Stamp duty
All property purchases are subject to a stamp duty payable to the Government of Malta. The standard maximum rate is 5% on the immovable part of the property. 20% of stamp duty is to be paid on promise of sale. Certain incentives are currently applicable mainly:
– First time buyers who reside on the Maltese islands, are exempt from paying any stamp duty on the first property they are acquiring on the first €200,000 of the price. Offer is valid up to end of 2024.
– UCA developments will not pay any stamp duty and must be an EU citizen.
Notarial Fees
Notarial fees depend on whether you are taking a home loan (due to added registration costs) and if the property you are purchasing falls within a registration area as specified by law. As an indication, notarial fees are normally between 1.5% and 2% of the contract price. Such fees will not include the property final searches and registrations and any other legalities. Any other taxes are borne by us.