BUY MALTA PROPERTY!
Table of Contents
Buy Investment Property in Malta, in 2023
Recently, Malta has become a popular destination for international property
buyers to buy property for Malta Residence, as a Holiday home or as
a Buy-to-Let property. The recommended areas for property purchase in Malta are
Special Designated Areas (SDA's), where there are no restrictions on foreign
buyers, and these Developments offer luxury lifestyle, including pools, gyms, and
beachfront locations. New SDA's open in 2019 include Apartment blocks, in South
Malta, within Tigne Point and Pender Gardens, and the Shoreline.
Foreign investors can apply for Malta Permanent Residence (Malta Golden Visa) or
Malta Citizenship for Exceptional Services by Direct Investment. To be
eligible for High Net Worth Immigration to Malta, Investors just need to buy a
property valued at a minimum of 320,000 Euros, and they can include their family
members and dependents in the application. Therefore, buying property in Malta is a
fast and efficient method of obtaining Malta Permanent Residence or Citizenship for
High Net Worth Individuals from non-EU countries. Contact our Malta Immigration Consultants and Lawyers by
telephone or visit us in our offices in Brisbane, Australia, Singapore, Hong Kong, London, UK and
Lisbon, Portugal.
Why Buy Property in Malta?
Outlined below are reasons to buy property in Malta, in 2023:
1. Property Prices are Increasing - According to a Knight Frank LLP Global
House Price Index, Malta has edged out Hong Kong to take the prize for country with
the highest residential price gains in the June 2018 quarter. Based on figures
taken from Malta's own Central Bank, home prices on the island rose some 17 per
cent in the three months to June 2018, when compared to the same period in 2017,
which means Malta is the Fastest growing property market in the world.
2. High Economic Growth - Malta's growth rate has been forecast to reach
5.6% in 2018 and 4.5% in 2019, and Malta's GDP growth rate is one of the highest in
the EU.
3. Business Investments in Malta - Investment is expected to grow strongly
in 2019, supported by projects in the health, technology and telecoms sectors. In
addition, big name companies are choosing to be based in Malta, in the financial
sector, iGaming companies, pharmaceuticals and aviation firms. In addition, Malta
is the first jurisdiction worldwide to regulate Bitcoin, cryptocurrencies and
blockchain technology.
4. Safe Investment - Malta's property market remains a safe, solid and
comfortable investment for both local and foreign investors, with property prices
still being affordable for most investors.
5. Low Stamp Duty - In 2018, the Malta government decreased the stamp duty
charged on properties on the island of Gozo, from five to two per cent.
6. EU Country - Malta is an EU member country since 1 January 2008, and uses
the Euro currency, and is also a member of the Schengen Area, since December
2007.
7. Malta Citizenship for Exceptional Services by Direct Investment - The new Maltese Naturalisation for Exceptional Services by Direct Investment, commenced in September 2020,
with the intention to encourage and stimulate investment in
Malta property.
Malta Locations for Buying Property
Malta is only 316 sq. kilometres in area, and the top locations for buying property in Malta are in 6 regions:
- The 'Harbour'
- Valletta - the capital city
- The 'Central' region
- The 'South' region
- The 'North' region
- The island of Gozo
The Harbour
The Harbour zone is extremely popular with expats,
with a large presence of international companies. Sliema is known for its rocky
beaches, water sports, and panoramic views of Valletta. St. Julian's is next to
Sliema, and has a thriving nightlife, tourism, luxurious hotels and ethnic
restaurants. For relaxation, visitors walk along the promenade to Spinola Bay and
Balluta Bay, with its impeccable Balluta Buildings, built on the art nouveau style.
