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Malta Budget 2023
PROPERTY-RELATED MEASURES IN THE 2023 BUDGET
Here is a summary of the new property-related measures announced recently in the Malta Budget 2023:
- Removal of Stamp Duty & Capital Gains Tax on qualifying property types when buying or selling by the extension of existing property schemes to the value of €750,000. This applies to transfers made by the end of 2024 and covers Urban Conservation Areas (UCA’s) or real estate where the construction was completed at least 20 years before the date of transfer, or have been vacant for 7 continuous years leading up to the transfer.
- Deposit Payment Scheme available for persons under 40 to help with the initial deposit will increase from €17,500 to €22,500 with a maximum property value of €225,000
- The Stamp Duty exemption for first-time buyers (threshold €200,000) and second-time buyers (refund on duty paid on the first €86,000 for the replacement property and Gozo properties) will be extended to the end of 2023.
- First-time buyers can benefit from a €10,000 grant payable over 10 years (if the property does not exceed €500,000) to help with home loan repayments. There is also a restoration/improvement VAT refund of up to €54,000 (for qualifying properties).
For more information about any of the above please contact one of our highly experienced team members via the contact details listed below:
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