Buying Property in Malta
All citizens of EU Member States can buy their first property in Malta knowing full well that they have no actual restrictions. Permits are not required in most cases and when they are they are easily issued to all bona-fide purchasers without any major requirements. The benefits of buying property in Malta are numerous. Firstly Malta boasts of a temperate climate and one can enjoy outdoor weather for several months of the year.
The position of the island situated in the hearth of the Mediterranean Sea makes buying a property in Malta and living here accessible to Europe and the rest of the world. In fact Air Malta the island’s national airline and other low cost airlines service the island on a daily basis. If one decides to change property in Malta then resales of property is allowed. You can rent out your property to third parties though some limitations do apply. Repatriation of full resale price, including profits after taxes, is allowed without complications; Home loans are available for property purchase by non-residents or non-Maltese citizens residing on the islands once permission is granted by the Central Bank of Malta, you can borrow as much as you wish from the local banks within the established commercial conditions. Ultimately buying a property in Malta does make sound sense seen from all angles.
Once someone has decided on the property they are buying in Malta, and price and conditions have been agreed, a preliminary agreement (convenium) is signed between the vendor and purchaser. This agreement binds both parties to sell/purchase the immovable property under the terms and conditions agreed upon. The signing of the final deed is, however, always subject to good title being proved and the issue of any relative permits to purchase. The agreements when buying property in Malta are generally always written in English.
Individuals who are NOT citizens of a European Member State may acquire immovable property in Malta after they obtain the relative permit in terms of Chapter 246 of the Laws of Malta from the Ministry of Finance.