As South Africa grapples with its unique socio-economic challenges, many seek stability and fresh opportunities abroad. Malta, a small island nation in the Mediterranean Sea, is fast becoming an attractive destination for future South African expats, particularly for high-net-worth individuals and businesses.
Why move to Malta? Reason #1: It’s got accessible citizenship and residency options:
Malta offers several attractive options for South Africans seeking a European passport or residency. These programs are designed to attract high-net-worth individuals and their families.
- Malta Citizenship by Investment: This program provides a fast-track route to European citizenship. By investing in Malta, you can obtain a Maltese passport, which grants you visa-free travel to over 180 countries, including the Schengen Area, the UK, and the US.
- Malta Permanent Residence by Investment: This program offers a more flexible option for those who wish to obtain permanent residency in Malta. You can secure a Maltese permanent residency card by making a substantial investment in real estate or government bonds.
- Malta Permanent Residence Programme: This program is designed for individuals who wish to obtain permanent residency through a rental investment. By renting out a property in Malta for a specified period, you can qualify for permanent residency.
- Malta Golden Visa: This program offers a residency permit in exchange for a property purchase or rental. It is a popular choice for those who wish to spend part of the year in Malta and enjoy the benefits of EU residency.
Read more: Expat Talk – 183 days in Malta – what does this mean for your tax residence?
Why move to Malta? #Reason #2: It’s got that strategic location and those economic benefits.
South Africans are drawn to Malta for several reasons:
- It’s not known as “the Gateway to the EU” for nothing. Malta’s strategic location at the heart of the Mediterranean Sea provides easy access to the European Union market. This allows businesses to expand their operations and reach new markets.
- It’s in that sweet spot of global connectivity. Malta has excellent air and sea connections to major European cities, making it a convenient hub for international business.
- It’s serious about business. Malta’s business-friendly environment, low corporate tax rates, and strategic location make it an ideal business base.
- The standard of living is high. Malta offers a high quality of life, with excellent healthcare, education, and infrastructure.
- It’s giving safety and security. The country is known for its safety and low crime rates – which South African wouldn’t want that?
Why move to Malta? Reason #3: It’s got significant tax benefits for South Africans.
Malta’s tax system offers significant tax advantages for individuals and businesses.
- Malta income tax rates: Malta has relatively low-income tax rates compared to many other countries.
- Malta tax rates for non-residents: Non-residents are taxed only on income sourced from Maltese sources.
- Malta foreign income tax: Foreign-sourced income is generally not taxed in Malta.
- Malta tax on foreign income: Foreign income is typically exempt from Maltese tax.
Malta offers competitive corporate tax rates, which make it an attractive destination for businesses seeking to reduce their tax burden. As if that weren’t enough, the Maltese government offers various tax incentives and exemptions to encourage foreign investment. Malta also has a vast network of double taxation agreements, which can help businesses reduce their tax liabilities.
Why move to Malta? Reason #4: It’s got a refreshingly business-friendly environment.
Malta has a stable economy with a strong focus on financial services, gaming, and technology and a skilled workforce, particularly in IT, finance, and gaming. For South Africans who are well-versed in the frustrations of dealing with any public service, Malta’s government is known for its efficiency and streamlined bureaucracy. Imagine! It is also of great convenience that English is widely spoken in Malta, making it easy for South African businesses to communicate and operate.
Why move to Malta? Reason #5: It’s a welcome change of pace after South Africa.
Malta offers a unique blend of Mediterranean charm and modern convenience, making it an attractive destination for South Africans seeking a better quality of life. It has that incredible Mediterranean lifestyle, amplified by year-round sunshine, mild winters, and stunning beaches and crystal-clear waters, perfect for swimming, sunbathing, water sports, and other outdoor activities, like hiking, cycling, and boating.
Malta is several steps up on the safety and security scale, with its low crime rate and friendly locals. The Maltese people are known for their warm hospitality and welcoming nature. Education is excellent, with a wide range of international schools providing quality education for children. English is widely spoken, making it easier for families to integrate and communicate. Healthcare is modern and public healthcare in Malta is relatively affordable.
Explore Malta’s rich history through its historical sites, ancient temples, and medieval fortifications. Experience a rich cultural heritage, including traditional festivals, music, and art. Indulge in delicious Mediterranean cuisine featuring fresh seafood and local produce. By moving to Malta, South Africans can enjoy a higher quality of life, a safer environment, and a more relaxed pace.
A growing community of South African expats in Malta
The number of South Africans living and working in Malta is steadily increasing. The Maltese government has welcomed South African investment and has implemented policies to attract skilled professionals. As South Africa faces challenges, Malta is a promising alternative for those seeking a better future. Whether you’re looking to start a business, retire, or enjoy a higher quality of life, Malta offers much to consider.
FinGlobal: ensuring your seamless financial transition
At FinGlobal, we understand the complexities of relocating to Malta. Our team of experienced consultants has helped countless South African expats make a smooth transition, and we’re ready to do the same for you. Properly handling your financial and tax affairs in South Africa is vital, and our experts can simplify your journey, ensuring a smooth transition by providing tailored advice to meet your specific needs – from maintaining tax compliance in two jurisdictions to moving money internationally; we’ve got you covered.
Ready to take the next step? Contact us today to discuss your financial and tax emigration plans. We’re committed to helping you make an informed decision and successfully move to Malta.