There is seldom much change in Gibraltar Property Law. However, in recent months there have been some material updates which we would like to highlight as follows:
The Chief Minister announced in his budget speech on 11th July 2023 that there would be changes to the Stamp Duty threshold for first time and second time buyers in Gibraltar. Land Property Services have now confirmed that they have been instructed to implement this increase as from the date of the Chief Minister budget speech. As such, as from the 11th July 2023, the first time and second time buyers allowance has increased from £260,000.00 to £300,000.00. This means that stamp duty is calculated for first time and second time buyers as follows:
0% Stamp Duty on first £300k;
5.5% Stamp Duty between £300k – £350k;
3.5% Stamp Duty on the amount exceeding £350k.
Changes are yet to be made to the legislation, although we expect these to happen in due course. We understand that the above measures and calculations will be in place until such time as changes are made to the Stamp Duties Act.
It was also announced that stamp duty would increase from 3.5% to 4.5% for sales over £800,000.00, although no further information has been provided on this point to date. We expect this provision to be incorporated into the changes to be made to the Stamp Duties Act and will provide a further update once it has been implemented.
Registration of Deeds at the Land Registry
By virtue of the Land Registry Portal and Electronic Stamping Act 2023, as from the 1st August 2023 all new deeds are being processed and registered through an electronic Land Registry Portal. In our short experience with the system to date, the process is now more streamlined and deeds are being registered faster than before.
Land Registry Fees
There has been an increase in fees payable to Land Property Services as from the 1st August 2023. These include the cost for registering documents at the Land Registry being increased from £175 to £250 per deed, and the cost for undertaking a search being increased from £10 to £30 per search undertaken.
Hassan Centenary Terraces
We have started to receive completion notices for clients purchasing in phase one of the Hassan Centenary Terraces development. We look forward to handing over keys to clients in the coming months together with a small celebratory gift from the firm. Stay tuned for more!
Bob Peliza & Chatham Views
Further to HMGOG’s press release, Gibraltar Residential Properties have now informed us and other law firms that they will be providing draft documentation to us in the next week for Phase One of Bob Peliza Mews and Chatham Views. We will begin to contact our clients purchasing in these estates in the coming weeks.
If you would like further information on the above, or are interested or thinking about purchasing a property in Gibraltar and would like to find out more, please get in touch by contacting us by e-mail at firstname.lastname@example.org or by telephone at +35020072020.