Previously we have reported on why is it favorable to incorporate, open a bank account or settle down in Malta. The first need to know thing about Malta is that not only the tax system, but settling down in Malta is advantageous from almost every aspect. The Maltese and the Gozitans as the inhabitants of the smaller island call themselves, are very kind and hospitable people, easy to communicate with because English is the second official language of the state and also Italian is very common in use besides Maltese.
Very important to know, if you want a Maltese residency, you have to rent or buy a property in Malta or in Gozo!
Malta is a member state of the European Union, hence the foreigners residing in Malta have an easy access to the economic opportunities of the member states, but because of the geographic location of the islands the markets of the Mediterranean region are also easily accessible.
The climate is exceptionally pleasant with mild winters and warm summers.
Public safety is extremely good, in the smaller island there is practically no crime at all.
The health care and education systems are both very high class. During the holiday season students from all over the world arrive to study – mainly English language – in summer schools.
The cultural life of the islands gives a real Mediterranean picture. In the artistically fair cities and towns there are feasts after feasts and the end of winter is celebrated by a carnival. In the summer on each weekend every other town is organizing a festival competing with each other to enchant all the other islanders and visitors. Malta is the paradise of summer sports, it is definitely worthwhile to try scuba diving but a hike in the beautiful landscapes of Gozo is unforgettable.
New residents arrive to the islands not only from the EU member states but also Russian, Chinese, South African customers are present in the property market. Customers first of all rent a property and after a long period of time they choose the property to be bought.
The two major islands Malta and Gozo are different in character. Malta is the center for business and leisure where among other businesses the e-gaming and pharmaceutical firms are established. Almost the whole island is a city where life is concentrated in the city of St Julian’s and Sliema.
On the other hand Gozo is a very suburb type of island. If someone arrives there from a big city then it seems as if time has stopped. Nevertheless everything can be found in the smaller island. The small towns differ in nature but there is an active communal and sport life.
The monthly rent of a property can vary from 300 euros for a small studio to 2 500 euros for a detached house with swimming pool and a large garden, air conditioning, modern or traditional furnishings.
Currently the lowest price of a property in Malta is 75-85 thousand euros and the highest reaching three million. Buying a property in Malta is one of the best property investments in the world because of the islands nature. Prices have at the most stagnated in the past, but mostly they have been steadily rising and never decreased. Thirty years ago a small plot in Gozo cost an equivalent of 7 000 euros while now that same plot costs 60 000 euros. The cause of constant increase in property prices is due to the limited space available. The borders of cities and towns are protected, so called boundary areas, it impossible to expand further, hence the ratio of green territories is granted.
To rent an apartment or a house in Malta is very simple. It is worthwhile to seek the help of a professional consultant. After the real estate has been chosen the process should not take more than an hour.
Buying a real estate takes more time. The steps of buying are the following: First the adequate real estate has to be selected. Then a preliminary contract has to be signed in front of a public notary. This contract is registered by the notary at the competent government board. The board checks the background of the property then the official contract can be signed and the property can be taken into ownership. The whole process can take up to three months based on the administration process of the notary. With new real estates it takes only a few days, however an older property requires more time to do the background check. This is of course in the interest of the buyer.
Maltese banks are very efficient and secure and they can not be compared with the banks of the Mediterranean region. They only give out a loan if there is a certainty of the returns. Foreigners can also receive a loan on very good terms.