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In respect of purchase of property in Malta, the phrase
"Non-Resident" is understood to mean any person that has not
resided in Malta for a continuous period of 5 years during
one’s lifetime. Properties which are in specially designated
areas in Malta (Cottonera project, Portomaso, Chambray Gozo
and Tigne (Midi)) do not require an A.I.P. Permit
(Acquisition of Immovable Property by Non-Residents Permit)
and the Purchaser may acquire more than 1 property in such
areas (in addition to any other property allowed by Law.)
The prospective non-resident purchaser
and/or spouse must NOT own other property in Malta. However
if the non-resident Purchaser is an E.U. Citizen and has
resided in Malta as a permanent resident for over 5 years,
he may acquire the second property.
The prospective non-resident purchaser can use the property
for RESIDENTIAL purposes only for his/her and family's own
use. (Thus the property may not be used for commercial
purposes.)
The prospective non-resident purchaser must obtain an A.I.P.
Permit, from the Ministry of Finance in Malta.
The MINIMUM purchase price is set at thirty nine thousand
and seven hundred thirty Maltese liri (Lm39,730) for apartments |
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and sixty six thousand and
one hundred ninety eight
Maltese liri (Lm66,198) for
other properties. (An "Apartment" means a habitation in a
block of at least 2 apartments, the block having a common
entrance and door onto the street. "Other properties" are
those that have their own private entrance.). This amount is
automatically revised every end of April of each year to
take into consideration the change in prices over the
preceding 12 months.
-A promise of sale is drawn
up between the parties, whereupon the prospective
non-resident purchaser deposits a % of the price (normally
not less than 10%) pending finalization of the deed. This
amount is returned should the A.I.P. Permit not be issued,
or if the sale is not concluded for any specific reason
allowed by law. In many cases this deposit is sent by SWIFT
Transfer to a given.
-A further 1% of the price of the immovable is deposited
with the Notary to register the agreement. This represents
20% of the duty on documents due on the final deed .
-An application is filed on behalf of the prospective
non-resident purchaser for the A.I.P. Permit.
This is normally filed by the Notary Public or Agent.
-Searches are carried out into the prospective vendor's
title and liabilities, in order to ensure the vendor's valid
title, and the property is not burdened by any liabilities. |
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-On
receipt of the A.I.P. Permit (which takes roughly 2 to 3
months for processing), and prior to the publication of the
deed, the prospective non-resident purchaser is to make the
balance of the monies available in Malta.
-Thereafter the final deed may be published.
-Price of Property (minimum
Lm34,500/Lm57,000). -A.I.P. Permit fee (Lm100) -Agency fees
if any. In many cases this will be due only by the Vendor.
-Deed fees/expenses, all-inclusive in the region of 6% - 6
½% of the purchase price, which sum includes duty on
documents (5%) enrolment deed, copies, revision fee and
notarial fees.
The
prospective non-resident purchaser will need to submit the
following details for the application to be submitted: Name
& Surname, Date of Birth, Place and Country of Birth,
occupation, contact details, Nationality, Passport No.,
Father's name & surname, Mother's name & maiden surname.
Additionally the following documents are required: 2
passport-sized photos, photocopy of relevant parts of the
passport (details regarding the holder and details regarding
the issue of the passport).
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