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Malta Vs. Cyrus For High-Net-Worth Individuals part 2

Malta Vs. Cyrus For High-Net-Worth Individuals part 2 – Part one is here.

Overview of Living in Malta for High-Net-Worth Individual

Malta Vs. Cyrus For High-Net-Worth Individuals
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For anyone interested in living abroad, Malta may be an option that should not be overlooked. It is among the most popular expatriate destinations because of its great weather, quality of life, and affordability compared to other European countries.

Malta has one of the highest densities in the world, with over 450 people per square kilometer. However, the people of Malta are very friendly and easygoing, so it is not at all crowded, especially if you live in the countryside.

Malta benefits from a temperate climate due to its proximity to the Mediterranean Sea; it has mild winters and hot summers that extend into October. The sea moderates summer’s temperatures, making them milder than inland areas. During the winter months, temperatures can occasionally drop below freezing.

The Maltese Islands are located south of Sicily and north of North Africa. Malta itself comprises three large islands (Malta, Gozo, and Comino) along with several small uninhabited islands like Filfla or the tiny island of Cominotto.

The main island is very mountainous, with beautiful valleys, bays, and inlets surrounded by rocky cliffs. It consists mostly of rough limestone that has eroded into fantastic shapes. The highest point is Ta’ Dmejrek, at 588 meters above sea level.

Malta was inhabited since prehistoric times, and the culture is a blend of many civilizations that have left their mark on the landscape. For instance, Ġgantija on Gozo was built around 4,600 years ago and is among the world’s oldest free-standing structures.

Cost of Living in Malta

 Living here is quite affordable, and most taxes are also very low, especially compared to other European countries like France and Spain. If you make a decent income in your home country, the cost of living will be even lower for you because the cost of rent or property is similar to most large cities in Europe.

Malta has an excellent infrastructure with one of the highest cell phone and Internet penetration rates in the world. Virtually anywhere you go, there is good mobile coverage and a reliable network.

Healthcare is also very good with a high literacy rate, so it’s easy to find qualified doctors and other medical professionals should you need them. There are various specialized clinics here and the general public hospital that are well equipped and affordable.

10 Things to Know about Malta Cost of Living

  • The cost of living is very high in the capital city
  • Salaries tend to be higher outside the capital, but you can also find an excellent job for a fair salary around the island
  • Rent is expensive and may not always include utilities like water and electricity
  • If you come from a costly country, then your money will go much further
  • If you are moving here, make sure to talk to people who already live here about the average income for your line of work
  • There is no foreign income tax withholding if you are not a resident
  • Malta has one of the highest densities in the world, with over 450 people per square kilometer
  • Maltese people are generally easy-going and friendly
  • The cost of living here is quite affordable, and most taxes are also very low
  • Health care is good with a high literacy rate, so it’s easy to find qualified doctors and other medical professionals should you need them.

Overview of Living in Cyprus for High-Net-Worth Individual

Malta Vs. Cyrus For High-Net-Worth Individuals
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So you want to move abroad? Compared to some other countries around the world, Cyprus is a fairly easy country to immigrate to. To live and work in Cyprus as an expat does have its advantages. For example, it’s a warm-weather location with a relaxing atmosphere and sun all year round.

However, there are also many pitfalls – especially for those considering investing in Cyprus. Investment is one of the main requirements to live here, so if you can set aside some money, then read on! For the high-net-worth individual, there are several different options for living in Cyprus. The three main categories are the Investor, the Professional, and the Self-Employed.

In each of these cases, you will need to prove that you have a sustainable source of income that will enable you to support yourself without claiming any state benefits from the Cypriot government – or from your embassy, which you will be obliged to register with.

The first thing to note is that there are no inheritance laws in Cyprus; therefore, if you have gained residency status here and leave the country, any assets left behind may well be taken by the government or even other individuals who can demonstrate a claim them.

Embassy staff are cautioned against purchasing property here, so be careful who you buy from as the embassy may have information on your potential new neighbors. In Cyprus, a number of real estate agencies can help you find a property to buy and rent, so there are plenty of options available to even the most cautious of investors.

