| Buying a Home in Malta & Gozo The
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| | However one is never very far away from
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| Republic of Malta is a small country
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| | the beach considering the size of the
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| located in the Mediterranean Sea. This
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| | country. Gozo island real estate will
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| Southern European country encompasses
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| | suitable for foreigners who love
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| Malta, Gozo, Comino and few other
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| | leisurely way of life. Many properties
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| uninhabited islands. Malta is located at
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| | here are in rural surroundings and
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| about 100 kilometers to the South of the
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| | invariably overlook the sea. This is an
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| Italian island of Sicily and 300
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| | ideal place for retirement settling. With
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| kilometers to the east of North Africa.
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| | tourism activity increasing in the
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| Malta is a member country of the European
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| | country, buying a property for rental
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| Union since 2004. Malta is blessed with
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| | purposes is lucrative. Government
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| beautiful sunny days almost round the
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| | approval is required for foreigners to
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| year and the temperature never goes
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| | rent a property. Rental returns of five
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| beyond comfortable levels. It rarely
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| | to six percent are feasible and the
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| rains here and it never lasts for a long
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| | returns are dependent on the location and
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| duration continuously. The annual
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| | condition of the property. Legal issues
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| rainfall in the country is only around
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| | Real estate purchase in Malta The legal
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| 600mm. Added to this is the low tax
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| | system in Malta is based on the English
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| structure in the country which will be an
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| | system. The real estate purchase process
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| additional incentive for foreign
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| | is straight forward and simple and should
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| investment. Excellent and healthy weather
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| | not be a hurdle, particularly for
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| conditions, cosmopolitan society,
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| | foreigners from UK. Foreigners have
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| beautiful sea coast landscapes, friendly
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| | certain restrictions for purchasing
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| people and good health care facilities
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| | property in Malta. These restrictions are
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| are the factors fondly remembered by
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| | basically formulated to protect the
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| tourists visiting the country. Many
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| | interest of local residents and keeping
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| tourists make Malta their annual vacation
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| | in view the limited property available
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| destination. Valletta is the capital city
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| | for sale due to small size of the nation.
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| of Malta Malta economy Malta became
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| | * People form EU countries that
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| popular a transit location for ships
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| | are living in Malta continuously for more
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| after the opening of Suez Canal in the
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| | than five years can purchase more than
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| middle of the eighteenth century. The
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| | one property in the country. There is no
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| county's economy was at its peak during
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| | need for any government approval *
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| this period and sustained it for about a
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| | Other EU nationals who have lived for
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| decade. With the advent of new generation
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| | less than five years in Malta or living
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| sea liners, Malta lost its importance. In
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| | elsewhere can purchase single residential
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| recent times, lime stone business and
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| | or commercial property without any
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| tourism are the major economic activities
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| | permission * All other
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| in the country. Statistics indicate
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| | foreigners need permission from the
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| continuous increase in the number of
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| | Ministry of Finance for buying a real
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| foreign tourists visiting the country.
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| | estate property in Malta In some notified
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| The government has catalyzed this growth
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| | areas of Malta and Gazo where property
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| by investing on infrastructural
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| | prices are very high, no foreigners can
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| facilities to suit the needs and
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| | freely buy any number of real estate
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| lifestyles of foreign visitors.
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| | properties without any approval. In case
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| Liberalization and foreign direct
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| | of any doubt on this issue, it is
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| investments have accelerated this growth
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| | necessary to check with Ministry of
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| and now Malta is back to its past
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| | Finance before entering into any real
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| economic glory. Financial transactions
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| | estate contract in Malta Purchasing
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| Maltese Lira (MLT) is the authorized
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| | process Preliminary agreement Once a
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| currency in Malta. The conversion rate of
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| | property is identified as suitable for
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| this currency as on March 1, 2007 is: 1
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| | buying, the price is negotiated between
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| Maltese Lira = 3.06899 US Dollars 1
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| | the buyer and seller. The logical next
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| Maltese Lira = 1.56507 British Pound 1
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| | step is to sign a preliminary agreement
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| Maltese Lira = 2.32188 Euro Exchange of
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| | to seal the transaction. The buyer also
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| foreign currency is not at all difficult
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| | deposits 10 % of the value of the
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| in Malta, indicating the true
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| | property as a token of commitment for the
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| cosmopolitan nature of the country.
