Malta
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St Julian’s | Top floor | 3 bedroom apartment |
3
2
160m2
600m
Malta / San Giljan / St Julian's
Malta / San Giljan / St Julian's
Penthouse
575 000 €
Do I Need a Lawyer When Buying Property in Malta?
Yes, hiring a lawyer when purchasing property in Malta is highly recommended. The buying process is well-regulated but can be complex, especially for foreigners. A lawyer will help verify the legal status of the property, ensure there are no encumbrances, and guide you through all necessary formalities, including obtaining a purchase permit if required. Additionally, they will make sure the contract complies with Maltese law and protects your interests. While not mandatory, using a lawyer significantly reduces the risk of legal and financial issues in the future.
Can Foreigners Buy Property in Malta?
Yes, foreigners can buy property in Malta, but some restrictions may apply. European Union (EU) citizens who have resided in Malta for at least five years can purchase an unlimited number of properties without restrictions. However, non-EU citizens and those who do not meet this residency requirement must obtain an Acquisition of Immovable Property (AIP) Permit, which allows them to buy only one property for personal use.
An exception applies to Special Designated Areas (SDAs), such as Portomaso, Tigné Point, and Smart City, where foreigners can purchase properties without additional permits. Therefore, before buying, it is advisable to consult a lawyer to ensure compliance with all legal requirements.
How Can I Pay for a Property in Malta?
Purchasing property in Malta can be completed in several ways, depending on the source of funding. Most transactions are carried out via bank transfer, whether from a Maltese or foreign account. If the buyer requires a mortgage, they can apply for financing from Maltese banks, but this requires meeting specific criteria, such as stable income and sufficient creditworthiness.
Before finalizing the purchase, buyers typically pay a deposit (usually 10% of the property’s value) upon signing a preliminary agreement. The full amount must be settled upon signing the notarial deed. Additionally, buyers should consider extra costs such as stamp duty, notary fees, and potential legal expenses.
