In addition to abundant sunshine and warm winters, Malta's easy banking and relatively low taxes make it a favoured expat destination. The island country is renowned for its advanced financial sector and is also an offshore banking haven.
Money in Malta
The Maltese currency is the Euro (EUR), which is divided into 100 cents.
Notes: 5 EUR, 10 EUR, 20 EUR, 50 EUR, 100 EUR, 200 EUR and 500 EUR
Coins: 1, 2, 5, 10, 20, and 50 cents; 1 EUR and 2 EUR
Banking in Malta
Most Maltese banks will open an account for new arrivals without finalised residency, even though banks with no foreign interests are likely to take longer. International banks are accustomed to the workings of expat finances, although choosing an account with fewer services can expedite the process.
Expats who need banking access as soon as they arrive will have to research the processes and requirements ahead of time. There is a lot of inconsistency in documentation requirements – not only between banks, but sometimes even between individual branches of the same bank.
Generally speaking, expats will need a deposit, their passport, proof of address and a reference from their previous bank to open a Maltese account. But, it is always best to double-check with the relevant branch ahead of time.
ATMs and credit cards
ATMs are available all over the islands, near retail shops and restaurants. Visa, Mastercard and American Express are widely accepted, but expats who want to use a debit card should ensure it has international authorisation.
Taxes in Malta
Malta's tax planning and asset protection policies are major drawcards for many expats, but the benefits vary widely. In general, income tax in Malta is fairly low, ranging up to 35 percent. Expats who fulfil certain conditions – including owning or renting a property within a specific threshold or those working in the gaming, aviation or finance sectors– will only be required to pay 15 percent of tax on their income.
Malta is in a rather unique situation concerning living off savings, as capital gains can be remitted tax free. We recommend enlisting the services of a reputable wealth manager for navigating the sometimes tricky details of finances and retirement in Malta.
►For more info on managing expat finances, see Cost of Living in Malta
"Malta is fast-developing and catching up with the European lifestyle yet keeping a relaxed vibe. There are plenty of opportunities in the gaming and hospitality sectors. Banking also has good options."
Learn more about the economic climate in Malta in our interview with Hungarian expat Marianna.
Are you an expat living in Malta?
Expat Arrivals is looking for locals to contribute to this guide, and answer forum questions from others planning their move to Malta. Please contact us if you'd like to contribute.
Expat Health Insurance
If you’re thinking about taking out private health insurance, our trusted partner Cigna Global is very aware of all the difficulties that expats can face when it comes to healthcare in a new location, so they have created a range of international health insurance plans specifically designed for expats, which you can tailor exactly to the needs and ensure access to quality care for you and your family.
Sirelo has a network of more than 500 international removal companies that can move your furniture and possessions to your new home. By filling in a form, you’ll get up to 5 quotes from recommended movers. This service is free of charge and will help you select an international moving company that suits your needs and budget.