Buying property on Malta
Non residents planning to buy property in Malta will submit an application to the Ministry of Finance through a Notary Public in order to acquire the property. Permission is usually granted within 3 months and is issued under the following terms and conditions:
- The value of the property purchased must be at least Lm30,000 for a flat or Lm50,000 for a house.
- The property is to be used only as a residence for the applicant and its family, but guests may be accompanied when the applicant is in residence. Certain exceptions apply.
- The immovable property being purchased should be transferred on resale to a resident of Malta.
- Applicants may only own one property in Malta and Gozo.
Investing in Malta
On Malta, any capital invested as well as profits may be repatriated without constraint. Generally, foreigners may hold up to 100% of the capital of Maltese businesses. Non-residents must obligatorily obtain an exchange control authorisation to invest directly in a Maltese business. There is no exchange control for investments made by companies which operate under the MFSC act.
The climate is warm and healthy with mild, moist winters and dry, hot summers. Frost and snow are unknown. Rain falls only for very short periods, averaging 580mm in a whole year. Temperatures for November - April average 14C, and 23C for the May - October period. Average daily sunshine hours for winter are 6.5 hours, and for summer 10.5 hours. The hottest period is from mid-July to mid-September. Malta's perennial sunshine and unpolluted sea make it a holiday destination to which tourists like to return year after year.
Throughout Malta's long and chequered history, Malta's people came into contact with the many nations that dominated the Mediterranean. These relationships with people of so many different cultures made the Maltese amongst the most cosmopolitan people in the world. The people of Malta have developed and maintained characteristics which distinguish them as a peace-loving nation with a strong sense of hospitality. Another characteristic is their joviality which springs mainly from the agreeable, warm climate with sunshine throughout the year. For the same reason, the Maltese enjoy very high standards of health.
The national language is the Maltese language, however, both Maltese and English are official languages, and English is also spoken and understood by most. Malta became a full member of the European Union on 1st May 2004.