Buying a new home is a big financial milestone in anyone’s life that brings with it multiple expenses, sacrifices and stressful moments. Who wouldn’t appreciate any type of financial aid to have less costs to worry about when in the process of buying the dream home?
Last October (2017), the Maltese Government extended the first time buyer scheme for another year, while also launching a new scheme for second time buyers. These types of schemes have their respective eligibility criteria that should be respected.
Having the scheme for first-time buyers extended for another year means that first time property owners will be exempted from stamp duty for the first €150,000 of the value of the residential property that they will own. This means that a first time buyer will benefit from a maximum of €5,000 reduced from tax.
Since 2014, over 11,300 properties have been sold under this scheme.
For the first time in 2018, second-time buyers can also benefit from a new scheme that is aimed at those who want to sell their first home in order to buy either a larger or a smaller property. This scheme is aimed at targeting young growing families who want to move to a larger home and older people who on the other hand, want to downsize.
Both categories are eligible for a refund of a maximum of €3,000 on duty only if the first home will be sold.
In cases where the buyer is a person with a disability, the maximum eligibility threshold goes up to €5,000. The refund for such cases will be paid by cheque.
This second-time buyer scheme is also applicable to parents who want to move into a new home that will be more suitable for a disabled person.
Other financial incentives
Apart from the first-time and second-time buyer schemes, there are also other schemes in place such as the refurbishment schemes and incentives for buying properties in Gozo that will surely help a house hunter make the right decision when searching for the ideal home.
If you would like to buy your dream home, we invite you to click here to see a full list of available properties for sale.