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WELCOME TO MALTA

Why should anyone choose to live in Malta?

Malta lies at the southern tip of the European continent, between the European and the African continent. Despite its relatively small size, Malta plays an important role as a link between the Northern EU member states and the southern Mediterranean countries. Indeed, Malta’s complementary European and Mediterranean identities equip the country well for this undertaking.

Its ideal strategic location in the middle of the Mediterranean Sea has ensured that Malta has always been a historical hub for transport and transit stops. This has not changed in modern times – whether it is a stop on a cruise, or a transfer stop for long international journeys, Malta plays host to hundreds of ships and planes on a monthly basis.

Why Malta?

Malta International Airport (MIA) boasts of several international awards for its service such as ACI’s “Best Airport in Europe” for its performance in 2018, 2019, 2020 and 2021. In fact, MIA is connected to 36 markets through 31 airlines operating 107 routes with a total of 5.8 million passengers passing through Malta airport’s gates last year. It also has the third most international connections among the airports in Europe which makes it very easy to catch a connecting flight to and from Malta. On top of this there is an ambitious expansion plan currently underway to increase MIA’s throughput to 6.3 million passengers annually within the next 5 years.

MIA also hosts several low-cost airlines, such as Ryanair, Eurowings, WizzAir and Easyjet which means that travelling to Malta is now easier than ever with the option to get a low-cost flight back home for the weekend.

In addition, Malta has a flourishing luxury cruise industry which welcomes numerous cruise-liners throughout the year in its Valletta Cruise Port located in the majestic Grand Harbour. In 2022 Valletta Cruise Port welcomed about half a million passenger movements on over 250 calls experiencing a good recovery period with advance bookings for 2023 being favourable.

Connectivity to the European mainland is enhanced by daily catamaran ferry services which run between Malta and Sicily carrying passengers, private cars and heavy goods vehicles. 

Last but by no means least, there is always the option to sail in on your own private yacht and berth in one of the many marinas situated in the island’s beautiful ports and harbours.

THE HISTORY

History & Culture

Malta has a rich and extensive history with early stone-age farmers believed to have been active since 5200 BC. Since then, Malta has been ruled by various colonisers who have all left their indelible mark in their temples, buildings, traditions and language. All these different cultures have influenced the Maltese who, despite identifying as European and proud to make part of the European Union, have a strong sense of national identity.

It can be argued that the three major influences in the make-up of the Maltese culture are the Arabs who conquered Malta (and most of southern Europe) in 870 AD and left their mark on the Maltese language; the Sovereign Military Order of St. John of Jerusalem who ruled Malta from 1530 to 1798 and who, through the commissioning of a series of talented architects and artists, built and embellished most of grand palaces, auberges and churches scattered around the island; the British whose 160 years of colonisation laid down the foundation of the majority of Malta’s infrastructure and left the island bilingual meaning that English is an official language alongside Maltese.

ECONOMY

Malta's Economy

Following the worst recession in decades due to the pandemic, Malta’s economy has recovered strongly. 

Malta has a promising outlook according the The European Commission’s spring economic forecast. Malta’s economy is set to continue to expand by 4.0% in 2023, making Malta the second highest country for growth in Europe. Last November, Fitch Ratings has affirmed Malta’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘A+’ with a Stable Outlook whilst the EU expects Malta to maintain this strong economic growth in the following years.

Malta boasts of one of the lowest inflations in Europe. According to Eurostat, the statistical office of the European Union, the annual inflation across the EU was 11.5% in October 2022. However, Malta’s inflation rate stands at a relatively low of 7.4% which is the third lowest annual inflation rate after France (7.1%), Spain (7.3%). The rise in inflation from previous years is said to be due to pressure from increasing international energy and commodity prices and the Russian invasion of Ukraine. The Maltese Government’s timely intervention is behind the relatively low inflation in Malta aiming to shield households and businesses from the full force of the adverse inflation shock. The expectation is that economic conditions remain benign and that someday, hopefully sooner rather than later, they will improve with Malta remaining in a robust position to make the most of the economic revival.

Another strong measure of Malta’s economic strength is that the unemployment rate continued to decline falling to 3.1% from the 4.4% recorded a year earlier. Malta’s unemployment rate also stood well below the average rate of 6.0% for the euro area.

There is a very high demand for skilled workers in Malta which is good news for anyone looking for employment. Rules for work permits have been relaxed as the labour market seeks to fill gaps in the workforce. The main areas of interest are for talent in health, IT, finance and education, as well as in technical and building-related professions.

invest

Top Reasons to invest in Malta

High Return on Investment

Real Estate in Malta has reliably proven to be an excellent investment enjoying a consistent high demand in new properties. The average annual capital growth is of 5–10% in intrinsic value complemented by a vibrant buy-to-let investment market offering an additional 5–10% return in rental income per annum.

Access to EU

Foreign owners can also obtain a residence permit and resident status through the Malta Permanent Residence Program (MPRP) or even outright Maltese citizenship for the whole family through the Maltese Citizenship by Naturalisation Program (CES).

Eligibility for CES requires a minimum investment of €600,000 to qualify for Maltese citizenship in three years. This period can be reduced to only one year if the minimum investment is increased to €750,000

Thriving Real Estate market

Malta’s thriving real estate market offers a wide selection of property listings for residential and commercial properties ranging from modern apartments to regal palazzos to industrial warehouses – a variety that will surely satisfy even the most discerning property hunters.

