Updated: Nov 29, 2021
The generous tax reductions when buying or selling a property in Malta have been extended until 31st December 2021 to register a promise of sale, on the condition that the final contract is published by June 2022.
These reductions can save thousands of euros so now is the time to buy or sell!
The main highlights as announced in the last budget include the following.
First-time buyers have their 'free tax' portion increased from €175,000 to €200,000
Property Inheritance tax exemption on property donations increased to cover the first €250,000.
Reduced taxes extended till June 2022 (when Promise of Sale is signed before 31-12-21) where buyers pay a reduced stamp duty of 1.5% (from 5%) on the first €400,000 value of a residential property and sellers pay a reduced property tax of 5% (from 8%).
Reduced tax when one assigns a promise of sale where the 15% tax now covers the whole value of the sale.
Remember that the promise of sale (Konvenju) has to be registered by the 31st December 2021 so don't leave it until the last day. Act now!
For more detailed information and advice CONTACT ME and I will be able to guide you.