Expat property purchase in Malta

Leaving the home country may be a wrench, but finding a new home in Malta is worth the struggle.

The Mediterranean island of Malta is now a favourite destination for immigration and property investment. For decades, it’s been known as a favourite for British pensioners looking to spend their retirement in its historic heart, secure in the knowledge that property can be legally purchased and the weather won’t disappoint! Nowadays, the island’s even more popular for its Golden Visa offer requiring property investment in exchange for a permanent stay. Unlike in many other retirement hubs, property purchase with or without the Golden Visa is relatively straightforward and there’s a good choice of suitable apartments and villas to suit all tastes.

At present, EU citizens who’ve lived on the island for five years or more don’t need permits to buy real estate intended as a primary home, but recent incomers will need to apply for permission. When buying as a second home, a minimum of 120,00 euros must be spent on an apartment, with 190,000 euros or more needed for a villa or house for permanent occupancy. Once you’ve been granted an Acquisition of Immovable Property permit, the next step is choosing a real estate agent with an extensive database of suitable listings. Properties are usually listed with multiple agencies at the same time, with expats warned to avoid being taken to a location they’ve already viewed!

If the buyer isn’t sure which area of the island to choose, many agents will provide guided tours to the best locations for their client’s needs. Once a suitable home has been found, an offer is made and, once accepted, the buyer is asked to sign a Promise of Sale along with the seller. The document is legally binding and one per cent of the five per cent provisional stamp duty will need to be paid, with the rest due on completion. It’s also normal to be asked to provide a deposit of 10 per cent of the agreed price. For expat buyers, it’s essential a notary public specialising in property purchase is used in order to have the property’s title verified, building permits checked, bank loans arranged other crucial matters taken care of on your behalf. Once the final deed is signed by both parties and all payments made, the keys are handed over.