Exemption from duty on acquisitions of immovable property by first time buyers

By means of Legal Notice 325 of 2024, the Government has amended the Exemption of Duty in terms of Article 23 Order, by virtue of which no duty will be paid by the transferee on the first €200,000 of the aggregate value in respect of the acquisition of a property made before the 1^st January 2025, provided that is the first immovable property acquired ‘inter vivos’ by such person. This has been extended from 1^st January 2025 to 1^st January 2026 provided that legal evidence would have been submitted to the Commissioner for Revenue that no other immovable property has been acquired ‘inter vivos’ before by not later than 28^th February 2026 (extended from 28^th February 2025).