First time buyers scheme
Once again, the Maltese government has extended the first time buyers scheme for a further 6 months. The scheme allows the buyer to a stamp duty exemption on the first €150,000 of the value of the immovable property. This scheme, first introduced in 2014, was meant to close in June 2015; however it is now extended to the end of December 2016, with a maximum exemption of 5,000 euro.
Rental withholding tax
The government had previously declared a standard 15% withholding tax on rental apartments rented out by individuals. This scheme was aimed solely at individuals with companies still adding the rental income to . The new budget allows the same withholding tax for companies who rent out their properties.
Many times in Malta properties are left vacant because one property has been left to a large number of individuals who rarely all agree. Previously there was a 10 year delay should there be a dispute however the government has agreed to reduce the waiting time to sell the property to 3 years, if 51% of the heirs are in agreement
Reduction in stamp duty
Registration tax on properties or plots in Urban Conservation Areas have been halved to 2.5%. These properties are basically areas in Malta where the properties are protected and cannot be dropped down or the facade altered in any way.