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Before beginning the overview of possible solutions to stay in the island of Malta is important to analyze some very important features that almost certainly will affect the choice of both the area of the apartment or room you choose to spend your holiday in Malta.
It ‘good to know that Malta, despite being a small island, offers very different areas both for the landscape to life.
In short, we can say that in the North there are the wildest landscapes with breathtaking views, but also the newer apartment complexes where there is the Maltese nightlife par excellence. The area to the south is the most typical and quiet, where you will discover the lifestyle of the local offering to foreigners is the genuineness of living in Malta that the nightlife. In the central area of the island we find the capital, where to spend interesting moments immersed in the culture. To discover and better understand the areas that make up the island of Malta is strongly recommended a little trip scoured, just to realize the differences in life and choose the one that best suits your needs.
Everything, then, depends on the motivation for which you are looking for a property in Malta: tourist trip, learn the English language or to work. The motivation and the lifestyle you prefer will help you determine the best area for your purpose. Broadly speaking, just to give you an idea, we can say that there are areas particularly economic, other interesting, some that offer more solutions work and, finally, there are strategic places for those who decide to move to Malta and for those coming to the first time and intend to stay for a longer period of time, where all the daily comforts and transport are at hand! In any case, it is always strongly recommended to rely on a real estate agent to avoid inconvenience to meet during your stay, short or long.
Real Estate Agencies
Kids often prefer the “do it yourself” and find yourself, perhaps through internet, housing, to save the commission of the estate agency, not knowing that the prices that agencies require for this type of services are, absolutely, to everyone.
And ‘well, then, take advantage of it, because the agent will be able to answer all your questions, in most, becoming conscious of your expectations, you can find, with more ease, the perfect accommodation for a pleasant stay at 360 °.
Of accommodation there are various types and for all budgets.
As in any other part of the world, the price for renting an apartment or a room, is the sum of certain characteristics, such as the geographical area, the location, the size of the house or room, the quality of the property and the period of stay.
The period of stay makes the difference on the monthly cost for both the so-called “high or low season” (in the case where it is a holiday) that for the duration, Long or Short Let Let.
Between Long and Short-term rates are very different and, of course, the long-term (greater than six months) is far cheaper than short periods (shorter than six months).
Different and more expensive is the offer destined to tourism than that intended for the young who want to do their home island of Malta for study or work.
To not spend unnecessary money, you should be clear on the goal of the trip and be good to choose the best solution that could also be the cheapest.
How to buy a property
What are the advantages of buying a property in Malta?
Buy a property in Malta has the following benefits:
• It is permitted the resale of the property
• It is permitted resale at full price if they return, including profits after tax, without complications;
• There is the loan for the purchase of property by non-residents or citizens who are not nationals of Malta, but residing in the Maltese Islands. After obtaining permission from the Central Bank (Central Bank) of Malta, will be able to take funds borrowed from local banks to the extent permitted by the trade agreements predetermined.
• They can also rent their properties to third parties (certain terms and conditions apply)
• In summary, the Citizens of EU member states have the advantage of being able to buy a first property easily. In most cases, do not require permits and, even where there was this obligation, will be issued to purchasers in good faith without further requirements.
If you are considering the possibility of buying a property in Malta, both as a personal residence as an investment, the company knows that it is a sound decision. This is why we are professional and accurate in the information provided.
Our purchasing process is simple and direct; also protects both the seller and the buyer, unlike what happens in other countries, where there is a revival of the offer. Since the Maltese are bilingual, legal documents may be written in Maltese and English. We advise you to contract the services of a notary.
The General Procedures
Once you select the property and received assistance during the negotiation of the price, so all other special conditions duly negotiated and agreed, we will proceed to the definition of a date for the signing of the Preliminary or one commonly known as ” Konvenju “. It is, essentially, an agreement which obliges both the buyer and the seller to complete the transaction within the specified date (the end of Konvenju) based on a number of conditions. Through the signing of the “Konvenju”, you will be required to pay an amount equal to 1% of stamp duty, as payment of part of a 5% total, the balance of which will be due upon signing of the Final Act and a deposit to be agreed which generally corresponds, in such circumstances, to a 10%. During the ‘Term of Konvenju’:
• The Notary Public undertake the necessary investigations to verify the legal titles, to ensure that the property does not have debts to pay off, mortgages or mortgages.
