Tax Reduction on Property Bought in Gozo
Written by Steve Mercieca
Written by Steve Mercieca
Have your eye on property in Gozo? There probably hasn’t been a better time.
Out of the box, buying property in Gozo stands out as a smart investment. It has all the right features for a pleasant Mediterranean experience — houses of character, beautiful scenery and a closer glimpse of genuine, relaxed village life. Many who are attracted to the prospect of spending a holiday in Gozo – or even moving there permanently – are won over by the island’s charming architecture and protection of its unique natural environment.
Why invest in Gozo?
Gozo is a favourite holiday destination for the Maltese – and we can see why. It is the perfect escape from busy Malta and provides much needed rest from city life by offering a quiet environment with unspoilt landscape the atmosphere of village life.
Foreign nationals are also very often charmed by idyllic atmosphere of Gozo. Archaeological sites, beaches, villages and museums in Gozo are at the top of the list of any serious tourist, as well as experiencing the island’s traditional produce: olives, honey and wine, together with genuine dishes cooked in stone ovens. There is always something to do, especially in the summer months, where one can enjoy the scenery through various outdoor activities.
If you’re looking for a place of your own for weekend breaks or retirement, this seems to be the ideal year for property purchasing in Gozo. In the latest Budget 2017 it was said that individuals who buy residential property in Gozo will benefit from a reduced stamp duty rate – from 5% to 2%. The reduction applies only if you register the promise of sale agreement by the end of 2017 and complete the deed of sale by end of 2018.
Even if you’re in the market for your first home rather than a holiday house, you’re still looking to benefit from this Budget announcement. This tax reduction goes hand in hand with the stamp duty tax exemption for first time buyers – announced in last year’s budget – which will be extended to property bought in 2017 as well.
Whether you live in Malta or elsewhere, Gozo is proving to be a smart choice for property acquisition. The lure of the island’s unique character will ensure that your property will remain attractive – and offer you a forever home or worthwhile holiday house. The Budget 2017 announcement for property buyers in Gozo has made this year the ideal opportunity to make this a reality.
Especially with the rise in the sale of property, it’s imperative to not only make use of the tax reduction, but to acquire your residence at the best price possible. Gozo offers a varied choice of property for different styles and budgets – as well as a few decent projects currently under construction.
Many properties in Gozo are quite old, and therefore need to go through a process of renovation and conversion to make them liveable by today’s standards while maintaining the authentic Gozitan style we all know and love.