At Malta Property, we want to make your property-buying experience as smooth as possible. Here are some commonly asked questions to help guide you through the process:
Q. How do you buy property in Malta?
A. To buy property in Malta, you’ll need to search for the property of your dreams, followed by a Promise of Sale and then Final Contract.
Q. What is the Promise of Sale?
A. The Promise of Sale, or “kunvenju” in Maltese, is a notarial service that involves drawing up a document to outline the terms of the sale, including price, deposit, payment terms, final contact date, and any additional terms as agreed by both parties.
Q. What are the necessary professional services required when buying property in Malta?
A. At Malta Property, we have a network of qualified contacts, including architects and notaries, to ensure a smooth and efficient buying process. Our expert real estate agents, some of whom have over 30 years of experience in the industry, can help you find the right professionals for your needs.
Q. What is the First Time Buyers’ Scheme?
A. The First Time Buyers’ Scheme is a government initiative that offers benefits and perks to those entering the property market in Malta. Eligible buyers can save up to €7,000 in stamp duty charges on the first €200,000.
Q. What is the Second Time Buyers’ Scheme?
A. The Second Time Buyers’ Scheme offers a €3,000 stamp duty refund to property owners who are looking to acquire another residential property, provided they already own a first property.
Q. What is an Energy Performance Certificate?
A. An Energy Performance Certificate (EPC) is a document that outlines the energy performance of a building and is required by law. It is provided by the seller of the property to the buyer and is valid for 10 years unless significant changes are made to the building.
Q. Do Expats in Malta pay Property Tax?
A. Yes, expat residents with non-domicile status and an income of €35,000 or more per annum arriving in Malta through overseas sources are subject to a minimum tax of €5,000. Those with lower incomes are subject to regular tax laws.
Q. What is the Acquisition of Immovable Property Permit?
A. The Acquisition of Immovable Property Permit (AIP) applies to EU citizens purchasing a property in Malta as their second home, unless they have resided in Malta for more than 5 years. Minimum property values are subject to change according to the Property Price Index.
Q. What are Special Designated Areas?
A.Special Designated Areas (SDAs) are areas in Malta and Gozo that do not require an AIP permit and have no restrictions. Click here for a full list of SDAs.
Q. Does buying in Gozo benefit you from any reductions Stamp Duty?
A. Yes, stamp duty is reduced from 5% to 2% when buying property in Gozo.
Q. What is the process of renting property in Malta?
A. At Malta Property, we help you deal with tenants or landlords. In a legal and fair manner, we ensure fair prices are delivered to both parties involved.
