What happens when enquiring with us?
From the moment you make an enquiry with us, we are able to show you the property you are interested in or others that match your criteria, and help you to shortlist those that meet your requirements most. If you do not reside in Gozo, we are able to pick you up to and from the Mgarr Harbour to show you the sites that may interest you. For those of you who are unable to visit us for an enquiry, we can send you to-scale plans and site plans, including copies of planning documents as required by the Planning Authority and other permits by post, or we can email you the required plans in pdf format. We also aim to provide all plans in pdf format on this website. If you do decide to purchase we can help you to find the payment terms that best meet your needs. We can build a payment package that best fulfills your needs.
What are the purchasing procedures when buying from us?
You pay a deposit between €500 and €2,000 on confirmation of purchase. A further 10% of the purchase price less the deposit would have to be paid when signing the convenium. The rest of the balance would have to be paid on signing the final deed.
How much stamp duty is to be paid?
The standard rate of stamp duty if 5% of the purchase price. A reduced rate of 3.5% on the first €150,000 is applied if the purchase is the first primary residence.
What are the notarial fees?
The notarial fees and expenses may vary depending on the purchase price, amount of searches and if client is taking a bank loan to purchase the property. The expenses will be higher whether property falls within a Land Registration Area or not. This cost is usually in the range between 1.5% and 2.5%.
What is the VAT refund scheme?
Eligible applicants can receive a grant of up to €5,824 in regards of construction of their first residence. For further information about this scheme visit Housing Authority.(link http://housingauthority.gov.mt/en/Pages/Schemes/Grant-to-Assist-Owners-in-the-Construction-andor-Completion-or-Rehabilitation-of-their-First-Home.aspx.)
Can foreigners buy property in Malta?
Yes, under certain conditions.
An EU citizen that has been continuously residing in Malta for a minimum of five years may purchase property without obtaining any permits. If an EU citizen or Maltese national has not been continuously residing in Malta for a minimum of five years, he may only purchase his primary residence on obtaining an AIP permit. Anyone that is not a citizen of the EU may not acquire property in Malta unless they are granted an AIP permit.
Can foreigners obtain a bank loan?
Most local banks grant foreigners a home loan. We would be able to guide you through the whole process.
Karkanja Ltd.