Situated in the heart of the Mediterranean, the Maltese Islands offer a pleasant climate all year round, a hospitable and safe environment, excellent national hospital and education services, a competitive cost of living and rich culture and history.
A full member of the European Union and part of the Schengen Zone since 2007, Malta prides itself of its political and economic stability. Malta has a highly reputable position within the real estate market, offering relative stability and steady capital growth. Additionally, the Maltese Islands offer excellent residency conditions, without any imposition of Council Taxes.
Upon making the decision of acquiring immovable property in Malta, a Promise of Sale Agreement is to be signed between the parties. This preliminary agreement essentially binds the signatories to appear on the final deed of sale, subject to certain conditions being fulfilled before the contract lapses. This agreement is normally valid for three months, although a longer or shorter period may be stipulated. A deposit of normally 10% is to be lodged, which is forfeited in favour of the seller in case the agreement is not honoured by the buyer without providing a justifiable reason as per Maltese Laws. If the seller recedes from the agreement, he is bound to return double the amount of deposit to the buyer.