Overview
The purpose of the incentive is to assist and facilitate family businesses to transfer their business from one generation to the next.
What You'll Get
The eligible costs and expenses under this incentive are in relation to:
- Transfer duty of immovable property that had been used for a period of at least 3 years; and
- assessment of duty chargeable when an invidividual transfers his shares or interest in a partnership, trust or foundaiton to family members.
Duty shall be charged on the first €500,000 of the value of the property transferred at the rate of €3.50 per €100.
In case of transfer of shares or interests in a partnership, trust or foundation held in a family business which carries on a business, no account shall be taken of the first €150,000 or such other greater amount as may be prescribed of the value of shares, or interests in a partnership, trust or foundation transferred.
Eligibility
This incentive is available to all undertakings registered as a Family Business.
Application Requirements
Fill in the online form, print it and send to:
Malta Enterprise Corporation
Malta Industrial Parks Ltd
Gwardamangia Hill
Pietà MEC 0001
Further information on the scheme, as well as information and guidance on the filling in of the application form may be obtained by contacting Business 1st on 144.
Timeline
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apply
