Buyers and sellers thereby assure the purchase or sale of the property on the conditions mentioned. In addition, 1% of the stamp fee is payable. Since the English language is the second official language, all contracts in Malta are drawn up in English. A notary commissioned by the buyer will then clarify the ownership rights, arrange for all the necessary permits and, if necessary, also check with the tax office.
If all documents are in order, the notarial deed can then be signed after the legally prescribed period of three months. Upon signing, the purchase price, the remaining stamp fee, and all court costs must also be paid.
COST OF REAL ESTATE IN MALTA & GOZO
In addition to the purchase price, the buyer has to bear the document fee of 5%, the notary fees of approx. 1%, the costs for research and registration in the amount of approximately € 466 and, if applicable, a processing fee of € 232.94 at the tax office for a property acquisition permit. The seller, on the other hand, pays the brokerage fees. Apart from the administration fee at the tax office, the costs are also the same for Malteser.
Malta CONDITIONS FOR REAL ESTATE IN MALTA & GOZO
Malta real estate may be purchased by non-residents with permission to purchase the property if they have a minimum value of € 101,551 for apartments and € 169,205 for houses and other real estate (these prices can change as they depend on the Prix index).
This “Acquisition of Immovable Property” (AIP) is issued within six to seven weeks. However, unfinished buildings that do not meet these framework conditions can still be purchased if an architect issues a certificate with all the costs involved. To apply you need two passport photos as well as a copy of your ID card and the preliminary contract. After receiving approval, you must purchase a residence within twelve months.
All values are as of 2012, but change annually as they depend on the price index. This index can be found in the government’s Official Journal. Ask us directly about the current amounts.
In general, this property may only be used for the buyer’s own use, unless he receives a rental permit upon request. However, a property may be bought by more than one person for shared use. In this regard, Malta is also going to be affected.
For financing the property see bank loans.
If you only want to rent a property in the long term, it must either be located in one of the specially designated areas (see conditions below), have its own pool, or fall into the “comfort” or “luxury” category.
Conditions for non-EU citizens
All citizens from third countries require AIP approval unless they purchase property in one of the separately designated areas.
In contrast to EU citizens, citizens from third countries can only buy a second home if it is located in a specially designated area. In addition, non-EU citizens have to pay a deposit of € 1,164.69 for the telephone and € 465.87 for water. This is not required for EU citizens.