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Showing posts from November, 2005

Federation of Estate Agents (Malta) - FEA

November 2005 saw the dissolvency of the previous maltese Association of Estate Agents, and the formation of the Federation of Estate Agents (Malta) which is endorsed by the GRTU (Malta Chamber of Small & Medium Enterprises).

The committee for Nov 2005-2006 has been elected and the members are:

SQL

62582

Cassar & Cooper

Belair

Frank Salt

Baron Properties

Island Properties

Property Line

The FEA has already lobbied hard together with GRTU for Mr. Tonio Fenech (the Finance Department Parliamentary Secretary) to review the proposed changes in capital gains tax , as presented in parliament for Budget 2006.
Some changes have in fact been forthcoming and a two tier system for capital gains tax has been accepted.

For links to an overview, and a full budget review by PWC please read my previous post.

To remain updated on any further changes please subscribe to my newsletter here: http://www.62582.com/subscribe.asp

Budget Review 2006 - Tax on transfer of Immovable property

November is normally a sluggish month in our trade.
This year, the budget announcements, and the CHOGM (Commonwealth Heads of Goverment Meeting), together with their entourage of over 800 personnel have turned the tables!

The sunny weather, with an occassional shower, is attracting a lot of enquiries from foreign professionals seeking a holiday home, or a home office in a safe, sunny and welcoming enviroment. On the other hand, the goverment, whilst seeking to encourage such interest, is also actively trying to cap the escalating property prices, which though still affordable to maltese first time buyers, threaten to go over the top.

The issue on whether the goverment should intervene, or let the market dictate, has become a hot debate. The issue concerns everyone of course.

So, on the 1st. of November 2005 Malta woke up to news headlines with the proposed changes to inheritance tax, and capital gains tax, presented by Finance ministry parliamentary secetary Tonio Fenech late evening on t…