Cost of Living in Cyprus

Malta Vs. Cyrus For High-Net-Worth Individuals
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According to various sources, Cyprus is one of the most popular retirement destinations globally. This is because it has warm weather and a relatively low cost of living relative to other European countries.

The cost of living in Cyprus was around 76% lower than New York City, making it one of the cheapest places on earth to live. Food and rent, on the other hand, were around 4% higher than average for Europe. However, local salaries make up for this cost as they are among the highest in Europe.

The reason that living costs are lower than in many European countries is because of Cyprus’s warm climate and lack of natural resources. As a result, there has been a high wage and unemployment rate for many years. In addition, the country’s small size has enabled it to import most goods from other European countries at a low price, which is reflected in current costs.

In fact, Cyprus’s largest import partner is Great Britain, as it imports around 30% of all Cypriot imports from there. Germany comes in second with around 19% of imports. The average Cypriot salary is $15,000 per year, and the unemployment rate is 5%, which is relatively high for European standards.

However, Cyprus has one of the highest literacy rates in the world, and life expectancy is actually above European averages at 80 years old.

Things to Know about Cyprus Cost of Living

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Cyprus Cost Of Living Is Reasonable

Compared to other European Union member countries, Cyprus’s cost of living is reasonable because it consists almost entirely of items not taxed by the government. Salaries in Cyprus are also very competitive relative to neighboring European countries.

Renting or Buying?

The housing market in Cyprus has taken a hit because of the economic crisis, but prices are still relatively lower than international standards. If you stay in Cyprus for less than one year, renting is usually the more affordable option.

Utilities Are Inexpensive

Electricity, gas, and water costs do not vary much across different regions of Cyprus, so it can be easy to build your life around a specific utility plan. Electricity and gas bills do not go up in the winter because of heating costs, so if your electricity bill is higher than average during your first winter, you may want to re-evaluate your insulation and heating situation.

Food and Transport Are Inexpensive

Food is very affordable because many agricultural products are locally produced. Transportation is also inexpensive because cars, petrol, and public transit are heavily taxed.

Entertainment Is Affordable

Entertainment costs in Cyprus are very reasonable, with movie tickets selling for around 10 Euros and entrance fees to cultural activities often being free. Also, many cafes have a business model based around selling coffee and snacks without having to sell food that has a higher cost.

Services Are Expensive

Professional services such as haircuts or house cleaning can be more expensive than in your home country because of high demand and limited supply. If you expect to be buying many professional services often, you should definitely consider moving to a place with lower service costs.

Doctors and Medications Are Affordable

Healthcare in Cyprus is completely tax-funded and universal and inexpensive for citizens and expatriates alike. Many doctors speak Basic English, so you don’t need to worry about language barriers during your visit to the doctor’s office. Common medication can be purchased at pharmacies without a prescription, so you don’t need to worry about unaffordable medicines.

Education Is Free

Primary and secondary educations are completely free in Cyprus, though university tuition can be expensive depending on which school you choose to attend. This way, you will not have to worry about enrollment, tuition, or textbook costs to receive a quality education.

The Climate Is Mild

Cyprus has a Mediterranean climate, with most precipitation falling in the winter months. Because every region on the island receives ample rainfall during the winter months, you likely won’t experience any drought-related water

Technology Is Affordable

Technology prices in the European Union are similar because of government tax regulations. If something breaks in your home, you won’t have to worry about spending an arm and a leg on an essential item.


It’s easy to conclude or notice which island countries are suitable for high-net-worth individuals. Many people will tell you that Malta is excellent, while some tell you Cyprus is the best. Well, if you’re to choose one among these two countries, we recommend that you go through the information mentioned above. So, Cyprus or Malta? It’s left for you to decide!

Pained by financial indecision? Want to invest with Adam?

Adam is an internationally recognised author on financial matters, with over 382.7 million answers views on Quora.com and a widely sold book on Amazon

This website is not designed for American resident readers, or for people from any country where buying investments or distributing such information is illegal. This website is not a solicitation to invest, nor tax, legal, financial or investment advice. We only deal with investors who are expats or high-net-worth/self-certified  individuals, on a non-solicitation basis. Not for the retail market.



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