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Okay, so, retirement on the horizon and you're thinking Malta, eh?

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Sun, sand, and maybe some seriously old history?

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Not a bad plan.

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Sounds like someone's been doing their homework.

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Well, we've been diving deep into Eric and Tracy's experience, you know, a time to retire

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YouTube channel, checking out Malta as a retirement spot.

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Right.

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It's good to get a first-hand perspective, especially when it comes to something as big

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as like relocating for retirement.

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Totally.

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So we've got their videos, their blog posts, all that good stuff.

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What we're doing today is pulling out those golden nuggets, the things that if you're

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seriously considering Malta, you absolutely need to know.

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Love it.

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Let's get into it.

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First things first, Malta just screams holiday.

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I mean, sunshine like 300 days a year, stunning beaches.

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Eric and Tracy were blown away by the blue grotto.

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Have you seen pictures?

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Oh, incredible.

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And the history, don't even get me started.

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7,000 years worth of stuff to explore.

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Temples older than the pyramids in Egypt.

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It's mind blowing.

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It's like stepping back in time, but in a good way.

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But, okay, let's get real for a sec.

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It's one thing to visit, right?

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But to actually live there, you need more than just pretty scenery.

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Absolutely.

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That's where I think Eric and Tracy's experience is so valuable.

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They weren't just ticking off tourist traps.

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They were really trying to get a feel for what it would be like to integrate into Maltese

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society.

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How'd that go?

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Were they dodging tumbleweeds in a ghost town?

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Quite the opposite, actually.

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They were blown away by how welcoming everyone was, both locals and expats.

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What about the practical stuff?

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Things like healthcare, cost of living, you know, the nitty gritty.

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Right.

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Well, good news on that front too.

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Malta's got a really good healthcare system.

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Even Eric and Tracy were impressed.

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And they're picky.

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Plus, it's super affordable, especially compared to the UK.

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Music to my ears.

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Okay.

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So, we've got sun, history, welcoming people, decent healthcare, and it's affordable.

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Anything else?

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What about, like, actually enjoying yourself there?

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Well, they said the food was incredible.

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Fresh seafood, amazing produce.

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They were going to local markets, trying all sorts of new things.

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But their grocery bill was actually lower than back in the UK.

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Get out.

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That's amazing.

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And what did they do with all that extra cash?

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Well, it's Malta.

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They were out enjoying the Mediterranean lifestyle.

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They did boat trips, explored the islands.

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Sounds like a dream.

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Okay, hold on.

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We're forgetting something crucial here.

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The whole point of this deep dive, retirement.

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Right.

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And this is where it gets really interesting.

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Malta actually has some pretty sweet tax benefits for retirees, especially those from the UK.

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Wait, really?

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Tell me more.

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What kind of tax benefits are we talking about here?

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Well, for one, there's no inheritance tax for spouses or children.

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And depending on how you structure things, you could end up paying a lot less in income

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tax on your pension.

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Way less.

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Wow.

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Now, that is something to think about.

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So we've got the low cost of living, the good healthcare, and now these tax benefits.

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It's starting to sound like Malta's ticking all the boxes.

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It certainly seems that way, doesn't it?

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Yeah.

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But, and this is a big but, it's crucial to do your own research.

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Talk to financial advisors.

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Really understand the ins and outs before making any big decisions.

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Absolutely.

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This deep dive is just the tip of the iceberg, really.

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What we want is to get you thinking, get you asking the right questions.

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Exactly.

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What speaks to you about Malta is the history, the lifestyle, the financial side of things,

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whatever it is, dig deeper.

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Do your homework.

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All right, sunshine and savings.

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Who wouldn't want to retire to a gorgeous island?

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Right?

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That's what the Malta Retirement Program is advertising, but hmm.

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I don't know about you.

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Sometimes when something sounds too good to be true.

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Well that's what we're here to find out, right?

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We're diving deep into this Malta Retirement Program.

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We're going to break down the requirements, the costs, all that jazz, and see if it really

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lives up to the hype.

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Exactly.

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Is it really all sun and sangria, or are there some hidden costs?

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Let's unpack it.

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All right.

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So who is this program actually for?

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So the good news is it's pretty open.

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EU citizens, non-EU citizens, they're all welcome to apply.

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However, and it's usually a however, there's this thing called the 75% rule.

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Okay, the 75% rule.

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What's that all about?

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Basically your pension, that sweet, sweet retirement income, needs to be your bread

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and butter, at least 75% of your total taxable income.

