Our company is able to offer you all the services involved with buying or selling a property. Once you have chosen your ideal property a preliminary agreement (convenjum) is signed between the two parties, binding the vendor to sell and the purchaser to buy the property for the agreed price and in accordance with the conditions stipulated in the agreement. The convenjum is usually valid for a period of three months, but a longer period can be arranged. It is customary that a 10% deposit is paid on the convenjum as deposit on the property. 1% of the 5 % duty on dopcuments or transfer tax will also need to be paid on the day of the convenjum. The remaining 4% will be due on the signing of the final deed. Foreign buyer are also bound to apply for an AIP permit, this is a government permit which a non resident who wishes to buy a property in Malta must obtain. During the three month period the notary will take care of the AIP permit and will carry out all necessary title searches involved in purchasing a property (the notary will check the seller's title to the property and also his liabilities on the property ensuring that the vendor has a right to sell the property and no liabilities are burdening the property). The notary will also check whether the property is built according to all planning authority permits and vacant possession is obtained at the final contract so one can take up immediate possession.

· The value of the property must exceed Lm 50,000 (€116,468.67) , accept when buying an apartment in   which case the value must exceed Lm 30,000 (€69,881.20).
· The funds used to purchase the property must originate from abroad through a bank.
· Foreign buyers that own property in Malta cannot rent out the property unless the property   is in excess of Lm 100,000 (€232,937.34) and has a pool, in which case foreign owners are allowed to   rent out the property provided they pay tax on the income received.
· Foreign buyers may only own one property in Malta or Gozo.

Once the notary has verified that all conditions in the convenjum have been met and all search titles are in order, then the final deed of transfer of property is signed and the balance of the purchase price is paid to the seller.

Additional Expenses

In addition to the price agreed with the seller, foreign buyers have the following expenses:

· Duty on document or transfer tax of 5% of the value of the property
· Approximately 1% of the purchase price as notary fees.
· Approximately Lm250 (€582.34) for the research into titles, etc.
· Ministry of finance fee Lm100 (€232.94) (AIP permit)