Buying a property in Malta
All citizens of the EU Member States can buy their first property in Malta knowing full well that they have no real restrictions. Permits are not required in most cases, and when they are, they are easily issued to all bona fide buyers with no significant requirements. The benefits of buying property in Malta are numerous. First of all, Malta boasts of having a temperate climate and the climate can be enjoyed outdoors for several months of the year.
The position of the island situated in the heart of the Mediterranean Sea makes buying a property in Malta and living here accessible to Europe and the rest of the world. In fact, Air Malta, the island’s national airline, and other low-cost airlines, operate on the island on a daily basis. If one decides to change ownership in Malta, resale of the property is allowed. You can rent your property to third parties, although some limitations apply. Repatriation of the full resale price, including after-tax earnings, is allowed hassle-free; Mortgage loans are available for the purchase of property by non-residents or non-Maltese citizens residing on the islands once permission is granted by the Central Bank of Malta, you can borrow as much as you want from local banks within the conditions established commercials. Ultimately, buying property in Malta makes a lot of sense seen from all angles.
Once someone has decided on the property they are buying in Malta, and the price and conditions have been agreed upon, a preliminary agreement (convenium) is signed between the seller and the buyer. This agreement obliges both parties to sell / buy the real estate under the agreed terms and conditions. However, the signing of the final deed is always subject to the accreditation of a good title and the issuance of the corresponding purchase permits. Agreements when buying property in Malta are generally always written in English.
People who are NOT citizens of a European Member State can acquire real estate in Malta after obtaining the relative permission in terms of Chapter 246 of the Laws of Malta from the Ministry of Finance.