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Malta’s real estate market is vast and varied, with properties available to suit all requirements. Yet making a large purchase or investment in order to obtain a dream home may require financial assistance. Various types of home loans are available in Malta, with banks such as HSBC, Banif, BOV and APS offering specialist service at competitive prices.

Property Bank Loans in Malta

Loans are developed according to the needs of the individual, so whether one aims to purchase a shell property or plot of land that is to be developed, or even a property that will serve as a second home or rental, it is possible to obtain a loan relatively conveniently.

For Maltese citizens, a home loan may offer up to 90% of the property’s total value, with the other 10% normally paid out of the buyer’s pocket as a deposit on the property. Loan repayment conditions may be spread over the course of many decades. Typically it is up to 40 years depending on the individual’s age, or up to the age of 65, and normally do not exceed 25% of the individual’s gross income.

The amount that can be loaned by the bank is calculated depending on gross annual income or joint annual income if a couple is applying, pre-existing loans and debt, affordability and expenditure. In addition to these factors, a life insurance policy and building insurance policy are compulsory in order to cover the replacement cost of the property.

First time buyers

First time buyers typically receive the most profitable home loan rates. There are specific loans that provide many benefits, including advantageous interest rates, deductions for multiple legal fees and a loan amounting to up to €150,000 which is repayable over 40 years. In addition to the home loan, but depending on the specifications of that particular loan, first time buyers are eligible to supplementary loan packages, which include the purchasing of furniture and appliances.

What is required to apply for a property loan in Malta?

The requires are different for Maltese citizens and non-Maltese residents.

Property loan for Maltese Citizens

For Maltese citizens, the following items are required:

• ID card or passport.
• Proof of income, such as tax returns or FS3 forms.
• Documentation of existing financial obligations, such as unrelated loans or credit cards.
• Documentation pertaining to life insurance policies, investments, assets and bank account statements dating back three years.
• An architect’s evaluation report of the property, including plans, permits and evaluation of costs.
• The deed of acquisition or preliminary agreement.

Property loan for non-Maltese residents

Non-Maltese residents are welcome to apply for local loans, and up to 80% of the property’s value can be covered. Typically, loan repayments do not exceed 30% of an individual’s gross income and may also be repaid over a period of 40 years (depending on one’s age) or up until the age of 65. Life insurance and building insurance policies are also required when applying for a loan.

The following must be provided when applying for a loan:

• Passport.
• Proof of income, including three income tax returns or three months’ pay slips.
• The deed of acquisition or preliminary agreement.
• An architect’s evaluation report of the property, including plans, permits and evaluation of costs.
• A banker’s reference.
• Any pre-existing mortgage, loan or current account statements.

Every individual has different circumstances concerning their case, so additional documentation might be necessary. Read more about the Legal Process for buying a property in Malta

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Malta is one of the few countries where the state funds public healthcare for all citizens through taxation and weekly national insurance contributions paid for by employers and employees. One may find both private and public healthcare sectors and presently, free healthcare is offered in 42 clinics, which are housed in 8 health centres.

Malta’s healthcare services

Malta’s main public hospital, Mater Dei, is the largest and most technologically advanced hospital in the country. It boasts over 800 beds, 25 operating theatres and a new oncology centre which is set to open in 2014.

The most recognized private clinic is St. James Hospital, which has numerous clinics offering a variety of services. These include cosmetic surgery, dentistry, eye surgery, obesity treatment and access to both general and specialized medical practitioners. All patients seeking private healthcare are required to cover the necessary payments, this can be done either through direct payment or private local health insurance policies.

Medical tourism has been growing steadily and is closely linked to private healthcare, offering both simple and complex treatment. Medical tourists normally enlist private services in order to avoid waiting lists. Given the high level of expertise offered by Malta’s most qualified specialists, together with its competitive prices and favourable climate, Malta is an idyllic place for treatment and recuperation. Choosing what type of care is needed depends on the individual’s desires, costs and waiting times.

