Malta is mainly located in the heart of the Mediterranean, residing in three islands. It has various historic sites blowout all over the islands containing megalithic templates and huge fortifications. Significant landmarks, world-class port, an excessive climate, and unique culture make it a nice-looking terminus for anyone seeing to invest in property. Malta is not just a dream holiday destination, but it is also preferential by retirees. The government provides attractive retirement and residence plans. Utilizing these plans, thousands of EU citizens take up home in Malta each year, helping real estate business and enjoy stable development. If you want more details about Property for sale in Malta, then read this article.
Buying a Property as Non-Resident in Malta
Non-residents can buy property in Malta quite simply once they have got a buying license where needed. The only document that some non-residents may have to get is an AIP permit. An EU citizen does not require this license if he/she has lived in Malta for at least five years. Likewise, EU citizens can purchase property without an authority when they want to use it as their most important residence. Exemptions for EU citizens can be enjoyed by couples where one spouse is an EU citizen while the other is a non-EU citizen if they are buying possessions as their primary residence. Property for sale in Malta is offered at a very reasonable price.
Realize the Important Things to Buy a Property
EU citizens can also buy immovable property for corporate without getting an AIP license. For those non-residents who want to acquire an AIP permit, the requirements are based on the price of the property. The minimum price of the property for which someone can obtain an AIP authority is subject to change annually according to the housing index. There are positive growths in Malta where EU and non-EU citizens can purchase property without any limits. They can purchase as many things as they like, without meeting situations for an AIP certification. Purchasing and selling possessions in Malta is focus on local laws. Here are some highlights that you should know before you continue with your first investment.
- All agreements should be written in English
- The purchaser will deposit an amount of equivalent to 10% of the fee of the stuff with the Lawyer after validation the agreement
- The deposited amount will go to the retailer should the buyer fail to complete the act unless there is an effective legal reason for failure to complete.
- The term of such an agreement is three months by nonpayment, but parties can agree to dissimilar validity period
- The consumer has to pay stamp duty and other legal expenditures when they take possession of the property