Home               Vol I   Issue 8           May 3, 2006                 Previous Issues


Retirees Bask in European Living on Gozo, Malta, a Gorgeous Mediterranean Island 

Note:  Prices have been updated since this article was written, reflecting current living costs.  The current exchange rate is 1 Lm (Maltese Liri) = $3.45 U.S. dollar.

 

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Cost of Living:  Meets the U.S. National Average

Have you ever dreamed of retiring on a sunny, Mediterranean island, finding peace and tranquility and basking in European culture, all without breaking your budget?  You can to do just that on small, inviting Gozo, an island that sits in the middle of the Mediterranean Sea, just south of Sicily and 180 miles from the northern edge of Africa.  Gozo is one of five islands (two are uninhabited) that comprise the Republic of Malta, which is a part of Europe and a newer member of the European Union.

Gozo Malta Real Estate

 

The island of Malta itself is one of the most densely populated pieces of land in the world with 380,000 people living on 153 square miles, but Gozo is a different story.  Here, roughly 25,000 people live on an island 9 miles long by 5 miles wide, and many of these folks are European retirees.  Gozo has a capital city (picturesque Victoria) and a number of villages scattered about the island (most within 3 miles of the capital).

 

This sparkling European destination should be an appealing retirement choice for North American seniors for several reasons, including the fact that 98% of the population speaks English.  It and Maltese, a language of Semitic origin written in the Latin script, are the official languages, which eliminates one of the biggest hurdles, learning a new language, that expatriate retirees from the States often face.  Italian and French are also spoken.   

To many, Gozo is truly an undiscovered Eden, with rich, green pastures, plenty of open spaces, sea views from any hilltop, windmills, temples and farmers driving horse-drawn wagons.  Building restrictions are in place, so Gozo should stay tranquil for many years.  It is only a few miles from the big, noisy island of Malta, but it is miles away in its charm and beauty.   

Credit cards are accepted at most establishments.  Banks really do keep bankers' hours, open from 8 a.m. to 11:30 a.m.  weekdays.  Gozo is small enough that walking is an excellent form of transportation, but there are also other options, including buses (very inexpensive but a little slow) and car rentals (also very inexpensive).  Taxis are available, but they are pricey.  

Gozo, Malta


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You'll find British, French and Italian influences, as well as plenty to do, throughout Gozo.  Restaurants are abundant, and there is an opera and a ballet, not to mention nightclubs, museums, beaches, shops and boutiques.  There are ancient ruins and temples, including The Citadel, to explore.   Most amenities can be found in the capital of Victoria (there is also a tourist office), but for more in depth shopping or just for a change of pace, many residents by ferry venture to Malta.

Retirees are also attracted to the Gozo climate.  The summers are hot, dry and very sunny (make sure to wear sunscreen) with occasional cool breezes from the Mediterranean.  Beach season can last until the end of October.  Winters are mild, although an occasional wind from northern Europe can bring some chilly temperatures.  The buildings are primarily built from limestone and tend to keep the summer heat at bay; during the winter months a small space heater may be needed at night.

Malta in general is considered inexpensive by European standards, and not too long ago, the cost of living was less than the U.S. national average, but the dollar has dropped and now living costs on Gozo are about the same as the U.S. national average (of course, much of this depends on personal desires and tastes).   Consider, though, the fact that you are living a European lifestyle on a gorgeous, peaceful, democratic, politically stable and safe Mediterranean island.  Oh, and there are no property taxes.    Generally, residents are subject to local income tax conditions only if their stay exceeds an aggregate of 182 days in one calendar year.

Gozo, Malta, Continued...


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          Scooters