Issue link: https://maltatoday.uberflip.com/i/1540773
6 maltatoday | TUESDAY • 28 OCTOBER 2025 BUDGET 2026 A collective of 194 artists including painters, ceramicists, bronzists, sculptors, photographers and others. The Sovereign Military Hospitaller Order of St John of Jerusalem, of Rhodes, and of Malta Maltese Association _______________________ 24th October to 14th November 2025 St John's Cavalier Monday to Saturday 10.00am to 6.00 pm Sundays 10.00 am to 1.00 pm Order of Malta National Art Exhibition "Latina" Bronze 39 x 23 x 15 cm Noel Galea Bason Forget Dubai: Land reclamation off Freeport to be limited to industrial use FOR the first time, the government has identified a site for large-scale land reclamation extending be- yond the current Freeport perimeter in Birżebbuġa. The reclaimed area will be dedicated to industrial purposes, with a focus on attracting maritime-relat- ed activities. Certain com- mercial operations will al- so be relocated from other areas, freeing up space for public use. Land reclamation has been discussed in Malta for over two decades, with past proposals often tied to Dubai-style, large-scale real estate developments. Studies have repeatedly highlighted environmen- tal and economic chal- lenges. Previous studies identi- fied environmentally sen- sitive sites such as Qalet Marku in Bahar ic-Caghaq and the Xgħajra coastline. The new approach marks a significant shift: the focus is now solely on industrial and maritime uses, avoiding residential or commercial real estate projects. JAMES DEBONO jdebono@mediatoday.com.mt People set to inherit homes they live in to pay 3.5% tax on first €400,000 PEOPLE already living in the home they are set to inherit will only have to pay 3.5% tax on the first €400,000 of its value. This was announced during Finance Minister Clyde Carua- na's budget speech on Monday as he spoke about property and home-related measures. Caruana said that the First- Time Buyers' scheme will be renewed, giving eligible buy- ers a grant of €1,000 every year for ten years, adding that more than 7,000 people have benefit- ted from the scheme so far. To help first-time buyers with financing, the scheme that as- sists with the 10% home loan deposit is raising its property value limit from €225,000 to €250,000. Caruana added that the gov- ernment is negotiating with banks to make it easier for low-income individuals to use social loans to buy homes. The finance minister also an- nounced that the equity sharing scheme is being expanded to welcome applicants in the 25– 30 age bracket who may lack the funds to secure a loan. Under this arrangement, the applicant funds half the property price, and the Housing Authority cov- ers the remainder, which must be repaid within 20 years. For individuals who are sepa- rated and seeking to purchase a home, the property value limit qualifying for assistance will be increased to €350,000. MATTHEW FARRUGIA mfarrugia@mediatoday.com.mt