Malta Chamber welcomes the Global Residence Programme

The Real Estate Business Section of the Malta Chamber welcomes the re-establishment of the Global  Residence Programme which was introduced today by Dr Edward Zammit Lewis, Parliamentary Secretary for Competitiveness and Economic Growth at the Malta Chamber of Commerce, Enterprise and Industry in Valletta.

In its initial reaction, the Malta Chamber said it is pleased to note that Government has made the re-introduction of this scheme one of its priorities and that a number of the Business Section proposals have been taken on board. In fact, the Real Estate Business Section has been following the matter since late 2010 when the former scheme was suspended. After due pressure by the Business Section a modified scheme was introduced but it proved to be largely ineffective and unattractive to potential investors.

The long awaited re-instatement of the Permanent Residence Scheme augurs well to give a much needed economic boost to various business sectors such as financial services, tourism, transport, yachting, entertainment, manufacturing and other trades that are impacted by this scheme. The Programme will also restore international confidence in Malta as an attractive destination and investment proposition.

The Real Estate Business Section said that it looks forward to any assistance that the Government may provide to the sector to promote the new Programme in order to address the significant loss of momentum suffered due to continuous disruptions in the scheme which was costly and detrimental to the private marketing efforts to attract investment in Malta. It is also hoped that Government will implement fast track procedures for the handling of visas and related permits.

The Real Estate Business Section said in a statement that it shall be studying the new scheme in more detail and will comment in further detail in due course.

Parliamentary Secretary for Economic Growth, Edward Zammit Lewis while launching the ‘Global Residence Programme hailed this programme and described it as a more attractive incentive for economic growth.

He added that this programme will give a strong boost to the economy while reducing the thresholds for the purchase of immovable property.

Citizens living outside the European Union and the Eurozone are can now benefit from these initiatives.

Through the scheme the Government aims to revitalize the property sector, and in turn getting more money in taxes.

The tax thresholds was lowered to €15 000. The bond of the previous scheme, amounting to half a million euros, was removed.

 

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Comments (4)

jonybravo

- Sun 02-Jun-2013, 14:30

TA QALI WAS TAKEN ALL FROM THE HARVEST FOR GRAPES DURING THE P.N 25YEARS AND THE MFFC TENT AND NOT BUILD UP BY DEVELOPERS SUR TON C.

l fenech

- Sun 02-Jun-2013, 10:28

Dan is-settur kien biskuttini f'halq il-hmir.

Joseph Mifsud

- Sat 01-Jun-2013, 21:10

For once the Chamber of Commerce agree with the PL it's an act of Business Dictatorship.

Ton C

- Sat 01-Jun-2013, 20:54

Kont nahsebli Malta Taghna Lkoll kine jirreferi ghall-malti mhux ghall-barranin ukoll. Hekk iridu dawk il-qatta hallelin spekulaturi tal-artijiet u l-bini.
L-ewwel gie Salt fis-sittinijiet u bdiet l-inflazzjoni super fil-bini, wara qalu li gejjin ir-Russi jew l-gharab u regghu ghollew il-bini. Imbagad bnew jinbnew hafna gagubi u jbieghhom gl-gholi kemm jifilhu, issa ghandna inflazzjoni ohra. X'ma jifirhux tal-Kamra tla-kummerc.
Ahjar il-Gvern jara kif se jgib dawk Eur500 miljun (tal-anqas) li qed jisirqu dawk il-qabda onestissimi li semma' Joeph qabel l-elezzjoni mill- VAT u l-Income Tax jekk irid imexxi l-ekonomija 'l quddiem u jnaqqas id-deficit mela jbiegh lill-Malta taghna lill-barranin sabiex jmlew buthom l-ispekulaturi.
Jien niftakar ta' Qali mimli familji jiehdu pjacir fi ftit arja nadifa. Illum x'fadal? Hekk tridu 'l Malta slum fgat bil-bini? U halluna. Kont nahseb li ghandna gvern iktar serju minn hekk. Arraghli.

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