Malta’s Millionaire Boom: A Growing Haven for Expats

Malta, a sun-drenched archipelago in the Mediterranean, is becoming a magnet for expats and millionaires alike. With its warm climate, rich history, and strategic location, the island nation has seen a 74% increase in its millionaire population over the past decade, according to Henley & Partners. As of 2023, Malta is home to 10,000 millionaires, 45 centi-millionaires, and three billionaires.

Located between Italy and Libya, Malta has been influenced by various cultures over the centuries, from the Phoenicians to the British. Its five islands—Malta, Gozo, Comino, Kemmunett, and Filfla—offer a blend of historical charm and modern amenities. English is widely spoken, and the country’s 300 days of sunshine annually make it an attractive destination for those seeking a European home.

Despite its appeal, Malta’s cost of living presents a mixed picture. While general living expenses are 18% cheaper than in France, rent is 20% higher. The average annual salary in Malta is $21,500 (€21,000), significantly lower than the EU average. However, the country’s citizenship-by-investment programs have drawn wealthy individuals seeking EU citizenship and unrestricted travel across Europe.

Malta’s wealth disparity is notable. The top 10% of households have a median net wealth of $1.2 million, compared to $15,177 for the lowest fifth of the population. This stark contrast highlights the challenges faced by lower-income residents in a nation increasingly catering to the affluent.

For those considering a move, Malta offers several residency options. The Malta Permanent Residence Programme requires a property purchase or rental, a government contribution of €30,000, and proof of assets worth at least €500,000. The Malta Citizenship for Exceptional Services by Direct Investment demands even higher contributions, ranging from €590,000 to €740,000, plus a €10,000 charitable donation. Critics argue that such programs risk turning EU citizenship into a commodity, potentially enabling money laundering and tax evasion.

Despite these concerns, Malta’s allure remains strong. Its blend of history, culture, and favorable climate continues to attract expats and high-net-worth individuals, making it a unique destination in the Mediterranean.