Malta has the lowest inflation in eurozone - Times of MaltaLast Updated on 23 January 2012
 Malta registered the lowest rate of inflation in the euro area in December, according to data issued by Eurostat. The EU’s statistics office said the island’s inflation stood at 1.3 per cent, 1.4 per cent below the average in the 17-member eurozone. The rate of inflation in December was, in fact, the lowest registered in Malta for the year, after the island registered a significant four per cent inflation in 2010. Across the EU, the lowest annual rate of inflation last month was seen in Sweden (0.4 per cent) and Malta and Bulgaria (two per cent), while the highest was in Slovakia (4.6 per cent), Poland (4.5 per cent) and Cyprus (4.2 per cent). Fuel used for transport, heating oil and gas and electricity once again had the largest upwards impact on the EU’s inflation rate. Posted in: About Malta Malta becomes biggest ship registry in Europe - Times of MaltaLast Updated on 23 January 2012 The Maltese shipping register, confirmed as the largest merchant flag in Europe by Clarkson Research Services, has seen a continuous increase of superyacht registration. Photo: Jason Borg
For the first time in its maritime history, Malta has been confirmed as the country with the largest ship register in Europe. Following a 16 per cent increase in tonnage, the island surpassed Greece By the end of the year, 5,830 vessels – a total of 45.6 million tonnes – were registered under the Maltese flag, Transport Minister Austin Gatt has said. “Following a 16 per cent increase in tonnage, the island surpassed Greece for the first time. Although it’s the smallest European country, Malta has the seventh largest ship register in the world,” he said. Dr Gatt said that during 2011, the Maltese shipping register generated over €12 million in revenue for Transport Malta alone. This significant achievement was mainly attributed to the register’s high-service quality which attracted reputable companies, Dr Gatt added. Applicants had to pass through a rigorous selection process and not every owner who expressed interest in joining the register was accepted. The condition and the age of prospective members are a major factor in the determination of whether they would make it to the register. Malta’s register listed various types of vessels, including cruise liners like the Royal Caribbean, and super yachts, which registered an increase of 18.6 per cent over the previous year. The Promise of Sale Agreement by Dr Notary Clinton Bellizzi B.A., LL.D.Last Updated on 03 January 2012
In sale of immovable property there needs to be an agreement in writing (private writing) specifying:
1: The Parties
Identification of parties: by means of ID cards/passports, father's name and surname, mother's name and surname, place and date of birth and current address with telephone number and email.
If Sellers are non-Maltese Citizens/residents or intend to leave the island before filing the following year's Income Tax return (June) a special Tax Clearance from the Commissioner of Inland Revenue (CIR) has to be applied for Sellers to authorise Notary to apply in their name.
If Buyers are non-EU residents, or EU residents who have not resided in Malta for over 5 years or do not intend residing in Malta as their ordinary residence then an Acquisition of Immovable Property (AIP) application must be filed (POS to include this condition).
Current Minimum requirements: €101,551 for flats/maisonettes and €169,205 for any other property; exceptions: Special Designated Areas (SDA).
2: Object
Precise identification and description of the property to be transferred including any rights/servitudes, restrictions, accessories. Ideally, one should have a copy of the Seller's title deed and take the description from it - one cannot sell more than what one actually owns.
3: Price/Consideration
One has to determine exactly what the consideration for the sale is - amount, currency, modality of payment - Balance of Price on final deed?; Part Exchange; split pricing for movables / works (fiscal implications)
Deposit: not a requirement at Law - customary to deposit 10% as a sign of goodwill on part of Buyer Deposit vs Earnest (Kapparra).
4: Validity
If nothing is mentioned in the POS - term is for 3 months ex lege. However, if no time limit is set and the POS is made subject to a suspensive condition (eg: Development / Building Permits) then Courts have interpreted this time limit to start running from when the suspensive condition verifies itself. If any of the parties does not appear on the final deed for no reason valid at Law – a Judicial letter demanding specific performance must be sent before the expiration of the term. Court case to be filed within 1 month otherwise POS is technically and legally expired - this procedure should NOT be used to extend the time limit in bad faith.
5: Other conditions
6: Registration
Parties to POS are to authorise Notary to register agreement with CIR in their name within 21 days. Payment of 20% of Duty on Documents due with registration. Any extension to original POS is also to be registered within 14 days. Any amendments to POS (price, property, parties) is to be notified in writing to CIR prior to publication of Final Deed.
Conclusion as Usual Category: Purchasing property in Malta Where is: http://77greatestates.wordpress.com/2010/06/01/purchasing-property-in-malta/ Posted in: Purchasing Property in Malta |
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