Island Properties

  • Home
  • Property Listing
    • Simple Listing
  • Malta Property News
  • Pages
    • To Let
    • For Sale
    • Miami City
  • Types
    • Villa
    • House
    • Apartment
  • Submit Property
  • My Properties
  • Gallery
  • Contact Us
  • About Us
  • Property Letting in Malta
  • Buy to Let Malta
  • Property Management Services
  • Property Consultancy Services
  • About Malta
  • Guide to Letting Property in Malta
  • Guide to Buying and Selling
  • Property Investment in Malta
  • Testimonial
  • Careers
  • Office Administrator
  • Real Estate Agent Job Opportunity
  • Testimonials
  • Sitemap
  • Rooms Malta
  • Interior Design
Submit
Island Properties

  • Home
  • About Malta
    • Guide to Letting Property in Malta
    • Guide to Buying and Selling
    • Property Investment
  • Properties
  • News
  • About Us
    • Property Letting in Malta
    • Rooms Malta
    • Buy to Let Malta
    • Property Management Services
    • Property Consultancy Services
    • Interior Design
  • Careers
    • Real Estate Agent Job Opportunity
    • Office Administrator
  • Contact Us
Submit

Malta Property News

Looking for certain features
Malta Budget 2017

Malta Budget 2017 at a Glance

By

Fred Grech

Posted in News On Oct 20, 2016

First-time buyers’ scheme extended

The first-time buyers’ scheme has been extended to acquisitions made for the year 2017. The scheme allows individuals who are buying their first residential property to benefit from a 3.5 per cent stamp duty exemption on the first €150,000 paid. First-time buyers of properties exceeding €150,000 will only pay a 5 per cent stamp duty. This translates into savings of up to €5,250 when purchasing your first property.

Restoration grants up to €100,000 for first-time buyers

A new budget proposal has provided for first time buyers of immovable property within any Urban Conservation Area or a number of scheduled properties to benefit from a subsidy of up to €100,000 on the expenses incurred throughout the restoration works of a property.

Stamp duty reduction on Gozo properties

Stamp duty paid on residential property in Gozo has been reduced from 5 per cent to 2 per cent. This applies to all those who acquire a residential property in Gozo by the end of 2018, provided that the promise of sale agreement is registered by the Inland Revenue Department by the end of 2017.

Changes in tax on the transfer of inherited property

All transfers of inherited property that are made through a judicial sale by auction will now be charged 7 per cent tax on the transfer value provided that the property transferred was inherited before 25 November 1992. In addition to this, an inherited property could be charged tax based on the applicable marginal rates on the gain derived, subject to the 7 per cent provisional tax, if the property transferred was inherited after 24 November 1992.

In order to consolidate tax collection, all transfers of inherited property by means of a judicial sale by auction will now be subject to a final tax rate of 7 per cent on the transfer value.

Anti-abuse on registration of rental contracts

Currently, there is a 15 per cent tax regime on the rental of residential or commercial property. In an effort to curb abuse, all property rental contracts, including those subject to renewal, pertaining to a duration of at least three months, are required to be registered with the Inland Revenue Department either by the lessor or lessee. In the event that a property rental contract has not been registered with the IRD, the lessor will be subjected to the penalties contemplated by law.

 2017, budget, malta, property

One Comment

  1. Rodianne Fenech

    on October 30, 2016 at 11:33 am said  

    Hi. Im Rodianne Fenech and we bought an old town house. With regards this Restoration grants up to €100,000 for first-time buyers can you explain further?

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Scan to contact us via Facebook Messenger

Island Property Messanger

Calculate Mortgage Payments

Featured Properties

Featured
View Property

Two Bedroom Apartment in Marsaskala

This property is an apartment located in the sea side area…

Bedrooms
2
Bathrooms
2
To Let

€800 Per Month

Featured
View Property

Valley-view Apartment in Msida For Sale

Large three bedroom, two bathroom apartment for sale in Msida.…

Bedrooms
3
Bathrooms
2
For Sale

€177,000

Scan to contact us via Facebook Messenger

Island Property Messanger

Find Your Home

Advance Search is already enabled in the header.

Featured Properties

Featured
View Property

Semi-Detached Villa in Madliena

A 4 bedroom 2 bathroom semi-detached villa located in the…

Bedrooms
4
Bathrooms
1
To Let

€2,795 Per Month

Island Properties

Island Properties Malta

Address:
Phone:
Mobile:
E-mail: info@islandproperties.com.mt

Popular Cities

  • Sliema
  • St' Julians
  • Swieqi
  • Madliena
  • Ibragg
  • Valletta
  • Mellieha

Menu

  • Malta Property News
  • Home
  • Property Search in Malta
  • Contact Us
  • About Us
  • Careers in Real Estate
  • Real Estate Agent Job Opportunity
  • Sitemap
  • Rooms Malta
  • Interior Design

COPYRIGHTS ©2019 | ISLAND PROPERTIES | ALL RIGHTS RESERVED

Customised by A-Design Lab

The Ultimate Guide To : Living Room Design MTA Logo MTA Standard Requirements for Holiday Apartments