Posted on Oct 31, 2019

Malta Notary Dr. Samuel Bezzina (Mosta Notary)

BUDGET 2020 NEWS

Current existing schemes (First time buyers, second time buyers, Gozo, UCA) will all be extended.​

As from the 15th October 2019, the first time buyer scheme whereby first time buyers are exempt from paying stamp duty has been increased to the first Eur 175,000 of the price of the property. This means that first time buyers will now benefit from a tax reduction of Eur 6,125 (compared to the previous Eur 5,250).

Another measure that has been announced is that purchasers under 40 who are eligible for a bank loan, but who do not manage to pay the initial 10% deposit all at once, will be loaned the deposit (up to Eur 17,500) and the interests will be paid by the Government. More details to follow.

Furthermore, when purchasing the sole ordinary residence (in the case of non-first time buyers), the purchasers will now pay 3.5% duty on the first Eur 175,000 (compared to Eur150,000 as it was before).
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