Are you migrating or looking for property for sale in Malta?
Malta is an island located in the Mediterranean Sea south of Sicily, Malta’s population is 423,282 (2013) and thanks to its minimal population size and lack of bureaucracy buying or renting a property in Malta is extremely simple compared to the rest of Europe. You can rent or buy a property in Malta with minimal restrictions. Foreigners who are here on work can apply for a residency with minimal efforts, this makes Malta a haven for many when it comes to work and living.
Rental rates or property rates are very reasonable, however they might vary in terms of location, furnishing that the property has to offer etc. Not only Malta but Gozo also offers a huge list of properties for people to select based on their own personal requirements. Gozo is famous for offering people residence during holiday breaks and after retirement. It is quite reasonable in terms of providing facilities to its citizens. Property for sale in Malta include the rates of water, electricity, and internet in the rental rate, which sort of eases out the tension for the people living in that house or apartment. Much of the property for sale in Malta offers three bedrooms with three bathrooms, which is a standard size of house for any small and standard family.
Buying Property in Malta as a Non-EU national ?
Property for sale in Malta are always safe for making an investment, as Malta is one of the few places where capital growth has increased over a period of time. Buying to let is a healthy business that can flourish in the community residing within Malta. It would only yield you profits overtime if you have the capital to invest. Property for sale in Malta include villas, farmhouses, flats, apartments, and even land. You can decide whatever you want based on your preferences.
In order to buy a property in Malta and if you are not a citizen of Malta then you have to undergo the legal process. The contract is written in English in which all the essential clauses of a contract are laid down. The property transfers in Malta are binding. However, under the concept of property related expenses, inheritance tax does not exist but if the person who owns the property dies then the beneficiary of the property would have to pay a 5% tax on the value of the property.
Moreover, in order to be an owner of a property in Malta, economic self-sufficiency is important meaning that an individual needs to prove that they are not financially dependent on anyone and that they don’t need any form of assistance from the Maltese government.
There are a different set of rules and conditions for people planning to live in Malta. Malta offers long-term residence, educational residence, and temporary residence facilities. You need to give and prove different sorts of documentation for each type of residence that is available within the Maltese community.
Lastly, Malta has also launched a Global Residence Programme, which is a new taxation scheme for Non-EU nationals. There are different modifications made under this programs, for example, the applicants must be fluent in English and must have a regular income from a regular source.