2 comments so far.Gozo now being promoted as an exclusive destination
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Gozo as an exclusive destination, is being promoted through the Global Residence Programme, with incentives for non-Maltese Nationals seeking value residences in Gozo. The Government has said that “The programme will allow for more economic growth in Gozo.”
The Parliamentary Secretary for Competitiveness and Economic Growth Dr Edward Zammit Lewis, launched the Global Residence Programme last June whereby people who buy high value property and who pay taxes, would be able to benefit from a residence permit in Malta.
He said that The Global Residence Programme will be “revitalizing the property sector by increase property purchase in our country, especially that of a certain value, allowing the country to get more money in taxes, increasing work, even to professionals in this sector such as lawyers and tax consultants and it will also help the Financial Services industry, the leisure and hospitality industry.”
The Global Residence Programme replaces the scheme which was introduced by the previous Government, introduces more certainty and facilitates the process which existed until today. The programme’s guides are much more attractive because they act as very good incentives for persons outside the European Union and outside the European Economic Area who want to invest in our country.
The Government introduced the relative subsidiary in the beginning of July 2013. This new residence programme also incentivizes those who seek to invest in the South of Malta and in Gozo.
“The Government will support this scheme with all the necessary infrastructure to operate and work well. We will see that the procedures that operate this programme are not bureaucratic and create the least possible disruption to applicants who want to invest and pay taxes in our country,” said Dr Zammit Lewis.
This initiative effectively reduces the thresholds for the purchase of immovable property and even those renting a property in Malta for those foreigners who wish to buy property in our country. The tax threshold was also lowered to 15,000 Euros. The bond amount of the previous scheme amounting to 500,000 Euros was also removed.
As an initiative to the South of Malta and Gozo, the fee being applied is being reduced as well. This position taken by the Government reflects the fact that prices of property in the South of Malta and in Gozo are lower.
After this stage the Global Residence Programme was compiled by a specifically set committee chaired by Dr Edward Zammit Lewis and also composed of Dr Charles Mangion, Mr. Aldo Farrugia from the International Tax Unit, Mr. Mario Borg from the Inland Revenue Department, Mr. Mark Sultana from the Department for Citizenship & Expatriate Affairs, Mr. John Huber from the Malta Chamber of Commerce, Enterprise and Industry and Mr. Sandro Chetcuti from the Malta Developers Association.
Comparison of Previous Scheme and the new Global Residence Programme, with figures denominated in Euro.
Satisfying the requirements of the Global Residence Programme
To apply for the Global Residence Programme, one should prove with satisfaction of the Commissioner that:
(a) he is a third country national and is not a Maltese, EEA or Swiss national;
(b) he is not a person who benefits under the Residents Scheme Regula¬tions, the High Net Worth Individuals – EU / EEA / Swiss Nationals Rules, the High Net Worth Individuals – Non-EU / EEA / Swiss Nationals Rules, the Malta Retirement Programme Rules, the Qualifying Employment in Innovation and Creativity (Personal Tax) Rules or the Highly Qualified Persons Rules;
(c) he holds a qualifying property holding;
(d) he is in receipt of stable and regular resources which are sufficient to maintain himself and his dependants without recourse to the social assis¬tance system in Malta;
(e) he is in possession of a valid travel document;
(f) he is in possession of sickness insurance in respect of all risks across the whole of the European Union normally covered for Maltese nationals for himself and his dependents;
(g) he is fluent in one of the official languages of Malta;
(h) he is a fit and proper person.
Malta’s Government and its local councils can spew out all the latest buzz words, the latest ‘geek speak’ and all the mealy mouthed platitudes of ‘progress’ and marketing…but until simple enforcement action is taken that will put a stop to;
a) Dog shit all over our streets
b) Roads covered by oil leaking from parked vehicles
c) Garbage and illegal fly tipping in rural areas
d) Environmental pollution from non maintained & illegal vehicles, including noise,
emissions and clouds of lung filling dust from un-sheeted lorries.
When these basics are addressed and enforced, then perhaps we can proudly talk about ‘eliteness’ on Gozo and I will champion that cause…but until then, MP’s & Councillors, please respect our intelligence. If we can see the problems, you can too….. and cut the bullshit.
@ P.Slater, Very well said and clear for every one to read and understand, Mayors of some local councils are there for their profit and close their eyes to corruption on the environment specially if their family is involved in some kind of work that is illegal to do.