Global Residence Programme does not mitigate risks - PN

The new Global Residence Programme launched by the government the necessary safeguards to mitigate risks, the Nationalist Party said.

In a statement issued in reaction to the programme intended to encourage foreigners to buy high value property, the PN said that it supports programmes which are primarily intended to support the property market.

However, it expressed concern that "the new scheme launched 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."

The PN added that 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 and noted noted that "both thresholds have been reduced from the revised scheme meaning 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 Opposition said.

"The scheme that was issued by the previous administration in replacement of the old Permanent Residence Scheme 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," the PN said.

The Opposition noted that further subsidiary legislation still needs to be issued and augured that the new legislation will address the normal tax payers concerns.

"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."