Malta has best climate in the world – International Living

International Living magazine has placed Malta at the top of its World Ranking for The Best Climate in the World in its 2011 Annual Quality of Life Index (www.internationalliving.com).

In her introduction to the special report on the World’s Best Climates, IL publisher Jackie Flynn writes: “For many people, an important consideration when moving overseas is the weather. Usually we yearn to escape harsh winters, snow, rain… and dream of living in a place where the sun shines every day and you don’t have to worry about scraping ice from your car before heading out to buy some milk!”

Climate is, of course, highly subjective, she continues: “Some people like to have a sharp, cold winter followed by a long, warm summer. Others want to eliminate the cold altogether and have sun year-round. And others prefer a more temperate climate… not too hot, not too cold, just somewhere in between.”

Five awards for Frank Salt Real Estate at European Property Awards

Frank Salt Real Estate Limited has won the award for the Best Lettings Agency in Europe at the European Property Awards, apart from winning all four local categories which it entered – Malta’s Best Real Estate, Malta’s Best Lettings Agency, Malta’s Best Real Estate Marketing and Malta’s Best Website with www.franksalt.com.mt.

The awards were announced at an event during which Europe’s finest real estate agents, developers, architects and interior designers attended at The Park Lane Hotel in Mayfair, London, on Friday, 23 September.

In the words of Stuart Shields, Chairman of the International Property Awards: “The objective of these awards is to accomplish excellence in the property industry worldwide and to promote an international standard.”

New permanent resident scheme announced

Finance Minister Tonio Fenech unveils the new permanent resident scheme aimed at high net worth individuals with (on right) John Huber, an officer of the Malta Chamber of Commerce, Industry and Enterprise (Photo – Reuben Piscopo, DOI)

With effect from today the permanent resident (PR) scheme is giving way to a new scheme granting special tax status to high net worth individuals.

Speaking at the Malta Chamber of Commerce, Finance Minister Tonio Fenech said the new scheme truly targets high net worth individuals (HNWI) rather than residents and ensures that only fit and proper applicants are accepted.

Other aims of the new scheme are to ensure the individuals attracted leave proper value in the country, allowing economic activity for which they will be taxed, social cost liabilities to future generations are limited and the tax residency of these individuals will fall in line with Malta’s international obligations and current international tax norms.

Malta among countries least exposed to natural disasters

Malta is second only to Qatar as the country in the world that scored the “lowest risk” of natural disasters and climate change, according to a report issued earlier this month by the United Nations.

The new WorldRiskReport 2011, issued by the United Nations University Institute for Environment and Human Security (UNU-EHS) and edited by the Bündnis Entwicklung Hilft, looks at how vulnerable communities worldwide are affected by natural hazards. At the same time, modern media, the Internet and social networking tools all ensure that news about today’s disasters are delivered to global audiences in real time, via our televisions, computers and smartphones.

The report examines whether our increased awareness of hazards and vulnerability correlate to a rise in actual disaster risk reduction, and attempts to rate and compare the risks posed to different countries by natural hazards and climate change. It also offers scientists and practitioners a tool to evaluate the interactions between exposure to natural hazards and climate change , and factors of social vulnerability (such as levels of poverty, education, food security and governance).

Finance Minister interviewed

The forthcoming issue of The Property Standard features an exclusive interview with Finance Minister Tonio Fenech ahead of the announcement of the 2012 Budget.

Mr Fenech told TPS that Government is expecting a “relative recovery” in the property market, with marginal increases in duty on documents both this year and next.

While the potential supply of property may have increased, this does not mean that the actual supply of property available for sale has increased likewise, the Finance Minister pointed out.

Real estate seen as a haven from low bond yields

Investors seeking to identify alternatives to bond holdings that have seen low yields are looking further afield into properties in developing markets, according to international media reports.

Prices for top-knotch properties in such highly developed markets as the United States, Japan, the United Kingdom, France and Germany, increased heavily in the first six months of 2011 and approached their peak in 2007, according to a Swiss investment house.

Professor David Blake of Cass Business School, London, is quoted as saying: “It is easy for funds to become overweight in (trophy property) asset classes because risk is being underestimated as a result of poor pricing transparency.

MEPA shows lack of sensitivity towards property market – MDA

The Malta Developers Association (MDA) said in a statement today that the Malta Environment and Planning Authority (MEPA) once again showed that it was totally insensitive and does not understand the circumstances in which the property industry in Malta finds itself today.

It was commenting on MEPA’s decision to withdraw the bills it issued earlier this week that were related to expenses it incurred in building permit applications. “These bills were issued without the applicants receiving information on how MEPA decided on the valuation of these expenses and whether these in fact reflected the actual expenses of paper and printing that were meant to be the reason for issuing these bills,” the MDA said.

Suspension of Permanent Residency Scheme is damaging the economy – Malta Chamber

The delay in the announcement of a new Permanent Residency Scheme, suspended last December, is “damaging to the country’s economy and its reputation with international investors”, according to the Malta Chamber of Commerce, Enterprise and Industry.

In a statement issued on Friday, the Chamber recalled that since the scheme had been suspending it had been demanding its “swift reinstatement”. Seven months later and despite various assurances, it added, the new schemes have not been implemented.  “We now risk not having the new schemes in place until after Parliament resumes after the summer recess”.

Given the small and open characteristics of its economy, MaIta cannot afford to compromise its reputation, the Chamber pointed out: “The whole country depends on international linkages and inflows in terms of business and investment.”

Five new residential schemes for foreigners

Government intends to launch five new schemes to enable property to be sold to foreigners, Finance Minister Tonio Fenech announced in Parliament this week.

The new legislation is expected to be enacted before the House rises for the summer recess next month.

An indefinite High Net Worth Individual Scheme specifically for European Union (EU), Swiss and European Economic Area (EEA) citizens will most closely resemble the Permanent Residents Scheme that was suspended at the end of last year.

Another scheme that would be more costly is for non-EU residents who would be given freedom of movement and eventually EU residence status.

Developers call on Government to manage property industry more decisively and professionally

The Malta Developers Association has called on Government to manage the property industry more decisively and professionally. Addressing a press conference this morning, MDA President Perit Michael Falzon called on Government to implement the right policies on a long term basis.

This is the full statement issued by the MDA:

During the last few years the Maltese property industry has been going through increasingly harder times facing falling prices and an undetermined, but definitely large, stock of unsold properties.

The Malta Developers Association (MDA) believes that, if the past four years were unhappy years, the next five years will be even worse not only due to the current international financial scenario but also because of the certainty that it is impossible for the circumstances that caused the last boom to be repeated as well as Government’s attitude to the property market.

According to the Central Bank of Malta Annual Report, the share of the gross added value of the GDP of the construction industry has already fallen from 3.4% in 2007 to 3.1% in 2010. The Maltese construction industry therefore is facing a prolonged crisis that can send a ripple effect throughout the Maltese economy, if it is not managed in time and properly.