property reference # 222 - For Sale

Location: Santa Lucia Gozo - Gozo

Bedrooms: 5
Property Type: Farmhouse
Property Form: Furnished to a very high standard

Pool: Yes
Views: Yes


buying property on the maltese islands

As a matter of policy the Government of Malta encourages non-Maltese Residents to purchase property for use as a residence or holiday home. To this end, successive governments have implemented schemes, which make Malta an attractive destination. Financial advantages of owning a property and/or taking up residence in Malta include the following:
  1. Property in Malta is exceptionally good value for money and residents enjoy a relatively low cost of living.

  2. There are no property rates or taxes in Malta.

  3. Malta has a Double Taxation Agreement with most Western Countries and these generally ensure that a move to Malta results in tax advantages. Pensions are freely transferable to Malta.

  4. Besides these Double Taxation Agreements, there exist Reciprocal Health Agreements with a number of countries resulting in treatment at nominal cost.

  5. Residency requirements are modest and offer appreciable tax advantages.

  6. There is a sizable community of foreign residents who are warmly welcomed by the Maltese people, most of whom speak English. Integration in the local social and cultural scene is easy.

  7. Death duties have been abolished with effect from 24th November 1992, however, on immovable property, a transmission tax of 5% is payable by the estate on the share of the deceased. In the case of a residence, the first €23,293 (Euros) are tax-exempt. Should the deceased be married and the other partner remains alive only €11646 will be tax-exempt.

conditions of purchase

  1. The purchase price of the property must be in excess of €92,476 for an apartment and €154,205 for any other type of property, the funds for the purchase must originate from outside Malta.
  2. The property may be used as a holiday home or residence by the purchaser or his immediate family. Guests may be accommodated in the property when the owner or a member of his family is in residence. Only villas with their own swimming pool and properties in “special designated areas” or properties that are up to the superior standard of the Malta Tourism Authority may be granted a renting license.
  3. Proceeds of property sales are freely transferable from Malta after payment of Capital Gains Tax on the net profit, i.e., after deducting purchase cost and expenses, agents fees, and cost of improvements. One’s sole and principal residence in Malta, that is if permanent residency is obtained, if owned for a minimum of three years, is tax exempt.
  4. Mortgage facilities are available in Malta usually up to 90% and currently at an interest rate that can be as low as 5% per annum.

procedure and cost

A preliminary or a promise of sale agreement is signed binding the vendor to sell and the purchaser to acquire the property under the terms and conditions agreed upon and subject to good title and issue of all relative permits. A 10% deposit is usually lodged with the Notary or property owner, on signing of this agreement. An additional deposit of 1% is also paid upon signing the preliminary agreement in order for it to be registered. This will serve as a part payment for government stamp duty, which in total is 5%. Refund will be obtained if the deal does not materialize. All agreements may be written in English.

The Preliminary Agreement is usually valid for three months or longer if agreeable to both parties. During this term, the notary public will undertake searches to prove clean title, as well as submit applications to the relative Government departments.

The final contract is entered into by the parties or their attorney once researches have proved satisfactory and permits are issued. The fully price is paid and vendor gives vacant possession on contract.

Expenses payable on contract:
Government stamp duty – 5% (1% on the preliminary agreement, and 4% on contract)
Ministry of Finance fee – €233
Legal Fees : between 1% and 1.5% which include all contract registration and search costs.
Estate agent’s brokerage fees are borne by vendor

gozo residency status & tax

Persons who visit Malta as tourists whose stays do not usually exceed 3 months. These are not subject to local tax conditions. Property purchased must exceed €81528 in value.

A large number of residents live in Malta on the strength of a renewable visa. Renewal is normally a formality and the stay may be virtually indefinite. Such residents are subject to local tax conditions, on income brought into the country only, if their stay exceeds six months in a calendar year. Property purchased must exceed €81528.

Primarily of interest to the high-income group due to the unusually low tax rate of 15%. To qualify for a permit one must have a proven capital of €349406 (held anywhere in the world) or an annual income of more than €23293 of which €13976 (plus €2329 per dependent) must be remitted to Malta. Tax payable is at 15% with minimum of €2329. Accumulated unspent income and capital may be repatriated. Property purchased must exceed €81528 in the case of a flat and €132774 in the case of a house; alternatively, one must rent a property at a minimum of €2795 per annum. One car and all personal and household goods are exempt from customs duty.

In most cases Double Taxation Agreement ensure that no income is chargeable twice and a move to Malta should result in appreciable Tax savings.
There are no property rates or taxes in Malta.

buying in gozo general information

As from the 1st May 2004, Malta has become a full member of the European Union.

Importation of Furniture & Personal Effects. Permanent Residents and Temporary Residents, who spend 200 days in Malta within one year of importation of goods, are not liable for import duty on used furniture household goods and personal effects. Holiday property owners are subject to import duty.

Importation of Pets. The quarantine period for dogs and cats originated from UK is three weeks while the quarantine period from other rabies free countries is six months. The quarantine kennels are excellent.

Yachting. The Island is fast becoming a sought after Yachting center and Marinas offer the usual facilities including water, electricity and telephone. The annual berthing fees range from €699 up to 8 linear meters 25% on duty paid boats and 30% on non-surveyed quays.

Health Care. Health care facilities are up to international standards and treatment is available in modern hospitals and polyclinics, as well as private doctors’ clinics. Pharmaceutical drugs are freely available. As a result of reciprocal health agreements, British and some E.C. Nationals are only subject to nominal charges.

Electricity. The supply is 240 volts, single phase 50 cycle. Square fitting standard three pin British plugs and sockets are used.

Driving Licenses. International driving licenses are endorsed free by local police. Driving is on the left.

Language. The official languages are Maltese and English and 90% of the population speaks both.

Religion. Malta is Roman Catholic but the Constitution guarantees freedom of worship. Anglican Church of Scotland, Baptist and other Protestant Churches, a Synagogue and a Mosque are also available.

Currency. The Maltese Lira is equivalent to approximately €2.33 euros.

letting property in gozo & malta

There is a large selection of property available for both short and long term rentals in Malta and Gozo, including apartments (seafront or inland), maisonettes, villas, town houses and houses of character.

A short let is usually based on a minimum period of 1 week. Rental prices are always higher for short lets, and usually decrease as the rental period increases.

Terms – The rent is usually paid in advance on commencement of the rental and in most cases a short let would include all utility consumption rates.

Agency Fees – The standard commission paid by the lessee to a property agency on short lets is 10% or the total rent, but this is not always applicable.

A long let is usually based on a minimum period of 6 months and can run up to a number of years. In most cases the rent can be negotiated on long periods (2 years or more). Any foreigner can rent a property for long let as long as he/she is working in Malta.

Security Deposit – A refundable security deposit equivalent to one month’s rent is usually paid on signing of the lease. This deposit is refunded to the Lessee at the end of the lease, provided that all outstanding bills have been paid and that the property after having been inspected by the Lessor or his agent is found to be in the same condition as it was when occupation was effected.

Rent – The rent is usually paid monthly, quarterly or in some cases even yearly in advance, depending on the agreement between the Lessor and the Lessee. In most cases the rent excludes water, electricity and any other utility bills.

Agency Fees – The standard agency commission is the equivalent to half a month’s rent from both Lessor and the Lessee.

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