Buying Property in Malta - a simple procedure, the conditions which depend on whether a citizen of what country you are.
The standard procedure for purchasing property in Malta consists of the following steps:
• The buyer and the seller sign a preliminary contract - the sale before a notary public. At this stage, the buyer pays a 10% deposit and a percentage of the tax on a purchase.
• The preliminary agreement is in force for a certain period of time during which the notary shall verify all required documents related to the acquired property that is stored in the State Archive. Getting a notary public of your rights to the property usually takes about three months.
• When the Government of Malta issued all necessary permits, purchase contract - the sale enters into force. Once paid for the remainder value of the property, all taxes and commissions, ownership passes from seller to buyer.
Foreign buyer:
Government of Malta has been actively seeking to attract foreign capital into its economy, creates an attractive tax incentives for international investors and entrepreneurs. This government policy is based on the strengths of the state. This is its strategic location, beautiful landscape and pleasant climate, as well as political stability, excellent international trade relations, friendliness of the Maltese, active, highly qualified and English speaking workforce. It is impossible not to note the good quality of life of local people, which includes an excellent health care, and schools. This characteristic makes Malta one of the best areas for recreation year-round.
Despite the fact that Malta has a high standard of living comparable to other European Mediterranean countries, the cost of living is generally lower than in Europe. This situation has a pleasant, comfortable and quiet life with few expenses.
The process of buying property in Malta is completely safe. Your choice, you pay 10%-ing payment in advance. Getting a notary public of your rights to the property usually takes about 3 months. The remaining amount is paid after signing the documents. Are waiting for you and additional costs: stamp duty and property transfer tax is 5% of the transaction, the notary fee equal to 1%; Resolution of the Ministry of Finance (AIP Permit), worth 100 LM.
Some areas of Malta are exempt from obtaining permits to purchase property in Malta. Among them:
Portomaso - St Julians
Tigne Point - Sliema
Manoel Island - Gzira
St Angelo Mansions - Cottonera
Tas Sellum - Mellieha
Fort Chambray - Gozo
Madliena Village
In Malta, there are restrictions on buying at the lower limit value of real estate to foreigners. In addition, a family can acquire only one property. The cost of the purchased property must be above 39,000 Maltese liri per apartment and 66,000 Maltese liri for the home.
Malta offers many benefits to buying real estate to foreign buyers.We mention some of them:
- You can take a mortgage loan up to 80% of the purchase price.
- All documents for the transaction are printed in English.
- Lack of local income tax.
- No other city taxes.
- In re estate resident of Malta may transfer funds raised from the sale to any country without restriction.
- Cash proceeds on the sale of real estate in Malta, may be converted into any currency of the world without restrictions.
Economic growth, generous government incentives, favorable tax ruling, the Mediterranean climate, mild way of life and lower real estate prices - all these make Malta one of the most attractive destinations for property buyers and investors.
If you need a loan to purchase property in Malta, please contact our partner - Bank "HSBC" for the e-mail: infomalta@HSBC.com.
Banks. Credits. Loan offer from 50 to 70% of the value of the property under On average 5% per annum for up to 35 years.
Required documents:
1) a permit to purchase. (Issued by a notary AIP permit)
2) payment of at least 30% of the value of property
3) confirmed monthly income (earnings record)
It is desirable that the monthly repayment takes no more than 25% of z.p
If you need a loan to purchase property in Malta, please contact our partner - Bank "HSBC" for the e-mail: infomalta@HSBC.com. |
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Buying Property - Malta