Notary Public & Commissioner for Oaths

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Budget 2015 - New Tax Rates when selling property

Created on Saturday, 24 January 2015 11:36

The tax regime payable upon the transfer of an immovable property in Malta has been overhauled in the latest Budget held on the 17th November 2014. Some issues were further fine-tuned in the first few weeks following the budget speech.

The below are the most salient points regarding the tax rates that are in place as of 1st January 2015.

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Buying property on plan – issues to consider

Created on Monday, 19 January 2015 17:44

Buying property on plan is fairly common with so many new building developments mushrooming in the Maltese Islands. Besides the usual considerations that one needs to take care of when buying any immovable property, it is also important to keep in mind a number of other issues when buying a property on plan. The list below is just a number of pointers that one should be aware of before entering into a promise of sale (konvenju) to buy such a property.

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Inheritance Procedure in Malta

Created on Sunday, 20 April 2014 19:41

Losing a loved one is a difficult and emotional time. Unfortunately there are usually a number of legal arrangements to be made following bereavement. This article is meant to provide a step by step procedure that one should follow in such situations. 

Step 1: A couple of days after the death, register the death at the Public Registry (Evans Building, Merchants Street, Valletta VLT 2000) by taking the deceased’s Identity Card and proof of death (usually a death certificate issued by hospital or by the parish church). The death certificate will then be issued in around 4 weeks’ time from the date of notification.

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Budget 2014 – First-Time Buyers Exemption (FAQs)

Created on Monday, 25 November 2013 21:36

1. When are first-time buyers exempted from paying stamp duty tax?

Legal Notice 393 of 2013 clarifies that these conditions must be met in order for a first-time buyer to be exempt from paying stamp duty tax on the first €150,000:

  • This must be the first acquisition ever of an immovable property by the person concerned. Thus, a person who had already acquired, by purchase or donation, any immovable (including a garage for example) does not benefit from this exemption.
  • The final deed of sale must be made by the 30th June 2015.
  • Buyers who had registered a promise of sale before the 1st July 2013 shall not benefit from this exemption.
  • The buyers must make a declaration in the final deed of sale that this is their first acquisition and that they intend to reside in the property being purchased.

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Budget 2013 Amendments (Notarial)

Created on Monday, 22 April 2013 15:33

What were the main changes affecting notarial practice?

  • First-Time Buyers

Persons who purchase a property which is to serve as their sole ordinary residence will now pay stamp duty tax at the reduced rate of 3.5% on the first €150,000 (instead of on the first €117,000) as the law used to provide before. Over and above this price, purchasers still pay at the ordinary rate of 5%.

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