South Africans are lining up for a piece of Malta property, according to Lance Cohen, luxury market specialist for Seeff Atlantic Seaboard.<\/p>\n
According to Cohen, the property group is getting as much demand for the little European country on the Mediterranean Sea as it is getting for some of the luxury suburbs on the Atlantic Seaboard, following several workshops\u00a0in Cape Town and Johannesburg late last year.<\/p>\n
Such has been the interest that Seeff said it has scheduled another round of workshops in Johannesburg (6th March) at The Protea Hotel, Wanderers, and in Cape Town at 15 On Orange on 8th March.<\/p>\n
Cohen says that aside from interest from urban buyers and investors, he is dealing with many enquiries from people who live on the South African countryside and upcountry areas such as Bloemfontein and the agricultural centres.<\/p>\n
Cohen said that the attraction of Malta is primarily because of its Euro-Zone status and people want access to that residency and possibly citizenship eventually for those who can afford it. “The appeal of the destination if multi-faceted, from holiday and retirement to permanent residence,” he said.<\/p>\n
“It also offers very affordable property options with pricing from around R3 million – R4 million, although you are looking at considerably more for the Citizenship by Investment programme.”<\/p>\n
Its Citizenship by Investment programme is very attractive because Malta is an EU country with a Euro-zone\/Schengen visa. A successful applicant and his\/her family gain the right to live, work and study throughout any of the 28 EU Member States as well as enjoying visa-free travel to over 160 countries including the US and Canada, Seeff said.<\/p>\n
Malta is seen as one of the most economic and politically stable and has a dynamic business and property market. It is easy to do business there, he said. The main language is English and the destination is very international with a large expat community.<\/p>\n
He said that the country offers tax advantages. It is currently going through a period of rapid economic growth with excellent investment opportunities. The economic growth rate is around 7% per annum while property prices are appreciating at rates of 6% to 7%.<\/p>\n
Aside from a favourable tax climate, there are no property or council taxes, nor any other costs usually associated with owning property. There are also no inheritance taxes. The property side of a citizenship or residence application is safe and straight forward.<\/p>\n