The Government of Malta has reduced the stamp duty for buyers and withholding tax for sellers in the property market to help boost the sector following the COVID-19 shutdown.
Prime Minister Robert Abela revealed the measure during the announcement of a stimulus package to aid Malta’s recovery from the pandemic and global recession.
The measure applies to anyone still under a promise of sale agreement or konvenju and will cover the first €400,000. The scheme will be available up until March 2021.
For buyers, the stamp duty will be reduced from 5% to 1.5%, while the withholding tax for sellers will be reduced from 8% (where applicable) to 5%. The scheme could cost up to €32 million.
Malta’s first-time buyers’ scheme will be extended to people who also bought a garage.
Image: Farmhouse KER1013 for sale in Kercem, Gozo
