The historic cores of our towns and villages, as well as buildings scheduled for protection due to their architectural or historic importance are an integral part of Malta’s heritage and cultural identity. Notwithstanding their importance, older buildings, particularly those scheduled for protection for their cultural, historical or architectural importance, and those in urban conservation areas (UCAs) are notoriously costly and difficult to maintain.
The maintenance of these properties, and their restoration requires substantial cash investments, a hurdle many families owning this kind of property cannot overcome in the first place. Moreover, these properties are often co-owned by several persons and families as a result of inheritance and are also very difficult to divide or sell. As some of these buildings served as a long standing family home, they tend not to be left to one person, in part because of the high value, for reasons of taxation, and due to high costs of repair.
To this purpose, the Government has launched two financial incentives under the Investi f’darek scheme:
Incentive 1: Grant for the restoration, conversation and maintenance of a privately owned residential property located in UCAs or scheduled in grades 1 or 2. Read more
Incentive 2: Exemption from payment of the Duty on Documents on the transfers between heirs of a privately owned residential property located in UCAs or scheduled in grades 1 or 2. Read more
Incentive 3: Tax concession scheme to stimulate investment in restoration and conservation of privately owned residential and commercial Grade 1 and Grade 2 scheduled buildings and buildings within Urban Conservation Areas (UCAs) for the purpose of selling or renting. Read more
Incentive 4: Restoration of Commercial Property (Tax Credits). This scheme aims to promote the restoration, conservation and maintenance of Grade 1 and Grade 2 scheduled buildings and buildings within Urban Conservation Areas (UCAs) that are or shall be used as commercial premises. Read more