Government Announces Extension of First Time Property Buyers SchemeMEDIA ROOM
As announced by the Maltese government, the tax exemption scheme for first time property buyers will be extended until the 30th of November 2015. Beneath this scheme, those who are buying their first residential property will be exempted from the 3.5% stamp tax applicable on the first €150,000 of the property’s value.
The scheme is particularly aimed for young couples and those who are new to the local property market. Following the scheme’s success, the Ministry of Finance had announced a first extension of this scheme in May 2015, which ran for three months between the 30th of June and the 30th September 2015.
To benefit from the present extension of the scheme, first time buyers are to submit their contracts with the Capital Transfer Duty Branch within the Inland Revenue Department by no later than the 30th November 2015.