Pender Place and Mercury House have been made Special Designated Areas, which gives foreign owners rights they would not have if they owned property elsewhere – such as the right to sub-let.
Property owners – even those from EU member states – face some restrictions, and in some cases need to obtain a permit under Chapter 246 of Maltese law.
However, in special designated areas there are absolutely no restrictions to acquisition. There is also no restriction on acquisition through inheritance and there are also several other special exemptions. Different rules apply to the acquisition by bodies of persons.
So far there are 9 Special Designated Areas, all upmarket developments aimed at foreigners. Source di-ve
UPDATE February 4, 2010
Pendergardens is to hand over 126 finished apartments with garages to its new owners on time starting in April - The Times Business Week. Link to related Times of Malta article.
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