16 Things to Consider When Retiring Abroad….or why MALTA is a the top destination

16 Things to Consider When Retiring Abroad….or why MALTA is a the top destination

From https://taxlinked.net/blog/september-2015/16-things-to-consider-when-retiring-abroad

MALTA way is your gateway to Malta opportunity to retire with sun shine, stability, great health system, low cost of living, low taxation, security, safety, global community, banking, economic and social growth, residence programme and much more…… the best of North Europe in the middle od Mediterranean sea 

We’ve already listed for you the 25 best places to retire, and we know you’re all dying to move to Ecuador when your careers in tax and law come to an end.

However, before selling your home, keeping your family heirlooms in an acclimatized storage facility and packing your bags, you need to carry out in-depth research to make sure Ecuador (or any other country, for that matter) is the right one for you. Retirement planning is essential to having a happy, relaxing and easy life in your handpicked home away from home.

In order to help you with your future retirement plans, we’ve come up with 16 things to consider when retiring abroad.

1. Don’t Flush Money Down The Toilet: The cost of living in the country you’ve chosen might be one of the most important factors when retirement planning. You want your pension, savings or supplemental income to go a long way and allow you to live a comfortable life abroad. Make sure to do your due diligence in terms of the pricing of housing, transportation, healthcare services, food and utilities, among countless others, prior to boarding that plane.

2. Planes, Trains & Automobiles: Mobility is crucial to your wellbeing when retiring abroad. A solid system of highways matched with extensive and safe public transportation, as well as an international airport with a good domestic and international flight schedule, will grant you greater flexibility when it comes to discovering your new country and heading back to your old one to visit friends and family.
Retiring Abroad: Healthcare

3. An Apple a Day Keeps the Doctor Away: At the latter stages of life, staying healthy is primordial to one’s happiness. A modern and highly professional healthcare system should be at the top of your list of things to consider when retiring abroad. Pay close attention to the quality of hospitals, the experience and levels of training of physicians and other medical doctors, and the availability and cost of medicine and medical supplies, among others. Also, make sure there are healthcare facilities nearby, say, at most 25 to 30 minutes away from where you live.

4. Put That Gun Away: Safety and personal security is of utmost importance when planning for retirement. You want to avoid at all costs dangerous, violent, and socially unstable regions of the world where your life will be in peril on a near daily basis. Pick cities (or at least neighborhoods) with low crime rates and an established expatriate community that is willing to show you the ropes.

5. Rain or Shine: Would you like to wake up to rain 75% of the year? Or scorching heat hovering near 50 °C? Yeah, we didn’t think so. Weather.com is your friend, so make sure to study your country of choice’s weather patterns. Personally speaking, it’s hard to beat the climate in San Diego, California: year-round sun and temperatures ranging from 9°C to 25°C. Paradise.

Retiring Abroad: communicating with the locals

6. Je No Parle Español: Not everyone in the world speaks English and not all of us are polyglots. Language spoken should come under consideration when retirement planning. Pick a country where you’ll feel comfortable enough communicating with the locals, be that in English or a second language. In any case, chances are you will quickly become proficient—either by choice or because you have to—in that second language.

7. Don’t Bank on It: Finding a place with a solid banking system is fundamental to retirement planning. You need to locate a reliable, professional and stable bank in which to stash away your money while living abroad. Often, branches of major European and American banks are your safest bet to protect your savings and remain at ease in cases of economic volatility.

8. Expats in the House: Living abroad, it’s always nice to find kindred souls that are experiencing what you are. Look for expatriate communities in the city of your choice and reach out to them prior to making your move. They’ll be able to answer your questions, provide you with recommendations, and make you feel more at home once you make your big move.

9. Big Macs on the House: Don’t laugh but every so often we crave what’s familiar. Living abroad among all the new smells, sounds and flavors can be overwhelming. So it’s always good to know that some of those comforts readily available back home—be it junk food or specific ingredients like, say, maple syrup or chipotle chilies—can be tracked down in your new country.

Retiring Abroad: Place to Live

10. Home Sweet Home: Real estate—its costs, availability, location and quality—might be one of the most crucial factors to consider when planning for retirement. Whether you are renting or buying, you want a comfortable, ample, well-located and affordable place to live. We suggest carefully studying the real estate markets in your shortlist of countries to retire.

11. If You Build It, They Will Come: Access to sturdy, safe and modern infrastructure can enhance one’s life abroad. The availability of good roadways, hospitals, shopping malls, hotels, restaurants, transportation hubs, theatres and museums, efficient utility services, etc., raises standards of living and makes retiring somewhere far away from home a more attractive option.

