One-time concession on stamp duty valid up until end of 2014

A one-time concession on stamp duty for first-time property buyers will be applicable to non-Maltese residents, the finance ministry said.

The concession on stamp duty, which charges 3.5% on the first €150,000 on the value of a property and 5% on the remaining value, will be applicable for non-residents who do not require a property acquisition permit, as well as:

Property buyers who will acquire a home through transfer by inheritance, that will be used as the sole domestic residence; and

Buyers who are purchasing their first house without ever having had any other property under their name.

The concession will apply for buyers who have registered a promise-of-sale agreement (konvenju) from July 2013 right up to the end of 2014, and whose acquisition contract is signed and finalised by the end of 2014.

The finance ministry says first-time buyers will save up to €5,250 on stamp duty.