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Malta awaits green light

Brits looking to invest in overseas property could receive good news later this month when popular investment spot Malta learns of its progress towards joining the eurozone.

A European Commission report is currently being prepared and it is hoped that the smallest member of the EU has met all criteria necessary for joining the single currency.

Along with nine other countries, Malta became an official member of the EU three years ago and will be hoping to follow the example of Slovenia, the most financially progressive of the ten nations that joined in 2004.

Slovenia joined the eurozone on January 1st 2007 and has seen its already-improving economy greatly strengthened by adopting the single currency.

Representatives of the National Euro Changeover Committee (NECC), a Maltese group set up to monitor Slovenia's progress in the eurozone, have argued that Malta was even better suited for the single European currency and its resultant benefits.

"Their [Slovenia's] TV slots started just four weeks before the actual changeover. Ours on the other hand started in July last year and the campaign will be intensified if the convergence report is positive," said Melvyn Mangion, manager of public and media relations at the NECC.

He added: "The Slovenians had nothing like our Fair-pricing Agreements in Retailing [FAIR] initiative, by means of which customers are being empowered to monitor prices in both Maltese lira and euro and become familiar with prices in the single European currency."

Membership of the eurozone is likely to boost the tiny island's budding economy, greatly benefiting British investors in sun-kissed Maltese properties.

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