Property In Malta
Due to the small size of the islands of Malta and relatively high population density, the Maltese Government has enacted certain restrictions on the transfer of property to foreigners.
Citizens of all European Union member states, including 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 (i.e. holiday home). This is usually granted if conditions below are adhered to.
Individuals who are not citizens of an EU member state may acquire immovable property after they obtain the relative permit in terms of Chapter 246 of the Laws of Malta from the Ministry of Finance.
The relative permit will be issued usually within 6 weeks, under the following terms and conditions:
- The value of the property purchased must be above €104,509 in the case of an apartment and €174,133
in the case of a house. These values are index linked and thus may be subject to revision.
- The property has to be used solely as a residence by the applicant and his/her family. This condition will be waived once the applicant obtains the relative permit to rent the property.
- The immovable property purchased may not be sold or otherwise converted into more than one dwelling house.
The above-mentioned individuals may only own one property in Malta and Gozo (except in special designated areas where one may purchase more than one property). Current designated areas are: Portomaso St. Julians, Tigne project in Sliema, Manoel Island project in Gzira, Tas-Sellum residence in Mellieha and Vittoriosa waterfront project. Once these applicants have purchased a property in Malta and wish to acquire another one after having sold the first one, they may do so after obtaining permission from the Ministry of Finance. Applications for permission to acquire another property are normally favourably considered. Permission will be granted subject to the first property being sold.
Citizens of all EU member states, who have resided in Malta continuously for a minimum period of five years at any time preceding the date of acquisition, may freely acquire more than one immovable property without the necessity of obtaining a permit.
EU citizens, who have NOT resided in Malta for at least five years, but have the intention of purchasing their primary residence i.e. take up residence in Malta, do NOT require a permit, under chapter 246. Nor do they require such a permit to purchase immovable property required for their business activities or supply of services.
