Retiring in Malta

                   

                    For Retirees

Yes, Virginia, you can receive your U.S. social security benefits while you're in Malta.

But here are the facts:  If you’re an American, you won’t be able to retire here in Malta unless you have a lot of money--or have been here long enough to achieve long-term residency in which you have to prove—every five years--that you have the means to support yourself here.

Here’s why:

1. The USD is in very bad shape.  Every time you  transfer your pension, social security or investment income over to Malta, you lose a good percentage of it when it is exchanged for Euros.

2. You will need private health insurance here in Malta since you will not be eligible for the national health insurance in Malta—unless you’ve been here long before retirement, have worked long enough (at least 15 years) to receive a minimal pension and are, therefore, eligible for the national health insurance.

Medicare will not cover you in the Malta or anywhere else in Europe. It will only cover you in the US.

If you first apply for private insurance in Malta at retirement age, you may get rejected because of your age. If you’re not rejected outright, you will not get covered for any pre-existing condition—be it a minor or major condition.

There are some Americans who can retire in Malta through something called permanent residency or the residency scheme.  But you have to prove your financial status every year—which is based on the Euro.  For more info on this, please see:

Residence Requirements

I don’t know any way around this if you’re the average American retiree.  So you’re probably thinking—what are my plans for retiring here as an American? The answer is that I don’t know. With G-d’s help, I hope I’m able to work long enough here to qualify for some benefits.

It’s another story if you’re from another EU nation. In that event—except for those from the UK—you’re earning and paying the Euro—so you won’t have any losses from exchanging money.

You also are most likely eligible for national health insurance here or through your coverage from your country of origin.

It’s certainly not cheap to retire in Malta.  But you have a better chance of doing it if you’re already from the EU.

 

Comments

[Mr.S.]

Hi Doug,

your main concern retiring in Malta under the circumstances you give will be the health insurance issue.

US social security does not cover you in the EU. If you are over 60 you will not get private health insurance through a Maltese company but will be able to get covered through UK health insurance companies at relatively high rates. To get residency you do need to prove that you have health insurance , even if you are from an EU country.

You pay 1/2 months rent to the broker - that's it ! Plus a months rent safety deposit . Utility fees depend on the apartment you rent and your usage. It depends on you .I can't state a clear figure but it could be around 80 €/month.

For ferry charges to Sicily check out virtu ferries , who offer the daily service from Malta.

And I would not count on being able to do any extra business, freelance or on contract, in Malta at the moment , things are quite bad here. I know several graphic designers looking for work ! There is none unless you are a web-designer and up to all the IT stuff and speak several languages.

Cheers
Ricky

[Sennuwy (an ancient Egyptian name)]

Hi Doug--thanks for reading the blog and your interest. I hope you do enjoy Malta if you come to live as retirees. I am forwarding your questions to someone who may be willing to answer them. Best--Ilene

[Dougl M.]

Ilene
Been contemplating a relocation to Malta for a while. Just discovered your site. I think I've read all the articles, if not the forum, yet. It is a fantastic resource. Thanks so much.

My wife & I are approaching retirement, and think Malta could be an ideal place to settle. We are Canadian and EU (Irish) citizens, but with US permanent residence, so social security would be based on 25 years employment in the U.S.

Your comments here on retirement are the toughest to absorb, particularly about healthcare coverage, but we're not completely discouraged, yet.

Some of the transport fees were surprising. Thanks for the heads up.

We would not be seeking employment, per se, but might like to continue doing some freelance, or consulting work. (architect & graphic designer). I haven't yet downloaded the official information on starting a business. (Had difficulty with the link, but may be because I'm using an iPad.)

Any other information on the perils of retirement are greatly appreciated.

Now, a couple simple questions, hopefully useful to others.

1. What are some of the typical upfront costs when renting an apartment? First and last? Security deposits? Broker fees? References? Key money? Baksheesh? (I completely agree with your recommendation to stay in a townhouse: surprised about cold winters though!

2. What are the typical costs for utilities for the aforementioned townhouses? Electricity? Cable and Internet? Is broadband Internet service readily available? If so, what is a typical monthly charge? Deposit? Contract?

3. What's the charge for the ferry to Scicily? Are bus services using or connected to these ferries?

Thanks again for all the great insights!!

[Sennuwy (an ancient Egyptian name)]

Hi Wendy--yours is a good question, given that Malta is an island. That was a problem during WW II, but even then the bravery of many Maltese and British sailors saved the island. Right now, thank G-d, Malta is not associated with terrorism--Ilene

[Wendy Kase]

Given that most of Malta's supplies come from countries other than Malta, what would likely be the result if the were wars or other forms of restricting access to supplies for food, medicine, water, etc.? What is the state of terrorism alert in Malta? Thank you. WendyK.

[Sennuwy (an ancient Egyptian name)]

Hi Robert,

Thanks for your interest.  As far as health insurance goes for British expats, if youre receiving a pension and health coverage from the UK, you would most likely be covered in Malta. However, this is something you need to check with the British Embassy.  The townhouse is unfurnished.  Best of luck--Ilene

Comment Actions:

[Robert Easton]

Hi, Just subscribed. It looks like you have lots of useful info here so I'm looking forward to going through it. One thing you may be able to help with (or point me in the right direction) I'm a Canadian, currently resident in Canada and originally from England so, dual nationality with 2 passports.

I'm considering Malta for retirement and would be interested to find out more about the health care as it applies to Brits and their families. Do you have a source where I could find out?

I'm sure that I'll have more questions as I go along.

Thanks, Robert
P.S. Is your townhouse furnished or unfurnished?

[Sennuwy (an ancient Egyptian name)]

Hi Dee,

Thanks for your question. As you can see, I haven't gotten around yet to writing this section, but I can tell you this:

1. The rent is cheaper than the US
2. Buying property is very expensive--on par with the expensive housing markets in the US
3. Food and eating out is the same as in the US--expensive.
4. Cost of out-of-pocket-health care is a lot cheaper than in the US.

Good luck---Ilene

[Dee Owen]

What is the cost of living for a retiree in Malta as compared to the USA?