Developers welcome Global Residence Programme

The Malta Developers Association (MDA) welcomed with satisfaction the Global Residence Programme announced yesterday by Parliamentary Secretary for Competitiveness and Economic Growth Edward Zammit Lewis.

"Through this initiative foreigners who buy property of a high value and pay tax in our country can benefit from a residence permit in Malta. The MDA had been insisting for a long time that a programme like this has to have attractive conditions to succeed and it appears that now Government has come up with a good programame with more realistic conditions than had been introduced previously," the association said.

The association's vice-president Sandro Chetcuti was heavily involved in the drawing up of the law and was present during the launch, sitting besides the Parliamentary Secretary.

The MDA added that the sale of property to foreigners can be a good source of income for the property market and strengthen both the property market and the economy.

However the MDA noted that problems still exist when foreigners who are not citizens of the European Union or the European Economic Area show interest in purchasing property in Malta.

"The MDA is confident that a solution can also be found for these problems and is always prepared to play its part so that even in these instances this type of investment will be encouraged without creating disadvantages for the country."