Budget 2017

Budget 2017

2017 has come around and its schemes for the real estate market are promising for both locals and expats alike.

The first time buyer's scheme has been renewed and extended for 2017, allowing individuals that are purchasing properties for the first time to be exempt from duty payments on the first €150,000 on the property purchase price in both Malta and Gozo.

A new scheme has also been brought out for real estate in Urban Conservation Areas (UCAs). Whilst 2016's scheme offered a stamp duty reduction for properties in UCAs from 5% to 2.5%, along with final withholding tax that was reduced from 8% to 5%. This year's scheme supports individuals purchasing property in UCAs that need restoration, possibly benefiting them €100,000.

 

The government subsidies will also double for those on a low-income this year, as long as their rental contract is provided. According to the size of the household and income attained, the new subsidy will offer between €133.34 and €166.66.

Another new tax incentive set for 2017, is the decrease of tax on all property bought in Gozo from 5% to 2%. This tax will apply for those who enter into a promise of sale agreement in 2017 and concluded a contract in 2018.

For more information, kindly call on +356 2010 5018 or e-mail us on enquiries@chestertons.com.mt

Published: 13 March 2017

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