Why Malta
Throughout the years, Malta has experienced a drastic increase in foreigners interested in relocating and calling the Island their home. Situated at the very heart of the Mediterranean Sea, with easy access from all major cities in Europe, North Africa and neighboring states, the islands have many advantages to offer, including the following:
- An excellent climate with pleasant all year round weather.
- Genuinely friendly and hospitable people who will make it easy to integrate within the local community.
- Very low levels of crime which make Malta one of the safest places in the region.
- A member of the European Union since 2004, Malta is an independent republic enjoying political stability.
- English is one of the two official languages of the Islands and is spoken fluently by everyone.
- The island boasts a high standard of hospital and medical services, both private and public.
- Excellent schooling with a choice of English-speaking schools and University.
- A relatively low cost of living.
- A stable property market offering a wide variety of properties in all price ranges, and good prospects for capital growth.
These, together with an abundance of historical and cultural attractions, crystal clear seas, a variety of sporting facilities (including world class diving) and a lively calendar of events, make these islands a favorite for those seeking their dream ‘Place in the Sun'. Moreover, the residency conditions are very attractive and include a favorable tax regime and the absence of Rates or Council taxes.
When purchasing or investing, you will need to first establish the location where you want to buy, as well as the style of home.
Once that is sorted, there are numerous permits to be applied for, including sorting out the Promise of Sale agreement with a notary (known locally as a Konvenju), as well as carrying out the appropriate searches to verify legal title. On signing this agreement you will be required to pay 1% provisional stamp duty as part payment of the full 5%. The balance of this is due on signing of the final deed. You will also need to pay an agreed deposit, which is generally 10% of the final price of the property.
Additionally, citizens of all European Union member states (including Maltese citizens), who have not resided in Malta for a minimum period of five years, require a permit to acquire immovable property as a secondary residence purpose.
Individuals who are not citizens of a European Member state may not acquire any immovable property unless they are granted an acquisition of immovable property permit (AIP).
Let us guide you further with relocating to your dream home in Malta, Contact us now so that we can answer all your questions.
