What to Consider Before Buying Maltese Property

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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%.

Selling or Inheriting

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 Terms

AIP - 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

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Things To Consider Before Buying Maltese Property

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