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  • Sanders 
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I've been researching countries without property taxes and the only two appear to be Norfolk Island and the Republic of Malta.

Can anyone provide me any more information or confirm there are no property taxes in Malta?
Thanks
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  • gozomark 
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Correct, no annual property taxes in Malta, although there is a purchase tax, and also sales tax/capital gains tax if not your primary home
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  • Sanders 
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So let's say I own two homes in Malta. One is my primary residence and the other is a secondary residence.

  1. I would need a permit to buy each home because I do not have EU citizenship
  2. The secondary home can be rented out with a permit.
  3. I would pay purchase tax on both homes when I bought them.
  4. If I decided to sell both homes at the same time, I would pay no tax to sell the primary home, but, the secondary home would be subject to taxation.
  5. There are no property taxes whatsoever on either home.


Am I correct?

Basically what I want to do is invest in property. I want to buy a bunch of different lots and sell them in the future at a profit, so I'm looking for places that don't have any taxes property ownership.
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  • gozomark 
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4. If I decided to sell both homes at the same time, I would pay no tax to sell the primary home [if primary home for 3 years], but, the secondary home would be subject to taxation.
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  • gozomark 
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Buying a property FAQ
http://britishexpat.com/expatforum/malta/viewtopic.php?t=9277

1. What property can I buy ?
2. what additional costs are there ?
3. what is the procedure ?
4. should I use a lawyer as well as a notary ?
5. Can I rent out my property ?

selling a property FAQ
http://britishexpat.com/expatforum/malta/viewtopic.php?t=11584
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  • Sanders 
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Thank you for posting those threads, they're very informative. I've read through both the buying and selling FAQs you've posted and it seems I'm understanding properly how taxes work.

Sanders wrote:
  1. I would need a permit to buy each home because I do not have EU citizenship
  2. The secondary home can be rented out with a permit.
  3. I would pay purchase tax on both homes when I bought them.
  4. If I decided to sell both homes at the same time, I would pay no tax to sell the primary home [if primary home for 3 years], but, the secondary home would be subject to taxation.
  5. There are no property taxes whatsoever on either home.


Am I correct?


So I'll take that as a yes? Wink
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  • gozomark 
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Yes, apart from

.
There are some areas exempt from the permit system, called "special designated areas", where there are no restrictions on the value or the number of properties a foreigner can buy, including non-EU citizens

these areas are

Portomaso, St. Julian’s, Malta
Cottonera Development, Cottonera, Malta
Manoel Island / Tigne Point, Tigne/ Gzira, Malta
Tas-Sellum Residence, Mellieha, Malta
Madliena Village Complex, Malta
Smartcity, Malta
Fort Cambridge Zone, Tignè, Malta
Ta’ Monita Residence, Marsascala, Malta
Pender Place and Mercury House Site, Malta
Metropolis Plaza, Gzira, Malta
Fort Chambray, Ghajnsielem, Gozo
Kempinski Residences, San Lawrenz, Gozo
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  • maxine 
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I'm not sure that investment in property for capital gains would be very profitable - just my 2c.

There is a glut of property for sale and prices don't appear to have risen (or fallen) much over the last few years. Friends of ours purchased an apartment 20 years ago €20k and today it might be worth €60k on a good day - it doesn't seem like a very lucrative investment especially considering the annual upkeep costs in a med climate.
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gozomark wrote:The permit will be issued usually within 6 weeks, under the following terms and conditions:

...

b) The property has to be used solely as a residence by the applicant and his family. This condition will be waived if the applicant obtains a permit to rent the property.


Gozomark, can you please explain this me? The way I understand it, it means every property you own besides your primary home must have a tenant at all times renting it.

maxine wrote:Friends of ours purchased an apartment 20 years ago €20k and today it might be worth €60k on a good day - it doesn't seem like a very lucrative investment especially considering the annual upkeep costs in a med climate.


40k still seems like a pretty good return to me over the course of two decades. Is upkeep in Malta really that expensive? Upkeep costs are quite high where I'm living, I live in a climate where it snows 5 months of the year.
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  • gozomark 
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You have to have a permit allowing you to rent it but you don't actually have to be renting it out.
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Oh okay, it makes sense now. Thanks for clarifying that.
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