Maltese Lira (Lm) = 100 cents. Banknote denominations: Lm 20,10,5 & 2. The Lira is linked to a trade-weighted basket of currencies in which the main component is the Euro, with Sterling and the US Dollar as the other component currencies.
Economic Climate: Tourism, accounts for around 35% of GDP and the manufacturing industry employs around one-quarter of the island´s residents. Malta´s exports account for more than 85% of its GDP. Malta recently signed the EU draft accession treaty ensuring full EU membership for the islands from 1 May 2004.

Overseas Buyers: Overseas buyers may only purchase and own one property at a time subject to a minimum value of Lm 30,000 in the case of apartments ( Euro 70,000) or Lm 50,000 in the case of houses . EU citizens will be able to purchase a second house in Malta after residing here for a minimum of 5 years. On the other hand certain zones have been specially designated by government as areas where any overseas buyers may purchase an unlimited no of units. These include the Manoel Island, Tigne’, Portomaso and the Cottonera waterfront projects in Malta and the Fort Chambray project in Gozo.

Price ranges: Depends on location within the market area, but will accommodate most budgets subject to the minimum figures mentioned above.

Taxes: There is no annual property tax or local council taxes in Malta .

Budgetary Guide: Apartments Euro 72,000- 320,000, Village Houses Euro 120,000 – 480,000, Semi Detached Houses Euro 240,000- 600,000. Detached Houses Euro 280,000- 550,000.

Buyers Fees: Stamp Duty of 5% on the amount greater than Lm 30,000 .Legal and Notarial Fees 1.5%

Mortgages: Leading banks on the Island such as HSBC, Bank of Valletta and Volksbank , offer a choice of home mortgage products to non- Maltese customers.

Rental Investment: Owners of property are permitted to rent them out provided that such properties are licensed as holiday flats by the Malta Tourism Authority.

Information: Web information www.malta-tax.com, tax guidance , www.legal-malta.com legal information, www.tourism.org.mt Malta Tourism Authority, www.fxhistory.com Exchange



 Related site: http://www.tourism.org.mt