Buying Property in Malta - Advice
Looking for Property? How to Buy > Buying as a Temporary Resident > Buying as a Permanent Resident > More in this category: Thinking of Relocating > First Steps > Finding the right Agent > Property Checklist > Property on GozoThe Maltese are very encouraging about foreigners buying property in Malta and seek to make it as easy as possible with many of the rules of buying property in other countries not applying in Malta; consequently it's becoming such a popular place for Brits to buy a holiday home.
Foreign investors are eligible to use local mortgage facilities with loans offered of up to 80% of the property price. Unusually, all funds and any profit made on the house can be repatriated if you decide to sell up and head home. No council taxes are charged to temporary residents and the government even makes special concessions for the importation of personal goods and pets. If you purchase a property with a swimming pool, you can earn some extra cash when you're not using it by renting it out. Non-residents are also allowed to own multiple properties within certain areas. All of this will be conducted in English, and all the deeds and documents published in English.
There are however certain conditions that exist for a non-resident to make a Malta property purchase. The first thing to do is apply for an A.I.P. (Application of Immovable Property) from the Ministry of Finance as nothing can be done before this is granted. The property you buy must be of no less than Lm30,000 in the case of an apartment or Lm50,000 for any other type of residential property. If you're buying a shell, then the estimated cost of renovation plus the cost of the property purchase must equal these figures.
A temporary resident cannot buy listed properties or those of historical value. Luckily this excludes farmhouses, which are the most popular form of holiday home bought by foreigners. A non-resident can only sell on their property to another non-resident after every effort has been made to find a local buyer. The Maltese government are very welcoming of non-residents looking to buy property in Malta as long as they can prove they are not going to be of any financial burden.
Book Online at:
Buy or Rent Malta and Gozo Property - www.maltabuyproperty.co.uk
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Malta Guide
