A legal notice is giving those possessing a commercial emphyteusis with the Lands Authority or the Joint Office which expires by 31 August 2025 with the opportunity to apply for a 65-year extension on the lease.
Interested applicants will need to provide proof of a commercial activity which provides added value to the land in question in the coming years, and applications will start being received online on 5 October.
The legal notice will apply to people in commerce as well as companies putting forward new commercial projects, explained Parliamentary Secretary for Lands Chris Agius.
In the absence of the original owner, heirs who have continued managing the business can benefit from the concession extension, with Agius adding that in cases where the business is passed on to a third party in good will, this third party can also benefit from the scheme.
“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,” Transport Minister Ian Borg said.
“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.”