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Foreigners are entitled to purchase only one residential property in Malta or Gozo (unless one purchases in a Special Designated Area such as e.g. Portomaso) on acquiring an Acquisition of Immovable Property Permit (A.I.P Permit) from the Ministry of Finance, which is normally issued within three months. Subject to the conditions listed below:
- The purchase price must be at least Lm30,000 in the case of an apartment
and Lm 50,000 in the case of a house
- Proof that funds for the purchase of the property have originated
from abroad
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The property is for the sole residential use of the purchaser and his immediate family or guests when accompanied by the owner. The residence may only be rented out if the property enjoys the use of a swimming pool, provided that the property is licensed as holiday accommodation by the Hotels and Catering Establishments Board or if the property purchased is in a Special Designated Area
The immovable property being purchased should be transferred on resale to a resident of Malta. (This condition is normally waived when efforts to resell the property to a Maltese national have proved unsuccessful).
Applications for permission to acquire another property are normally considered. Permission will be granted subject to the first property being sold. In special designated areas, a purchaser may purchase as many properties as they like. Such properties may also be purchased through a Company or a Trust.
In terms of law, any individual who is not a citizen of Malta or who is not the spouse of a citizen of Malta is considered to be a non-resident. Permission may be refused for the purchasing of a property which is considered to be of historical interest.