By registering online with us you will maximise your exposure to properties on our books or which may come on to the market in the future. We have made registrations as simple and seamless as possible. By integratingour service with the main social providers youcan now log in using your favourite social website credentials. You do not need to fill in any forms, but simple authorise your own provider to log you in. typically this can be achieved in just two clicks to register, and just one click to log in after that. Furthermore, if you use the same email address with other providers, e.g. facebooks and Gmail, then you can switch between them as you prefer.
To take advantage of our services there are several approaches to consider which we list below:
By completing the property watch you are informing our system which types of property you are interested, in your buget and other details. Whenever a property is listed which matches your criterial you will receive an email with a relevant link to theproperty. This service does not register you as a user on our system, although we recommend that you do so separately.
By registering as a user on our system you can avail yourself of a more personalised web service. This includes the ability to:
You can mark properties of particular interest by adding them to your shortlist. You can then access this shortlist any time you log onto the website. You need to log in for this service. You can easily add and remove properties. Sometimes couples or partners find this useful as they can refer each other to the same list if sharing the login details. Itcan also be used to simply monitor what happens to a property you were interested in.
Should you be searching for a particular property and either it is not available on our site,or you have already exhausted the options available as unsuitable. This public listing enables owners to reply with properties which match your requirements, creating a more interactive online process.
This is a separe generic list you can optionally subscribe to. You can unsubscribe any time by clicking on the provided unsubscribe button on emails or via the website.
Not keen on registering? Simply contact us directly by Clicking here
Once a property has been selected and we have negotiated a price agreement, along with any special conditions, between you and the seller, an appointment is set to sign the Preliminary Agreement or what is commonly known as the 'Konvenju' or 'Convenium' or'Promise of Sale'. This is essentially an agreement binding both the purchaser and the vendor to conclude the transaction within an established date (term of Konvenju) subject to a set of conditions. A Notary is appointed by verbal agreement between the two parties, and a sale agreement is drawn up. This should include any conditions of sale by either party.
On agreement to the terms of contract and signing of the 'Konvenju' you will be required to pay 1% provisional stamp duty as part payment of the full 5% which the balance is due on signing of the final deed and an agreed deposit which is generally 10% in such circumstances. It is advisable therefore to ensure that you have the necessary funds lodged directly with the Notary's client account in Malta, some days prior to the signing of the Konvenju. Failure to do this may jeapordise or delay the signing.
During the 'Term of Konvenju':
During this entire period we are always available to guide and assist in any queries, concerns or issues the client or the vendor may have in relation to completing the contract. We have very good relationships with all the leading banks on the island and can also assist you in setting up meetings with the bank of your choice.
Once all the above requirements have been completed by all parties concerned, a date is set for the actual signing of the Final Deed. This can also be before the end of the 'Term of Konvenju' if both parties agree. The contract signing will usually take place at the office of the Notary Public or at a venue jointly agreed by the buyer and seller. If a bank loan is involved to secure the property, then the signing will take place at the relevant Bank's premises.
The final deed is read and agreed upon and the balances due will be paid accordingly. Theses are; balance of the selling price to the vendor; the balance due to the Commissioner of Inland Revenue for stamp duty as well as between 1.5 and 2% Notary fees to the Notary Public. The keys to the property are then handed over and you become the new owner of the property. The Notary public registers the contract with the Public Registry.Read More
|HNWI||Global Residence Programme|
Malta and Gozo
Gozo & Malta (South)
|Immovable Property Purchase||400,000||275,000||220,000|
|Bond||500,000 plus 150,000 per dependent||None||None|
|Minimum Tax||25,000 plus 5,000 per dependent||15,000||15,000|
A Low Tax-Regime for Expatriates Working in Malta
As a result of the significant need for highly qualified persons mainly due to the expansion in the financial services industry in Malta, new regulations have come into force entitling expatriates who come to work in Malta a low flat rate of 15% instead of the progressive rates applicable to individuals which go up to 35%. Such regulations attract foreign highly qualified individuals to occupy eligible offices in Malta.