12. Inflation! Devaluation! Crisis!: Economic volatility is another factor to consider when retirement planning. Inflation, currency devaluations, tax hikes and other types of negative economic fluctuations can make life difficult for you and your bank account. Have a basic understanding of the economic history and performance of the countries on your shortlist and put together a contingency plan so that you’re not caught by surprise when things do go wrong.

13. Residency Requirements: If it’s a hassle to acquire residency to the country of your choice, then it might be better to move somewhere else. Look into residency requirements for your top choices and make sure these are not too burdensome. Many countries—for instance, Panama—offer special visas for retirees that allow them to make use of a wide range of discounts on utility bills, transportation, entertainment and more. These types of residency are highly advantageous and should be explored.

Retiring Abroad: access to the Internet

14. Can You Hear Me Now?: No one these days can live without access to the Internet or a smart phone. A reliable and efficient communications system to keep in touch with friends and family via Skype and log onto your Facebook, Twitter and Taxlinked accounts is a must. Unless what you want is to disconnect from the world and become a hermit up on a hill.

15. Take a Hike: Now that you have plenty of time on your hands, you might want to pursue all those recreational activities you weren’t free for as a working professional. Be it playing tennis, hiking, painting or dabbling in handcrafts, make sure there are facilities nearby for you to practice your favorite hobbies.

16. Don’t Make It Taxing: You cannot run. You cannot hide. Taxes will always be there, waiting for you. Even if you’re living abroad, you might still have to pay taxes back in your home country, so speak to a financial advisor to help you figure out who you owe, how much and when. You wouldn’t want to skip a payment and be penalized for moving to lovely Ecuador.

MALTA IS NAMED ONE OF THE TOP DESTINATIONS FOR THE SUPER-RICH

MALTA IS NAMED ONE OF THE TOP DESTINATIONS FOR THE SUPER-RICH

 

maltaway_malta_yacht 1

Millionaires from around the world want to move to Malta, a new survey has discovered.

Maltaway is your way to Malta Residence and Citizenship programme and scheme

It’s claimed the lure of good schools, the ease of buying property and the ability to travel freely within the European Union means increasing numbers of the super-rich from Russia, China and India want to become citizens of Malta.

Resettlement advisers Lio Global carried out the research, which showed the USA and Singapore trailed behind Britain as the top destination for so-call ‘high-net-worth individuals’.

However, Malta ranked highly in the survey.

The main reason people apply for a second residence or citizenship is to ensure freedom of global mobility and access, as well as security and wealth protection for their families.

The majority of investors are typically looking towards the EU. Cyprus and Malta, in particular, are very popular as they offer direct citizenship without long waiting or residence periods.

‘Portugal’s Golden Residence Visa, as well as the Hungarian Residence Bond programme have also seen significant interest, as they offer investors residence in exchange for a smaller investment in comparison to Malta’.

The study revealed that more millionaires left China over the past 14 years than anywhere else.

 

http://www.bay.com.mt/index.php/top-stories/498-malta-is-named-one-of-the-top-destinations-for-the-super-rich.html

S&P: Malta’s exposure to Greece ‘limited’, Economic growth outlook positive

S&P: Malta’s exposure to Greece ‘limited’, Economic growth outlook positive, debt/GDP 55%, real GDP +3,5%

Maltaway is your gateway to access Malta’s stability,banking system, growth and competitiveness….why the gap…

Standard and Poor’s rate Malta’s economic growth outlook ‘positive’, revised upwards from ‘stable’ • Events in Greece unlikely to have a material bearing on Malta’s credit profile

Malta’s economic growth prospects remain strong relative to its EU and ‘BBB’ rating category peers, credit rating agency Standard and Poor’s said last night.

Malta’s budgetary consolidation is expected to continue, leading net general government debt to decline to 55% of GDP in 2018, from 59% in 2014.

S&P is also of the opinion that the ongoing financial crisis in Greece will not have a material bearing on Malta’s credit profile.

“The positive outlook reflects a one-in-three likelihood of an upgrade within the next 24 months if medium-term economic growth prospects are maintained and fiscal consolidation continues, while no bank- or nonfinancial public enterprise-related contingent liabilities or external risks materialize.”

Malta’s real (not nominal) GDP grew by 3.5% in 2014. This is projected to expand by close to 3% annually on average in 2015-2018.

“We believe Malta’s economy will continue to outpace the eurozone as a whole, notably because of investments in the energy sector,” S&P said referring to the interconnector and the Delimara LNG project.

