There’s more to a house purchase than the price tag on the property. Here are the extras you’ll be shelling out for:
Stamp Duty
- Stamp duty amounts to 5% of the total purchase price and this is paid to the notary who will then pay this amount of registration of the property.
- 20% of this is due when you sign the Konvenju.
- Currently, first time buyers do not need to pay stamp duty on the first €150,000.
- Stamp Duty on property in Gozo is just 2% until the end of 2018.
- Second time buyers who own only one property will get a stamp duty refund of €3000 under current rules. If they are disabled, they will get a refund of €5000. However, the duty must be paid in the first place and the buyer must then apply for the refund, so the cash needs to be available for this payment.
- Properties in Urban Conservation Area (UCAs) currently have reduced stamp duty of 2.5% subject to certain rules (and can also benefit from other schemes to refund restoration expenses).
- Check these details with your notary as they are subject to change.
Notary Fees
These are set by law; they are usually 1-3% of the purchase price. Find the calculator here. There are also registration fees which vary with the type of property.
Searches & Registration Fee
These cost around €600, but this can vary depending on what is required.
AIP Permit Fee
Acquisition of Immovable Property Permit, for non-EU residents only - around €233.
Bank Charges
For more information, see our section on Home Loan Advice
Deposit
Usually, when you sign the konvenju, you’ll pay 10% of the purchase price as a cash deposit.