Buying Property in Malta

How to buy property in Malta

Under Maltese Law, foreign nationals are allowed to purchase properties on various counts. If purchased as a holiday or second home, the property must satisfy a certain minimum value which changes periodically.

These thresholds do not apply, however, to either European Union citizens buying the property as their main residence i.e. living there permanently, or if the property is located in a Special Designated Areas (SDAs).

Once you find the perfect property and engage an (independent) lawyer, the preliminary contract, called a convenium, is signed and you pay a 10% deposit. This is binding on both parties. While your lawyer is doing the necessary title and credit checks, the notary will be checking your status.

If you are from overseas and the property will not be your main residence, or is outside an SDA, they will apply for permission from the Ministry of Finance.

When all permissions and checks are in place you sign the final contract and pay the balance of the asking price - along with all taxes and fees. This whole process should not take longer than three months.

Buyers should budget for around 5% stamp duty, 1 to 3% notarial fee and a little more for legal fees and searches etc.