On the 30th September 2019, the Government has announced a scheme where people who own a property under title of temporary emphyteusis (temporary ground-rent) due to the Government of Malta, may apply for the redemption of this ground-rent. This scheme is open for residential properties as well as Summer residences. The applications together with the relative documentation can be submitted to the Lands Authority. Amongst the documents needed to apply for this scheme are copies of contracts, a sworn declaration, a plan and photo of the property, copies of ID cards and copies of utility bills. The prices for redemption vary depending on the amount of ground-rent due as detailed in the guidelines published by the Lands Authority.
More details about this scheme can be found here.
https://landsauthority.org.mt/purchase-of-the-temporary-directum-dominium/
During the Budget speech 2020, it was announced that with immediate effect, first-time buyers will not pay stamp duty tax on the first Eur 200,000. This has been extended from the value of Eur 175,000 as the scheme previously provided.
The scheme is open to all EU citizens who are acquiring their first ever immovable property anywhere in the world and who declare their intention to establish their sole ordinary residence in the property being acquired.
During the 2020 Budget speech, it was announced that from 01/01/2020, cash transactions exceeding Eur 10,000 in property (and other high-value purchases) shall be banned. This effectively means that a prospective buyer shall not be allowed to pay more than Eur 10,000 in cash when purchasing an immovable property. The move is intended to combat money laundering and tax evasion.
Further details:
