How to acquire a property and the expenses involved

Our website ensures that our agency and its marketed properties are at full reach at any country in the world.  A simple access to our website will give you information on any property you would like at any budget you specify.  Direct contact by email or telephone or a visit to our agency will provide you with even more information through further properties and through additional information on any property which has suited your requisites.

If you wish to visit our island and visit any of the properties which you believe is definitely worth a visit we can make arrangements for your accommodation in Gozo and we can then organise site visits to these properties.

As soon as you have decided on a property you would like to purchase, a preliminary agreement (convenium or promise of sale) is signed between the vendor and the buyer, which agreement binds the two parties to purchase/sell the immovable property as governed by the terms and conditions agreed upon and written in the agreement.  The signing of the final deed is then subject to the proving of a good title and the issue of any necessary permits for the purchase to occur.  The good title results through a notarial research.  The agreements and contracts are all written in English if any one of the parties is not Maltese.

A deposit of 10% of the selling price is usually paid up on the signing of the preliminary agreement.  This deposit will be forfeited in favour of the seller only if the buyer does not complete the final deed of transfer for no valid legal reason.  The promise of sale is normally valid for a three month period or as agreed by the two parties.  It is during the period between the signing of the promise of sale and the final deed that the notary on behalf of the purchaser will carry out the relative researches to prove good title.  During this same period the notary will also apply on behalf of the purchaser for a permit to purchase.  This application is filed with the Finance Ministry. As soon as the researches are successfully completed proving good title and the permit issued by the Finance Ministry, the final deed of sale may be drawn up by the notary and signed.  The balance of the selling price is then paid on contract.  The brokerage fees are the responsibility of the vendor.  The following expenses borne by the purchaser are usually involved:

Duty on documents 5% (1% is paid on the preliminary agreement)

Ministry of Finance permit Lm100

Notarial researches Lm100 (approx.)

Notarial fees 1% (approx.)

Particular conditions for non-Maltese citizens

1.       Citizens of all EU member countries (even Maltese citizens) who have not resided continuously in Malta for at least five years, must apply for a permit to acquire immovable property as their secondary residence in Malta.  This permit must be applied for by the notary on behalf of the purchaser from the Ministry of Finance.

2.       Purchasers who are not citizens of EU member countries must in any case apply for this same permit from the Finance Ministry. 

3.       The regulations for the acquisition of immovable property in Malta are governed by chapter 246 of the Maltese legislation (Immovable Property Act).

4.       The relative permit (AIP permit) is normally issued within a period of 6 weeks, but the following conditions must be respected:

a.       The minimum value of the property purchased must be Lm34,158 in the case of an apartment and Lm56,930 in the case of a house.  These amounts may be inclusive of the expenses of any improvements necessary for the properties.

b.      The property acquired may not be converted into more than one dwelling;

c.       The property must be the sole residence of the purchaser and his family, but the condition is then waived if the purchaser acquires a permit to rent the property.

The purchaser must normally not acquire more than one property, but if the purchaser has resold the property and wishes to acquire another property, another permit must be applied for from the Finance Ministry.  Such a permit is normally granted but only subject to the selling of the first property.  It is also interesting to note that citizens of all EU states who have resided in Malta continuously for at least five years, may acquire more than one property without applying for this permit, while those EU citizens who have not kept Malta as their residence for this period but who intend to reside in Malta, do not require a permit.  This permit is also not necessary if they intend to purchase a property to set up a business.

Bank loans

Bank loans for acquiring immovable properties are readily obtained from the local banks.  The agency would be more than willing to guide you through this process and to accompany you to any of these banks.  The banks have qualified personnel who will guide you through all the steps necessary for obtaining a bank loan for this purpose.