After successfully containing the perils of the pandemic through the hard work of the frontlines and the unparalleled cooperation of the residents of Malta and Gozo, attention has now diverted onto the economy.
Last evening the Government announced an economic regeneration plan to help families and businesses build confidence in a better tomorrow by incentivising local spending and amortising costs.
The most prominent incentives include;
• A €100 voucher for all over 16’s to be spent in restaurants, hotels and retail shops,
• €2,000 wedding related costs compensation for couples affected by COVID-19,
• When purchasing property, the stamp duty will be reduced from 5% to 1.5% on deeds signed by March 2021,
• When selling property, tax due will be reduced from 8% to 5% on all deeds signed by March 2021,
• The First Time Buyer Scheme will be adjusted to accommodate more eligible individuals,
• A price reduction of 7c/Litre on fuel to kick in on Monday 15th June,
• Business hardest hit by the pandemic will benefit from a 50% reduction on electricity bills,
• COVI-19 wage supplements will be retained till end September 2020,
• Students and pensioners who have a side income will now benefit from the wage-supplement,
• In-work benefits will reach a wider range of lower income families as well as a bonus of €250,
• €400M will be allocated to develop industrial space without affecting any ODZ land,
• €110M will be invested in a new logistical hub,
• €51M will be used to create an SME Industrial Park.
Zanzi Homes has always believed in the resilience of the Maltese population and is feeling hopeful about a better tomorrow. We are always here to guide you through the process of purchasing your new home.
Get in touch with us today to discuss how you can benefit from the new measures announced by the Government by emailing us on [email protected] or by contacting Ramon on +356 99749965.
To read more about the economic regeneration plan unveiled by the Government of Malta visit https://www.facebook.com/MaltaGov/?epa=SEARCH_BOX.
Zanzi Homes would like to thank the Malta Developers’ Association and The Property Malta Foundation for their efforts and contribution towards achieving these incentives!