malta is part of the EU it has to conform to EU regulations in terms of the quality of health care, so i wouldn't be too worried.

Malta also has a health care treaty that basically gives Maltese citizens the unlimited right (regardless of EU treaties) to have surgery/other operations performed in UK hospitals where the facilities are unavailable in Malta (the cost is usually subsidized by the Maltese gov't in critical situations) in exchange for UK citizens to have unlimited health care in Malta without restriction. So as a UK citizen you would benefit from that.

Hope this helps, and I hope you find paradise in Malta!

not2old

I'll just add something - you need to read between the lines

http://www.telegraph.co.uk/finance/p...it-expats.html

http://www.cc-advocates.com/immigrat...d-to-malta.htm

http://www.johnhubermalta.com/TaxPra...rsonalTax.aspx

rachelann

Hi, have you ever considered living on Malta's sister island - Gozo? It's much quieter and easier to get around than Malta, and it is more known for having British expats living there than in Malta.

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not2old

do you live year round on Gozo, if so - are you a Brit ex-pat, how long have you lived there & do share the good & bad experience.

No advertising please .....

rachelann

Hi, I was born and raised in Gozo. I have been living in Malta for the past 4 years only for university studies, and then I go back to Gozo for the weekend. The great thing about Gozo is you can get around so much more easily, the beaches are 5 minutes away, the views are amazing (Malta has more built up areas than Gozo), and it's quieter since there's rarely any traffic at all except during the Carnival weekend and some feasts in summer. The Maltese usually come to Gozo for a long weekend to relax.

The bad thing is that if you're looking for full-time work in a certain business, you have to go to Malta for that. The nightlife in Gozo is getting better as the years go by, and I never considered the lack of nightlife a bad thing in Gozo as I always found something to do or see. Gozo is also full of closely-knit communities, and everyone knows everyone, which means if you move in a village in Gozo, you instantly become friends with the whole village.

not2old

good to read from someone that lives in Malta or Gozo. Since this thread is titled 'Retiring to Malta' forgive me if I come off as being rude when I ask you how you would know about places & things 'retirees' would do or live a lifestyle on Gozo when your profile says that you are 21 years old?

Suppose someone retired was to move to Gozo, are there any specific suggestions that you would make with regards to accommodation types and location? Also for those that are English speaking only, how would they cope with the many languages spoken on the island especially Maltese?

Gozit

Took the words right out of my mouth! Your situation is exactly what I would want to do when I get home! (I'm from Gozo too if you can't tell by the username )

To the OP, this is a very very accurate description of life in Gozo, and I couldn't have written it better myself.

Rachel Ann if you're willing I have a few questions about living in Gozo, as I haven't grown up there like you, i'm Gozitan by descent living in Canada, but consider Gozo home, always loved going there to visit Nana u Nanu, and see myself living there in the near future