During the Minister for Finance and Employment’s reading of the Budget 2022 document, the plan for the increase and maintenance of traditional Maltese architecture will be enacted. Article 5.1.1 of the document stated that the government will remove taxes on purchasing and sales of vacant properties or those in Urban Conservation Areas (ACA) or those having traditional styles.
Particularly, properties which have been erect for over 20 years and vacant for over 7 years, along with those in urban conservation areas and new properties with typical Maltese architecture, will benefit from removed tax on Capital Gains and stamp tax on the first €750,000 of the property price.
The minister expressed the government’s enthusiasm and eagerness towards seeing facades typical Maltese facades which celebrate the island’s heritage and wish to see a further regeneration in old and abandoned properties.
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This measure applies to future property-owners who are currently going through their purchase agreement and has have yet to secure a contract. Furthermore, first-time buyers of said properties will receive a grant of €15,000, with Gozitan first-time buyers receiving a grant of double the value in €30,000.
Photo Source: Malta Doors / Clyde Caruana FB