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.

See also: Conditions for the purchase of property

 

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