Property Malta Direct

 

About Buying Property in Malta*

 

You are advised to make proper enquiries prior considering a property purchase in Malta. Certain regulations might change after 1st May 2004 due to Malta's entry in the European Union. Links below.

Non-Maltese buyers may freely purchase a property in Malta as a holiday home or for permanent residence, subject to the following conditions:

  1. The purchase price must not be less than Lm30,000 for an apartment or Lm50,000 for any other sort of property.
  2. All funds for the purchase must be brought into the country from external sources.
  3. The property may only be used as a holiday or permanent residence, not for commercial purposes.

 Expenses involved in the purchase of property:

At present, there are no annual property taxes in Malta, and if one decides to sell the property purchased, all amounts resulting from the sale (after any relevant expenses have been paid) can be repatriated without any complications.

If one wishes to take up permanent residency in Malta, certain conditions relating to minimum income (from external sources), taxation, and similar issues need to be satisfied, to ensure that one does not become a burden on the state.

 

 How do I proceed once I have selected a property? 

 

Once you have selected a property that fits your requirements and budget, and purchase price has been established, a preliminary purchase agreement is drawn up by a notary, including any conditions for sale previously agreed upon with vendor which binds purchaser and seller to appear for the signing of final contract within a specified period of time. 

Usually, purchaser places a deposit of 10% of the purchase price at time of drawing up of preliminary agreement, (which may be deposited with notary for peace of mind) and this agreement is valid for 3 months, but both the actual deposit amount and period of validity of agreement may be varied as previously negotiated.  

During this period your notary will make all necessary checking into legal title of the property, and will apply for permits required.

If you require any legal information about purchasing property in Malta, please contact any local legal practitioner of your choice. Property transactions are handled by public notaries in Malta. You may try the following links (these are NOT recommendations, but the only local sites we could find belonging to Public Notaries): http://www.malta-lawyer.com/  and http://www.malta-law.com/.

General information about Malta

When telephoning Malta from overseas: use prefix 00356 or ++356 as appropriate from your country. Please note:

Important Information about new telephone numbers! 

Maltese unit of currency is the Maltese Lira, but is referred to as the Maltese Pound, and is divisible into 100 cents. Please use our Currency Converter for determining the price of a property in your currency.

More About Malta (including photos)

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*We attempt to be as accurate as possible in the information we supply; however we can not accept responsibility for inaccuracies, due to the fact that certain conditions may change at short notice. Thus prospective purchasers must always double-check to ensure that they are aware of latest laws and regulations which might affect them in any way.