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Labour presents motion on permanent residency scheme
The Labour party presented a motion in parliament for a discussion in the House on the way the permanent residency’ scheme was abruptly stopped, and to propose suggestions as to how the scheme can be reactivated.
The motion was presented by Labour MPs Charles Mangon and Roderick Galdes. The MPs said that discussions with constituted bodies on the suspension have so far not yielded to an alternative to the scheme.
The scheme brought “high-net worth and influential” foreign business to Malta and injected over €35 million into the economy in 2010 alone.
The scheme was suspended in December last year without warning after 151 non-EU citizens purchased property in Malta in 2010 alone at a value of over €35 million.
The Chamber of Commerce say that as many as 12,000 jobs could be at risk, aside from those at risk from the loss of revenue for the whole economy.
Among its proposals, the Chamber has recommended: A looping system to restrict Permanent Residence holders from clocking the five yrs and becoming long term residents. Any tax incentives shall be lost if a non-EU national applies for long term residence and moreover, their tax liability in Malta become more onerous; Permanent Residence holders are obliged to possess a substantial health insurance cover; The low minimum rental obligation being immediately raised to €12k annually from the current inadequate €4150 p.a., in order to curb abuse.
