Buyers Guide

Advice on buying Malta Property

You have found a property you wish to purchase in Malta what next?

Maltese Islands

Malta Property Buyer's Guide explains the legal fees, legal procedures, purchase taxes and mortgage procedure.
Purchasing property in Malta.

The islands of Malta in the Mediterranean are an ideal holiday destination, as well as their natural beauty and the peaceful way of life in Malta they are English speaking, with a rich cultural heritage and offering a warm climate, beautiful sea, yet Malta is only a 3 hour flight from the UK.

Purchase of Malta Real Estate
Maltese law states that citizens from the European Member States can under Chapter 246 of the Laws of Malta obtain the permit required to purchase a secondary property in Malta.
When you have chosen your property in Malta, a member of the European Union, you enter into a written agreement / contract (convenium) binding the seller to sell to the purchaser the property at the agreed price and within an agreed timescale.
Usually a 10% deposit is paid by the purchaser at this time, and a copy of the convenium is attached to the AIP application form which is obtained from Capitol Transfer Duty Department of the Inland Revenue.
Along with the completed form you have to enclose 2 passport photos and a photocopy of your passport showing all the details (As with all purchases abroad you should seek legal representation to assist you with your Malta property purchase).
In the meantime the Notary Public chosen by yourself will carry out searches to confirm title deed validity.
The AIP section are obliged to issue the permit within 35 days provided that the application form has been completed correctly and your purchase can go ahead.
The fee for this permit is Lm 100
A copy of the notarial deed (title deed) must be sent to the AIP section after its publication which normally takes about 3 months.

Maltese Law states that a non resident cannot purchase a flat/apartment property under the value of Lm34158 and Lm56930 for any other type of property and that the property can only be used for residential purposes.
Should you be purchasing a property in Malta for investment purposes please note that the only properties legally permitted to be rented out to third parties are villas with a pool or top quality apartments.

Mortgages
The main banks in Malta are the HSBC, Lombard and the Bank of Valletta and mortgages of 90% are available to non residents of Malta to assist with property purchase. A larger deposit can affect the final interest rate charged by the bank.

Expenses
A Transfer tax of 5% is payable on the declared value of the property purchased.Legal fees anticipated between 1%-1.5%

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These guidelines are meant for guidance only and describe a straightforward purchase scenario. However this information is not meant to replace proper legal advice, which we always insist you take.

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