If you would like to purchase property in Malta, our team can assist you in doing so. Usually property in Malta is purchased via a two-staged process :
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Upon agreeing on the price, a preliminary agreement is signed between the buyers and the sellers, in the presence of a notary. At this stage, 10% of the pruchase price is usually lodged in favour of the seller. Should you not complete the sale, unless for some valid legal reason, this deposit will be forfeited. Such preliminary agreements are usually valid for 3 to 6 months, but the time frame may vary accordingly.
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Once the preliminary agreement period expires, the final contract of sale is signed by the vendors and the buyers, in the presence of a notary. At this stage, the remaining 90% of the balance is paid by the buyers to the vendors and the vendors, pass the keys to the the buyers.
The AIP Permit
In certain cases, non-residents must apply for an AIP permit before they will be allowed to purchase immovable property in Malta.
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EU citizens who have resided in Malta for a minimum uninterrupted period of 5 years prior to the acquisition of the property, do not need to apply for an AIP permit in order to acquire property in Malta.
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EU citizens who have not resided in Malta for a minimum uninterrupted period of 5 years prior to the acquisitio of the property, do not need to apply for an AIP permit, as long as this property is the first one they are purchasning in Malta. The purchase of aditional property by such individuals will however be subject to the acquisition of an AIP permit.
Certain exemptions exist to the neccessity of holding an AIP permit prior to acquiring property in Malta. Such exemptions relate to properties situated in ‘Special Designated Areas’.
How can we help you?
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We will choose a property on your behalf and negotiate the price with the seller, seeking your best interests.
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We will liase with an architect to confirm that the property is sound and in line with all local permits.
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We will liase with the notary and the vendors on your behalf.
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If you are not available, we will sign all the necessary documentation through a power of attorney.