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Purchasing Property in Malta as a Foreigner
Malta’s strategic location between Europe and Africa, coupled with its rich history and vibrant culture, makes it an attractive destination for foreign investors and homebuyers. The Maltese real estate market offers a diverse range of properties, from luxurious seafront villas to charming traditional townhouses, catering to various preferences and budgets.
Eligibility and Requirements
Foreign nationals can purchase property in Malta, but certain conditions apply:
Acquisition of Immovable Property (AIP) Permit: Non-EU citizens must obtain an AIP permit to buy property in Malta. This permit is typically issued within 35 days and requires a €233 application fee.
Property Value:
The property must meet minimum value requirements:
€174,274 for apartments or maisonettes.
€300,619 for other property types. These values are updated annually to reflect market conditions.
Special Designated Areas (SDAs): Properties within SDAs are exempt from AIP restrictions, allowing foreign nationals to purchase without the usual limitations.
The Purchasing Process
Engage a Qualified Estate Agent: It’s advisable to work with a local, licensed estate agent who can guide you through the process, from property selection to finalizing the sale.
Sign a Promise of Sale: Once you’ve selected a property, you’ll sign a Promise of Sale (Konvenju), a legally binding agreement outlining the terms of the purchase.
Due Diligence: A notary conducts due diligence to ensure the property’s legal standing and that all necessary permits are in place.
Final Deed of Sale: Upon satisfactory due diligence, the final deed is signed, and ownership is transferred.
Additional Costs
Be prepared for the following expenses:
Stamp Duty: 5% of the property’s value.
Notarial Fees: Approximately 1% to 3% of the property’s value.
AIP Permit Fee: €233, if applicable.
Other Costs: Including property searches, registration fees, and potential home insurance.
Residency Programs
Malta offers residency programs that may be of interest:
Global Residence Programme (GRP): Allows individuals to reside in Malta with certain tax benefits.
Citizenship by Naturalisation for Exceptional Services by Direct Investment: A program for significant investors seeking citizenship.
Conclusion
Investing in property in Malta as a foreign national is a viable and potentially rewarding endeavor. By understanding the legal requirements, engaging with local professionals, and being aware of the associated costs, you can navigate the process effectively and make an informed investment decision.
