REAL ESTATE & RESIDENCY

Real Estate is one of the firm’s mainstays acting as it does in respect of some of the larger real estate deals on the island. The firm also regularly acts for non residents acquiring property in Malta. Since 1974, foreign persons wishing to buy property in Malta were required to obtain an “Acquisition of Immovable Property Permit”. With effect from the 1st May 2004, the date on which Malta acceded as a full member of the European Union, the acquisition of a primary residence in Malta by EU citizens has been facilitated to a large extent. However, specific restrictions still apply to the acquisition of secondary residences in Malta by EU citizens who have not resided in Malta for at least five years.

Galea Salomone & Associates also has an active practice in inheritance-related issues involving personal estate planning, ascertainment of estate assets, post-mortem testamentary searches, formal appointment of testamentary executors, opening of succession proceedings, causa mortis transmission of shares and immovable property and division of inheritance assets.

Insofar as residency issues are concerned, Galea Salomone & Associates provides advice and assistance relating to the obtaining of a permanent residence permit in Malta, issued in terms of the Immigration Act. The acquisition of permanent residence in Malta may confer on its holder advantageous tax-planning benefits.