Malta has become an international hub for multitude of cultures like the rest of the world. Since joining the European Union in 2004 effectively this opened up the doors to the whole of the European Union instantly allowing freedom of movement. Besides which, a host of international sub communities have began to form on the island such as the Chinese, Indian, South African, Libyan and Russian. The island has one of the easiest regulations regarding buying a property in Malta.
You can select from a multitude of high quality buildings throughout Malta and Gozo for sale. Once you have selected the Real Estate of your choice and you have agreed upon a price a preliminary agreement is signed in the presence of Notary between the vendor and the purchaser. This agreement is binding in the Courts of Malta that both parties have to satisfy. Normally a 10 % deposit is paid by the purchaser to the Notary to secure the property.
The standard period is 3 months and in between this time and the final contract the notary's job who is chosen by the purchaser is to ensure that the property is actually owned by the seller, that there are no court cases against the property and any applications are made to the relevant government departments in the case of international clients. On the preliminary agreement the buyer must pay a one-off fee of 1 % stamp duty to the government on account of the full 5 % to be paid by the final contract as a property tax. This agreement is officially registered at the Lands Department in Malta.
When everything is ready a date is set to meet to sign normally either at one of Simon Mamo's offices, the Notary's Office or a bank when a loan is required. The balance of the stamp duty is paid (4 %) and the remaining 90 % balance of the purchase price. The Notary's fees are normally 1.5 % including all relevant fees required and labour fees. Agency fees are paid by the vendor in Malta.