PURCHASE OF PROPERTY IN MALTA BY NON-RESIDENTS
Benefits of Purchasing Property in Malta
1. Resale of property is allowed as long as to a Maltese resident.
2. Repatriation of full resale price, including profits, is allowed
without complications.
3. Mortgages are available for property purchase by non-residents
or non-Maltese citizens residing in the islands:
-
if permission is granted by Central Bank of Malta (subject to overseas
back to back bankers guarantee and only given to non-residents under
certain circumstances)
-
the policy is that the full amount for the purchased of the property is
transferred from abroad.
-
there is no taxation for a holiday home bought by a non-resident.
Foreigners purchasing property can borrow as much as they wish of the
value of the property from the local banks under normal commercial
conditions.
4. Renting out of property purchased is allowed:
-
if villa with pool, &
-
if worth in excess of LM100, 000, &
-
if registered as holiday accommodation with Hotel and Catering
Establishments Board, &
-
only short lets, &
-
tax payable on all rental income (15%).
5. Fast process leading to granting of AIP Permit: max. 2-3 months
6. More than one property can be
purchased in Malta and Gozo by a company or trust if located in particular
up-market areas (Special Designated Areas):
-
Portomaso (St Julians),
-
Chambray (Gozo),
-
Tigné,
-
Manoel Island, and
-
Cottonera.
Contact Information:
For legal assistance in the application for AIP permits and in purchasing
property, please contact us at
your convenience.
See also:
Conditions for the purchase of
property
