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Economic Regeneration Plan for Residential Properties

A number of tax measures have been introduced to enhance the economic regeneration plan for real estate sales and purchases. A drop in the rate of stamp duty from 5% to 1.5% when buying a property and 8% to 5% for those selling a property has been extended to promises of sale registered until 31st March 2021 and contracts entered into by 31st December 2021.

This measure applies to purchases of residential properties only and applicable to the first  €400,000 of the property value.

Tax Measures for Real Estate Purchases by First Time Buyers

The new tax measures for real estate announced in the 2021 budget will see first time buyers benefitting from being exempt from stamp duty on the first €200,000 as of October 2020. This is valid on promises of sale registered until 31st March 2021 and contracts entered into by 31st December 2021.

Tax Measures for Real Estate Purchases for Second Time Buyers

A refund on stamp duty of up to €3,000 (€5,000 in the case of persons with special needs) is being offered to individuals who sell their residential property to buy another, provided that they do not own any other properties at the time of purchase. This measure is eligible on acquisitions made by the 31st December 2021.

Property Purchased in Gozo

In order to enhance the sale of property in Gozo, the stamp duty on the sale of Gozo properties has been reduced to 2% from the standard 5% rate.

Property Set in Urban Conservation Areas

Urban Conservation Areas are those areas such as most village cores, which are carefully managed in order to protect and preserve the historic, local architecture in order to sustain and conserve the tradition and character these areas offer.

Stamp Duty will be reduced from 5% to 2.5% on purchases of properties in Urban Conversation Areas for contracts registered until the 31st December 2021. As for sales of such properties, the rate of final withholding tax is capped at 5% on transfers of restored properties.




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