Marvellous Malta

Julius Nehorai knows a thing or two about property. Although he has lived most of his life in London he has travelled extensively and lived in California between 1978 and 1990, but finally settled in Malta; the magical island in the heart of the Mediterranean.

"Property has always seemed to me a far safer investment than stocks and shares and as it has turned out - banking! My wife is Maltese but she had lived for 30 years in England so that was not what drew us to Malta, but there were lots of things that did.

"Initially we had planned to have a holiday home on the island but as it drew closer to completion I realised that by living in Malta nine months a year and the UK three months a year we could enjoy the considerable tax benefits. Also with the sunshine and the lower cost of living, there are no property taxes in Malta for instance, we couldn't fail to be content.

"Malta offers a very safe and secure environment and although the average wage is below the UK, you never see beggars on the streets. This is a very caring society probably because the island is relatively small so it still has a community feel about it which is wonderful."

If you start to analyse Julius' comments you will see why Malta is really becoming the place in which to live. Take the tax angle. The tax advantages for expats are exceptional.

Julius says: "This is a highly regulated and respected financial centre on a par with many better known such destinations. However, this is not widely known despite the fact that it is among the few in the EU."

Lifestyle is another reason for living in Malta. The sea is easily reachable from anywhere on the island and the laid back approach to life enables everyone to enjoy free time. Take for instance the shops - they open 9am to noon, close for siesta time, reopen at 4pm to 7pm and open for just half a day on a Saturday. In the summer most people stop early on a Friday and are off on their boats for the weekend.

The size of the island too is important as the efficient airport is less than half an hour's drive to most places making overseas travel an easy exercise. Says Julius: "I can arrive at the airport one and a quarter hours before take-off and still have plenty of time to spare in the departure lounge."

The island is just one hour time difference from the UK and three hours flight time so you can travel to London for the day on business.

The island is also completely English-speaking; it is an official language which means that all contracts, bank transactions and documents are drafted in English.

Financial security is even higher now that Malta is part of the EU. You buy in euros and then you can sell in euros. This can make a great deal of difference to buyers.

Currently Julius is living in a marina development but is in the process of moving to Tigne Point, the new urban development affording many home owners a great view over the sea to Valletta, a World Heritage City.

Tigne Point is well priced on the international scale coming in at around £3,000 per sq/m and the whole complex is car free with parking and roads underground. A fully-fledged clubhouse and retail and leisure mall will offer top health facilities, pools, restaurants and great shopping.

As a property investor Julius recognised that top class views, quality build, superior location and luxury amenities bring in buyers and protect investment. He, therefore, is confident that his new home at Tigne Point will not only bring him a wonderful lifestyle but also long term he realises that it can only appreciate in value. The property Julius and Rose have bought is a three bedroom, three bathroom, apartment with an extremely high specification. When completed in a few months time he reckons his home will be worth around 1.4million euros.

Concluded Julius: "For a property of 2,192sq/ft of living space plus a garden and swimming pool comprising 1,227sq/ft with a world-class view where else could you get value like this?

"Whether you have a young family and want to run your business from a centrally located European base or are edging towards retirement and feel the need for a complete change of pace, Malta is the answer."

Prices start from £350,000 for a two bedroom apartment and from £1,333,000 for a penthouse with lavish terraces and private pool.

For more information on Tigne Point log on to www.tignepoint.com or contact + 356 20655510

Next time you are rushing home on a Friday night and are stuck in heavy traffic in the rain, remember that out here in Malta we've all finished early and are having a sun downer on our boats!"