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PN voices its concerns over new Global Residence Scheme

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PN voices its concerns over new Global Residence SchemeIn a statement issued by the Nationalist Paarty this afternoon, it said that the Government’s new Global Residence Programme that was launched at the weekend lacked the necessary safeguards and would allow non-EU residents to gain a residence permit, with the associated benefits.

The statement said that PN was in support of a programme to help the property market and encourage the purchase of high value property by foreigners.

It however expressed concern “that the new scheme does not appear to have the necessary safeguards to mitigate the risks associated with the old Permanent Residency Scheme which the previous Government had to revise because of its abuse and actual cost to the Maltese tax payer.”

PN pointed out that “the scheme will allow individuals who will buy a property in Malta over a certain value and pay a minimum amount of tax will be given a residence permit. Considering both thresholds have been reduced from the revised scheme it therefore means that they will contribute even less for these benefits.”

“Having a Residence Permit will entitle non EU Nationals for free health care, free education including University tuition and other benefits that ordinary Maltese citizens have contributed for from their taxes,” the PN said.

PN stated, “the scheme that was issued by the previous administration was in place of the old Permanent Residence Scheme and it sought to provide a solution to this problem while still attracting truly high net worth individuals, who would really be able to generate wealth and economic activity on our shores.

“Further subsidiary legislation still needs to be issued and with this it is hoped it will address the ordinary taxpayers’ concerns.”

The PN statement concluded, “the Opposition hopes to be consulted by the Government before introducing the relative subsidiary legislation to ensure that the genuine concerns expressed will be mitigated in the best interest of all.”

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