Maltese AIB Legislation Should Be EU Compliant By Year's End

by Robert Lee, Tax-News.com, London

13 June 2003

Malta's Acquisition of Immovable Property legislation, regulations which oversee and govern the purchase of land by non-residents, should be in line with European rules by the end of the year, parliamentary secretary Tony Abela announced on Wednesday.

According to the Malta Independent, Abela made the revelation whilst touring Valletta's Inland Revenue Capital Transfer Section which is responsible for administering the legislation in the Immovable Property Act. The parliamentary secretary also indicated that the government has issued around 300 permits to foreigners wishing to purchase property in Malta so far this year.

Abela told staff that the division collected some Lm16 million in tax from the transfer of property in the past year. This is in addition to the Lm14 million brought in from capital gains tax and a further Lm8 million in shares transfer and insurance charges. These were figures that were likely to grow in the coming year said Abela.

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