Notary registers the promise of sales with the Commissioner for Revenue
Agency: Commissioner for Revenue
The promise of sale has to be registered in the Office of the Commissioner for Revenue by a notary.
From January 1, 2019, all notices of a promise of sale shall be given by electronic submission to the Office of the Commissioner. The payment of provisional duty (1 % of the property value) shall be made within 10 days from the date on which approval is given by the Office of the Commissioner or 21 days from the date on which the promise of sale or promise of transfer is made, whichever is the latest occurrence. After the payment is made, the promise of sale will be registered.
Time and cost: 3 days, EUR 11,651.7 (Pre-paid stamp duty paid by the buyer: 1% of property value (20% from the total amount of the Stamp duty (5%)))
Notary orders a search of title at Land Registry
Agency: Land Registry
Before making the final contract, the Notary conducts all necessary verifications and preparations. The Notary orders search to ascertain that the Seller has a good title and can proceed with the sale without being impeded by legal niceties. The Notary conducts a search at Land Registry by submitting an application (Form E) with a Land Registry plan of the property to verify if the property is in a registration area or not (since not all properties are in a registration area). If the property is in the registration area, the Land Registry informs the Notary whether the property is registered or not. If registered, the Land Registry issues a certificate of title with the information on whom the property is registered and other information such as contract details. The Land Registry will give an official search result within 8 working days from the date when the request was submitted.
Time and cost: 10 days, EUR 5.15
Notary orders a search on people and companies at Public Registry
Agency: Public Registry
The Notary orders searches of transfers and liabilities on persons and companies and public wills from Public Registry to acquire information as to how the seller acquired the property and to see if the seller has any liabilities that can affect the property being sold.
Time and cost: 3 days, EUR 31.7 (EUR 15.85 (regular) or EUR 31.7 (fast track))
Parties sign a final deed of sale at Notary
Agency: Notary
To sign the final deed of sale, the parties must provide the following:
- Identity card, passport, or any other official document for personal identification for both parties
- In the case of a company, a copy of the Memorandum and Articles of association or resolution of the board of directors authorising such person to represent the company
- Copy of last receipts of payment due in view of ground rent, electricity/water bills etc.
- Any other document (such as plans, permits, cancellation of hypothecs, etc.) asked for by the Notary
- If for some reason the parties appearing on the promise of sale cannot all be present for the final contract, a power of attorney is required
- All keys of the property being sold
- Buyer brings cheque book to pay the balance on the final consideration, the duty on documents, as well as the dues for the act and notarial fees
Time and cost: 1 day, EUR 4,212.92
Notary fee is regulated by 356 of 2012 – Notarial Profession and Notarial Archives Act (Schedule) (Substitution) Regulations, 2012 Government Gazette of Malta No. 18,979 – 19.10.2012.
Notary fee for transfer of property:
- 1% of property value up to EUR10,000;
- 0.5% from EUR10,001 to EUR500,000;
- 0.25% from EUR500,001 onwards.
Notary pays the taxes collected on the transaction
Agency: Commissioner for Revenue
After the final contract has been signed, the Notary has 15 days to pay the tax collected on such contract.
From January 1, 2015, a taxpayer may no longer opt to be taxed at 35% on the capital gain. A final withholding tax of 8% (previously 12%) of the property’s value will apply on all transfers of immovable property subject to two exceptions and a transitional measure as follows:
- A final withholding tax of 10% of the property’s value will be applicable on transfers of property which was acquired prior to January 1, 2004;
- A final withholding tax of 4% of the property’s value will be applicable on transfers of property which is transferred not later than five years from the date of acquisition where the transferor is an individual who does not habitually trade in property;
As a transition measure, the current system will continue to apply to any transfers of property which occur following the entry into force of this new system where the Commissioner for Revenue was notified of the prospective transfer by 17th November 2014 by way of registration of the promise of sale or notification of the transfer.
Time and cost: 1 day, EUR 139,820.45 (Balance of stamp duty of 4% of purchase price and the final withholding tax of 8%)
Notary registers the final deed of sale with Land Registry
Agency: Land Registry
After the final contract has been signed, the Notary has 15 days to enrol the deed in the Malta Public Registry or the Gozo Public Registry, or in the Land Registry, where applicable.
Time and cost: 1 day, EUR 630.61
Fee schedule according to Subsidiary Legislation 296.01, specifically under the Second Schedule:
- Up to EUR 11,646.87 – EUR 15.4
- Over EUR 11,646.87 to EUR 23,293.73 – EUR 20.50
- Over EUR 23,293.73 to EUR 46,587.47 – EUR 30.75
- Over EUR 46,587.47 to EUR 69,881.20 – EUR 41.00
- Over EUR 69,881.20 to EUR 93,174.94 – EUR 51.25
- For every additional EUR 23,293.73 or part thereof – EUR 10.25.
Notary registers the final deed of sale with Public Registry
Agency: Public Registry
After the final contract has been signed, the Notary has 15 days to enrol the deed in the Malta Public Registry or the Gozo Public Registry, where applicable.
Time and cost: 1 day, EUR 1,273.65
Fee schedule according to the Public Registry Act (CAP. 56) under the First Schedule:
- The property value does not exceed EUR 2,329.38 – EUR 2.60
- Exceeds EUR 2,329.38 but does not exceed EUR 46,587.47 – EUR 25.65
- Exceeds EUR 46,587.47 – EUR 25.65 and in addition EUR 2.60 in respect of each EUR 2,329.38 or part of EUR 2,329.38 over and above the initial EUR 46,587.47