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| | purchase. A reliable advocate can help in
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| Popular foreign currencies can be
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| | drafting and finalizing this agreement
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| exchanged easily in banks, foreign
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| | This finalization of this agreement
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| exchange bureaus and large hotels. Some
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| | generally takes about three months. This
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| of the foreign exchange bureaus are open
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| | time can be utilized fruitfully for
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| 24 hours for the benefit of the
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| | getting the government approval for the
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| customers. Automated foreign exchange
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| | purchase and to complete the research on
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| machines are also located at many places
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| | the property ownership and registration.
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| in the country. Many large shops and
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| | Purchase contract Once the buyer is
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| restaurants also accept foreign currency.
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| | satisfied that the property is legal and
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| Traveler's cheque can be exchanged in
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| | the permission for the purchase is in
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| authorized foreign exchange agencies in
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| | place, the next step is to sign the final
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| the country. American express, Visa,
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| | contract. The buyer's lawyer generally
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| Master card and Diners club credit cards
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| | prepares this document. The contact is
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| are accepted in the country. Malta has
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| | signed by both the parties. All the
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| good number of ATM to take care of your
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| | payments that are due are settled by the
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| cash liquidity, if the need arises.
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| | buyer and the document is registered with
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| Infrastructural facilities Malta's
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| | the appropriate agency in order to
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| healthcare services are among the best in
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| | legalize the change of ownership. Stamp
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| the world. Services offered in general
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| | duties, legal fees and all other dues are
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| and private hospitals are excellent.
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| | settled by the buyer. The total time
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| Private schools in Malta mostly follow
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| | taken for the entire process is normally
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| British system of education and teach in
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| | around five months. UK citizens will
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| English. Roads in Malta are being
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| | cherish the fact that the complete
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| improved to make it suitable for
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| | documentation is in English language.
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| international tourism development. The
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| | Real estate purchase finance The ideal
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| main advantage for UK citizens is that
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| | arrangement to finance your purchase is
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| British driving license is valid here and
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| | through your own funds but this is seldom
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| you drive on the left side of the road.
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| | the case. Property mortgage is readily
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| Good ferry services connect the islands
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| | available in Malta and the banks finance
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| and there is also a helicopter service
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| | up to 90 % of the funds. However the
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| connecting Malta and Gazo. Hotels,
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| | repayment period and interest levels in
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| restaurants and bars are available in
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| | Malta are higher than in the United
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| plenty in the country. Malta is also well
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| | Kingdom. Banks in UK can also finance
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| known for its carnivals and club outings.
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| | your real estate project in Malta. The
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| The infrastructure is so good that
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| | quantum of funds required, preferred
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| international level carnivals can be
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| | repayment period, repayment capacity,
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| conducted here. The county's business
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| | forecasted foreign exchange rates etc are
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| infrastructure is excellent with good
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| | some of the factors that can influence
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| communication facilities. The government
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| | the final decision for the mortgages. It
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| has formulated many incentive packages
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| | is preferable to consult an expert in the
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| and tax concessions to attract foreign
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| | relevant area for calculated decision in
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| investment. Popular locations in Malta
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| | this regard. Cost of purchasing Buyers
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| Malta is a small country and all places
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| | often tend to forget that additional
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| within Malta can be covered within a day
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| | costs, other than the negotiated purchase
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| or two. Total area of Malta is around 245
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| | price can inflate the total cost of the
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| square kilometers and Gozo has an area of
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| | purchase. Buyers should always compare
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| just about 70 square kilometers. The
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| | the 'total' cost with their allowable
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| length of Malta Island at the widest
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| | budget to make the final decision on the
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| point is about 25 Kilometers and width at
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| | purchase of the property. Real estate
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| the maximum is just about 15 kilometers.
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| | transactions attract a stamp duty of 5 %
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| In case of Gozo Island, the figures are
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| | in Malta and notary fee of 1 %. In
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| 15 and 7 square kilometers respectively.
