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The real estate market in Malta is on fire.
With a robust economy and government incentives for buyers and foreign companies, the Mediterranean island real estate market is one of the most powerful in the world, said Ruth Bloomfield for The Wall Street Journal. The asking price has increased by more than 10% over the last year, she wrote, citing Knight Frank's latest global price index.
The island attracts overseas buyers, who pay between $ 247,000 for a two-bedroom apartment on the south coast and $ 505,000 for a two-bedroom apartment on the Golden Mile along the Northeast coast (the most popular place of foreign buyers). Bloomfield wrote that a four-bedroom estate in the northern part of the island reported $ 4.7 million.
The good weather prevailing in Malta, the lack of language barrier and its laid-back lifestyle attract many foreign buyers, but the benefits are greater. Alan Grima, CEO of Dhalia Real Estate Services, told Bloomfield that 60% of foreign buyers come from the EU, including workers from international companies with offices in Malta.
But Americans are seeking the option of becoming EU citizens.
Read more: The foreign pbadport is the last status symbol and the rich spend up to 200,000 dollars to buy it
Malta offers wealthy people two different ways of signing up to become a citizen through real estate
The Maltese Individual Investor Program (IPI) offers citizenship to applicants who rent or buy a property, said Bloomfield. They are relatively taxed – the income tax is up to 35% and there is no wealth tax.
There are several investment options to buy citizenship in Malta. If they opt for real estate, foreign buyers must invest at least € 350,000 ($ 394,000) in real estate or a property lease of at least € 16,000 (18%). $ 000) to qualify for citizenship., Nuri Katz, president of the international financial company Apex Capital Partners, has already explained to Business Insider.
Buyers closing a property in Malta must first sign a "konvenju" (promise to sell) with a 10% down payment and a 5% purchase tax, and can expect to the sale is finalized within three to six months, according to Bloomfield. Unless a property is located in a designated development or purchased through a trading company, foreign buyers are only allowed to own one property. They must also own the property for at least five years to qualify for Maltese citizenship, Katz said.
The Malta Program is an Investment Citizenship Program (CIPS), in which wealthy individuals invest in a country in return for their citizenship. Once they have citizenship, they have the basic rights of any other citizen of this country – like owning a pbadport, Katz said.
But a second pbadport buys more than a travel ticket – he also buys them their status. "It's a status symbol – it shows friends that you can afford it," Katz said. "I call it the Black American Express Syndrome."
Beyond the status, the possession of several pbadports also has physical advantages. Armand Arton, president of Arton Capital, previously told Business Insider that investors are looking for increased global mobility, increased security and education, diversified business opportunities, tax planning strategies and improved quality of life.
And Malta is not the only country where you can invest in citizenship. The opportunity is offered everywhere, from Thailand to Cyprus.
Read the full article in the Wall Street Journal »
Are you a dual citizen with a real estate or travel related story to share? Send an email to the reporter at [email protected].
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