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 the 31st. October.

For an overview of the proposed changes and updates click here:
http://www.62582.com/propertysalestax.asp

and a full review of Budget 2006 by PriceWaterHouse Coopers Malta