Maltese law defines a non-resident person as a non-EU national or an EU-national who has not resided in Malta continuously for a minimum of 5 years prior to the acquisition of the immovable property.
The following are the benefits/conditions of purchasing property in Malta that apply for such non-residents:
1. Resale of property: a non-resident person can sell the property acquired to anyone, subject to the attainment of a permit to sell which is obtained through a fast process.
2. Repatriation of full resale price, including profits, is allowed without complications.
3. Mortgages are available for property purchase by non-residents:
• non-residents purchasing property in Malta can obtain a loan from local banks under normal commercial conditions, to finance a portion of the value of the property being purchased; and
• the loan would generally be backed by guarantees on the property to be purchased itself and other assets of the purchaser in Malta, where available.
4. Renting out of property purchased is allowed depending on how and by whom the property was purchased:
• generally, non-EU citizens purchase properties through the attainment of a permit which imposes the condition to use the property for residential and non-rental purposes;
• in case of an EU citizen, the property can be rented out in those cases where it was bought for such a business.
5. Fast process a property can be bought in approximately 3 months. A permit to purchase immovable property when required can be obtained in 1-2 months in parallel with the acquisition of property process.
6. More than one property with no limitations on purchase or rental can be purchased in Malta and Gozo if the properties are located in particular up-market areas referred to as Special Designated Areas (SDAs). The specially designated areas are the following:
- Cottonera Development
- Fort Cambridge (Tigne’, Sliema)
- Fort Chambray (Gozo),
- Kempinski Residences (Gozo)
- Madliena Village Complex (Madliena)
- Manoel Island
- Mercury House (St Julians)
- Metropolis Plaza (Gzira)
- Pender Place (St Julians)
- Portomaso Development (St Julians),
- Quad Business Towers (Mriehel)
- Southridge (Mellieha)
- Ta’ Monita’ Residence (Marsascala)
- Tas-Sellum (Mellieha)
- Tigne Point (Sliema)