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Malta (real - estate & business)

Real-estate_Malta

 

The Real Estate Act states that a permit to purchase real estate (AIP) is required for a certain circle of people who want to buy property in Malta. In particular, this applies to third-country nationals, that is, non-EU Member States.

Similar requirements are imposed for companies:

  • registered outside of Malta
  • if more than 25% of the shares belong to the beneficiary - who is not a resident of one of the EU countries.

In this case, the real property under consideration must meet certain requirements:

  • the minimum property price should be 110,938 euro per apartment, 169,850 euro for a villa or house, 184,469 euro for any other type of property,
  • property must be used for living,
  • real estate should not be sold partially or located in several residential buildings, and cannot be leased,
  • the property may not be of historical interest or located in a historic area.

The law provides that non-residents are allowed to acquire only one property in Malta, unless such property is located in specially designated areas where there are no restrictions on its acquisition.

The applicant must provide documentary evidence confirming the satisfaction of the requirements of the Central Bank of Malta prior to the signing of the contract of sale.

Expenses related to the purchase of residential property by the buyer include:

  • payment of an amount of about 1% of the value of real estate to a notary
  • stamp duty payment, which is usually 5% of the purchase price of the property value). This amount can be reduced to 3.5% for the first 116,000 euro after the acquisition of real estate, if the property is the only place of residence for the buyer in Malta, and AIP is not required.

The Government of Malta has introduced a discount for first home buyers, when such customers are exempt from stamp duty for the first 150,000 euro of purchase. This applies to both Maltese citizens and foreigners.

Another incentive is to reduce the stamp duty paid for residential real estate purchased in Gozo (subject to the relevant criteria).

 

The center was created as a result of the interaction of a group of Russian law and consulting firms with law firms in Austria, Belgium, Hungary, Germany, Italy, France, Switzerland, the UK, the USA, Australia, Canada, etc. The idea of creation is to provide comprehensive support to citizens of various countries interested in deepening international relations, finding partners, obtaining a residence permit and citizenship, acquiring business and real estate ...