MDA stresses need for serious due diligence process in Residence and Visa Programme

The Malta Developers Association welcomes with satisfaction Government’s decision to launch the Residence and Visa Programme for Malta.

Through this Government programme, more investors are going to be attracted to our country and encouraged to buy or rent quality property. At the same time the minimum price established for property will avoid competition with buyers for cheaper properties.

The MDA believes that in the areas where the scheme is going to be applicable there are a number of vacant properties, many of them abandoned and dilapidated. Through this scheme, the owners of these properties will be encouraged to refurbish them because they know that there is going to be a market to either sell or rent them. There is no doubt that this will lead to a further strengthening of the property market and, as a result, to further expansion of the country’s economy.

Despite all this, the MDA feels that it should stress the need for a serious due diligence process to ensure that those who have been accepted for this programme will be genuine people and that they have a clean legal record, so that the programme will be truly successful.

MDA stresses need for serious due diligence process in Residence and Visa Programme

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