Famous sites in St Julian's include the tallest building in Malta, Portomaso tower
at 98 metres, and Spinola Palace. The Harbour region includes the following
cities:
- Sliema
- St. Julian's
- Gzira
Valletta - Capital City of Malta
Valletta is the capital city of Malta, famous for its
stunning architecture, and designated as a UNESCO World Heritage Site. Tourist
attractions include Parliament buildings, National Museum of Archaeology, Grand
Master's Palace, Upper Barrakka Gardens and City Gate. The grid of narrow streets
boasts some of Europe's finest art works, palaces, churches, grandmaster auberges, piazzas
and museums. The warm Mediterranean city is busy by day yet retains a timeless atmosphere by night
through the stunning architecture that surrounds you. The Valletta region includes
the following cities:
The Central region
Birkirkara is the largest, oldest and most
heavily populated city in the centre of Malta with 25,775 inhabitants in an area of
2.7 km. Tourists like to visit The Old Railway Station, a memory from
Malta's railway past, with a public garden around it. Today most of Birkirkara is modern but the town still
retains its traditional Maltese characteristics of narrow streets and alleys. The
city's older part is separated from the newer part by a small garden. Popular tourist sites include St Helen's
Church, Ta' Ganu Windmill, and the Aqueduct. The Central region includes the
following cities:
- Birkirkara
- Mosta
- Attard
- Lija
The South region
Malta's Airport is situated in the South
region. The main town is Marsascala, which is an ancient fishing village, with a
picturesque bay, located in the southeast corner of the island.
Marsascala's bay has a promenade
continuing all the way to St Thomas Bay with views of low shelving rocks, colourful
fishing boats and saltpans. The town of Marsaxlokk has a small sandy beach on the
east side, and stunning St.
Peter's Pool at Delimara is 20 min
away by foot. St. Paul's bay is
excellent for diving, snorkelling and cliff jumping down into the natural pool. The
South region includes the following cities:
- Marsaskala
- Marsaxlokk
- Birzebugga
The North region
Mellieha is popular with expats, comprising an
abundance of holiday homes and villas, with a quieter atmosphere than in
Bugibba/Qawra. There are some wonderful beaches here, too, not only in Mellieha but
also nearby in Ghan Truffieha and Armier Bay. The town of Qawra has a rocky
coastline and beautiful sea views and is part of the resort of St
Paul's Bay to the north of Malta.
Historical attractions include: Qawra Tower located at Qawra Point. Moreover,
Qawra's long promenade extends from the Qawra Palace Hotel hugging the craggy
coastline for 2km all the way into the heart of Bugibba and beyond. The North
region includes the following cities:
Gozo Island
The capital of Gozo is Victoria (Rabat), where the
Citadel can be found. The charm of Malta's sister Island is immediately apparent;
it's greener, more rural and smaller, with life's rhythms dictated by the seasons,
fishing and agriculture. The island boasts numerous historical sites, forts and
amazing panoramas, plus one of the archipelago's best-preserved prehistoric
temples, gantija Temple. Other tourist sites on Gozo
include: Azure Window, Ramla Bay (one of Gozo's best beaches), Our Lady of
Ta Pinu Basilica, The Citadel and
Dwejra Tower. Gozo island region includes the following cities:
- Victoria
- Gharb
- Marsalforn
Steps To Buy Property in Malta
1. Find a Property - Select an Immovable Property and negotiate the price.
2. Preliminary Agreement (Konvenju) - Sign the Preliminary Agreement, known
as 'Konvenju'. This is an agreement binding both the purchaser and the vendor to enforce the transaction
within an established date (term of Konvenju) subject to the terms and
conditions.
3. Provisional Stamp Duty - After signing the Kovenju, you must pay 1%
provisional stamp duty as part payment of the full 5%, and the balance is due on
signing of the final deed. If you are purchasing your first immovable property, the
stamp duty on the first is removed as a concession and calculated at 5% on the remaining balance of the
property.
4. Deposit - Pay an agreed deposit on the property, which is usually
10%.
5. Verify Legal Title - The Notary Public carries out the mandatory searches
to verify legal title and to ensure that there are no outstanding debts, hypothecs
or liens on the property Purchaser is to complete all the special requirements e.g.
organise bank loan, check on building permits, etc. as agreed upon with seller and
stipulated in the konvenju.
6. Bank Account - Arrange meeting with a Malta Bank and open a bank
account.
7. Sign the Final Deed - The final deed is read and agreed upon and the
balances due will be paid accordingly. The balance payments are: balance of the
selling price to the vendor; the balance due to the Commissioner of Inland Revenue
for stamp duty as well as 1% Notary fees to the Notary Public.
Malta Residence Permit and Citizenship for Exceptional Services by Direct Investment
For information about the Malta Permanent Residency Programme (MPRP) to become a Malta Permanent
Resident or Malta Citizenship by Naturalisation for Exceptional Services to become a citizen of Malta,
eligibility criteria, and how our Immigration Consultants can assist you, click on
the following VisaConnect website pages: