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23rd September 2016, 12:52

Incentive scheme introduced for construction of rental properties

The Government has introduced a scheme aimed at stimulating the quick construction of properties for rental to what it describes as "key staff" presently living in Spain. The measure was announced at Budget Time and details were provided by the Chief Minister during Thursday's session of Parliament. Purchasers who buy a property built in the next 30 months will be entitled to rent it, tax-free, for a period of two years.

Fabian Picardo said the initiative followed an approach by developers and other parties, such as companies that would prefer their staff to be housed in Gibraltar. This includes, but is not limited to, betting companies. The objective is to boost construction in the short term, so that a greater amount of rental stock is available by the time 'Brexit' happens.