Insight
In 2011, the government in Malta, in an effort to attract more wealthy individuals, introduced a new low rate tax of 15% for people who earn a minimum annual income of just under £70,000 generated through local activity. If the income exceeds £4.4 million, the excess is ex- empt from tax. This new rule is prompting ex- patriates working in the financial services industry to relocate to Malta, driving demand for property in the process. The reduced rate of tax applies for a consecutive period of five years for EU nationals.
As with most Mediterranean islands, prop- erties in Malta don’t come cheap, but they are usually a very good investment. The waterfront around Valetta is the fashionable and
02. Fishing village of Marsaskala, Malta.
Te Tumas Group is now involved in redeveloping the Ta’ Monita site in Marsascala, handling the marketing side of the development.
cosmopolitan place to live, with all amenities such as shopping, bars and nightlife found along the seafront. Further north, resorts such as Mel- lieha are popular with all types of buyers, includ- ing British holidaymakers and retirees, because of their lovely beaches and peaceful beauty. Like Malta, Gozo’s property offering is no longer limited to centuries-old properties in drowsy farming villages. Several new projects combine the island’s stunning scenery with the convenience of modern, highly specified apart- ments. Finance is readily available for those seeking to purchase property and the economy has been enjoying a sustainable level of growth over the last 10 years, making it well-placed to with- stand the current turmoil in the European Union. Property dealing in Malta is one of the core ac- tivities of the Tumas Group (
www.tumas.com). As well as developing residential and leisure com- plexes, the Tumas Group is active in purchasing, selling, leasing and developing commercial prop- erties, including first-class office space like the Portomaso Business Tower. It also specialises in providing companies and organisations with cus- tom-built property on a turn-key basis, with a comprehensive service ranging from provision of design, processing of permits, construction and in- ternal layout to handover.
Portomaso, the standard-setting project at St. 86
03. Ta' Pinu Church in village Gharb, Gozo island Malta.
Julian’s in Malta, was conceived and developed by Tumas Group. It is considered to be the is- land’s most exclusive residential, leisure and business address. Portomaso is a Special Desig- nated Area giving foreigners a high level of flex- ibility and favourable conditions in dealing with property purchased in the complex. The Tas-Sel- lum Residence in Mellieha is another Tumas Group initiative and sister project to Portomaso. This architectural treasure comprises clusters of luxury apartments built on a steep hillside that graduates gracefully to the seashore. The Tumas Group is now involved in rede-
veloping the Ta’ Monita site in Marsascala, han- dling the marketing side of the development. Ta’ Monita covers an area of over 18,000 square meters, and its redevelopment will result in apartments ranging from studio flats to three-bedroom apartments and penthouses.
04. The famous Azure Window in Dwejra, Gozo, Malta.
The facilities include a swimming pool, piazza and underground parking. When completed, the project will set new standards for development in the south of the Island in the same way that Portomaso and Tas-Sellum brought 21st-century living standards in their respective areas. Property values in Malta fell in 2010/11, but various sectors of the market are seeing an in- crease in activity once again. Malta being a small, densely populated island has a very high percentage of home ownership, the long-term prospects for capital growth appear good. In May 2012, Ryanair announced 7 new routes from Malta to Bournemouth, Kaunas, London Stansted, Malmö, Oslo Rygge, Turin and Wro- claw. Ryanair says that these new routes (28 in total) will grow its Malta traffic to over a mil- lion passengers per year, sustaining over 1,000 jobs at the airport and on the island.
New European Economy
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