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Maltese passport buyers majority prefer to rent property

31 May , 2016  

As reported by the Times of Malta, it appears that the overwhelming majority of those buying Maltese passports do prefer to rent a property as opposed to purchasing it.

As per information tabled in Parliament in response to questions by Nationalist MP Claudio Grech, 81 percent of those granted Maltese citizenship have signed five-year rent contracts to the tune of €21,000 a year.

Justice Minister Owen Bonnici has also said in Parliament that until the end of April, 143 applicants were given a Maltese passport. These included 116 who chose to enter into a rent contract rather than buying property. The remaining 27 opted to invest in a dwelling, on average investing about €950,000 each.Malta Property Rentals

Those buying a Maltese passport must meet a number of conditions. Among the conditions to be met is the acquisition of real estate with a minimum value of €350,000 to be held for at least five years or to provide proof of leasing residential immovable property for a period of five years at an annual rent of at least €16,000 a year.

Applicants will also have to pay €650,000 in cash and invest a minimum of €150,000 in stocks, bonds or special purpose vehicles, holding them for five years. According to Dr Bonnici, 667 individuals had applied to buy a Maltese passport as of last April. A total of 143 have been given the green light and granted Maltese citizenship while the rest of the applications were still being processed.

For more information, kindly direct your request to info@maltasothebysrealty.com.

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