Insights
Nestled in the Mediterranean Sea, the Malta Islands offer a laid-back yet luxurious lifestyle. You can live, invest, or visit any of the country’s islands – Malta, Gozo, and Comino. You could even choose to retire here, indulging in authentic seafood and exploring historic sights.
But before you move to this country, you might want to have an estimate of your monthly expenses. By knowing these costs, you can plan your move and live comfortably on these islands.
In this article, we will explore the expenses that you are likely to incur if you move to Malta.
This country offers comparable prices to its neighbors even though it relies heavily on imports. On average, you will spend around $1,000 monthly if you are single. The cost of a family consisting of 4 members could be up to $3,000. This amount excludes housing, transport, and entertainment, which are highly subjective. Take a look at the table below for an individual expense breakdown for basic utilities:
| Expenses | Cost |
| Utilities | $150 |
| Groceries | $500 |
| Health Insurance | $243.32 |
| Car Insurance | $133 |
Now that you know about the basic expenses of living in Malta, let us explore the major expenses of living on these islands.
One of the biggest costs of life on the islands of this country is housing. Renting a condo or apartment in a popular residential area such as Sliema could cost over $2,000 a month. Meanwhile, less densely populated areas have a price range of $1,000 – $1,500.
Furthermore, if you plan on buying a home, the price range is $3,500 – $4,023.88 per m2 within cities such as the capital Valletta. Conversely, if you prefer an apartment in a quieter, more rural area, it will cost around $500 – $1,000 less. However, a luxury villa with 5 bedrooms or more can increase Malta life cost by over $5,000,000.
Here is a housing price comparison:
| Housing | Cost |
| Renting Apartment/Condo in Popular Area | $2,000+ |
| Average Rent for an Apartment | $1,000 – $1,500 |
| Buying Brand-New Apartment/Condo | $199,000 – $300,000 |
| Buying a City Apartment per m2 | $3,500 – $4,023.88 |
| Buying a Rural Apartment per m2 | $3,139.67 |
When you buy a house or apartment, you should pay attention to its state. 'Shell' housing is the cheapest and only has the essential bare bones of the structure of the house. Meanwhile, 'finished' housing has some installations, such as lighting and kitchen appliances. However, it may require more construction work to be usable and reflect your personal aesthetic. Even if you purchase a previously owned home, it may still be a 'shell' or 'finished' house.
Therefore, if you wish to personalize your home, you should consider a 'finished' or 'shell' house. However, if you wish to move in immediately, a more expensive 'highly finished' house will come with all the necessary installations.
On average, utility costs are around $80 – $150 per month. This number takes into account electricity, water, and garbage disposal costs. However, this amount increases if you include cell phone, internet, and cleaning services. Moreover, if you have a pool, sauna, or Jacuzzi, your utility costs will be higher.
Here's a breakdown of different utility costs:
| Utilities | Cost |
| Mobile Phone | $10 – $26.89 |
| Internet | $26 – $33.01 |
| Cleaning Services | $280 |
| Others | $102.52 |
Once you move to Malta, you will find that its prices are similar to those of its neighboring Mediterranean countries. Though they import nearly all the food, its price remains comparable to other nearby countries because it is ferried as opposed to flown in. Plus, Malta has a thriving fishing economy, and seafood is a major part of its culture. In a month, you will most likely spend around $500 on groceries.
Additionally, Malta offers a varied food culture in highly prized restaurants. Surprisingly, even Michelin restaurants such as Fifty Nine Republic in Valletta have moderate prices for menu items ranging from $5.41 – $41.09 or €5 – €38. A full-course meal for one person in this luxury restaurant, including finger food, a starter, a main course, a side, and a dessert, costs $75.70 – $98.41 or €70 – €91.
Depending on how you choose to travel, transportation could also be a major living expense in Malta. Since Malta does not produce any cars, you will have to either use public transport, rent a car, import a car, or buy a boat.
If you buy a private car, you will need to register it for around $72. Additionally, you will need to get insurance for it, which can cost around $1,600 per year. Plus, you should account for the price of gasoline.
Taxis cost around $38 an hour. However, you can rent a private chauffeur to drive you in luxury at only $378.50 or €350 for 8 hours.
This table demonstrates the different prices of transportation in this country:
| Transportation Expense | Cost |
| Car Registration | $72 |
| Annual Car Insurance | $1,600 |
| Importing a Car | $1,150 – $2,195 |
| Average Car Rental per day | $6 – $285 |
| Sailing Yacht | $598,400 – $1,400,398 |
| Motor Yacht | $150,313 – $1,394,991 |
| Jet Ski | $12,750 – $29,187 |
| Private Chauffeur for 8 hours | $378.54 or € 350 |
| Taxi per hour | $37.86 |
| Gasoline (1 liter) | $1.45 |
To live in Malta, you will need insurance. If you already have a European Health Insurance Card, public health centers will accept it. Otherwise, you will need to purchase private insurance or use public insurance. You can access this country's public insurance if:
Depending on the healthcare you decide to purchase and your medical profile, your insurance may be a considerable cost of living in Malta. For two individuals, an insurance package may cost $2,487.27 – $3,352.40 or €2,300 – €3,100 per year.
When it comes to entertainment in this country, most of it is available for free. Whether you wish to walk down the beautiful beaches of Gozo or Malta, swim in the Mediterranean Sea, or go on hikes in rural areas, you can do it all at no cost. However, it will cost more if you wish to tour the three Islands or join one of the exclusive sports clubs.
Here are prices for you to gauge your entertainment costs:
| Entertainment Type | Cost |
| Fitness Club per month | $62.25 – $160 |
| Average Boat Sightseeing | $269.30 or €249 |
| Average Aerial Tour | $519.14 or €480 |
| Average Yacht Sailing | $778.71 or €720 |
As we have discussed both the minor costs, such as utilities, and major costs, such as housing and entertainment, the cost of living in Malta depends on your lifestyle. Briefly, your basic expenses start at just over $1,000 a month. With this amount, you can comfortably purchase your health insurance, car insurance, utilities, and groceries. Then, you will need to add your housing costs, which usually range around $3,000 – $4,000 per m2. Moreover, restaurant outings, boat expeditions, and sports club memberships can significantly increase your monthly expenses.
Before moving to this country, it would be a wise decision to consult with top migration experts like Vancis Capital so that you can account for your budget depending on your specific lifestyle.
Get in touch to discuss how we can help you with your citizenship or residency by investment goals. One of our investment migration experts will contact you to discuss your case. With over 16 years of combined experience our team has helped hundreds of families achieve freedom.
