The Maltese archipelago is one of Europe’s smallest countries. The three main islands take up just 122 square miles of southern Mediterranean and have a population of 416,000.
[Read: 15 Places to Retire in Europe.]
It’s also one of Europe’s least-known destinations. However, Malta’s 16th century capital city of Valletta is a tempting and affordable choice for anyone dreaming of retirement in the Old World. Despite its modest size, this island nation has a lot to offer.
Malta’s rugged coastline has dramatic cliffs and ancient forts as well as tiny coves and quaint fishing harbors. You will find fields of olives, wheat, potatoes and grapes all over the island. From its weather and food to its history and culture, Malta provides the best of Mediterranean Europe while also being one of the lowest cost options for embracing this lifestyle.
At the same time, Malta is a modern, first-world European Union member nation with a long-standing, stable democracy. Its second official language is English, and the entire country speaks it fluently. The country’s health care systems and standards are ranked among the best in the world.
The Maltese government has invested heavily in education in recent decades, and the result is a multilingual, highly productive population. The economy is heavily dependent on foreign trade, and Malta acts as a freight distribution and docking point for the region. The financial services sector is also well developed, and the country is a key player in cross-border fund administration.
Malta’s tourism board has been working hard to raise the country’s profile internationally. The latest big win on this front was confirmation that the country’s capital, Valletta, will be the European Capital of Culture in 2018. It’s not unusual to see massive, super-luxury pleasure crafts docked around the island, and the government is making a big push to develop its yacht servicing facilities in a bid to attract more of these vessels and their owners.
[See: 50 Affordable Places to Buy a Retirement Home in 2016.]
Living in Malta you wouldn’t need a car, as the small country has a fairly developed bus system for intra-island travel and plenty of ferries to take you off the island.
Thanks to its position as a key trading and transport point in the Mediterranean and its important military and colonial history, Malta has long experience with foreigners. The Maltese are accustomed to living alongside big numbers of expats. They are a welcoming people, and, as there’s no language barrier, it’s easy to slip into life among them.
All that Malta has to offer is available at a very affordable cost, especially now, thanks to the dollar’s continued strength versus the euro. A couple could live comfortably in Valletta on less than $2,000 per month at the current dollar-euro rate of exchange. Eating out, groceries, entertainment and other day-to-day costs are considerably cheaper than in most of the rest of Europe.
Residency, too, comes at a bargain cost. Malta does not have a pensioner visa. However, it offers what it calls a Global Residence Program for non-EU citizens, a unique program that amounts to the best residency deal in Europe. You can qualify by renting a place to live for as little as 800 euros per month. This is the only country in the EU that grants residency for simply renting a house. Access to the EU doesn’t come easier or cheaper.
[See: 10 Affordable Places to Retire Overseas in 2016.]
Because Malta ticks so many boxes — thanks to its relatively modest cost of living, superb health care, low crime rates, fantastic climate, friendly locals and easy and affordable path to residency — this is a country with broad appeal. You could spend your days sipping espresso outside a café overlooking a historic cobblestoned square, exploring olive groves and vineyards and dining on freshly landed seafood washed down with local wine. European life on a budget isn’t likely to get any better.
Kathleen Peddicord is the founder of the Live and Invest Overseas publishing group.
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Affordable Living and Easy Residency in Valletta originally appeared on usnews.com
