Moving to a new country can be a daunting task and often involves giving up many things. Still, the rewards are well worth the cost and those that do, find their lives changed for the better. Of the many choices for places to go, Malta is one of the most popular in Europe, particularly for those interested in property investment opportunities. This short guide explains high level details of the process so that you can invest in luxury real estate in Malta.
The Process Of Buying a Home in Malta
First of all, you want to find a broker or an agent to help you with property viewings. Having someone else collate a list of luxury properties in Malta on your behalf so that all you have to do is examine the options makes the whole process much simpler. Some brokers offer the added benefit offering tours of the surrounding area to give you a better idea of what comes with investing in a particular property.
Once you have chosen the property you wish to purchase, you need to make an offer. If this offer gets accepted, you have to sign a Promise of Sale. This is a legally binding contract for both you and the person selling the property. At this point, you will need to pay somewhere between 1% and 5% of the provisional stamp duty. Next is a deposit which is usually about 10% of the sale price. The remainder of the sum will be paid when the sale is completed.
Buying a Property as a Foreigner in Malta
The great thing about investing in luxury real estate in Malta is that the system is very straightforward, even for foreigners. Malta is regarded as one of the best European countries for foreign investors due to the secure legal processes that are in place together with the return on investment.
Buying a Property as a Primary Residence
Before you are able to live in Malta on a permanent basis, you need a permit to buy an immovable property. This ceases to be necessary if you are an EU citizen who has lived in Malta for at least 5 years or if your intention is permanent residency.
Buying Property for use as a Second Home
If it is not your primary residence, a minimum amount of about €100,000 for a flat or €170,000 for a house or villa must be spent in order for the Ministry of Finance to issue an Acquisition of Immovable Property permit (AIP).
Choosing the Right Real Estate Broker
Buying the right property is one part of the process but you still need to be able to find the right broker to help. Welcome Centre Malta has an extensive database of real estate and is perfect for anyone looking to invest in luxury properties in Malta, by finding them an ideal investment opportunity at a reasonable market price.