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You can still dabble, maybe freelance a bit, a little side hustle never hurt, but the pension's

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got to be the main act.

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So you're saying it's for people who are actually retired, not like someone looking

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to work remotely from a beach in Malta.

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Precisely.

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Retired or pretty darn close to it.

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And speaking of being in Malta, you got to actually live there, right?

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Right, like how much time are we talking about?

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Got to be realistic here.

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At least 90 days a year.

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But here's the catch, can't be out of the country for more than 183 days total.

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Basically Malta's got to be your main squeeze, your home base.

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Okay, so you can't just like pop in for a few weeks and call it good.

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Nope, and it's not just about clocking in those days either.

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Remember the whole living there thing.

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That means property.

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Ah yes, the property situation.

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Everyone wants a piece of paradise.

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Exactly, and Malta knows it.

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They've got some rules, see?

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You got to own or rent a place that fits their criteria.

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And let me tell you, those costs can vary.

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Okay break it down for us.

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So if you're thinking about buying Gozo or South Malta, beautiful spots, a bit more laid

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back, you're looking at a minimum of 220,000 euros.

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220,000, got it.

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But for the rest of the island, the more, shall we say, happening areas, that minimum

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jumps up to 275,000.

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Ah, location, location, location, right.

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You got it.

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And if renting's more your speed, well, be prepared to shell out between 8,750 euro and

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9,600 euros a year.

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Again, depending on where you want to be.

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So even within Malta, prices vary.

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What makes Gozo and South Malta different property wise?

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Think of it this way.

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They're like the quieter cousins.

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Less hustle and bustle, which let's be honest, many retirees find appealing.

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Nice and quiet sounds nice, especially in retirement.

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Right.

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And that tranquil vibe, it plays into property values too.

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Now ready for the main course.

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Let's talk taxes, baby.

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That's what everyone's really here for, right?

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You said it.

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Malta's rolling out the red carpet with this flat 15% tax on foreign income and pensions

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for those in the program.

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That's significantly less than a lot of other places.

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Music to a retiree's ears.

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But hold on, 15% sounds almost too good to be true.

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There's got to be a catch, right?

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Well there's always a but somewhere.

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There's a minimum tax payment you got to make 7,500 euro annually.

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Oh, and for each dependent you bring along, tack on an extra 500 euro.

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OK, so there are some extra costs to factor in.

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And you mentioned foreign income.

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That 15% doesn't apply to everything, does it?

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Good catch.

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Income earned within Malta, that's taxed differently, more around 35%.

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They're really encouraging retirees to bring their established income, like those pensions

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we talked about, to boost their economy, not compete for jobs with the locals.

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Interesting strategy.

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But what about someone who's still working remotely?

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They wouldn't qualify for this retirement program, right?

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Right.

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For them, there's the digital nomad visa.

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Different program, different rules.

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OK, so Malta's got options.

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But let's be real, paradise isn't always perfect.

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What about the other stuff, the nitty gritty that retirees need to consider?

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Absolutely, you've got to look beyond the brochures, right?

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Health care, that's a big one.

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Malta's got a decent system, but it might not be what you're used to.

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They have public health care, but lots of folks also use private insurance, especially

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if they need something specific.

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Really important to do your research there.

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So don't assume your current insurance will cover you in Malta.

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Exactly.

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Check how the system works, the costs, all of it.

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And speaking of costs.

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Cost of living, can't forget about that.

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Right.

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That tax break is sweet, but how far will your money actually go?

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Groceries, transportation, all those everyday things, they add up.

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So true.

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Don't get blinded by the tax benefits.

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The overall cost of living matters too.

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And finally, culture shock, or should I say culture adjustment.

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It's real.

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Malta's got a rich history, vibrant culture, but moving to a new country, well, it takes

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some getting used to.

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My advice, connect with other expats.

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Those who've been there, done that.

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They can be lifesavers, believe me.

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It's a huge decision.

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Retirement, this whole moving to another country thing.

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No doubt about it.

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It's not just about finances.

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It's about finding that place where you feel at home, where you can really embrace this

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chapter of your life.

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So is Malta calling your name?

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We've given you the lowdown, the good, the bad, and the, it depends.

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Now it's your turn to ask, what does my dream retirement look like?

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Could Malta be the answer?

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Maybe.

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Maybe not, but that's for you to decide.

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Until next time, happy retirement planning.