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| | addition to this, if the services of an
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| Malta is frequented by many foreign
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| | advocate or agents are utilized in the
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| tourists round the year, mainly from
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| | process they have to be paid the
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| European countries. UK accounts for
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| | appropriate fee. It is a good practice to
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| nearly 50 % of the tourists visiting the
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| | define their roles and fee in advance to
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| country. UK citizens feel at home here
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| | avoid any misunderstanding when the
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| because English is spoken a lot here and
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| | amount is paid. Traveling expenses, hotel
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| the weather is predominantly sunny.
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| | accommodation and all other incidental
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| Historical places The country is proud of
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| | expenses also need to be considered to
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| its long history and there are
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| | arrie at the total cost. It is reasonable
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| innumerable historically significant
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| | to allocate around 12 % of the purchase
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| locations all around Malta and Gozo
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| | price for additional costs and other
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| islands. The museums, the palace and
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| | expenses. You may finally end up with
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| churches in Valletta are few
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| | little surplus money in hand which will
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| representatives of the history of the
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| | be a good thing. If the property requires
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| land. Sight seeing Malta has a vast
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| | remodeling, provision has to be made for
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| coastal line with beaches that have
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| | such expenses also in the budget. Malta
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| crystal clear water, long sand stretches
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| | property taxes Foreigners will be happy
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| and naturally formed small rocky bays.
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| | to note that there are no annual taxes on
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| Anchor bay and Paradise bay in the north,
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| | real estate properties in Malta. Malta
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| Peter's pool and Pretty bay in the south
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| | does not levy any capital gain tax.
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| and Ramla bay and blue lagoon in Gozo and
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| | However one should be careful before
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| Comino are a few such beaches. City tours
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| | selling the property. If the owner sells
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| can be a very beautiful experience.
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| | a property that was not his primary
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| Country side tours are energizing due the
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| | residence for the last three years, a
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| unspoiled natural beauty of the area and
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| | hefty amount is charged as transfer tax.
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| hospitality of local people. Sports
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| | There is no inheritance tax in Malta as
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| facilities Sports lovers will appreciate
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| | long as there inherited property is not
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| the sports clubs located in the country
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| | sold. But transfer tax is levied if an
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| offering variety of sports facilities
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| | inherited property is sold. Travel
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| such as tennis, golf, swimming, squash,
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| | documents As Malta is an EU member since
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| cricket, indoor games and general health
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| | May 2004, there is no restriction for EU
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| and fitness facilities. Marsa Sports club
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| | nationals to tour the country. Many
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| and Union Club in Sliema are frequented
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| | country nationals can stay for up to
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| by foreign nationals as the facilities
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| | three months as tourists in Malta with a
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| are excellent and of international
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| | valid passport with no visa. Check with
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| quality. Sea diving enthusiasts will love
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| | the embassy in the home country and get a
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| Malta as the sea temperature seldom goes
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| | complete list of the documents required
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| beyond the comfortable range of 13 to 25
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| | before traveling to Malta. Foreigners,
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| degree Centigrade and the sea around
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| | who wish to reside permanently in Malta,
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| the country is quite calm without any
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| | must apply for a residency permit. Proof
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| major tides. Excellent diving schools are
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| | of sufficient funds or annual income has
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| available in Malta and diving gear can be
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| | to be provided as a support document when
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| leased near the beaches. A diving permit
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| | applying for this permit. If a foreigner
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| is required for divers in Malta. Yachting
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| | wants to work or start a business in the
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| is another popular sports activity in
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| | country, government permission is
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| Malta. Excellent maintenance and
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| | required. Malta may make a difference If
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| sheltering facilities are available all
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| | you are looking for real estate in a
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| around the country for all yachts of all
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| | sunny country, rich in culture, Malta is
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| sizes. Malta Real estate Main
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| | the right choice. Low taxes, relaxed life
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| considerations for buying a property in
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| | styles and popularity of the English
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| Malta are the ambience and the price. In
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| | language are very compelling reasons for
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| rural surroundings, real estate prices
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| | a UK citizen to consider looking for a
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| are much less than in the cities. Beach
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| | second home in Malta and Gozo islands.
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| properties are the costliest in Malta.
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