Back in 2017, the Quad Business Towers had been added to the Special Designated Areas List (the 'List') established in the List of Scheduled Zones in the First Schedule to the Immovable Property (Acquisition by Non-Residents) Act. The acquisition of a property included within the List is excluded from the application of acquisition restrictions otherwise imposed on the local immovable property market. Last week, the Minister for Finance and Employment published the Quad Business Towers, Mrieħel, Extension I (Special Designated Area) Order, 2021 (the 'Order') in the Government Gazette as to include an area adjacent to the Quad Business Towers originally classified as a Special Designated Area within the List. This area has been added to the List under the name of Quad Business Towers, Mriehel, Extension I. Accordingly, the acquisition of any immovable property located in the area denoted within the Order is not restricted by permit or authorisation requirements, irrespective of the buyer's residency or citizenship status.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.