< Previous Page > < Disclaimer > < Return To Issue Article Index >

Malta & Goza - Mediterranean Haven ~ Page Two Sunny days…low living costs…English-speaking neighbors…the romance of long ago…plus $75,000 seaside apartments…on the Mediterranean islands of Malta and Gozo by Steenie Harvey

This is article is from the best of International Living - Subscribe To International Living Magazine  ~ Get The Facts ~

Specially designated developments Certain areas on Malta have been set aside as development zones. Under normal legislation, foreigners can purchase only one island home—either a house or an apartment. However, this rule doesn’t apply to Specially Designated Areas (SDAs). You can buy as many homes in SDA developments as you wish. SDA apartments are luxury-level...you won’t be competing with locals on modest wages. Opportunities currently exist in Midi-Malta’s Manoel Island / Tigne Point development, Portomaso, and Cottonera Waterfront.  Portomaso—Msalta’s first SDA Malta’s first SDA was Portomaso in St. Julians. It includes a new Hilton Hotel, shops, restaurants, swimming pools, and a serpentine-shaped yacht marina. For some buyers, it has proved a great investment. Those who purchased first-phase seaview apartments during the original off-plan launch have almost doubled their money.  Now fully completed, more than 75% of apartments are taken. The British are the main overseas buyers but 35% of apartments are Maltese owned. Second-phase apartments now range from $190,000 for studios to $715,000 for spacious penthouses. Extraordinary Tigne Point Here’s an extract from an e-mail from Frank Salt’s agency. “Since your visit, we have sold a substantial number of units at Tigne Point in Sliema. In fact approximately 50% of the available first-phase units have been sold. The interest in this new development has been extraordinary.” What’s really extraordinary is that Tigne Point hasn’t yet been officially launched. The first apartments won’t be completed until 2005. I watched a video presentation and plans certainly look impressive. Set around a village-style piazza with shops and restaurants, many apartments will have views of Valletta. Off-plan prices run from $214,000 to $713,000.

Royal Malta Yacht Club Sailing Off Malta In The Mediterranean

The ramparts of Valleta’s Upper Barraka Gardens deliver a grandstand view of centuries-old hodge-podge. Across the Grand Harbor’s cobalt-blue waters lies the Cottonera: the collective name of “The Three Cities” of Vittoriosa, Senglea, and Cospicua. Still home to dockers and fishermen, red-domed churches rise above an atmospheric jumble of medieval houses. Street corners are adorned with niched statues of saints and many houses retain enclosed wooden balconies. 

The Cottonera (named after a grand master) was where the Knights of Malta’s originally based themselves. Its palaces, churches, and forts are even older than Valletta’s. Festas are celebrated with gusto. During Easter processions, statues of the Risen Christ are carried at a run through crowded streets. An October festival reenacts the arrival of the knights in 1530.

Renamed by the knights to proclaim victory over the Turks, Vittoriosa is the site of the Cottonera Waterfront development. Classified as an SDA, the development will include a luxury hotel, a casino, and a 150-berth yacht marina. Off-plan prices for 1,300-square-foot apartments in St. Angelo’s Mansions start at $231,000. Due for completion next May, this is the Cottonera Waterfront’s initial residential area. 
..

RETIRE OVERSEAS - Learn about the world's six best places to live or retire. - Live like royalty on $17 a day. Own an exotic beachfront getaway for $35,000. Or romantic pied-a-terre for under $60,000. Enjoy fine restaurant dining for $7 per person. Employ a maid or gardener for $2 a day. Buy comprehensive health insurance for $20 per month. Get the details in your FREE report now.

.
The next-door neighbors are the ghosts of St. Angelo’s Fort (the Italian painter Caravaggio was imprisoned here after being charged with murder). Before his disgrace (and eventual escape from jail), he spent time serving with the knights. One of his masterpieces, The Beheading of John the Baptist, hangs in Valletta’s St. John’s Co-Cathedral.

You can purchase non-SDA properties elsewhere in the Cottonera. In Vittoriosa, I was shown a two-bedroom duplex in a new residence on a section of seafront called “the Post of England.” The building has wrought-iron balconies, a traditional façade, and unobstructed views of Valletta and the Grand Harbor. The duplex costs $179,000 through Frank Salt. 

Also in Vittoriosa, Cassar & Cooper have a refurbished house of character featuring arches, wooden beams, original flagstones, a traditional balconied façade, and an inner courtyard for $214,000.

In Senglea, Perrys have an elevated seafront townhouse. It offers three bedrooms, two bathrooms, a roof garden with a BBQ area, views of the fortifications and the harbor / creek. The price is $153,000.
.

Tuesday, January 28, 2003 - 1 US Dollar = 0.40818 Maltese Lira - 1 Maltese Lira (MTL) = 2.44990 US Dollar (USD)  Temporary residents’ tax categories Married Couple Single Person First Lm   4,300  ($10,200)  Tax Free  First Lm 3,100 ($7,400)  Tax Free Next Lm   1,700   ($4,000)   @ 15%  Next Lm 1,000 ($2,400) @ 15% Next Lm   1,250   ($2,970)     @  20% Next Lm 900 ($2,140) @ 20% Next Lm   1,250   ($2,970)   @ 25%  Next Lm 1,000 ($2,400) @ 25% Next Lm   1,500   ($3,500)  @  30% Next Lm 750 ($1,780) @ 30% Over Lm 10,000 ($24,000) @ 35% Over Lm 6,750 ($16,000) @ 35%

Buying procedure and additional purchase costs After selecting a property, you pay 10% deposit. The buying procedure usually takes three months while a public notary undertakes title searches. The balance is paid upon exchange of contracts, which are in English. Additional expenses are stamp duty and transfer levy (5%); notarial fees (1%); Finance Ministry Permit (Lm 100 or $240).  Residency permits and taxation You don’t have to be a permanent resident to purchase property. Alternatives are as follows: Non-residents: Providing each stay doesn’t exceed three months, non-residents aren’t subject to local tax. However, like all foreign buyers, property purchased must exceed $72,000 for apartments and $119,000 for houses. This can include restoration costs. Temporary residents: Renewable every six months, an extended tourist permit allows you to stay longer than three months. Temporary residents only pay Maltese tax if their stay exceeds 182 days in one calendar year. Tax is payable only on remittances emanating from income—not capital. Many “temporary” couples import around Lm 4,500 ($10,900) annually. The first Lm 4,300 ($10,400) is tax free, with 15% charged on the remainder. If more money is needed, they charge items to their home credit cards.

International Living Editor’s note: If Steenie has tickled your fancy about Malta, you’ll be interested to know that we’ll be taking a group of subscribers to see this island nation from March 18 to 24, 2003. We’ll explore firsthand real estate opportunities and the great financial incentives that the Maltese government has put in place to attract foreign investors. For more information, contact Barbara Perriello, tel. (800)926-6575 or (561)243-6276; fax (561)278-8765; e-mail: Tours@InternationalLiving.com; website: www.ildiscoverytours.com - 
.
 

Want To Live Overseas ? Read The Best Of International Living Magazine - Free Articles From International Living! - The Magazine about Living Internationally - We have a large archive of International Living Articles on our website. International Living has seminars, overseas tours, timely information, classes, tips, hints, contacts, investment information, countless excellent articles, classifieds and a wide range of resources for relocating worldwide. We also have information on Subscribing To International Living.  If you want to live overseas or retire overseas, International Living is very highly recommended.

< Send a Letter to the Editor > < Subscribe  > < Submit An Article >< Disclaimer>