The answer to the question on the differences between holiday lettings Malta and long let Malta seems obvious. The duration for the lets is shorter in case of the holiday letting. The rent is also higher for the first option. People come to this island country for holidays, not exceeding the duration of two to three weeks. Tourists who have big families, group travellers, couples seeking privacy or backpackers all prefer holiday lets instead of hotels because of varied reasons.
Due to the current booming economy of Malta, there is an increasing demand for quality rental accommodation. People who have a property anywhere in Malta now prefer to develop it for lettings, either long term or for vacationers. Investors are also putting their money in buy-to-let properties. For investing in holiday lettings Malta and long let Malta one should be however aware of the legal requirements, including VAT, licences and tax implications. For example, when you are renting out your property for long-term tenancy, they can either pay 15% tax on flat rate as final tax on the total rental income or opt for progressive rates of tax.
The Government has specific rules for these two types of properties: holiday lettings Malta and long let Malta. Adhering to the rules is important for the owners as well as for the person renting the property. It is not always possible for a tourist to find out all these legal details. If they want to stay legally protected they should contact reputed letting agencies or search classified ads published in online marketplaces.
When you rent out your property for long let Malta there are some legal responsibilities that are expected from you. For example, you should enquire from them if they have applied for MIIP or Malta Individual Investor Programme, which is a citizenship scheme. Also, have they signed an employment contract for at least one year? In this case they will be eligible for long lets as opposed to holiday lettings Malta. This is to be checked for a student also who has taken admission in some Malta university course that is longer than one year. If the renter has been in the country for at least 12 months or holds a Maltese passport or ID Card he can also opt for long lets.
The Malta Tourism Authority or MTA has strict guidelines for holiday lettings Malta. For example, the property should qualify for sustainability management, waste management, controlled use of chemicals, energy and water consumption, maintaining air quality and avoiding noise pollution etc. For the owners, communication with the customers is also closely monitored. So, as we started our article, the difference between long let Malta and holiday lettings is not just the duration of the rent. There are other critical factors involved here. We advise you to be on the right side of law and ensure that your property is safeguarded in all respects.
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