How non-Maltese nationals can use Maltese health services

Most visitors to Malta buy private health insurance, but European Union nationals visiting Malta who are in possession of a European Health Insurance card (EHIC) may make use of public health services at no cost if they are injured or become ill. The EHIC does not cover persons travelling to Malta purely to seek medical treatment. Neither does it cover the medical transportation fees.

UK and Australian nationals who are in Malta for less than 30 days are also entitled to receive free healthcare. This is possible via a reciprocal health care arrangement between the countries.

Non-European Union residents or visitors to Malta who do not possess residency or do not pay national insurance will be responsible for covering all the costs of their treatment. It is advised that both EHIC and non-EHIC holders apply for Maltese health insurance. This is to guarantee full medical insurance coverage, especially in connection with medical expatriation, which can be very costly.

Health Insurance in Malta

Health insurance may be purchased from multiple local insurance companies. Prices are competitive, so researching and comparing costs are vital in securing the best policy per individual. It should be noted that this insurance does not cover pre-existing conditions.

In the case of a medical emergency, all patients are admitted and treated. Once the patient is stabilized, then measures will be taken to either prove their right to no cost care or to provide private insurance details or coverage.

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Modelled on the British system, the education system adopted by the Maltese island comprises two compulsory stages: primary education (from age five until age eleven) and secondary education (from age twelve until age sixteen). Following completion of secondary education, youths are free to choose whether to complete their education at a post-secondary, and eventually tertiary level; or they may opt to join Malta’s workforce. Almost every locality in Malta features at least one primary school, and most localities also feature secondary schools.

Types of Educational Institutions in Malta

There are three kinds of educational institutions in Malta and Gozo  which cater for compulsory education – private schools, government owned schools and church run schools. The benefits of private schooling in Malta is that your child will receive more individual attention to cater for his or her specific needs, as these schools tend to have more resources available than either state owned schools or church schools.

Secondary education includes a number of compulsory subjects, including mathematics, English, Maltese (for Maltese nationals), at least one science subject and one foreign language, and environmental studies. A number of elective subjects are also available, including various foreign languages and subjects across both the humanities and sciences.

MATSEC examinations

At the end of their compulsory education, before deciding whether to continue studying, students  sit for the matriculation certificate – known as the MATSEC examinations (a system based on the British O’level system). Similar exams at an advanced level are held should students choose to further their education at a sixth form, and are a pre-requisite for entrance to many courses at the University of Malta. You can find more information about MATSEC and A’level examinations here.

Post-secondary Education

Malta boasts one of the highest levels of post-secondary education in Europe, with over 11,000 registered students at the University of Malta alone. There are six sixth form colleges in Malta – St. Martin’s College; St. Edward’s College; St. Aloysius College; De La Salle College; G.F. Abela Junior College and Giovanni Curmi Higher Secondary School. There is also a state run sixth form in Gozo – Sir M.A. Refalo Post Secondary School.

Alternatives to sixth form is the Malta College of Arts, Science and Technology (MCAST), which offers higher education at various levels ranging from part-time evening courses, to university level degree course; or the Institute of Tourism Studies.

The University of Malta

Following completion of post-secondary education, many students opt to continue their studies at a tertiary level, where a number of options are available. The largest tertiary education institution is the University of Malta, boasting over 11,000 students at undergraduate, postgraduate and doctoral levels. Education at an undergraduate level is free of charge for all Maltese and EU nationals. Other tertiary level institutions include St. Martin’s institute for higher education and the European Institute for Education, as well as a number of smaller, privately run degree courses.

More and more students in Malta choose to complete their education at a Master’s level. Although many courses of which are available at the University of Malta, it is becoming common practice for students to seek higher education abroad – as the reputation of the University of Malta paves the way for admittance into an almost limitless number of postgraduate programmes.

Malta’s Government Education Incentives

Malta’s Government has always remained committed to furthering education levels, offering a large number of incentives to subsidise the cost of continuing education at a level required to maintain the country’s socioeconomic development across a huge range of sectors. This is evident in the consistently growth in the  number of annual graduates across all levels of education.

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