The Ministry of Finance has announced that as stated in the Budget, the first time property-buyers scheme will be extended until the end of June. Beneath this scheme, those buying their first property are exempted from the 3.5% stamp duty applicable on the first €150,000 of the property price.
This means that the deadline for the promise of sale to be signed will be the 30th June whilst the deadline for the registration of final deeds has been extended to the 30th September, in order to avoid an amount of pressure on notaries' office nearing the deadline of the scheme.
The Ministry of Finance described the scheme as highly successful. Various stakeholders put forward a request for its extension and this further shows that it has been received very well. According to the Ministry this incentive has helped the Maltese property market and the economy gain momentum as well as helped young people acquire their first home.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.