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Malta? Malta… Ah yes, that dingy place where the blue-rinse brigade while away their retirement years perusing the red-tops over bacon butties, right? Wrong. And emphatically so. It took little more than a couple of hours on the island to puncture this first-time visitor’s preconception of a once-favoured, now fading destination – a Blackpool of the Med, if you will. In fact, it took a single bus journey, rattling up from Luqa airport to the fringes of Valletta, and from there north-westward along the coast road through Ta’ Xbiex, Gzira, Sliema, St Julian’s, and Paceville (pronounced ‘PATCH-uh-vill’) – overlapping towns of what essentially comprise one large conurbation – to realize that this was very much a country in step with the future, a place combining metropolitan buzz with the laidback charm of a village…
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Beyond its many architectural splendours (some of which, like the Opera House, were destroyed under Luftwaffe bombardment), Malta’s clement climate – the world’s best according to International Living magazine – makes it an appealing year-long destination (and as such the recipient of frequent flights), yet crucially without the off-season bleakness of some holiday hot spots. This is largely thanks to tourism being scattered across the island and integrated cheek-by-jowl with everyday Maltese life, rather than corralled, almost shamefully, into the sort of plastic, barren resorts considered a necessary evil elsewhere in the Med.
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Aside from having this comforting anglophilia to help assuage any potential culture shock, Malta is politically highly stable, boasts the lowest crime-rate in Europe, and has an extremely advanced healthcare service (the fifth best in the world according to the World Health Organization) that is helping to turn it into a new destination for medical tourists. Furthermore, it possesses a highly-regarded (and relatively cheap) private education system that attracts a cosmopolitan mix of students to the island, many to learn English. With all this, it’s little wonder that the 2006 World Database of Happiness had the Maltese as the world’s most contented souls.
On top of that, the country has an extremely advantageous taxation system that makes it not just a retirement destination but a vibrant, cheap place to live for working people of all ages. And with Malta part of the Schengen Agreement on movement of peoples across EU borders, new overseas property buyers neither need to have lived on the island for a minimum period, nor to spend a minimum period of time there each year, in order to become residents. Applicants need only overseas assets of at least €349,000 or an annual income of €23,000 from outside the island. There are no property taxes, either (doubtless part of the lure for David Beckham and Gary Neville, both of whom own homes on the island), and no capital gains tax charged on sales after three years of ownership.
With an economy strong in the offshore finance, tourism, gaming, shipping, and real estate sectors, and with new investment being pumped into the SmartCity development, a state-of-the-art information technology and media park akin to ventures in Dubai that is set to create in the region of 5,000 jobs, there are several high-end employment opportunities to be found on the island. So, what’s to stop you making Malta your permanent home abroad?
A superficial doubt that might dissuade people from choosing Malta is its size (and, by implication, its lack of things to do). True, this is not a destination for Clarksons looking for sweeping drives through forests and vineyards, but how often do the citizens of a big city leave a 300 km² area other than by plane. Anyway, being small hasn’t stopped many of the Balearic or Greek islands from becoming (and remaining) very popular destinations, be they party getaways such as Ibiza and Mykonos, or more tranquil retreats like Menorca and Kos.
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Whilst the scarcity of land means that buying plots and building villas on them isn’t an option (new developments are restricted to ‘Greater Valletta’), the flipside to this is that property prices tend to remain high. Even so, there are several traditional homes on the market away from the main urban area, typically built with the ubiquitous Maltese limestone, but the real allure of the island’s property market is in waterfront apartment lifestyle, the pick of which is perhaps to be found at Tigné Point, with to die-for-views of the Manoel Fort and Valletta.
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