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Buying Property in Malta

Foreigners may buy most types of property under the following regulations:
(i) To adopt one of the following residency statuses - non-resident, temporary or permanent resident.
(ii) To apply to the Ministry of Finance for a purchase permit, normally granted within two or three months (obtained from the ministry's Acquisition of Immovable Property Section).
(iii) The value of the property must be more than Lm 30,000, for an apartment or Lm 50,000 for a terraced house or villa. However if the property purchased is in shell form or requires a conversion, the amount of money needed to finish the property will be included in the total amount.
(iv) Villa's with a swimming pool may, however, be considered for a permit to rent to other non-residents on short let basis, provided that an application is made to the Hotels and Catering Board. All income thereon is of course, subject to15% tax rate refer to Permanent Residents (ii).
( v ). Documentary evidence, satisfactory to the local authorities, must be produced before signing the final contract showing that the funds used to pay for the property are being transferred from abroad.
(vi) The property may not be sold except to a resident of Malta. (This condition is usually waived when efforts to resell to a resident fail).  The property purchased must be solely as a residence for the applicant.   More than one property can be purchased through a Company or a Trust in new special designated areas - Portomaso, Tigne' Point, Verdala Mansions, Manoel Island and Cottonera.
(vii) On resale a non-resident may repatriate the full sale price of the property including any profit, any unspent remainder of the capital brought to Malta, any income this has accumulated during your stay.
(viii) Non-residents may not buy a property that is of historical interest or situated in a historical area. An architect will inspect the property and decide whether it is of historical importance or not. (Does not apply for Houses of Character or Farmhouses).
(ix) Mortgages are available for the purchase of property by non-residents or non-Maltese citizens residing in the islands, if permission is granted by the local authorities.  This is subject to an overseas back to back bankers guarantee, the policy is that the full amount for the purchase of the property is transferred from abroad. There is no taxation for a holiday home bought by a non-resident.  Foreigners purchasing property can borrow as much as they wish of the value of the property from the local banks under normal commercial conditions.

http://www.maltarealestateindex.com/buying_procedures.htm

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