Beyond 2016, further diversification of the economy–particularly into information and communication technology and medical tourism–could boost investment. Domestic demand is expected to be backed by stronger private consumption, resulting from government-mandated cuts to utility tariffs that have reduced electricity prices by 25%.

Lastly, consumption trends are being supported by rising real wages and, more importantly, broader female participation in the labor market.

“On the external side, we view Malta as an open, services-oriented economy. We expect the tourism sector will continue to perform well on the back of a favorable euro/pounds sterling exchange rate, the increased perception of terrorism-related risks in some other Southern Mediterranean countries, and the current turmoil in Greece.”

Malta’s exposure to Greece ‘limited’

“We do not believe events in Greece will have a material bearing on Malta’s credit profile. Like all eurozone members, Malta is exposed through common monetary, fiscal, and development institutions such as the European Central Bank, the European Financial Stability Facility, and the European Investment Bank.

“Apart from contingent liabilities associated with those institutions, Malta’s exposure to Greece is limited. Malta’s trade with Greece is small and direct financial links are few. We assess the external debt of Malta’s domestic banks as sufficiently contained such that Malta would cope with a permanent real increase in external funding costs spilling over to eurozone markets from Greece.”

Financial services

The low corporate tax rate has attracted significant foreign investment into Malta’s banking, insurance, and gaming industries, implying that the economy would be sensitive to potential pressure for a eurozone-wide standardization of corporate tax regimes.

“We expect that Malta will run a small current account surplus over our 2015-2018 forecast horizon, and remain in a narrow net external asset position of about 16% of current account receipts (CARs) on average during 2015-2018.

Offshore banks dominate Malta’s international investment position and it is understood that foreign banks use Malta as a booking center for their own financing needs.

Economic growth

S&P believes that Malta’s favorable economic growth prospects support further

budgetary consolidation. It forecasts general government consolidation to progress gradually through 2018, primarily owing to increased tax receipts from strengthening domestic demand and the expected decline in current expenditure from 2016 onward.

Net general government debt is expected to decrease to 55% of GDP by 2018, from 59% in 2014. General government gross debt forecasted to be 68% of GDP in 2015, excluding the guarantees related to the European Financial Stability.

General government interest payments forecasted tol average 7.1% of general government revenues per year over 2015-2018.

Enemalta

Malta’s contingent fiscal liabilities stemming from NFPEs derive mostly from

Enemalta’s government guaranteed debt (9.7% of GDP as of end-March 2015). Enemalta will likely not generate profits until 2017.

“We note that the current drop in international oil prices is helping Enemalta’s expected return on investments. Nevertheless, other state-owned enterprises also represent fiscal risks, as exemplified by this year’s government financial support to Air Malta, estimated at 0.5% of GDP.”

Government guarantees of NFPE debt totaled 16% of GDP at year-end 2014.

Reforms needed to avoid straining public finances

S&P reports that without further reforms in the pension and health care systems, public finances will become strained in the medium term.

“Under our criteria, we see contingent fiscal risks to public finances coming from the banking sector. Malta’s domestic banking sector operates alongside a large offshore sector which, we believe, the government would not support in case of financial distress.

“However, dislocations in their funding could affect the island’s reputation as a financial center.”

Assets of the total banking sector are nearly 7xGDP while assets of core domestic banks amounted to about 2x GDP. Domestic systemically important banks include 25% state-owned Bank of Valleta (total assets €7.7 billion or about 8% of GDP) and HSBC Malta Bank (total assets €5.15 billion).

To this list, S&P would add fast-growing Mediterranean Bank (total assets €2.2 billion), which the agency expects to join the other two under ECB supervision soon.

Euro area membership

Membership in the eurozone anchors Malta’s monetary policy and provides its banks access to funding at low nominal interest rates. Nevertheless, S&P believes that membership in a monetary union increases the onus on member governments to support competitiveness through fluid labor, product, and services markets, and to build up fiscal buffers against future shocks.

This is more the case now than a year ago, given that the ECB is undershooting its medium-term price stability target of close to, but lower than, 2% for the eurozone as a whole.

“We note that nominal unit labor costs have been increasing at one of the fastest rates in the euro area, posing risks for competitiveness when many euro area neighbors are undertaking structural reforms and internal devaluations.”

http://www.maltatoday.com.mt/news/national/54999/maltas_exposure_to_greece_limited__economic_growth_outlook_positive_says_sp#.VaJCQfntmko

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