Adjustment in the Property Price Index

MEDIA ROOM

By virtue LN 261 dated the 26th of July 2016, the property price index 2016 has been adjusted with effect from the 1st of April 2016.

The article which has been amended is in respect of individuals who are not residents of Malta, and whereby the Minister may grant a permit in writing to a non-resident person to acquire an immovable property specifically indicated in the permit if in the opinion of the Minister it is in the public interest or it is otherwise appropriate to grant such permit.

This may be possible if an application is made to the Minister for the acquisition of immovable property by a non-resident person. Such application is to be made in line with policies, as may be established and if the information granted has been given. The Minister shall not withhold his permit if he is satisfied that the immovable property is a building the value of which is not less than:

€110,469 in the case of flats and maisonettes;

€184,064 in the case of Villas, Town Houses and any other property;

and which is intended to be used by the non-resident person as a residence for himself and his family and such non-resident person does not own or hold under any title whatsoever any other immovable property in Malta.

Many foreigners are attracted towards Malta for its distinctive lifestyle offering, together with its warm climate, geographical position and rich culture.  Malta also offers advantageous fiscal policy schemes and flat tax rate which leads various foreigners to relocate or set up their business in Malta or start employment in Malta.

The first step to relocating is finding a place to stay. CSB Group together with Malta Sotheby’s would be pleased to assist you in this process and to make your move to Malta as seamless and smooth as possible.