The video below shows how to sell a Maltese property:
Steps to follow for a property sale in Malta
When the buyer and the seller reach an agreement regarding the final price to which the property will be sold, according to the Maltese law, a promise of sale agreement (Konvenju), valid for three months, must be signed by both parties. Our attorneys in Maltacan give further clarifications on the provisions of the agreement. The buyer must pay a 10% deposit of the selling price of the property. After signing the agreement, a deposit of 20% of the stamp duty must be paid.
Property sales – taxes
When selling a property in Malta, the Government imposes certain taxes. Our law firm in Malta can provide more information on the following property sale taxes:
•government stamp duty – the tax is established at the rate of 5% of the selling value of the property. The Maltese Government has special provisions for the stamp duty tax, according to the selling price, and if you need to find out more information on this matter, our lawyers in Malta can offer you legal representation, on both commercial and real estate sales.
•notary tax – notary services are taxed at a rate between 1.5% to 2.5% of the selling price,
•acquisition of immovable property permit – if applicable,
•final withholding tax – a new legislation on this matter has come into effect on 1st of January 2015 and our Maltese lawyers can present to you the modifications and new provisions that are applied when selling a property. According to the new law, the final withholding tax applies at the moment of the ownership transfer, at the rate of 8% of the selling value of the property.
If you are interested in selling a property in Malta, please contact our Maltese lawyers. Our law firm in Malta can offer you legal representation in this matter.
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Mihai Cuc, Partner of Enescu&Cuc; Law Firm www.romanianlawoffice.com