- Posted by Krista Bugeja in Uncategorized
Property is a solid investment in Malta
Property has long been regarded as an excellent investment by Maltese citizens. The Maltese economy is going from strength to strength and depends on a wide number of industries, making an investment in Maltese property very safe and lucrative. In fact, the Maltese real estate market was one of the very few in Europe that was not affected by the recent global financial crisis. On the other hand this is the strongest ever period for the Maltese real estate industry. To date, Malta has never experienced a drop in property prices. One of the reasons for this is attributed to the fact that the supply of properties is quite limited in Malta.
Global companies relocating to Malta leading to a Booming Rental Market
The past decade has seen a number of large global giants moving to Malta, such as i-Gaming corporations, financial institutions, pharmaceutical and aviation companies. These companies benefit from a number of incentives such as lower corporate tax rates, free trade within the European Union, fast company registration and a relatively low cost of living as well. The number of companies relocating to Malta might further increase following Brexit, making Malta a very interesting location in which to invest, especially for rental purposes.
Attractive residence and citizenship programmes for non EU nationals
Malta offers a very attractive citizenship programme. The benefits of the scheme include the right to study, do business, work, live and retire within the EU, automatic citizenship to newborns, visa free travel to over 170 countries including the US, access to local healthcare, with a minimal presence requirement and a number of tax benefits. The scheme grants citizenship within one year. The scheme has also gained popularity in the light of Brexit, in the case of British wealthy citizens who still wish to remain EU citizens.
In recent years, the Maltese government has issued a number of incentives to encourage investment in Maltese properties. These include special schemes for first time buyers, reduction in stamp duty for properties purchased in Gozo, a push towards better regulation of the rental market, as well as grants to renovate old properties.
Special Tax Status
One of the incentives of the Global Residence Programme for non EU nationals is an attractive flat tax rate of 15% on any foreign source of income remitted to Malta. This is subject to a minimum Malta tax liability of €7,500 per year of assessment, plus €500 per dependent. Other chargeable income (essentially local source income) would be subject to a flat rate of 35%.
The weather and Hospitality
The weather in Malta is absolutely beautiful, 365 days a year. How so? It is a typically Mediterranean climate with hot summers, pleasant springs and autumns and a short, cool winter. Family and friends WILL want to visit you and they will be spoilt for choice when it comes to accommodation options. It is also easy to integrate with the Maltese people who are very friendly, with the majority being able to speak English.
Malta is a land of foodies
For such a small island, the gastronomical selection is impressive. The Maltese love their food! Whether you are into fine or fusion dining or a more relaxed take away or fast food, you will surely be spoilt for choice. That’s not to mention traditional Maltese delicacies such as pastizzi pastries, imqaret, Kinnie and Twistees. New and interesting eateries seem to be cropping up everyday, making this a foodie heaven both for people who love to eat as well as for those who would like to open a business within the culinary industry.