3. Qualifying Property

3. Qualifying Property

3. Qualifying Property

Do Applicants need to own/lease property at application stage?

No. The Applicant has to own/lease property after receiving the Letter of Approval in Principle.

Can the Beneficiary sell or stop leasing the declared qualifying property during the first five years and replace it with another qualifying property?

Yes, as long as he/she continuously satisfies the qualifying property conditions.

Would the Beneficiary have to commit themselves not to sell the property for the first five years if he/she decides to purchase a property? How would this be monitored in practice?

No, the Beneficiary does not have to commit to retain the property which can, in reality, be sold as long as it is replaced by another qualifying property. The monitoring happens on an annual basis for the first 5 years and 5 yearly thereafter.

Are there any restrictions other than the ones in the Regulations? E.g., Would purchasing 5 rooms of a hotel and owning these for a period of 5 years, naturally without anyone else having access to the rooms in the meantime, qualify?

Yes restrictions do apply. No hotels, no offices, etc. The Main Applicant should lease or purchase a residential property that is fit to live in (e.g., a house, apartment or maisonette that is finished – i.e., not in shell or semi-finished condition).

Can an applicant buy a property for less than the required minimum on the condition that they spend additional money on it to increase the value to over the required threshold?

Yes, on the condition that such embellishment is carried out prior to the application being submitted and that the property is valued by an independent architect and documentary evidence relating to the embellishment is provided.

Would an Acquisition of Immovable Property (AIP) permit (to buy or rent) the qualifying property be required for a non-EU citizen who is applying under this Programme if the property is not in a ‘special designated area’?

Yes, the AIP permit is still required.

Would the minimum property requirements no longer apply, after a qualifying property has been held for 5 years?

The Beneficiary is not obliged to retain possession of the qualifying property after 5 years. However, to retain residency he/she must provide a suitable address in Malta.

Is it possible for the Main Applicant to first rent and then buy a property?

Yes, it is possible, as long as the qualifying criteria are satisfied in both stages.

Can the Main Applicant obtain a loan to buy the Qualifying Property?

Yes.

For any other questions that are not covered here, please contact us on info@nexiabt.com.


 

 

Disclaimer: This marketing material has been issued by Nexia BT, having registered address at The Penthouse, Suite 2, Capital Business Centre, Entrance C, Triq taz-Zwejt, San Gwann SGN 3000, Malta. Any information within this brochure should be taken as a general guide only and should not be taken as advice and its application to specific situations will depend on the particular circumstances involved. Readers are recommended to seek professional advice and should not rely on information provided in this brochure as a substitute for such advice. While all reasonable attempts have been made to ensure that the information contained herein is accurate, Nexia BT accepts no responsibility for any errors or ommissions it may contain, whether caused by negligence or otherwise, or for any losses, however, caused, sustained by any person that relies upon it. BTI Management Limited is a registered as a Company Service Provider by the Malta Financial Services Authority. BT International Limited is authorised by the Malta Financial Services Authority to provide fiduciary services which do not include acting as a Trustee. Both companies form part of Nexia BT Group.