History
Malta is in the middle of the Mediterranean Sea, it is a small cluster of islands. Malta is the largest island and next to it are Gozo, Comino, Filfla and some small islands. Malta joined the European Union in 1990. It is one of the most popular holiday destinations, with its superb weather and fantastic locations. Malta and its surrounding islands have a much more relaxing pace of life. There is so much to see and there are various big events throughout the year. The economic and industrial services are thriving in Malta.
Property Prices
Range varies according to what you wish to purchase as shown below:
From around £67,000+ for 1 bed flat
From around £85,000 for 2 bed flat
Townhouses from £95,000+
Villas from around £203,000+
Where to buy
The most popular places to purchase property in Malta are Sliema, St. Julian's, Mellieah and St. Paul's Bay. All locations have fantastic weather all year round and have various different properties.
Cost of Living
The cost of living in Malta is very low. Food, clothes, electricity and maintenance is very low.
Buying real estate
A non-Maltese resident will need to obtain a permit to buy property in Malta from the Ministry of Finance; it usually takes 6 weeks for a permit to be issued. On the terms that the buyer is going to purchase a property from £20,000 to £40,000 minimum, the property can only be a second home and only one property within Malta and Gozo. The buyer and immediate family can occupy the property and the property cannot be sold or converted.
If the buyer would like to purchase a second property in Malta permission will need to be granted from the Ministry of Finance. These rules are under chapter 246 of the Malta laws. If the buyer wanted to stay in Malta longer than 90 days then a Temporary Resident Permit will need to be obtained from Department of Citizenship and Expatriate Affairs at Castille Place in Valletta. A deposit of 10% is usually required prior to the contract being signed and the rest 90% to be paid when the contract is signed and finance can be arranged through a Maltese bank.
Legal
A solicitor/lawyer or estate agent will need to be appointed on the buyer's behalf to deal with all contracts, fees and notary.
Fees payable
The total amount of fees payable is around 10-15% of the property purchase price.
Taxes
Stamp duty of 5%, notary fees 1%, around £60 for registration and the Ministry of Finance charge around £60 as well. Income tax is at a flat rate of 15% and purchase tax is 10%.
Finance
Can be arranged through a Maltese bank with a very competitive interest rate. Most international banks are based in Malta and loans of can be paid over 40 years.
Embassy
Malta House
36-38 Piccadilly
London
W1V 0PQ
Tel: 0870 005 6958
Fax: 0207 734 1831
Visa Section
Tel: 0870 005 6958
