Below you will find answers to the questions we get asked the most.
The Second Time Buyers Scheme applies when a person sells their property and acquires another residential property within 1 year. The refund on stamp duty shall be €3,000.
The Promise of Sale is binding on both parties.
If an EU citizen is purchasing property in Malta as their primary residence, they do not need an AIP permit.
If an EU citizen has resided in Malta for more than 5 years, then they will not require an AIP permit.
If an EU citizen is purchasing property in Malta as a second home (and therefore not as a primary residence), then they will require an AIP permit, unless they have resided in Malta for more than 5 years.
Non-EU citizens require an AIP permit to buy a property in Malta, except if they are buying in an SDA.
The minimum property values to acquire an AIP permit are:
These values were updated in August 2022, however, they may change according to the Property Price Index.
A fee of €233 is charged per permit. The permit is usually issued within 35 days.
*Some reductions may apply depending on the purpose of the purchase.
Buyers not requiring an AIP permit do not pay Stamp Duty on properties situated in a UCA (Urban Conservation Area) for the first €750,000.
Yes, there is a reduction in stamp duty when buying property in Gozo. The stamp duty is reduced from 5% to 2%.
When it comes to buying your first home in Malta, you may need to get a bank loan as financing. You will need 10% of the purchase price to put down as front finance. The rest of the funding is usually arranged as a bank loan from top local banks, with monthly repayments.
Your budget will be determined by your income, but keep in mind that you will have other expenses related to buying property, such as notary fees, utility bills, and regular living expenses. You will also be required to purchase life insurance to cover the value of the property.