Minister Clyde Caruana has on the 11th October 2021 presented the Government’s budget for the year 2022.
With effect from 12 October 2021, persons who will own or who already own qualifying properties, may benefit from a VAT Refund of up to €54,000 on the first €300,000 worth of expenses incurred on the restoration and improvement of such properties. This measure also applies to qualifying properties in respect of which a promise of sale has already been entered into provided that the final contract has not yet been signed.
Qualifying properties are a) properties which were built more than 20 years ago and which have been vacant for more than 7 years b) properties which are built in an UCA; and c) new properties and which are built in a typical and traditional Maltese style and architecture.
