What you need to know
The country's European Union accession in 2004 seems to have persuaded more foreigners to take the plunge into the Maltese property market. If you too are interested in investing in Maltese soil and stone, read on.
- Check whether you need to apply for an Acquisition of Immovable Property (AlP) permit from the Finance Ministry. This is necessary for those people who are buying a second home in Malta and have not continuously resided in the country for a minimum of five years.
- If you need an AlP permit, you will need to produce a copy of the promise of sale or the preliminary agreement of the property being bought. More information can be found on www.aip.gov.mt.
- You might also want to open a bank account with a Maltese bank to make payments easier. If so, contact one of the local banks.
- Estate agents can help you through the whole process by telling you what you need and how to go about buying property.
- If you are going to transfer a large sum of money from overseas to buy your property check the transfer rates of both banks and currency brokers.
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