With the price of property stabilising and homes being sold at competitive prices, more and more people are considering buying property. Whether it is a first home or as a second residence, taking out a Home Loan with a local bank is usually an affordable solution for most people.
Bank customers can take out a Home Loan for up to 90% of the purchase price and/or completion costs.
Retirement from the workforce and pensions are hot topics globally at the moment – not just in Malta, but changes to the state retirement age are afoot on this small Mediterranean Island. It’s a matter of personal choice and circumstances that affect an individual’s retirement age, but the earlier you retire, the more funds you will need as the money will need to last longer. The State Pension age in Malta is currently 61 for men and 60 for women. Due to an ageing population and an increase in life expectancy combined with a falling birthrate over recent years, the retirement age is set to increase to 65 in the future, for both males and females.
With its attractive climate, wide use of the English language and EU membership, lots of companies look at setting up their business in Malta. In addition to foreign companies looking at making Malta their base, there are obviously countless companies with Maltese owners based on the island too.
Setting up a company in Malta is relatively straightforward, and company formation is regulated by the Malta Financial Services Authority (MFSA) and forming a company can take as little as 48 hours.
Malta sets a minimum wage for all employees regardless of whether a worker is a Maltese or foreign National. According to Legal Notice 378 of 2009, Malta’s national weekly minimum wage for 2010 is
€142.67 for employees aged under 17 years,
€145.51 for employees aged 17 years,
€152.29 for employees aged 18 years and over.
Increases in minimum wage levels are linked to the cost of living and inflation rates of the preceding twelve months and minimum wage levels are adjusted on an annual basis.
Over recent years, Malta has become quite a hub for the IT industry in the Mediterranean. With a warm, mostly sunny climate, English as an official language and good tax incentives for IT companies, Malta has attracted a number of foreign-owned companies to its shores. The two main areas of the industry that are popular in Malta are the software development and the iGaming industries, and there is a high demand for people with IT-related and marketing skills. The University of Malta offers degrees in IT and Business and Computing, and many students opt to study IT-related courses abroad, or via correspondence with overseas universities.