According to Malta’s Property Code and Regulations, the sale or purchase of a property is concluded with the help of an agreement that comprises all the regulations. The legal aspects of a sale-purchase contract can be attentively analyzed by one of our lawyers in Malta. Our specialists can also help foreigners purchase a property and gain residence or citizenship in Malta.
How can I buy a property in Malta?
The property purchase procedures are straightforward and subject to specific conditions. If all the requirements are respected, the acquisition of a property in Malta will be quite simple. Below you can find a few important steps that you should consider about Property Law Malta, helped by one of our Maltese lawyers:
- If you selected the property you wish to purchase, we can negotiate the price, in order to respect the market value.
- A pre-sale agreement (preliminary agreement) is then prepared, helped by one of our lawyers in Malta who will analyze this kind of pre-contract.
- Also, you can benefit from real estate due diligence and make a correct verification of the property you wish to acquire.
- A 5% payment of the full price, plus 1% for stamp duty must be paid at the time the pre-sale agreement is signed by the parties involved in the transaction.
- The rest of the payment is made at the time the Final Deed is signed.
The property purchase process is subject to different stages that must be attentively respected. A real estate due diligence process is also important and can be made by one of our Maltese lawyers. Our experts can tell you more about Property Law in Malta.
What is real estate due diligence in Malta?
Whether you want to purchase a residential property or an apartment, both cases require real estate due diligence procedures. This kind of process involves a series of verifications mostly related to potential debts or hidden problems, to give some examples. The contract normally contains the name of former proprietors, technical aspects, value, general rules related to ownership, and if specific modifications were added. The contracts of commercial properties might require extra time for verifications, which is why the real estate due diligence might take some time. Our lawyers in Malta have sufficient experience in the real estate sector to provide legal advice and to start a real estate due diligence before the purchase. You can solicit us from the beginning if you intend to buy a property in Malta. Details about Property Law in Malta can be requested.
The Malta Residency and Visa Program
The Malta Residency and Visa Program or Malta Golden Visa is directed to non-EU citizens who want to relocate to this country and enjoy a series of advantages. Investments of EUR 120,000, plus EUR 10,000 as the price for annual home rent in Malta represent the main conditions to join this program. Relocation is possible, but first, you should choose the property you want to purchase or rent in Malta. There is also the Retirement Scheme in Malta that addresses seniors from abroad who want to relocate to this country. Among the conditions to join this program, property acquisition in Malta, worth at least EUR 220,000 is imposed. All the legal aspects referring to Property Law in Malta and the provisions that must be respected by foreigners in Malta can be explained by one of our Maltese lawyers.
Investing in Malta
Malta is home to a wide range of international companies that thrive in many sectors of interest. The tourism sector is quite advanced and an attraction point to foreign entrepreneurs interested in starting a business in this field. Tourism agencies or construction companies can be excellent choices for investors, whether from EU or non-EU countries. The tax system in Malta is not strange to entrepreneurs from overseas, as the regime comes with a series of benefits. International businessmen can enjoy the advantages of the skilled and multilingual workforce in Malta, whether for a newly established company or for a relocated enterprise. Here are some interesting facts and figures referring to the economy and business in Malta that you might find useful:
- Malta registered around USD 206 billion in terms of FDI in 2019.
- According to the 2020 Doing Business report issued by the World Bank, Malta ranks 88th out of 190 worldwide economies.
- The insular state already hosts approximately 31,000 foreign companies.
- The gaming sector is extremely developed in Malta, with a large part of FDIs being directed in this field.
Interested in the provisions of the Property Law in Malta? Would you like to purchase a property in Malta? Feel free to get in touch with our Maltese lawyers and ask for legal advice and assistance.