Malta exempts Transfers between Heirs from Stamp Duty

Trudy Marie Attard | Published on 23 May 2012

Ccmalta Default

May 2012 has seen the introduction of a scheme in Malta to exempt a transfer of shares between heirs of privately owned residential properties from payment of duty on documents. (L.N. 157 of 2012)

Duty on documents and transfers is exempt upon the transfer of shares in a property used for purposes of private residence only, between an individual who will have acquired his shares in the property through inheritance to another individual who is an heir and who is a part-owner of the same property.

This is applicable from the 1st of January 2012 until the 31st December 2013.  The scheme applies to all legally protected heritage properties in an area of heritage value in accordance with the Environment and Development Planning Act of 2010.  The scheme aims to help to consolidate the ownership of these buildings, which would encourage investment in their maintenance and restoration.

An applicant can apply for exemption on all the shares of all the privately owned residential buildings that he/she may possess.

In February, the Government launched the scheme “Investi f’darek”, whereby private owners of residential Grade 1 and Grade 2 scheduled buildings and all buildings within urban conservation areas may apply for a refund of the costs of restoration, conservation or maintenance carried out between 1st January 2012 and 30th June 2014. The rebate is capped at 20% of the restoration costs up to a maximum of €5,000 per applicant. 

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