Why should you contact us to sell your property?
We believe that an accurate market price and the correct media exposure will help to speed up the selling process. That is precisely where our knowledge and expertise come into practice. We provide a FREE property valuation making sure that this reflects the accurate market price which will ultimately determine if your property will sell fast or not.
After we find you the right buyer and all terms and conditions have been agreed upon, a Promise of Sale (POS) between both parties is signed in the presence of a Notary. This agreement binds both parties up to the signing of the final deed – the contract. Upon signing of a POS, normally a 10% deposit is paid by the buyer. This is either retained by the Notary or upon agreement is paid to the Sellers on account of the purchase price. This deposit is forfeited is the buyer does not honour the obligations set in the POS agreement for no valid reason at law.
During of a POS is normally for a minimum of 3-6 months unless both parties agree otherwise. During the POS term the Notary shall perform the relevant property searches and property title.
Foreign nationals, the entire sale price which also includes the proceed from any of the movables may be repatriated. In this case the notary must apply with the local tax authority for a Clearance notice prior to signing of final contract. Click here for further information on foreign nationals buying and selling property in Malta.
Capital Gains Tax
Tax on capital gains may be charged on the sale of the immovable property and payable on the date of signing of the final contract.
This being as follows:
8% on the transfer value of immovable property AFTER 1st January 2004
10% on the transfer value of immovable property BEFORE 1st January 2004
Should the seller not be involved in the trade of immovable properties, and if the property being sold has been sold for less than 5 years from acquisition than the tax is at 5% on the transfer value.
Should the seller’s property be deemed as being the Primary residence for at least 3 consecutive years, then NO tax is paid provided that date of transfer is done within 12 months of vacating the property.
When selling property acquired through inheritance (Causa Mortis) is charged at the rate of 12% on the difference between the transfer value and the acquisition value as declared in the deed of Causa Mortis. If the property was inherited before the 25th November 1992, the rate of tax will be equivalent to 7% of the transfer value.