Malta has been a popular holiday destination for many years now at it seems reasonable that some would like to purchase a holiday home or even a permanent residence there. It’s been nice visiting from time to time and renting a house or an apartment, but now you’re ready for more.
Malta is an amazing place to move your life to. It has a thriving real estate market and has attracted the attention of numerous foreigners. Many have had a smooth and effortless purchasing experience and there’s no reason for yours to be any different. With these tips and advice, you can easily make this friendly, idyllic island can quickly become your new home.
Start your search online or with a real estate agency
Certainly, being away from the country in which you’re trying to buy the property can make things more challenging. You can start your search online, but you should do it with great care as many listings you may find online can be out of date. Visiting the country and finding a good travel agency would definitely make things a lot easier. When looking for a real estate agency, make sure to check their reviews, recommendations, and ensure that you have your criteria defined. As https://www.remax-malta.com explains, there are some important legal procedures you have to go through before buying your new home in Malta. So, now we’re going to talk about those.
Familiarize yourself with the requirements
Wherever you’re buying property, you should be aware of any potential requirements. For example, there is the question of an acquisition permit. While non-European nationals always need to apply to for a permit in order to buy property, European nationals who have lived in Malta continuously for 5 years, do not need the acquisition permit. On the other hand, if you’re a European national but you haven’t lived in Malta for five years, you also need to apply for a permit.
In order for you to be able to get the Acquisition of Immovable Property (AIP), the purchase price of your property has to be at least 69,000 euros for an apartment, which is around 30,000 MTL, and 116.500 euros for other types of property.
After the deal is reached you will be required to sign a Convenium which will contain all of the detail of the sale. Once the sale date is known, you should transfer the money to the seller and pay for the stamp tax to the Commissioner of Inland Revenue. Both buyer and seller will pay for the agency’s fees which will be around 5 percent of the property’s value. Other than that, the buyer is required to pay a notary fee which is typically around 0.4 % of the property value and a registration fee which is usually between 9 – 47 euros.
Once the property has been selected and the price agreed upon, you’re going to sign the Preliminary Agreement, or a Konvenju, which is a legally binding agreement between you and the seller.
The process isn’t that exhausting if you’ve done your research on time. Malta, as your dream place, is definitely worth it!