Climate
Malta’s climate is typical of the Mediterranean - very sunny with a daily average of five to six hours sunshine in mid-winter to more than 12 hours in summer. Winters are mild, with the occasional short chilly period. Summers are hot, dry and very sunny and the extended summer period is usually from about late May to mid October. Annual rainfall is low, averaging 578mm a year, and the length of the dry season in summer is longer than in neighboring Italy. The peak beach season can even last until mid- to late October.
Currency, Credit Cards & Banks
As from 1st January 2008, Malta has adopted the EURO (€) as its official currency taking over from the Maltese Lira (Lm). Exchange control regulations have been removed. However, any person entering or leaving Malta carrying cash or other monetary instruments, the value of which is equal to or in excess of €10,000.00 (Ten Thousand EURO), will be obliged to fill in the appropriate decleration form available from customs.
Merely for indicative purposes, the exchange rate utilised when converting the Maltese Lira to the EURO is of 1 : 0.4293
Government
The Maltese Islands are an independent, constitutional republic.
The President is the head of state. His role is essentially ceremonial as executive power lies with the prime minister and the cabinet. Depending on the electoral results, between 65 and 69 members sit in the House of Representatives, Malta’s Parliament. Members of the house are elected by universal suffrage every five years. The last elections were held in 2004.
Language
The national language is the Maltese language, which language is of Semitic origin written in the latin script. Over the centuries, it has evolved to incorporate many words derived from the English, Italian and French languages due to the various influences over the years. Notwithstanding Maltese being the national language, English is considered the second official language here, with the language being spoken and understood by most. Malta became a full member of the European Union on 1st May 2004.
Driving
In Malta, driving is on the left. There are speed limits of 64 kph on the open road and 40 kph in built- up areas. Comprehensive insurance is advisable. National or international driving licences accepted.
Time Difference
Malta is on Central European Time (CET), which is 1 hour ahead of GMT in winter and 2 hours ahead between the last Sunday in March and the last Sunday in October. Malta is 6 hours ahead of Eastern Standard Time (EST) in winter and 7 hours ahead between the last Sunday in March and the last Sunday in October.
Useful Information
Full country name: Republic of Malta
Area: 320 sq km (124 sq mi)
Population: 391,700
Capital city: Valletta (pop 92,000)
People: Maltese
Languages: Maltese, English and Italian
Religion: Roman Catholic (91%)
Government: Parliamentary democracy
President: Eddie Fenech Adami
Prime Minister: Lawrence Gonzi
GDP: $5.3 billion
GDP per head: $13,800
Annual growth: 4%
Inflation: 2.8%
Major industries: Tourism, electronics, ship repair, construction
Major trading partners: Italy, Germany, UK
Member of EU: yes
BUYING PROPERTY IN MALTA
Promise of Sale
Upon selecting a property, the buyer enters into a 'promise of sale' agreement with DB Properties Ltd. This is valid for three months unless otherwise stipulated. At this point an amount equivalent to 1% stamp duty is paid by the buyer and held by the notary as well as a 10% deposit on the total purchasing price.
Notarial investigations and bank loans
Within the three months or within the term agreed in the promise of sale, the buyer's notary will research the history of the site and validity of sale. The notarial fees are at the client's expense. Should a loan be required a bank's sanction letter will be required within one month of signing agreement - this letter confirms that the bank is willing to offer the loan to the client. All bank charges are at client's expense.
Contract
Upon expiry of the promise of sale, both parties sign a public deed that will be duly registered by the notary in the public registry. The balance due is also paid at this point, together with a further 4% stamp duty on the sale.
DB Properties
No 28 KB House,
St. Helen Street,
Mellieha MLH 1012
Malta
