Purchasing Process

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A special Designated Area

Parliamentary Act No. ALI37/99 declares Portomaso as a Special Designated Area. 

This means that non-Maltese purchasers buy with the same rights as maltese citizens and they do not require a permit from the maltese government to buy a property in tas-sellum residence.

One may buy the property in the name of individual/s, a company or trust; one may purchase more than one unit and one is free to let out the property.

In the case of properties lying outside special designated areas, non-maltese buyers require a government permit and they are limited to buying one property in their personal name; they may not buy in the name of a company or let the property (except in the case of a house with its own private swimming pool).

Procedure

Property transfer procedure in Malta is simple and transparent.

Once purchaser and vendor have agreed basic conditions, a binding preliminary agreement is signed between the parties. A deposit of 10% of the sale price is payable on signing of the preliminary agreement.

In the case of property under construction further stage payments, based on work progress, are usually payable. The final 10% of the purchase price is usually payable on signature of the definitive deed of sale or completion of the property, whichever is the later date.

If the property being purchased is a completed property, the balance of 90% is payable on deed, which is normally signed within 3 months of signature of the preliminary agreement.

Before the deed is signed, the notary public appointed by purchaser, carries out searches into title to ensure good title and peaceful possession of the property.

Fees and expenses

Property transfer costs payable by purchaser amount to approximately 6% of the purchase price and are made up of 5% stamp duty and notarial fees and expenses amounting to approximately 1%.

There are no annual rates, council taxes or property taxes on malta.






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