Located in the centre of the Mediterranean just south of Sicily and few hours flight away from all major European cities, Malta enjoys a mild climate practically all year round, a high standard of living, excellent medical and educational services and a very safe environment. It is a perfect hub for combining leisure and business and, as recent history proves, a great place in which to buy a primary or secondary home.
Whilst Maltese Citizens or EU citizens who have resided in Malta continuously for 5 years may acquire their first residence and successive residences without the need of a special permit, Maltese and EU citizens who have not continuously resided in Malta need may acquire secondary residences subject to a special permit referred to as an AIP permit.
Acquisition of property in Malta mainly involves the entering into a preliminary or promise of sale agreement, the carrying out of title and ownership searches, applying for an AIP permit where applicable and entering into the final deed of sale before a public notary. Where the property sold has not been the ordinary residence of the seller for the previous three years, the sale is subject to capital gains tax or a final withholding tax, payable by seller as well as a stamp duty on transfer payable by the Purchaser.
Bank financing can be granted for the purposes of purchasing immovable property in Malta.
Our firm has extensive experience in advising and representing local and foreign clients in the purchase, sale and letting of immovable property in Malta. We can assist by:
- Negotiating and drafting of sale and letting contract agreements
- Identifying projects or investment opportunities for individual incorporate clients and referring clients to reputable estate agents
- Assisting clients on promise of sale agreements as well as on the final deed of purchase or sale
- Recommending professional and experienced notaries for the publication of the final deed of sale
- Assisting non-resident buyers with their AIP permit applications, where necessary
- Providing legal advice on property purchases, sales or lettings or advice relating to real estate development projects
- Tax planning and tax compliance
- Representation before the Malta Environment & Planning Authority in planning permit application and appeal procedures, if applicable