Extended Period for the Reduction of Property Transfer Tax and Stamp Duty

On the 28th of February 2021, the Prime Minister of Malta, Dr Robert Abela announced that the period for the reduction of tax and stamp duty relative to the transfer of property shall be extended to apply to preliminary agreements entered into until the end of July 2021. 

In June 2020, amidst the COVID-19 pandemic which has, and is still presently inflicting great hardship upon the Maltese economy, and the world, fiscal incentives for prospective property buyers and sellers, were introduced by the Government in order to pave the way towards economic recovery. Such measures, provided for a reduction on property transfer tax from 8% to 5% as well as stamp duty being reduced to 1.5% instead of 5% for the first EUR400,000.