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Monday, 18 October 2021
HomeTaxationOpportunity to extend on commercial emphyteuses expiring by 31st August 2025

Opportunity to extend on commercial emphyteuses expiring by 31st August 2025

Minister for Transport, Infrastructure and Capital Projects Ian Borg and Parliamentary Secretary for Lands and Construction Chris Agius announced a legal notice that will create an opportunity for those possessing a commercial emphyteusis with the Lands Authority or the Joint Office expiring by 31st August 2025, to apply for an extension of 65 years on the same emphyteusis. Interested applicants need to give proof of commercial activity which will give added value to the land in the coming years.

Minister Borg said that “commerce is an essential part of our economy’s backbone. Government is committed to continue helping our entrepreneurs to continue achieving success from the investments they have made throughout the years, while continuing to turn the economic wheel. We are determined to see public land being used in the best possible way, and we are therefore aiming to drive those operating in the commercial sector to creatively find ways to increase the value of their activities. We will continue working to sustain workers, businesses and our economy for the common good.

Parliamentary Secretary Chris Agius said that this legal notice will benefit people in commerce as well as companies putting forward new commercial projects. He stressed that individuals or companies launching new projects will therefore have peace of mind that the place from which they are to operate will be given with a new concession for emphyteusis equivalent to 65 years.

Mr Agius said that in the absence of the original owner, the notice will allow heirs who continued managing the business to benefit from this concession extension too. The parliamentary secretary also added that in the case of a business passed to a third party, in cases such as good will, this third party will also be able to apply under this scheme. He then concluded by saying that this legal notice will make a huge difference in the lives of people in commerce, while encouraging people in this sector to make use of the Lands Authority platform for more information about the legal notice.

James Piscopo, CEO for the Lands Authority, stated that this step is in the highest interests of the authority which is responsible for the best administration of all government properties. He went on to say that additionally, not only is this opportunity increasing trust in Maltese and Gozitan businesses; it is also preventing government properties from being left to deteriorate.

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