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GOZO Properties
Gozo Real Estate

Gozo introduction and guides for foreign buyers.

Gozo is the second largest island of the Maltese archipelago that consists of three islands known as Gozo, Comino and mainland Malta. Roughly circular in shape, 14km by 7km in area, Gozo is hilly and from the south-west to the north-west, the coast is entirely surrounded by cliffs. The hills of Gozo are curiously rounded and flat-topped, the result of hard rock lying on top of softer rock.

Gozo is rural and simple, its culture and way of life rooted in fishing, and in primitive pastoral and agricultural activity. Gozo though separated from mainland Malta by a 5km stretch of Mediterranean sea is distinctly different from Malta. The soil is fertile and Gozo always looks greener for most part of the year.

 

         Mgarr Harbour - Gozo

Gozo's popoulation of approximately 29,000 is not so much in evidence, except in the bustling little square in what makes for the main town, Victoria, so named in 1897 in honour of Queen Victoria's jubilee. There is no fear in walking about at night. The sense of safety and security is tangible. The people of this island take pride in the absolute absence of muggings and the almost non-existence of theft.

Gozo is tranquil, and treasures its peace. For some the silence can be overwhelming, but not to those for whom it spells a blessed respite from the trials and tribulations of everyday life. Gozo is not for those who like wild clubbing, but for those who treasure their peace of body and soul and a slow rhythm of life, although a couple of excellent night spots are a hive of activity among the locals. The island is well served by restaurants, where the eating is good and varied.

Gozo and its inhabitants have their own distinct character and identity, and noticeably different lifestyles, accents and dialect. Gozo is peaceful, but it is not isolated, and the newspapers, even the foreign ones, get there in time, which may be bad news for visitors who want to escape the headlines from their own country. But as they say, no man is an island and where better to communicate than over a beer or two, accompanied by bowls full of roasted peanuts and some sun-dried tomatoes?

Change is slow in Gozo, which adamantly sticks to its tortoise-like pace. Gozo has still succeeded in retaining its dream-like qualities of peace and solitude.

Extracts from "Gozo Island of myth and mythology" - gozo tourism association.

 


Foreign Buyers

Malta's permanent residents scheme is a popular one initiated in the early 1960's. Permanent residents are individuals who were not born in Malta and who hold a residence permit issued by the "Expatriates and Nationality Division of the office of the Prime Minister".

A prospective applicant must provide proof that he has worldwide income in excess of Lm10,000 (Lm=US$2.25 approx.) or a worldwide capital in excess of Lm150,000 and that he is able to remit into Malta a minimum annual income of Lm6,000 plus Lm1,000 per dependant. Within 12 months of obtaining the permit, one of the following three conditions must be met:

Either (a) the purchase of a flat in Malta worth at least Lm30,000 

     or   (b) the purchase of a house in Malta worth at least Lm50,000

     or   (c) the rental or lease of a property for at least Lm1,800 per annum.

A permanent resident is liable to income tax in Malta on a remittance basis. Every calendar year there is obligation to remit to Malta from overseas a minimum income of Lm6,000 plus Lm1,000 for each dependant.

Income remitted to Malta is chargeable to income tax at a flat rate of 15% with a minimum of Lm1,000 per annum. Whilst the permanent resident may be eligible for double tax relief his annual income tax liability may never be less than Lm1,000.

There are no death duties in Malta and a permanent resident is exempt from taxation on capital gains arising outside of Malta even if the gain is remitted to Malta.

Foreign buyers may import free of duty, furniture and other personal effects as well as motor vehicle, provided this is done within six months of taking up residence in Malta.



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