Purchasing a property in Gozo might appeal to foreigners for several reasons. First, Mediterranean architecture is unique in Europe and the world. British people may envision country estates set on rolling hills and green pastures. And of course, the Mediterranean climate and the climate of the islands also contribute to the architectural and cultural attraction of these islands. So, if you’re a foreigner, you might think buying property here is the ideal investment opportunity.
Buying a property in Malta
Buying a property in Malta requires a special permit. Non-EU citizens must apply for an Acquisition of Immovable Property (AIP) permit from the Maltese Government’s Inland Revenue Department. This permit is required if foreign national plans to buy a residential property, as well as for a commercial property to run his own business. There are certain exceptions to these requirements, however, including SDAs and Lifestyle Developments. In addition, foreign citizens must prove that they have transferred funds from their country of origin to Malta.
Once approved, a foreign citizen can buy a property in Malta. However, he or she must obtain a permit to acquire immovable property in Malta. The permit is granted for the acquisition of immovable property of EUR70, 000 for a flat or EUR117, 000 for a property in another part of Malta. However, he or she must use the property for its intended purposes. If a foreigner is considering purchasing property in Malta, they should first learn about the process.
Another important advantage of purchasing property in Malta is that foreigners don’t have to pay taxes on their global income. Maltese banks tend to offer reasonable interest rates and flexible terms for foreigners. In addition, a Maltese passport gives a foreigner’s family the freedom to travel without a visa. Buying a property in Malta is an excellent way to invest your money. The investment returns a double profit: you receive a rental income from the property and your capital growth.
While the price of Malta’s real estate is increasing year over year, it is important to remember that there are some caveats. While one-third of buyers in Malta are foreigners, there are a growing number of buyers from the United States, the Middle East, and other parts of the EU. Malta’s real estate market has remained stable throughout the world economic crisis, and prices have increased by as much as 15%. So, be careful when choosing a property in Malta.
Buying a property in Gozo
You may be wondering if foreigners can buy property properties for sale in Gozo. It’s true that you can. In fact, this is an excellent place for real estate investment – as long as you’re careful. However, there are a few important steps you must take to ensure that your purchase is a wise one. First, you must identify the right estate agent. This person should be responsive and professional, and only show you properties that fit your criteria. Secondly, you should be clear on your budget and your desired location. Whether you intend to renovate the property or leave it as-is, you should determine which area to purchase. Finally, you need to research the various areas you’d like to buy property in.
It is possible for EU citizens to purchase a single property in Malta. However, in some areas, a foreigner needs to apply for an AIP permit. This permit is usually necessary for buying a primary residence. For a second or holiday home, however, you don’t need an AIP permit. However, you’ll need to show that you’re a resident of the EU.
Depending on your citizenship and the type of property you’re looking to buy, you should be aware of the rules and regulations. The basic rule is that you need to apply for an Acquisition of Immovable Property (AIP) permit to buy property in Gozo. Non-EU residents can only buy one property per AIP, while Special Designated Area (SDA) residents can buy more than one. This process can take six to eight weeks.
Conclusion
The property market in Gozo is as diverse as that in Malta. However, the amount of supply is significantly lower. Due to the limited supply, certain property types, such as farmhouses, character-filled houses, and new lock-up-and-go properties, command premium prices. Despite these differences, Gozo is an excellent place to purchase a property – and it’s definitely worth exploring!