Common use of Malta Clause in Contracts

Malta. Purchase of property in the Maltese islands is regulated by the Immovable Property (acquisition by Non-Residents) act (Cap. 246 of the Laws of Malta). This act provides that: (1) a Swiss national may purchase immovable property in Malta to be used by such person as a residence (not necessarily a primary residence) provided such person does not already own another residence in Malta. Such purchases do not require the person to have a right of residence in Malta although they are subject to a permit which (with a limited number of exceptions specified in the legislation) may not be withheld if the value of the property is higher than an amount determined annually by an index (currently Lm 30 000 for an apartment and Lm 50 000 for a house). (2) Swiss nationals may also set up their primary residence in Malta at any time in accordance with the relevant national legislation. Leaving Malta shall not entail any obligation to dispose of any property acquired as a primary residence. (b) Swiss nationals who purchase properties in special designated areas established by the act (usually areas forming part of urban regeneration projects) do not require a permit for such purchases, neither are they limited in the number, use or value of such properties that they may purchase.

Malta. Purchase of property in the Maltese islands is regulated by the Immovable Property (acquisition Acquisition by Non-Residents) act Act (Cap. 246 of the Laws of Malta). This act Act provides that: (1) a A Swiss national may purchase immovable property in Malta to be used by such person as a residence (not necessarily a primary residence) provided such person does not already own another residence in Malta. Such purchases do not require the person to have a right of residence in Malta although they are subject to a permit which (with a limited number of exceptions specified in the legislation) may not be withheld if the value of the property is higher than an amount determined annually by an index (currently Lm 30 000 for an apartment and Lm 50 000 for a house). (2) Swiss nationals may also set up their primary residence in Malta at any time in accordance with the relevant national legislation. Leaving Malta shall not entail any obligation to dispose of any property acquired as a primary residence. (b) Swiss nationals who purchase properties in special designated areas established by the act Act (usually areas forming part of urban regeneration projects) do not require a permit for such purchases, neither are they limited in the number, use or value of such properties that they may purchase.