Malta has been listed among the most tax and visa-friendly places to buy a second home in Europe, according to London business newspaper City A.M.

“Malta has no wealth, inheritance, capital gains or annual property taxes, although foreigners are taxed on income from work sourced in Malta. Foreign nationals can purchase a second home if the value exceeds €107,670 for apartments and €179,400 for houses and stamp duty is also set at five per cent,” the report said.

It also highlighted the fact that individuals and families can gain full EU citizenship if they invest at least €1.15m in the country, as long as they have been resident in Malta for at least a year before being granted citizenship.

The report follows the announcement that a proposal to hike taxes on second-homeowners in Paris by nearly €2,000 has been approved and could come into law.

Other countries listed as tax and visa-friendly places for a second home in City A.M.’s report included Greece, Spain, Portugal and Italy.