In order to benefit from the low tax rate, the individual must not be domiciled in Malta and:
A qualifying contract of employment is one which covers an eligible office, in other words, an employment with companies licensed by the Malta Financial Services Authority (MFSA) and consists of one of the following: Chief Executive Officer, Chief Risk Officer, Chief Financial Officer, Chief Operations Officer, Chief Technology Officer, Portfolio Manager, Chief Investment Officer, Senior Trader/Trader, Senior Analyst (incl. Structuring Professional), Actuarial Professional, Chief Underwriting Officer, Chief Insurance Technical Officer, Head of Marketing and Head of Investor Relations.
The annual income from such employment should not be less than Eur75,000 excluding fringe benefits.
Income that is received by an employer (or his related person) who has benefited under business incentive laws or arrangements in terms of such laws is not deemed income from a qualifying contract of employment.
Should the total income from a qualifying contract of employment exceed Eur5, 000,000 no further tax will be chargeable in excess of this amount.
The low tax rate of 15% applies for 5 consecutive years for European Economic Area (i.e. EU countries and Norway, Iceland and Liechtenstein) and Swiss nationals and for 4 years in respect of third country nationals (i.e. Non-EU nationals). This scheme does not apply to individuals who were employed in Malta under a contract of employment before 1st January 2009.
EEA and Swiss nationals who were employed up to 2 years prior 1st January2011, can benefit from this scheme for a maximum of 3 consecutive years commencing on 1st January 2010. A non-EU national who was employed up to 2 years prior to 1st January 2011, can benefit from this scheme for a maximum of 2 consecutive years commencing on 1st January 2010.
Unless remitted to Malta, foreign sourced income is not subject to tax in Malta. Offshore capital gains are tax free, even if remitted to Malta.
Any rights under this scheme can be withdrawn with immediate effect if the beneficiary is a third-country national and he either physically stays in Malta in the aggregate for more than 4 years, or directly or indirectly acquires real rights over immovable property in Malta or holds directly or indirectly a beneficial interest, consisting in, inter-alia, of real rights over immovable property situated in Malta.
Citizens of all European Union member states, including therefore Maltese Citizens, who have resided in Malta continuously for a minimum period of five years at any time preceding the date of acquisition may freely acquire immovable property without the necessity of obtaining a permit under Chapter 246 of the Laws of Malta.
Citizens of all European Union member states, including therefore Maltese Citizens, who have not resided continuously in Malta for a minimum period of five years may only purchase their primary residence or any immovable property required for their business activities or supply of services without the necessity of obtaining a permit under Chapter 246 of the Laws of Malta.
Citizens of all European Union member states, including therefore Maltese Citizens, who have not resided continuously in Malta for a minimum period of five years, require a permit under Chapter 246 of the Laws of Malta to acquire immovable property for secondary residence purposes.
If an EU citizen takes up residency under the "Permanent Residency" (PR) scheme, then it is subject to minimum limits. Permanent Residency is explained in a separate tab on this page. There is also a link to the relevant conditions at the bottom of this page.Read More
Individuals who are not citizens of a European Member state may not acquire any immovable property unless they are granted a permit in terms of Chapter 246 of the Laws of Malta.
There are defined zones in Malta, referred to as special designated areas (see separate tab), where there are absolutely no restrictions to acquisition. There is also no restriction on acquisition through inheritance and there are also several other special exemptions. Different rules apply to the acquisition by bodies of persons.
If you are from outside the European Union or if you are a Citizen of a European Union however the property you are purchasing is not for a prime residence in order to purchase a property in Malta there is a minimum price that one must pay for an apartment as well as for a house or a villa to be able to obtain an AIP (Acquisition of Immovable Property) permit which is granted by the Ministry of Finance and usually takes some 6-8 weeks. These prices are €169, 205 (Lm72, 640), for a house or villa and €101, 551 (Lm43, 596) for flats or maisonettes.
A body of persons, other than a commercial partnership, established in and operating from an European Union member state may freely acquire immovable property that is required for the purpose for which it has been set up as long as it is directly controlled by citizens of a European Union member state.
