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Buying Guide for buying property in Malta
Basic
Facts - Buying
Process - Costs
Visa
/ Residency - Health
Population: 0.4 million
Capital: Valleta
Native Language: Maltese and English
Currency: lira (MTL)
Dialling Code: +356
Emergency Services:112
Embassy: www.malta.com
- Once property is chosen the purchaser and the vendor draw up a legally binding preliminary contract and a deposit of 10% is paid to the Notary. The deposit is lost if purchasers pulls out.
- The preliminary agreement is valid for a period of three months, during this time all necessary checks are carried out on the property.
- The Notary, at this stage, will make any necessary applications to the Ministry of Finance on the purchaser's behalf for permission to purchase. If conditions are met, permissions are usually granted within three months
- Once all permits have been issued and checks have come back clear the final deed of sale can be signed
- The remaining balance is then paid as well as all relevant fees and taxes.
- Legal fees: 1%
- Stamp Duty: 5%
Malta is a full member of the EU
The Maltese healthcare system has an excellent reputation throughout Europe ranking in the top three of the EU listed countries. Treatment is free of charge to any EU national holding the European Health Insurance Card.