| Buying a Home |
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Non-Maltese nationals are allowed to purchase a property for the sole use of the purchaser and his/her immediate family and the process to do so is quite straightforward (in some cases it is possible to rent your residence to others when you are not using it, see the article "Renting Your Home to Others"). This article outlines the requirements for buying property in Gozo. Foreigners in Gozo and Malta may purchase property that costs at least Lm34,158 in the case of an apartment or maisonette or Lm54,930 for houses and other types of residential property. If you choose to purchase new construction in the form of a unfinished shell, which is common here, the purchase price may be less as long as the total including finishing exceeds the minimum.Once you have found a property you wish to buy and entered into an agreement of purchase and sale with the vendor, an application for an AIP (Acquisition of Immovable Property) Permit (cost Lm100) is made to the Ministry of Finance. The permit is normally granted within 6 weeks to three months. During this period your lawyer (notary public) will do the title search and prepare for closing. The agreement of purchase and sale and all other deeds and documents will be in English. A 10 percent deposit, to be held by the lawyer or real estate agent, is customary on signing of the agreement of purchase and sale and is refundable if for some reason an AIP is not granted. The expenses associated with buying a property are as follows: Stamp duty: 5% of purchase price Lawyer's fees: approximately 1% of purchase price Searches and Registration fees: approximately Lm100 Fee for the Acquisition of Immovable Property: Lm100 There are no yearly property taxes or fees in Malta. |
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