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Malta | Budget 2016 – First Time Buyers

Malta | Budget 2016 – First Time Buyers

Relevant Government Budget 2016 measures affecting 1st time buyers:

  • As from the 1st July 2015 to the 31st December 2016 first time buyers shall benefit from up to €5,000 in stamp duty on the purchase of immovable property.

On the 16th October 2016 the Inland Revenue Department issued a set of guidance notes on the First Time Buyers Stamp Duty Relief Scheme as announced in the 2016 Budget Speech.

General terms and conditions of the scheme

  • Applicable on transfers of immovable property made between the 5th November 2013 and the 31st December 2016 (both dates included).
  • The property must be the first immovable property acquired inter vivos by the purchasers (declaration to be included in the notarial deed).
  • The first €150,000 of the transfer value of the immovable property shall be exempt from duty on documents (stamp duty).
  • The benefit does not apply to promises of sale entered into before the 1st July 2013.

Promise of sale registered before the 1st July 2015

Purchasers will benefit for the relief of stamp duty only if the final deed of purchase is signed by not later than 31st December 2016.

Promise of sale registered on or after the 1st July 2015

Purchasers will benefit for a refund of the provisional stamp duty paid only if the final deed of purchase is signed, published and registered by not later than 31st December, 2016.

Deed of acquisition signed on or after the 1st July 2015

First Time Buyers will benefit for a refund of the duty paid or payable on the deed of transfer on the first €150,000 of the value of the immovable property if all the general terms and conditions are adhered to.

2 thoughts on “Malta | Budget 2016 – First Time Buyers

  1. I understand that this scheme is not for those who have a house already, otherwise it would be their 2nd house they are purchasing. I had purchased a house a long time ago, eventually sold it, I am now renting and now I want to buy a house which I am considering my 1st house. Does this scheme apply to me?


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