Hey guys,
I'm just starting out on my plan to move to Malta/Gozo which I'm hoping to complete by the middle of next year; it would be sooner but both me and the wife have work commitments that will hold us in the UK until then. Plus I think it will be easier to move the kids (twins in Year 1) at the start of a new academic year.
My question is around the lower limits on property prices when you come to buy as an EU citizen. I've read on various sites that there is a minimum price when purchasing as an EU citizen if the property is not going to be a primary residence. As I'm hoping to keep the house in the UK (for rental or when we come back to see the family) I don't know where I stand on whether the UK property will still be classed as my primary residence. Has anyone done the same thing and if so were there any problems in keeping a place in the UK and buying a property below the minimum price in Malta?
Just to add to the mix my wife is half Gozotan but was born in the UK and has not yet claimed her Maltese passport even though she's entitled to one (I think). If she were to claim dual citizenship would this mean she is exempt from the minimum price levels whether we keep the UK property or not?
Cheers,
Gareth
Minimum price of property when buying
I urge you to think again about buying property here, Over inflated prices, inheritance laws and inability to sell on can cause problems. Rent at first. I do not understand the reference to 'minimum price levels.
Don't worry, I'm not planning to buy until we've been there a good few years to make sure we actually want to stay. Then I'll start looking into all the due diligence with inheritance law and other fun stuff.
The "minimum price level" I'm talking about is based on the following from franksalt.com.mt:
"Where the purchase requires an AIP permit, the property must satisfy a certain minimum value which changes periodically and which currently stands as follows: € 104,000 for apartments and maisonettes and €173,130 for villas, townhouses and other property. These values are index linked and thus may be subject to revision annually."
But if you become a resident do you have to satisfy AIP?
planning planning planning and research research research
there is no minimum if you are an EU citizen and its your primary home. If you are moving to Malta, then it will be your primary home.
I wouldn't touch frank salt with my life.
Our two properties one costing €100,00 lovely flat in St Julian's bought off an old Maltese couple.
The other one a maisonette in Depiro Point for €135,000 and modern.
We only will use them for rentals for few years then may come live in Malta for 3 months of the year.
I wouldn't sell my two homes in Ireland to come and live in Malta for good.
Malta is holiday destination for me.
Not.residency, well not yet.
georgeingozo wrote:there is no minimum if you are an EU citizen and its your primary home. If you are moving to Malta, then it will be your primary home.
Exactly what I thought and asked.
we never know the real estate market changes with the time. There is no property tax, local tax, wealth tax, capital gain tax if it's your primary residency after 3 years only, a low inheritance tax, 12% of the capital gain, what about the other countries in Europe?
A good investment here requires search. The prices have a lot increased those last years but the prices will likely to continue because the island is small and can't grow further.
But London can be also a nice place to make money. There are no rules.
As from the official web-site, the only difference between Maltese and EU citizens: the restrictions for buying SECONDARY residence in Malta for latter.
http://www.ird.gov.mt/aip/currentconditions.aspx
I dont think there is any difference between Maltese and other EU, even for secondary
"Citizens of all European Union member states, including therefore Maltese Citizens, who have not resided continuously in Malta for a minimum period of five years, require a permit under Chapter 246 of the Laws of Malta to acquire immovable property for secondary residence purposes."
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