Malta is a nation of classical natural beauty. There is a certain timelessness about the Maltese landscape, with many parts of the island nation still stuck in the past. It is not unusual to come across horse driven carriages on the streets in Malta.
But the advent of modernity is undeniable. Malta lovely capital, Valletta has a definite 21st century feel to it with a modern parliament building, open air auditorium and well designed modern homes.
The best thing about Malta though, are its people, they are the friendliest souls you can expect to meet. It’s not unusual to be greeted with a smile by everyone you meet here. Ask the locals for directions and not just will they point you the right way to your destination, but also accompany you for a while on your route so that you don’t get confused – that’s how friendly they are!
While the people are Roman Catholic, they are very open and accepting of other cultures. The local language is a delightful combination of Arabic mixed with English, French and Italian words. The Maltese cuisine is particularly delightful, and is similar in many ways to Italian food.
If you’re looking to buy property in Malta, you should know that property here is not cheap, but the Maltese housing market is one of the most profitable ones in the world. For a long time, property investors have made incredible profits by buying property in Malta. Over the last couple of years, property price in this quaint little island nation has increased by 20%. Clearly, this is a nation on the up and there are several advantaged of buying property here.
Are You Eligible to Buy Property in Malta?
It is very easy for citizens of European Union member nations to buy property in Malta. But they should only buy property here in Specially Designated Areas. These areas include, Tigne Point, Portomaso, Cottonera, Manoel Island, Chambray.
There are a certain restrictions though. A property which has been bought by a foreign buyer should only be used as a residence for the owner himself or his immediate family. The property cannot be rented out. If the foreign buyer wishes to buy a second property in Malta, he may do so only after having lived in the country for 5 years at a stretch.
Foreign nationals who are from non-EU countries can also buy property in Malta, but they should get a permit called the Acquisition of Immovable Property (AIP) Permit from Malta’s Ministry of Finance. Getting this permit may take 3 months, at least.
The buyer should prove that the money used for the purchase is perfectly legitimate by showing the bank receipt from where the money has been remitted from abroad. An AIP permit from the Ministry of Finance makes it clear that the property should be used by the buyer for his and his family’s personal use and not for a commercial purpose.
Also, he can only buy a property from Specially Designated Areas such as Portomaso, Tigne Project, Cottonera Waterfront, and Charmai.
The first thing to do on identifying a property to be bought in Malta is to hire a notary public who will apply for the Application for Immovable Property (AIP) permit on your behalf and take care of the property transactions as well.
Once this permission has been received, the seller has to make an offer and this offer has to be accepted by you as the buyer. After that, the notary draws up a purchase agreement called konvenju or convenium. If both parties involved in the negotiation agree with the terms mentioned in the agreement, the transaction can proceed and payment is made.
Cost of Buying Property in Malta
There really are no expenses involved in buying property in Malta in addition to the price of the property. The government does not levy any property transfer fee, which is a real bonus for you as a buyer. There is only a stamp duty of 1% of the price of the property that has to be paid. In fact, once the Application for Immovable Property (AIP) permit has been received, buying property in Malta is as easy as it gets. Contact us today to buy an overseas property.