A commercial partnership established in and operating from an European Union member state (therefore including Malta) may freely acquire immovable property that is required for the purpose for which it has been set up and at least 75% of its share capital is held by a person (or persons) who is a European Union Member state citizen.
Any other body of persons will require a permit which is only granted if the property is required for an industrial or touristic project or as a contributor to the development of the economy of Malta.Read More
This attractive scheme which granted high net worth individuals a permanent resident status in Malta was suspended in December of 2010. It attracted retirees who looked for a jurisdiction which is tax friendly, enjoys a high standard of living, provides a safe environment and enjoys a warm climate. Under this scheme, individuals who wished to take up residence in Malta were granted a Permanent Residence Permit (PRP) under the Malta’s immigration law.
A consultation process is underway to replace the above scheme with a number of new schemes aimed at different nationalities and specific sectors, mainly;
Ordinary Residence is another attractive scheme for those individuals who wish to transfer their tax residence to lower tax jurisdictions such as Malta.
Unlike, the old permanent residence scheme, ordinary residence is intended for persons wishing to take up residence in Malta and physically live in Malta and possibly obtaining a work permit to enable them to work in Malta.
Benefits and Conditions of the scheme
Source: Courtesy M.Meilak & AssociatesRead More
Individuals can benefit from three types of relief from double taxation, being treaty relief, unilateral relief and commonwealth relief as described above.
Expatriates are taxed on income arising in Malta, including remuneration for services performed in Malta, and on income arising abroad which is received or remitted to Malta.
When a tax treaty is in force, the provisions of the treaty will apply. Employees who are resident in a country with which Malta doesn’t have a tax treaty, are liable to tax in Malta on income received on work done in Malta.Read More
Individuals who are not citizens of a European Member State may not acquire any immovable property unless they are granted a permit. However there are certain exceptions to this general rule:
5% Duty on Documents calculated on the purchase price of the immovable property.
If the Buyer is a European Union Citizen declaring on deed that he/she shall reside in the property being purchased as his/her sole ordinary residence, then the preferential rate of 3.5% is applied on the first €150,000 of the price.
FIRST TIME BUYERS: In respect of transfers of immovable property, completed prior to the end of 2017, no (0%) duty shall be chargeable on the first €150,000 of the aggregate value of the consideration paid for the acquisition of such property, provided that this is the first immovable property acquired inter vivos by such person.
Promise of sale agreements MUST be registered with the Inland Revenue Department and 1% provisional duty (i.e. 20% of the tax due on the sale) is payable at this stage on the contract value of the property being transferred. The provisional duty is off set against the final duty due on the final deed, or is refunded in case the deal fails to materialise.
A Maltese Notary is a publicly appointed official, who is responsible for conducting the relevant Public Registry searches, ensuring that the there are no issues with the property’s title and that the transaction is carried out according to Maltese law. It is mandatory by law for a sale of Immovable property to be notarised by an publically appointed Malta Notary.
Approximately, 2% of the immovable property price is due as notarial fees. The notary is usually chosen by the purchaser. Their fees will vary according to the volume of title research required. Fees are calculated according to an official online calculator provided for Malta Notaries for the purpose. - http://www.notariesofmalta.org/members/calculators/bills/
On immovable property subject to ground rent, a recognition fee equivalent to one year’s ground rent is due upon signing the contract of sale. This fee is payable just once and is due to the owner of the said ground rent. A copy of the deed of purchase is also sent to the owner of the ground rent.Read More
In these areas, permanent residents can purchase property with the same property rights as Maltese citizens and thereby enjoy the great capital growth as well as rental yields that these prime areas offer. It is important to note that properties falling within “Special Designated Areas” are exempt from the restrictions set out in the AIP Act. These areas represent recently constructed developments intended to provide top-end residential properties. It is therefore possible for any non-EU citizen or EU citizen to acquire multiple properties within such Special Designated Areas. Such properties are also exempt from any restriction on acquisition through inheritance and there are also several other special exemptions.
Most of these developments offer a wide range of facilities and amenities including bars, restaurants, spas and marinas.Read More