Buying as a permanent resident in Malta - Maltese Property
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 GozoA fantastic Mediterranean climate, a rich historical culture coupled with a stable political situation provide an irresistible combination for many people looking to relocate to a new life in the sun. There is a surprising amount of property for sale in Malta at any one time, including villas, historical farmhouses and purpose built apartments. Anyone looking to permanently settle or retire in the archipelago only need take note of the following to achieve their dream.
Once a residency permit has been issued, the holder will enjoy complete freedom of movement within and outside Malta. There are no restrictions on length or frequency of stay and the permit does not need renewing.
As with all countries, the government's big concern in Malta is awarding permanent residency to people who will in the future burden their economy. So, in order to be awarded permanent residency, you will be asked to provide evidence of an annual income of Lm10,000 or assets of Lm150,000 of which the value of the property you purchased locally is included.
Anyone seeking permanent residency must already own a local property worth Lm30,000 in the case of an apartment or Lm50,000 in all other property types. Alternatively, you are eligible to apply for permanent residency if you are renting property at a rate not less than Lm1,800 per year.
The Maltese government are also keen to increase Malta's economic strength so you will also need to prove you will import a minimum of Lm6,000 into the country each year with an additional Lm1,000 for each household member. All income, generated locally or imported, is taxed at 15%. Those from most European countries as well as Canada and Australia benefit from a double taxation agreement, which ensures any money imported to Malta is not taxed twice.
Anyone owning a property that has, or has access to, a swimming pool is eligible to rent it out as long as it is registered as hotel accommodation with the Malta Tourism Authority. Any income gained through renting will be taxed at 15%.
Malta joined the EU in 2004 and in an attempt to stop a potential flood of EU citizens buying cheap property in Malta, the government put in place some restrictions. An EU citizen can only buy a second property (outside the designated areas) if they have continuously resided in Malta for the last five years.
Book Online at:
Buy or Rent Malta and Gozo Property - www.maltabuyproperty.co.uk
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Malta Guide
