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Things
To Consider Before Buying Maltese Property
Renting
If
you are planning to rent out your home in Malta as a holiday
let, you will have to apply for a permit to do this.
In most cases this is just a formality, but when looking for
a property you should check with your solicitor what the current
requirements are for rental permits to ensure that your property
will meet them.
Income earned through renting will be subject to Maltese income
tax of 15%.
There is no Capital Gains Tax or Inheritance Tax in Malta but in the event that you do sell (or inherit) a property, the transaction will be liable to Maltese Transfer Tax.
Maltese Transfer Taxes range from 5% to 35% depending on the circumstances of the transfer - you should take professional advice if you are concerned about the details of this tax.
Glossary of Key Maltese TermsAIP - Application of Immovable Property - a permit to buy a property in Malta
Convenium - Preliminary Agreement - a initial sale contract when buying a property
Konvenju - see Convenium
Lm - Maltese Lira, the currency in Malta
Lira - see Lm
Notary - A publicly-employed solicitor who performs property sales in accordance with the law
Read On
•
Introduction
• Buying A Property
In Malta – 3 Easy Steps
• Should I Get
A UK or Maltese Mortgage?
• Getting
A Mortgage In Malta
• Other Things
To Consider Before Buying In Malta
• Glossary of
Key Maltese Terms
Buying Overseas Property and Mortgages
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