Relocating to a new country can be an exciting yet daunting experience. With the rise of remote work and flexible lifestyles, more and more people are considering making the move to a different part of the world. For Canadians looking to relocate, Malta is an attractive option that offers a range of benefits. In this essay, we will explore the island of Malta, the reasons why it is an ideal location to move to, the benefits of residence for Canadian citizens, the visa and residency programmes available, and the state of the Maltese economy.
Malta is a small island nation located in the Mediterranean Sea, south of Sicily, Italy. The archipelago consists of three islands: Malta, Gozo, and Comino. With a population of just over 500,000 people, Malta is one of the smallest and most densely populated countries in the European Union. The official languages of Malta are Maltese and English, making it an easy place for Canadians to communicate and adapt to.
Malta has a rich history, dating back to the Neolithic period. Throughout its history, the island has been ruled by various civilizations, including the Phoenicians, Romans, Arabs, and the Knights of St. John. Today, Malta is a sovereign state with a democratic government, a strong economy, and a thriving tourism industry.
There are several reasons why Malta is an ideal location for Canadians to move to. Firstly, the island boasts a warm and sunny climate, with over 300 days of sunshine a year. For Canadians who are used to long, cold winters, the warm Mediterranean climate is a major draw. The island also has a diverse and welcoming culture, making it easy for foreigners to settle in and feel at home.
Secondly, Malta is a safe and stable country with a low crime rate. The island has a strong healthcare system, high-quality education, and excellent infrastructure. The cost of living in Malta is relatively affordable compared to other European countries, making it an attractive option for those looking to relocate.
Thirdly, Malta is an excellent location for business and entrepreneurship. The country has a pro-business environment and a range of tax incentives for foreign investors. The island is also home to several thriving industries, including finance, iGaming, and tourism. For Canadians who are looking to start a business or advance their careers, Malta is a promising option.
Lastly, Malta’s location in the Mediterranean makes it an ideal location for travel and exploration. The island is just a short flight away from other European countries, North Africa, and the Middle East. For Canadians who love to travel and explore new cultures, Malta is an excellent base from which to explore the region.
Canadian citizens who relocate to Malta can enjoy several benefits. Firstly, Canadians are entitled to live and work in Malta without the need for a visa for up to 90 days. After 90 days, Canadians can apply for a long-term visa or residency permit, which allows them to stay in Malta for an extended period.
Secondly, Malta is a member of the European Union, which means that Canadians who obtain residency in Malta can enjoy the same rights and privileges as EU citizens. This includes access to free healthcare, education, and other social benefits.
Thirdly, Malta has a range of tax incentives for foreign residents, including a flat tax rate of 15% for non-domiciled residents. This makes Malta an attractive location for retirees and high-net-worth individuals who are looking to minimize their tax liabilities.
Lastly, Canadians who relocate to Malta can enjoy a high quality of life, with access to beautiful beaches, a thriving cultural scene, and a range of recreational activities.
There are several visa and residency programmes available for Canadians looking to relocate to Malta. These include:
a) Malta Residency and Visa Programme (MRVP) – This programme is designed for non-EU citizens who wish to obtain long-term residency in Malta. It requires an investment of €250,000 in government bonds, as well as a non-refundable contribution of €30,000 to the Maltese government.
b) Global Residence Programme (GRP) – This programme is designed for non-EU citizens who wish to obtain residency in Malta but do not want to become tax residents. It requires an annual income of at least €100,000 or a minimum capital transfer of €500,000.
c) Malta Citizenship by Investment Programme (MCIP) – This programme is designed for high-net-worth individuals who wish to obtain Maltese citizenship through investment. It requires a minimum investment of €650,000 in government bonds and a non-refundable contribution of €650,000 to the Maltese government.
d) Ordinary Residence Programme (ORP) – This programme is designed for non-EU citizens who wish to obtain long-term residency in Malta without making a significant investment. It requires proof of income, as well as a deposit of €5,000 with a Maltese bank.
Malta has a thriving economy, with a GDP of €13.2 billion in 2020. The island is known for its strong financial sector, which accounts for around 12% of the country’s GDP. Malta is also home to a thriving iGaming industry, which has grown significantly in recent years.
In addition, Malta has a strong tourism industry, with over 2.7 million tourists visiting the island in 2019. The country has a rich cultural heritage, with several UNESCO World Heritage Sites, as well as a range of recreational activities, such as water sports and hiking.
Malta is also known for its strategic location, which makes it an important hub for trade and logistics. The island has a modern infrastructure, including a deep-water port and an international airport, which makes it an attractive location for businesses and investors.
In conclusion, Malta is an attractive location for Canadians who are looking to relocate. The island boasts a warm and sunny climate, a welcoming culture, and a range of benefits for foreign residents. With a range of visa and residency programmes available, as well as a strong economy and pro-business environment, Malta is a promising location for those looking to start a new chapter in their lives.