Buying Property in Malta

When an expatriate settles in and eventually falls in love with his or her new home, long-term commitments follow.

And for some, setting up their new home follows.

Buying a property in Malta is a great investment for expatriates who plan to stay permanently in the country. Although it would take quite a lot from an expat's income, the advantages would soon far outweigh costs, especially if you're currently renting a spacious (and pricey) house for your family.

The first piece of good news: Anybody can buy property in Malta. This means that expatriates and foreign nationals need not worry about having to do it through a third party.

However, there are still a number of documents that needs to be submitted to completely own a property in this idyllic land. Nationals of non-EU countries would need to secure a government permit to purchase a property in Malta.

Once an expat has found a property he is interested in and has already signed an agreement that confirms that both parties agree to the terms and conditions of the purchase, a notary public would then be appointed to act on his behalf.

A 10% (of the purchase price) deposit must be provided to the Notary Public or estate agent, and this will be forfeited if the buyer does not push through with the transaction.

While the agreement is in force, the designated Notary would be carrying out the title searches and would have to submit an application to the Ministry of Finance if found that a purchase permit is required.

Bear in mind that a special permit is not required if an expat is buying property in specially designated areas for expatriate residence. Some of these residences include the Portomaso Marina development that boasts of luxury apartments, as well as waterfront residences.