Acquisition Of Immovable Property In Malta
20 December, 2017
The acquisition of immovable property in Malta may be restricted for some individuals, due to nationality and certain conditions.
The Inland Revenue Department has drawn down the following chart to facilitate the interpretation of the rules when it comes to the acquisition of immovable property in Malta.
|Maltese and EU Citizens – both with 5 years continuous residence in Malta||Maltese and EU Citizens – without 5 years continuous residence in Malta||Non-Maltese and Non-EU citizens|
|Primary Residence||No restrictions – No need to apply||No restrictions – No need to apply||Prior authorisation is required*|
|Secondary Residence or any other immovable property||No restrictions – No need to apply||Prior authorisation is required*||Prior authorisation is required*|
|Property in a Special Designated Area**||No prior authorisation is required and no limit||No prior authorisation is required and no limit||No prior authorisation is required and no limit|
|Immovable Property required for the person's business activities' or supply of services by such person||No prior authorisation is required and no limit||No prior authorisation is required and no limit||No permit granted unless required for an industrial or touristic project or as a contributor to the development of the economy of Malta|
*A permit will not be granted if applicant has already acquired immovable property in Malta – an exception however lies with ‘Special Designated Areas'
The easiest derogation from these rules is that of the Special Designated Area, whereby there is no restriction on the number of properties one can buy in a Special Designated Area and there is also no restriction on the nationality of the purchaser.
** The Special Designated Areas are the following:
- Portomaso Development, St. Julian's, Malta
- Portomaso Extension I, St Julian's, Malta
- Cottonera Development, Cottonera, Malta
- Manoel Island / Tigne Point, Tigne/ Gzira, Malta
- Tas-Sellum Residence, Mellieha, Malta
- Madliena Village Complex, Malta
- Smartcity, Malta
- Fort Cambridge Zone, Tignè, Malta
- Ta' Monita Residence, Marsascala, Malta
- Pender Place and Mercury House Site, Malta
- Metropolis Plaza, Gzira, Malta
- Fort Chambray, Ghajnsielem, Gozo
- Kempinski Residences, San Lawrenz, Gozo
- Pender Place and Mercury House Site, Extensions I, II, III, IV and V, Malta
- Vista Point, Marsalforn, Gozo
By means of Legal Notice 349 of 2017, the Quad Business Towers have been added to the list of the special designated areas. Therefore, non-residents wishing to buy property at the Quad Business Towers will not require a permit as in special designated areas there are absolutely no restrictions for acquisition.
The four Quad Business Towers are expected to cover an area of approx. 11,000 square meters, and the project will range from 13 to 19 storeys, organised around a central piazza.
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