• Its obligation of the purchaser to observe any special requirements, such as, for example, set up a bank loan, check building permits, etc., As agreed with the retailer and stipulated in konvenju
• The seller must observe all special requirements such as, for example, complete the building or carry out certain tasks, etc., As agreed with the buyer and signed in konvenju
Once completed the above by the parties, will be determined a date for the signing of the Final.The signing will take place in the legal departments of local banks, in case you get a loan, or the office of the Company or at the office of a Notary Public. The final agreement will be read and agreed and the amounts outstanding will be settled accordingly. These are: the balance of the sale price to the seller; balance due to the officer of the Revenue (Comissioner of Inland Revenue) for stamp duty, as well as notary fees, equal to 1% payable to the Notary Public.
Buying a property in Malta as a second home / Resident Not from the EU
If you are a citizen of a country outside the European Union or the European Economic Area, or you are a citizen of the European Union, the property purchase must, in any case, considered as used as a “holiday use” and will not be used, therefore, as ordinary residence, in that, to buy a property in Malta, there is a minimum price to be paid is for an apartment to a house or villa in order to obtain the permit AIP (Acquisition of Immovable Property- Acquisition of Real Property), issued by the Minister of Finance and that, normally, late 6-8 weeks. These prices are 169, € 205 for a house or villa and 101, € 551 for the apartments and two-storey houses. These amounts are updated annually.
Buying a property in Malta as Main Residence
The citizens of all EU member states, who have continuously resided in Malta for a minimum period of at least five years before the date of purchase, will buy more than one property for free without having to get permission AIP. The citizens of the EU who have not resided in Malta for at least five years, but who are willing to buy their first home (take up residence in Malta) do not need a permit, in accordance with section 246, or to request a permit for the purchase of a property necessary for the performance of his work or a supply of services.
Acquisition of Companies
A body of people, unlike a commercial partnership, already established and operating from a member state of the European Union, can freely purchase real property required for the purpose for which it was founded, provided directly controlled by nationals of a member state European Union who has resided continuously in Malta for five years. A commercial partnership, located and operated by a member state of the European Union (including, therefore, Malta), is free to buy real property required by the purpose for which it was established, provided that the partnership is controlled by and that at least a 75% of its share capital is held by a person (or persons) who is a citizen member of the EU and has resided continuously in Malta for five years. Any other body or person needs a permit, which is granted only if the property is to be used for reasons related to industry or to a tourism project or as a contributor to the development of the economy of Malta.Permission may not be granted for the purchase of a property, in the event that it is considered of historical interest.
Expenses related to the purchase of a property:
• Tax on documents – 5%
• Notary fees – 1% to 3% (approx)
• Research and recording – € 475 (approx)
• Fees to the Ministry of Finance – € 235
Conditions for EU citizens
AIP will not be required a permit for EU citizens:
• They have stayed in Malta for at least five consecutive years;
• Seek to buy a property as a primary residence;
• Seek to buy property for investment purposes;
• Seek to start a business or providing services in Malta;
• They’re buying a property in an Area Special Designated.
If one spouse is a citizen of the European Union and the other spouse is not, both can still benefit from the exemption set out above, provided that the purchase of the property is made to become their permanent residence in Malta. In these cases, in the contract for purchase, must be inserted a statement that expresses the intention to purchase by the buyer.
EU citizens who have stayed in Malta continuously for at least five years can freely purchase more than one property, without the need to obtain a permit.
RENTING IMMOVABLE PROPERTY IN MALTA
The renting of a property in Malta would involve a written lease agreement setting out the general terms and conditions governing the rental of the property in question, namely a description of the property, the payment of rent, the warranty of all necessary permits by the landlord, the provision of any security or damage deposit/s, the renewal of the lease period upon expiration and other matters of similar importance.