These Regulations define the criteria and guidelines for the designation of Special Designated Areas, which are exempted from the prohibition of acquisition of immovable property in Malta by non residents. The Minister of Finance shall issue an order designating an area as a Special Designated Area upon application by non residents who intend to acquire immovable property.
Implements: Immovable Property (Acquisition by Non-Residents) Act. (2005)
Amended by: Immovable Property (Designation of Special Areas) (Amendment) Regulations, 2007 (L.N. 320 of 2007). (2007)
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Great Britain formally acquired Malta in 1814. The island staunchly supported the UK through both world wars and remained in the Commonwealth when it became independent in 1964; a decade later it declared itself a republic. Since about the mid-1980s, the island has transformed itself into a freight transshipment point, a financial center, and a tourist destination while its key industries moved toward more service-oriented activities. Malta became an EU member in May 2004 and began using the euro as currency in 2008.
Malta is a parliamentary republic.