According to numbeo.com, the biggest chunk of expenses comes from housing, groceries or household items, and restaurants. The cost of living in Malta will vary depending on your location and lifestyle. For example, rent for a one-bedroom apartment in a nice area averages around €800 – €900 per month. Additionally, groceries are reasonably priced, with basic items such as a loaf of bread costing €1. Finally, dinner for two at a nice mid-range restaurant including a glass of wine can cost approximately €65.
Since October 2022, the public bus system is free to use in Malta. One liter of fuel costs around €1.36 at the time of writing, and basic utilities such as electricity, heating, and cooling average €90/month. In all, it’s estimated that one person would spend €1600 on monthly expenses.
Living in Malta is cheaper compared to Western European countries. For example, expatistan.com says the cost of living in the Maltese capital city of Valletta is 29% cheaper than living in Dublin.
The low-cost living extends beyond personal life. In fact, Malta is very business friendly, and the cost of company formation is quite low. Find more information about company registration in Malta here.
The low cost of living, combined with a warm climate and an English-speaking population makes Malta an ideal place to retire. Check out these cost-friendly activities for retirement.
If you’re looking for a sunny Mediterranean island to call home, Malta is definitely worth considering. Although our cost of living calculations are based on a middle-class lifestyle, it’s possible to live here on significantly less – or even more, depending on your personal preferences and circumstances. And with so many business opportunities and attractive residence and citizenship programs, Malta is an increasingly popular choice for foreign nationals. So, if you want to learn more about what it’s like to live here, or explore the possibilities for setting up a business, don’t hesitate to get in touch with us today. Our team of experts will be happy to answer all your questions. Contact us today to arrange a consultation to discuss your business or residency requirements.