Property in Malta

Purchasing a property in Malta need not be a daunting experience. Exclusive can give you detailed insights into all the necessary formalities, as well as provide you with all the information you need to make the correct decisions.

As a rule, property in Malta is acquired by means of a deed which is registered by a notary in the Public Registry. A preliminary agreement is signed whereby the seller promises to sell the property and the purchaser promises to buy. At this juncture, a deposit is payable along with one per cent of the selling price as stamp duty by the purchaser.

With the preliminary agreement in hand, the purchaser engages his legal counsel to verify the Title of the property. These ‘searches’, as they are called, generally take a few weeks to complete.

Once all the procedures have been settled, a deed is published before a notary who acts as an independent public officer. The parties may appear through a lawful representative. The property is then exchanged for the balance of the price. At this point, the rest of the stamp duty is paid, as well as any pending notarial fees.

A non-Maltese national who wishes to purchase a property may have to satisfy certain conditions. For instance, European Union citizens must provide documentary proof of their nationality; while non-EU citizens must obtain prior approval from the Ministry responsible for expatriate matters. Moreover, non-EU citizens may only own one property in Malta, except in special designated areas.

If you wish to purchase a property and take up residence in Malta you could benefit from its Permanent Residency scheme, which entitles property owners to pay income tax in Malta at the very low rate of 15%.You could also benefit from the very favourable double taxation agreements which Malta enjoys with a number of countries. If you are a corporate client, there are also numerous tax advantages that you may be able to benefit from.

If you are looking to make Malta your home, please contact us. We can guarantee that we will do our best to make your life easier and your property searching hassle-free.