Buying, selling or owning luxury property in your own country is something that is never done lightly. This major financial investment requires planning and research if the final purchase is to meet your wishes and to be acquired with the minimum number of problems. Knowledge of the buying and selling process in your own country automatically helps to eliminate some problems, particularly if you are used to this kind of investment.
However, buying property in another country like Malta where you are not familiar with the laws, customs and culture requires more background research whether this purchase is your first large investment in another country and particularly if this is your first large investment, full stop. Whether you choose to buy your property through your company, or money manager or as an individual it is useful to be aware of what the process involves. Knowing where and how your money will be invested, the legal and practical issues involved, understanding the small print and the details are obviously part of sound financial planning and execution even if you involve other professionals in the process.
However, cultural differences are potentially overlooked as you get caught up in the excitement of purchasing your dream marina apartment or your conference centre on a sprawling estate.
In the initial stages you will have addressed questions around whether the luxury property or real estate suits your needs .
· The purpose of the property, a primary residence, business, second home.
· The type of luxury property, a villa, country house, a castle, a chateau.
· Is it within my budget?
· Physical location, urban or rural area? Sea view or in land.
· Will I be staying there all year round or just part of the year?
· Will I need to employ staff from the locale to maintain my home/ property?
· Will I need local staff to run my business?
· Does the climate suit me?
· What is available for me to build my social life?
· Do I want this country to be my permanent residence?
· Are there tax benefits?
And the list goes on…..But how can you really know the impact of local culture and custom on your new life or business in an unfamiliar country? You can read books, get information by exploring the internet, take a few holidays, speak to a reputable real estate agent. A great insight can be gained by reading about others who have pursued the same dream or investment project as yourself.
Articles and books highlight the joys and pitfalls of moving abroad whether the projects involve small or large financial investments. A lot can be gained by learning from those who have already trodden the path. Taking a few holidays in a particular place may have whetted your appetite and fired your enthusiasm to make a move to a new country. Whether you were led to invest abroad to live there or to diversify your portfolio, the bottom line is you will invariably meet and possibly work with people who experience the world in a different way. On a positive note, the food maybe different, the sights maybe different, the local customs and practices may intrigue and fascinate you if you are merely observers or enjoying the activities and services offered. But can you always assume that people from other cultures work in the same way that you do, share the same values and morals as you, even have the same concept of time as you? Not everyone adheres to the time is money rule.
Do your homework, speak to a local real estate agent and look for a property that in the eventuality you might need to rent out for whatever reason.
Different cultures do business in different ways and may have varying ideas about the value of truth and integrity in the way they go about their lives. People in rural areas may not even share the same view of the world as their own country folk working in big metropolitan cities. The most obvious difference is language and it is at the heart of understanding all that has been mentioned previously. Luckily in Malta 95% of the population speak in English.
Other Benefits of the country are as follow’s:
· A pleasant climate and a hospitable English-speaking people.
· Clear blue, Mediterranean Sea
· A peaceful and safe environment with very little crime & a high standard of living.
· A rich cultural and historical heritage.
· Tax benefits.
· Favourable, tax-friendly procedure for moving your possessions into and out of Malta.
· Favourable double-taxation agreements with key countries.
· A highly respected jurisdiction for incorporating low-tax companies
· Excellent banking centre with the presence of major international banks
· Excellent access by Sea and the Malta International Airport
· Political stablility
· Reasonable cost of living
· Excellent English speaking schooling built on the UK system and standards
· Very good residency conditions