21 October 2015
21 October 2015,

The Budget for 2016 announced on the 12th of October 2015, included the Extension to the Exemption of the stamp duty of the first-time buyers Scheme. Like last year’s Budget, this scheme helped first-time buyers to benefit from up to €5,250. The following is the guidance note on the First-Time Buyers Scheme released reflecting the Budget for 2016:

The First Time Buyers Scheme applies to transfers of property, made on or after the 5th November 2013 but before the 1st January 2017, which are intended to be used by the purchasers who do not require the Acquisition of immovable property permit as their sole, ordinary residence. The property must also be the first immovable property acquired during their lift time. If these conditions are satisfied no duty shall be chargeable on the first one hundred and €150,000 of the aggregate value of the consideration paid for the acquisition of such property.

Author: Dr. Sandra Magri Sant Fournier

For more information please contact us on info@maltesenotary.com or call us on +356 9982 1743

Comments are closed.