Introduction
Dr. Edward Zamt Lewis launched the Malta global residence programme, allowing people who buy expensive property and pay taxes to benefit from a residence permit in Malta. The Global Housing Program was introduced in June 2013 to stakeholders involved in the sector. Dr. Zammat Lewis said that this program gives a strong impetus to various economic sectors attracted to economic growth.
Impact
The Global Housing Program will revitalize the property sector in our country by increasing the purchase of property, especially at a special price, which will help the country increase taxes, increase employment, even professionals in the field such as lawyers and Tax advisers will also be able to get more money. And it will help the financial services industry, the entertainment and hospitality industries. The Global Housing Program replaces the previous government’s scheme, provides more reassurance, and facilitates the process that has existed to date. The leaders of the program are desirable because they serve as an excellent incentive for people outside the European Union and outside the European Economic Area. The latter want to invest in our country. The government introduced a relative subsidiary in early July 2013. The new housing program also encourages those looking to invest in southern Malta and Gozo. “The government will co-operate with the entire necessary infrastructure to run and operate the scheme. We will see that the program’s procedures are not bureaucratic and minimize the barriers to applicants who visit our country. I want to invest and pay taxes, “said Dr. Zammat Lewis.
Economy
The move effectively lowers the limit on Malta’s real estate for those who want to buy real estate in our country and even those who want to buy property in our country. The tax threshold was also reduced to 15,000 euros. The 500,000 bonds under the previous scheme were also scrapped. As an initiative in southern Malta and southern Gozo, the fees that are being applied are also being reduced. The government’s stance reflects the fact that property prices are lower in south Malta and Gozo. It is also about developing these areas and creating the economic growth needed to move forward. “This is another promise that the new government has made in a brief period. We are doing this because we believe in economic growth and believe in our country’s capabilities. “This is another positive sign that the result is a responsible administration with clear priorities for our country,” said Dr. Zammat Lewis, Parliamentary Secretary for Competitiveness and Economic Growth, adding that the program is a direct result of adequate consultation. Yes, where the participants forwarded their suggestions and ideas for establishing this program to increase the competitiveness of our country.
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