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How can I buy a property from a previous immigrant investor to fulfill the requirements of Malta’s CBI program?

My friend has some real estate that he purchased several years ago for his CBI application. Now he is thinking about selling it. Can I buy the property directly from him and apply for this program? Are there any additional requirements that I need to fulfill?


Answers
  • BEAT GROUP BEAT Limited 8
    November 04, 2019

    The property can be purchased provided that the value should at least be equivalent to 350,000 euros. Such a purchase has to be done at a notary in Malta. In addition, as a non-resident, a permit known as the Acquisition of Immovable Property Permit (AIP) is required to be issued for the acquisition of immovable property in Malta. This permit will allow you to buy property in Malta subject to a number of conditions.

  • October 10, 2019

    One is free to buy any property throughout Malta and Gozo as long as it is a qualifying property in terms of the MRVP requirements. This entails the fact that any property to be bought in Malta must not be purchased for anything less than 320,000 or 270,000, if it is located in Gozo or in the south of Malta. There is no difference when buying a property from another IIP individual to any other person. Thus, the normal proceedings of acquisition of immovable property apply. Additionally, an applicant may also opt to rent a property in Malta with a minimum annual rent fee of 12,000 or 10,000, if it is located in Gozo or in the south of Malta.

  • Advocates Primei
    October 09, 2019

    There is no rule as to from where you buy the qualifying property. All that needs to be satisfied is the minimum value of the qualifying investment and that, once acquired, you keep it for the minimum five years.