Buying Guide
Buying property in Malta and Gozo
Buying a property in the Maltese Islands is a rather simple set of proceedings provided you are well informed. This applies to the purchase of all kinds of properties, from apartments to let to villas, townhouses and houses. Here are some hints and tips we’ve picked up over the years.
When buying a property in Malta and Gozo, the first step is to draw up a contract for a promise of sale, sometimes called a convenium. The convenium will be signed in the presence of a notary, often of the prospective buyer’s choosing. A convenium is basically a preliminary agreement and is normally valid for three months. When the convenium document is signed a deposit is paid by the buyer, normally equivalent to 10% of the overall purchase price of the property. Following the declaration made in budget speech 2017 relating to the acquisition of residential Property in GOZO benefits a rate of 2% tax concession instead of 5% tax valid until end of 2018.
