Malta Property Agents

We hope you find in this website all the information you need to buy, rent or sell your property. Malta Property Agents are a group of experienced Real Estate Associates, trained in different sectors of the property market. Are you looking to purchase a home in Malta or Gozo, a traditional town house, villa, house of character or apartment, with a simple or luxury finish, in any of the towns or villages of the Maltese Islands? Or maybe you want to buy a sea front or luxury apartment in Sliema, St Julian’s or even Valletta? Our office, based in Balluta Bay, St Julian’s at Le Meridien Hotel and Spa, cater for all types of property transactions. We also have a large selection of property, Apartments and Villas to let for both, long or short term holiday rentals, business investments like offices, shops or restaurant leasing. Call us to discuss your property requirements today.
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Finance

All your Malta financial questions answered!

How much can one borrow and at what rate of interest?

One can borrow up to 90% of the value of the property always depending on one’s income. Interest rates compare favourable to other European banks. Loan periods can extend up to 30 years and must be paid up before the borrower turns 65 years.

Do non-EU citizens pay VAT and Import Duties when they import their household items?

A deposit or Bank Guarantee for the amount of duty/VAT may be requested. This is refunded after residing in Malta for 200 cumulative days.

Who qualifies for the 3 year residency exemption of Capital Gains Tax?

i) Maltese persons who have resided in Malta for over 5 consecutive years.

ii) Residents in possession of a certificate from the Inland Revenue Department in terms of Resident’s scheme Regulations 2004.

iii) Residents who have declared their intention to stay in Malta whose stay exceed 183 days every year and who fill in a yearly  income tax return.

iv) Individuals with work permits. Note: The income tax department also check on utility bills levels of consumption over the three years.

What tax rates are paid for Capital Gains Tax?

After deducting all expenses one is taxed on normal income tax rates liable at the time the property is sold. One adds the profits of sale to the income of that year. A person forming part of the Permanent Residency Scheme and selling a secondary property would be liable to 15% flat tax rate on the profits of sale.

Does one pay Capital Gains tax when property is sold in Malta?

: i) Permanent residents in Malta who have resided in their property for a minimum of 3 years out of the last 4 years are exempt from paying Capital Gains Tax. ii) A foreigner or local who sells his secondary property or holiday home is liable to CGT if the property is sold within 7 years from initial purchase. iii) A foreigner or local who sells his secondary property after the 7 year period is liable to a final withholding tax of 12% of the selling price of the immovable property.

Does one pay tax both in Malta and in the country of origin?

No. Thanks to a number of double taxation agreements with over 50 countries or through unilateral provisions, residents do not pay in both countries.

What are the requirements to qualify for the Permanent Residents Scheme?

The requirements, updated in 2011 can be found at this LINK

Is there a minimum income requirement?

No, there is no minimum amount required but one has to show proof that he brings enough to support himself and not be a burden on the local economy. There is a stipulated minimum amount if the individual takes up residence in terms of the Residence Scheme Regulations, 2004.

Is the process and cost of buying property the same for locals and foreigners?

Yes. If a foreigner buys a holiday home then there is an extra cost of €233 to apply for the AIP permit.

Can an EU citizen purchase more than one property in Malta?

EU citizens may only buy one property unless

i) they have been resident in Malta for at least 5 years.

ii) they buy other properties in a special designated area.

iii) the second property is required for the person’s business activity or supplying of services.

iv) their regular business is speculating or renting out property and they purchase these properties through a locally registered company.

Can a foreigner rent his immovable property in Malta?

Yes if it is located in a special designated area or if it issued with a licence from the Ministry of Tourism under a ‘Superior’ or a ‘Comfort’ category or if the property has a swimming pool.

Can a foreigner buy below the threshold of €110,000 and €183,500 if the immovable property is shell or unconverted or needs work to be done to it?

Yes as long as he produces an architect’s certificate showing the property requires additional costs. And the difference in money is brought into Malta.

Does one require a permit to purchase a property in Malta?

Any citizen who resides in a non EU country does require a permit to purchase a property in       Malta. Any EU or Maltese citizen who has never resided in Malta for at least 5 years and is purchasing a secondary residence like a holiday home does require a permit to purchase.

Does an EU citizen taking up residence in Malta need to pay tax and how much?

Yes. An individual is normally regarded as being a resident of Malta if during the year his stay exceeds a total of 183 days in one calendar year. The rate of tax is the same as the locals pay and is based on any income (not capital), which the individual brings into Malta. Foreign residents in Malta are not taxed on their worldwide income.

An individual may qualify and opt to join the Permanent Residency Scheme where one is taxed at a flat rate of 15%. There is an minimum tax payable of €20,000 per year so is only advantageous to the high earner and tax payer.

Malta Property Agents specialize in the following types of property available for rent and for sale in Malta and Gozo. We offer converted and unconverted farmhouses, houses of character and town houses, furnished or unfurnished apartments, some with terraces and views. Villas with swimming pool, small or large gardens. Our selection of villas and apartments for rent are always updated. We offer furnished and unfurnished property for short holiday lets and long lets. We have a complete selection of fine homes in Malta and Gozo for sale and for rent.


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