Mediterranean Climate

Malta is blessed with a Mediterranean climate. 

In fact, it is the sunniest country in Europe and enjoys 3000 hours of sunshine or, more simply put, 300 sunny days a year.

Summers can be quite hot with average temperatures reaching 31°C although the cooling sea is never too far away. Winters are usually mild and dry with average temperatures of 16°C during the day. 

The average daily sunshine in Spring and Autumn ranges between 6 hours in November to 10 hours in May.

Politically stability and personal security

Malta ranks high in terms of Political Stability with an index score of 0.95 and enjoys exceptional property rights, judicial effectiveness, and government integrity. This, together with its economic strengths makes Malta an attractive tourist destination and foreign investment.

The crime rates are extremely low which makes Malta one of the safest European countries.

Excellent living standards

The living standards in Malta are comparative with those of continental Europe and it is considered to be amongst the best countries for expatriates to make their home.

The public healthcare system in Malta provides free services to all Maltese citizens and EU residents and the World Health Organisation ranks Malta 5th amongst more than 100 countries for overall healthcare services offering preventative, rehabilitative, curative and palliative care. Its two major public hospitals, one in Malta and the other in Gozo, are supplemented by a network of government-run health centres in major towns and villages together with numerous private health clinics and pharmacies 

Malta’s education system is regulated by the Ministry of Education which governs accreditation for educational institutions. Maltese high school diplomas are rated very highly and are accepted in other countries of the European Union.

Doorway to the EU

Membership in the Schengen Area allows people and businesses to travel and operate without border checks. This means that the costs of import/export are dramatically reduced whilst making it possible to work, study and live in any country in the Schengen area.

Favourable taxation rates

Foreign-owned companies that are fully established in Malta may be eligible to pay an effective corporate rate as low as 5% following a 30% refund of the official 35% corporate tax rate.

Malta is one of 6 countries in the EU where the VAT rate is below 20%.

It is also possible to be a tax resident in Malta even if spending less than 183 days in the country by obtaining domicile status.

Buying a property in malta

 Secure Professional Assistance

Primarily, you should engage 2 professionals – a notary and a lawyer who specialises in property law. They will guide you through the process and legalities of the process.

01

Find the Property

Search for that particular property that matches your unique requirements– real estate agents have extensive listings of available properties or you may go directly to the Developer if you have a particular property in mind.

02

Negotiation Stage

This is the time to establish and negotiate the details of the contract with the Vendor. These are written down in a Promise of Sale or “Konvenju”.

03

Pay Deposit and Stamp Duty (Partial)

At this stage, the Buyer pays a Deposit to the Vendor (usually 10% of the agreed amount) and 20% of the Stamp Duty to the Government of Malta. The latter can also be described as a Property Acquisition Tax and is calculated as 5% of the agreed purchase price. 

04

Property Legal Searches

This is when your appointed Notary conducts the requisite searches to confirm that the property has a transferrable legal title.

05

Prepare your Finances

Make sure that you have the necessary finances (including any bank loans) are available in Malta before the date specified in the Promise of Sale.

06

Pay Remaining Taxes, Sign Contract and Gather your Keys

Once all conditions in the Promise of Sale are met, then you can proceed to the payment of the 80% balance of the Stamp Duty, sign the final contract and collect the leys to your property. 

07

Summary of Expenses Involved

The following is a list of expenses to be considered when purchasing a property in Malta:

  • Stamp Duty – 5% of the agreed purchase price
  • Notarial Fees – 1% to 3% of the agreed purchase price
  • Legal Searches and Registration – approximately €600
  • AIP permit (if applicable) – €233 fee
  • Property Lawyer – this may vary and is usually agreed beforehand

The real estate agency fee (usually 5% of the agreed purchase price) is usually paid by the Vendor

Scirocco Heights

Invest in Scirocco Heights

Nestled between the picturesque fishing village of Marsaxlokk and the sea-side town of Birzebbuga, The Scirocco complex brings a new sense of luxury and vibrancy to the Southern Region of Malta in total alignment with the Maltese government’s policy of promoting new projects in this area.

The Scirocco complex will offer 200 apartments situated right off the bay in Qajjenza in a mixture of sizes, ranging from studio to one-, two- and three-bedroom apartments of which there are 26 Penthouses with their own private terrace and swimming pool.

These apartments are complemented by a large 1200m2 circulation area for pedestrians and over 2000m2 of landscaped gardens including a children’s park providing much sought after open areas for serenity and tranquillity to the residents. Three levels of underground carpark provide trouble-free parking and safe access directly to and from the apartments.

Contemporary architecture, clever design and a superior luxury finish in every apartment have been blended to provide the residents with a leisurely lifestyle meant to produce a sense of balance between beauty and functionality.

There is something for everyone in vicinity of The Scirocco – History Lovers can immerse themselves in the archaeological sites nearby such as Ghar Dalam; Trekkers can set off and explore Zembaq Valley; Foodies can find excellent fish restaurants in Marsaxlokk where the freshness of the seafood is guaranteed as this is literally served from sea to table; Beach Lovers are spoilt for choice between the rocky beach of San Gorg which is literally on their doorstep or the sandy beach of Pretty Bay which is less than a 10 minute walk away.

For enquiries about this ultimate living environment get in touch with us

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