Showing posts from April, 2011

Lawyers urge consultation on ‘excessive’ permanent residents’ scheme rules

Chamber of Advocates calls for consultation on new rules to end prolonged suspension of permanent residency scheme.

The Chamber of Advocates has expressed concern at the lack of government consultation on the suspension of the residence scheme regulations, previously brought to public attention by the Chamber of Commerce.

The rules facilitate the entry and indefinite stay of foreigners to Malta who must first fulfil eligibility rules on heir good standing, minimum income, and wealth requirements – primarily attracting affluent workers. But they were abruptly stopped by the finance ministry over suspicion of abuse.

The Chamber’s secretary-general Stefan Camilleri said the scheme had been abused by a “minority of advisors and real estate agents locally and board who highlighted too commercially the indirect legal consequences of taking up residence in Malta to further their business interests.”

Camilleri hinted that a significant incident where an EU national had qualified for overseas …

How to increase the sale value of your property

Here's an excellent short article from about increasing the value of your property for sale.

Understand first of all that there IS a difference between price and value. Price is the amount you are asking for the property. Value is buyer perceived, and this perception of value is influenced by many factors such as location, features, condition, comparison to other purchase option, etc. By attending to details that can have a positive impact on the value, sellers can significantly increase their chance of attracting qualified buyers willing to pay the asking price. Some tips to achieve a positive impact on value are: Perceived size impacts value, even more so than actual square footage. Open floor plans make a room feel bigger than larger spaces with smaller rooms. Showing property that is furniture free, or at reduced clutter, helps to make the space feel bigger.Vacancy increases sale-ability. Property is easier to show and easier to sell, and quicker to take possession of …

Letter to the Editor - The Times of Malta

Tuesday, April 19, 2011, by John Hollamby, St Julians

Lack of meaningful statistics on property

There is a huge investment in property development, house and apartment ownership, mortgage investment etc. in Malta.
It follows therefore that there should be first-class analysis of trends in values, numbers of transactions and other important matters such as the number of vacant properties forming developers’ land banks, vacant new build property and no doubt many other critical pieces of information to enable the state as well as investors, would-be purchasers and sellers, mortgage providers and so on to make their decisions on a basis of reliable information.
However, the only published statistics, so far as I can see, is an analysis based on the number of properties being advertised and the asking prices. It is a fact of life that estate agents everywhere almost invariably suggest inflated prices in the hope of selling to an uninformed purchaser and also to attempt to “talk up the mark…

Kenneth J. Borg wants to stay in touch on LinkedIn

LinkedInI'd like to add you to my professional network on LinkedIn.

Kenneth J. Borg
Managing Director
Malta Confirm that you know Kenneth J. © 2011, LinkedIn Corporation

Residency scheme must not strain economy, says Fenech

A revised permanent residency scheme must ensure high-value people attracted to Malta contribute to the country’s economy rather than strain it, Finance Minister Tonio Fenech said yesterday.
The new scheme, intended to replace the one suspended in December, must strike a balance between the payback for the country and the strain caused by the benefits people taking up such a scheme were offered, he said.

Mr Fenech said talks were under way with the European Commission, which was approached by people who took advantage of the scheme and received their permanent residency permits and who asked for clarifications because they wanted more benefits.
The property scheme for foreigners was suspended after several cases prompted a rethink of the system, to the dismay of the real estate industry, which last year saw 151 foreigners buying €35 million worth of property.

One of the cases involved an elderly British cancer patient who received €500,000 worth of free treatment in Malta after buying…