In Malta, limitations are different for the EU nationalists and the non-EU individuals. In fact, the property purchase procedure too is different for these two groups.
RESTRICTIONS IN BUYING PROPERTY FOR EU NATIONALS
- EU citizens are allowed to purchase one property at the first and then after residing in Malta for five years, they can buy the second property.
- Whatever property they will purchase must be residential and only for the immediate family.
- Guests can stay at the properties only when the owner will be present at the house.
- Only the villas associated with a swimming pool can be rented.
RESTRICTIONS IN BUYING PROPERTY FOR THE NON-EU NATIONALISTS
Any non-EU nationalist has to obtain a license of Acquisition of Immovable Property permit from the house of the Finance Ministry. For acquiring this permit, the apartment, which you will be purchasing must be at least worth MTL 30,000. For any other kind of property, the minimum property must be of MTL 50,000.
Whomever will be buying the property must provide the legal receipt from the bank, thereby validating the transaction.
DETAILED BUYING GUIDE
- First, you need to hire the public notary who will act as the legal medium for the entire purchase process.
- If you haven’t applied for the AIP, then your lawyer will do the duly for you, applying for the AOP on your behalf.
- After that, you need to choose the property, which you will be buying in Malta. Either you can take the help of the real estate agents or you can search the properties over the internet.
- Contact the seller or the agent on his behalf and make an offer for purchase.
- If the seller accepts the offer, then the notary will be responsible for drawing up the purchase agreement. This is known as the convenium or the konvenju.
- If both the buyer and the seller are satisfied with the terms of the agreement, both of them will sign the document.
- After this, the buyer needs to pay 10% of the purchase price as the deposit amount, thereby securing the deal under your name.
- The final deed will be signed only in front of the notary and after that, the property registration process starts.
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