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Palazzo Nasciaro, Naxxar, Malta

€6,850,000

Palazzo Nasciaro, originally constructed in the 18th Century, is a Grade II listed National Monument which has been meticulously restored over the course of seven years. Located in the heart of Naxxar, one of the oldest inland villages on the historic Mediterranean island of Malta, this wonderful seven-bedroom palazzo revolves around a grand central courtyard and so offers total privacy.

  • 7 Bedrooms
  • Balcony
  • Interconnecting apartment
  • 7 Bathrooms
  • Roof terrace
  • Heated swimming pool

As well as an indoor heated swimming pool entirely clad in stone, the palazzo benefits from a 250 sqm roof terrace that is shielded from neighbouring buildings. The property is also equipped with all modern conveniences, including underfloor heating, air conditioning, solar panelling and Wi-Fi.

History Although its original foundations date back to far earlier times, the palazzo itself was designed by the renowned Maltese architect, Francesco Sammut, and thereafter, refined by his son, Giovanni, who is responsible for the magnificent Rococo façade and elaborate carvings. Palazzo Nasciaro has not only provided a home for generations of the Sammut and Amato families, but during the Second World War, the hand-excavated labyrinthine underground shelter served as a hospital ward.

Key Features - Grand Entrance Hall leading to ancient central courtyard with Bacchus wall fountain - Four storeys - Arched indoor heated swimming pool, entirely clad in stone - Arched enfilade to right of courtyard: kitchen, breakfast room, drinks room, dining room, study and TV room, ending in jasmine-scented rear yard - To right of courtyard: sitting room, book room, cloakroom and entrance to swimming pool - Principal stone staircase - Juliet balcony and terrace on the first floor with three en-suite bedrooms and a library - Mezzanine floor (originally the dovecote) now converted to two bedrooms and a bathroom - Interconnecting apartment with bedroom, adjoining bathroom, kitchen, living room and independent street entrance - Extensive underground shelter - Bespoke decorative hardware and bathroom fittings imported from London and Paris - All floors variously paved in Gozitan hardstone and local Maltese stone - 700sqm interior space, 500sqm exterior space - 250sqm roof terrace

Malta’s tax system

Malta is a tax efficient country with no wealth, inheritance, capital gains or annual property taxes. Resident citizens of Malta are taxed on their worldwide income, at progressive rates from 0% to 35%.

However, for foreigners there is a remittance-based tax system, whereby they are only taxed on their income from work sourced in Malta and income sourced from outside of Malta is tax-free, providing it isn’t remitted into the country.

The Malta Individual Investor Programme

Under Malta’s Individual Investor Programme, individuals and families can receive full EU citizenship to those able to invest at least €1.15m in the country, through a contribution of €650,000 to the Government’s National Development and Social Fund, through other contributions and due diligence fees and by keeping a property in Malta of a minimum value of €350,000 for at least five years. There is a strict vetting and due diligence process associated with the Programme and applicants must have been resident in Malta for at least one year before citizenship can be granted.

Please note: This article reflects Aylesford’s current understanding of tax legislation in Malta. It is offered for general guidance only; specialist legal and tax advice should always be taken for any property transaction.

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