Why Buy Real Estate In Malta?
The beautiful island of Malta is a wonderful location to purchase real estate to live, to rent or for a sunny early retirement. The question is, are you ready for Malta?
Located to the south of Sicily in the heart of the Mediterranean Sea, Malta benefits from an excellent climate – one of the best in the world in fact – offering almost guaranteed wall to wall sunshine for months at a time through it’s very long summer.
In terms of real estate, Malta is something of a hidden gem. For some reason, it tends not to be spoken about as a destination for the rich, famous and glamorous, even though it is one of their many destinations. While Malta may not have the same cache as Monte Carlo, St Tropez, Majorca or Nice, it has it’s fair share of famous movie stars, sports stars and business moguls maintaining links here. Valletta’s deep Grand Harbour even serves as a regular stop for the many super yachts that cruise the Mediterranean, hosting their billionaire owners.
It is for this reason that Individual Investor Programme was launched in 2014. The programme, which is detailed here, enables wealthy individuals and families to make a contribution to Malta and receive a fast tracked residency that leads to citizenship within one year. As a part of the scheme, applicants must purchase or rent long-term residential real estate and invest in government bonds.
Malta does, however, have some advantages when compared the the likes of Monte Carlo and St Tropez – it is affordable. And for non-Maltese citizens wishing to take up residence, there are much friendlier tax rules than can be found in Spain, France, Italy and many other countries. So while Malta may not be paradise (is anywhere?), it has some very appealing features.
For the more discerning property buyer, it is possible to own an apartment in the same complex as some of these famous names. The Marina complex at Portomaso is widely known to include sports stars and major American movie names amongst the owners. Another complex, at Tigne Point, is something of a haven for wealthy Scandinavians.
While the glamorous Maltese parties may not be the equal of Cannes or Monaco, Malta offers much more for the property buyer with outdoor pursuits for hobbies. There is a wide range of opportunity for scuba diving, snorkeling, sailing and other water based sports. On such a small island, everything is close by, meaning that a day of diving on a scuttled wreck or through underwater caves during a short weekend break to your holiday home is very realistic.
Equally realistic is being able to take a boat out for a wonderful day at sea, or sailing, or spread the sales a little wider and head to Italian Lampedusa for more diving (with less tourists and visitors to share the experience with).
For those that just like to relax and enjoy life, the Maltese festa season (services and parties held by each church) offer a great array of firework displays, food, wine and fun throughout the summer. These wonderful parties are a highlight of village life and are a must see for everyone that visits. What could be better than an evening firework display viewed from a wine bar – or your own terrace – whilst supping a glass of local wine and relaxing in the warm air?
This lifestyle and much more is available to those willing to grasp an opportunity and purchase real estate in Malta and let the island become a part of their life. Will that be you?