Taking Up residence in Malta
Malta has proved to be a popular residence destination for expatriates and high net worth individuals wishing to obtain permanent residence status in Malta. The wide knowledge of the English language, the superbly sunny weather and beautiful beaches, the people’s hospitality, and the intriguing historical and cultural wealth have all contributed to Malta being identified as the top choice for residence.
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The Maltese Government has complemented this with a favourable income tax regime to permanent resident permit holders, whereby such persons can avail themselves of favourable income tax rates.
Residence permit holders are entitled to free circulation into all EU Member States while their personal household effects and their private motor vehicle can be imported into Malta without payment of customs duties when certain conditions are satisfied.
We provide advice on the conditions for eligibility for permanent resident permits and the relative benefits arising therefrom. We provide full support to our clients in obtaining their residence permit and offer our assistance with all necessary procedures for the complete move to Malta. Please contact us should you require more detailed information on any aspect dealt with above.
Buying Immovable Property in Malta
Buying Property in Malta
Although acquiring immovable property in Malta should be a fairly straightforward procedure, knowing all the pitfalls and having the appropriate legal guidance for a smooth and swift transaction will give the extra peace of mind. Furthermore, we have secured various key contacts in the real estate sector which also enable us to help you find the property which you are looking for. Please feel free to contact us should you wish our help in this regard.
For the purposes of ensuring a legal and valid transfer of the property the services provided by our practice include:
Fiscal Issues Connected with the Acquisition of Immovable Property in Malta
There is no land/estate duty in Malta and the only tax liability arises upon the purchase or sale of the property.
A purchase of immovable property is subject to a transfer duty payable by the purchaser which is set at 5% of the value of the immovable property. If the immovable property is intended to be used as the ordinary residence of the purchaser, then a reduced rate of transfer duty may apply.
Vendors would be exempt from paying this capital gains tax upon a sale of immovable property if such property was their main residence for at least 3 years preceding the transfer.
Kindly contact us so we may help you with any of your immovable property requirements.