Conditions for Purchase of Property

The preliminary agreement is usually valid for three months, or longer, if agreeable to both parties. During this period the Public Notary will undertake researches to prove good title as well as submit applications to the relative Government departments. Contracts are written in English. The parties enter into the final contract once researches have proved satisfactory and permits are obtained. The full price is paid and the vendor on contract gives vacant possession.

Tax Concessions
This status is primarily of people wishing to benefit from the extremely favorable rate of 15% tax. To qualify for the tax concession that permanent residents permit holders enjoy, a person must have an annual income of €23,294 or a proven capital of €349,500. This capital does not have to be brought into Malta except for the amount needed to purchase a property should the applicant so desire. The minimum annual income to be remitted to Malta is €14,000 for one person, plus €2329 for each dependent. A married couple would have to bring in €16305. Income remitted to Malta less personal deductions is charged to tax at a flat rate of 15%. The appropriate married or single tax rebate is granted against the resulting tax.

Repatriation of capital
Any unspent income in excess of the minimum requirements may be repatriated. Proceeds from the sale of the residents property and / or other investments in Malta may also be repatriated.

Double taxation
Double taxation agreements already exist with most European countries.

Persons who hold a residence permit entitling them to remain in Malta with the freedom to come and go as they please. This permit is obtained from the Secretary General (Expatriates and Nationality Division), Office of the Prime Minister, Auberge de Castille, Valletta, Malta.

Tax Concessions
This status is primarily of people wishing to benefit from the extremely favorable rate of 15% tax. To qualify for the tax concession that permanent residents permit holders enjoy, a person must have an annual income of €23,293 or a proven capital of €349,406. This capital does not have to be brought into Malta except for the amount needed to purchase a property should the applicant so desire. The minimum annual income to be remitted to Malta is €13,976 for one person, plus €2329 for each dependent. A married couple would have to bring in €16306. Income remitted to Malta less personal deductions is charged to tax at a flat rate of 15%. The appropriate married or single tax rebate is granted against the resulting tax.

Minimum Value of Property.
The min value of the property is €81528 for a apartment or maisonette and €139762 for a house or villa alternatively a property may be rented or leased for not less that €2795 annually.

Repatriation of capital
Any unspent income in excess of the minimum requirements may be repatriated. Proceeds from the sale of the residents property and / or other investments in Malta may also be repatriated.

Double taxation
Double taxation agreements already exist with most European countries, USA, Canada and Australia.

Employment
No employment or engagement in business may be undertaken by residence permit holders.