leslie Pavia (Pavia Properties)

We can help you to find your retiering or investment home, in the sunny island of malta.

Get to know leslie Pavia

Our Important mission

Our mission is, to offer all-round assistance to property owners and property seekers from fundamentals to finishing touches. We offer to investors a range of investment properties in malta, from small retail units to large investments, like shopping-centres, office blocks and industrial buildings, hotels, development land, residential buildings, companies and shareholdings. Our property prices are the lowest on the island because, we only charge 1% commission of selling price. This is an advantage for both sellers and buyers, buying and selling through us, means saving money.

 

 On rented properties our fee is equivalent to one month's return, which is shared equally between landlord and tenant.

Values Statement

This Values Statement serves as a framework to guide the daily actions and decisions we take, to represent the standards in dealing with clients.

1:  A Commitment to Excellence

We are committed to be of service in as effective and efficient a manner as possible and in accordance with our overall mission.  

2:  A Commitment to Be Customer- Centric

We are committed to put our customer at the very centre of our activities.

3:  A Commitment to Ethical Behaviour

We are committed to conduct our business with the highest professional and ethical standards and to keep all customers data entrusted to us strictly confidential.

4:  A Commitment to Personal Growth and Well-Being

We are committed to an environment characterised by continuous learning, an entrepreneurial spirit and a team orientation. In addition, we are committed to an environment that is willing to allow for a healthy balance between our professional and personal lives. This commitment will enable us to attract and retain the best-qualified people and create a workplace of which we can be proud and where we can enjoy our work, always while seeking to carry out our mission.

Certifications

Expenses connected with the acquisition of property: Duty on documents 5% Notaries fees 1% (approx.) Searches & Registration Lm200 / €465.87 (approx.) Ministry of Finance fee Lm100 (€ 232.94)

N.B. The above expenses are the liability of the purchaser, while brokerage fees due to the estate agency are borne by the vendor.

Conditions for non-Maltese citizens

 

Individuals who are NOT citizens of a European Member State may acquire immovable property after they obtain the relative permit in terms of Chapter 246 of the Laws of Malta from the Ministry of Finance.  Citizens of all European Union member states, including Maltese citizens, who have not resided continuously in Malta for a minimum period of five years, require a permit under chapter 246 of the laws of Malta to acquire immovable property for secondary residence purposes i.e. holiday homes. The relative permit will be issued usually within 6 weeks, under the following terms and conditions:a) The value of the property purchased must be above Lm42,519 / €99,000 in case of Apartments/Maisonettes and Lm70,845 / €165,024 in case of houses. These values are index linked and thus may be subject to revision.b) The property has to be used solely as a residence by the applicant and his family. This condition will be waived once the applicant obtains the relative permit to rent the property. c) The immovable property purchased may not be sold or otherwise converted into more than one dwelling house.

The above-mentioned individuals may only own one property in Malta and Gozo (except in special designated areas where one may purchase more than one property). Once these applicants have purchased a property in Malta and wish to acquire another one after having sold the first one, they may do so after obtaining permission from the Ministry of Finance. Applications for permission to acquire another property are normally favourably considered. Permission will be granted subject to the first property being sold.

Citizens of all European Union member states, who have resided in Malta continuously for a minimum period of five years at any time preceding the date of acquisition, may freely acquire more than one immovable property without the necessity of obtaining a permit. EU citizens, who have NOT resided in Malta for at least five years, but have the intention of purchasing their primary residence i.e. take up residence in Malta, do not require a permit, under chapter 246. Nor do they require such a permit to purchase immovable property required for their business activities or supply of services.

 

 

 

Acquisition by Bodies of Persons

•·          A body of persons, other than a commercial partnership, established in and operating from a European Union member state may freely acquire immovable property that is required for the purpose for which it has been set up as long as it is directly controlled by citizens of a European Union member state who have resided in Malta continuously for five years.

A commercial partnership established in and operating from a European Union member state (therefore including Malta) may freely acquire immovable property that is required for the purpose for which it has been set up as long as such partnership is controlled by and at least 75% of its share capital is held by a person (or persons) who is a European Union member state citizen and who has resided in Malta continuously for five years. Any other body of persons will require a permit, which is only granted if the property is required for an industrial or touristic project or as a contributor to the development of the economy of Malta.  Permission may be refused for the purchasing of a property, which is considered to be of historical interest.

Renting conditions:

Owners of property may rent their property as long as letting licence is obtained from the Ministry of Tourism. Licence will be issued once the property meets first class standard requirements or consists of a villa with a pool. Properties may be rented under a long let or holiday licence.

For details of licence fees and application forms please visit Malta Tourism Authority website:

http://www.maltatourismauthority.com/index.pl/licences_application_forms
http://www.maltatourismauthority.com/uploads/47/8/holiday_premises_regulations.pdf

Lessors would have to register with the VAT and Income Tax Department.

Income Tax Implications

Income derived from the letting of immovable property can be of two types - investment income and income derived from a trading. Typically, the difference between the two is distinguished by whether the rental agreement is for short periods (usually for furnished premises for a few weeks or months) or for long periods. The tax deductions taken against these two types of rental income is different. Any expense incurred in the production of income derived from trading rental income is an allowable tax deduction, given that upon demand, the taxpayer would be in a position to present to the Inland Revenue Authorities supporting documentation. In the case of rental income derived from long lets where the rental activity is not a trade, the allowable deductions are (1) the MTA (formerly HCEB) licence fees if any, (2) ground rent and rents payable on property rented out, (3) any interest incurred on a loan specifically taken to finance the purchase (and perhaps the renovation) of the property from which rental income is derived, and (4) a further deduction equal to 20% of the rental income received less rents and ground rents payable and less the MTA licence fees.


Rental Income will be charged as follows:

Tax Rates for Residents:

"Married" Rates First  Lm4,500 (€ 10,482) Nil Next Lm3,500 (€ 8,153) 15% Next Lm2,000 (€ 4,659) 25% Remainder  over Lm10,000 (€ 23,294) 35%   "Single" Rates  First Lm3,250 (€ 7,570) Nil Next Lm2,250 (€ 5,241) 15% Next Lm1,250 (€ 2,912) 25% Remainder  over Lm6,750 (€ 15,723) 35%   Tax Rates for Non-Residents(Married & Single) First Lm300 (€ 698.81) Nil Next Lm1,000 (€ 2,329) 20% Next Lm2,000 (€ 4,659) 30% Remainder   35%    

Through our Letting and Property Management Department, we provide an extensive service to landlords, which include applying for the necessary letting licences, preparing the property to meet MTA standards, organize an inventory, collection of rents, payment of bills, as well as general management and maintenance of the property throughout the year. We can handle just about every crisis with minimum fuss and expense, while ensuring that you achieve the highest return for your property.

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  • English