A client who wants to move to Malta to lower his personal tax burden recently asked me what to expect when moving to Malta. A move to Malta is not only interesting for companies, but also for individuals. It can be worth it for individuals to profit from the non-dom status. It is also interesting for persons who are working a lot abroad, and who are less than 180 days a year in Germany. However, whether a move is worth it or not also depends on the cost of living.
Rents in Malta
No worries! Malta is not en par with Switzerland’s prices for rents. When it comes to living in Malta, it greatly depends on the area and your standards. If you want to live in a busy place right at the waterfront, you can expect prices of €1000 or more. Luxury apartments at Portomaso can cost 2000-4000 euros. However, this threshold is only relevant for a few exclusive luxury apartments in Malta.
If you do not necessarily want to live at the cost, you can move inland. Keep in mind that commuting to the coast by car takes a maximum of 20 minutes. There are some very affordable properties available, starting from €300 and more, depending on your demands.
Cost of food
In my personal opinion I can say that the prices for foodstuffs are similar to those of Germany and the UK, even though many goods are imported. However, it also depends on where you go shopping, and a discounter is usually cheaper than a regular supermarket. You can find Lidl discounter supermarkets in Malta, as well as the more expensive Arcadia supermarket in Portomaso.
Gastronomy
Dining options in Malta are very versatile, also because of the many tourists that visit the island. You can find classic Maltese cuisine, as well as Italian, Chinese, Indian and many others. The selection is great, and compared to the UK, the prices for dining out and going for drinks are almost 30% cheaper. Again, this depends on where you go. There are also some exclusive locations. Overall, the possibilities to spend a night out are very diverse.
