Faced by political and socio-economic instability in their countries, a growing number of wealthy private individuals are looking at investment migration as a way of giving themselves, and their immediate family members, the opportunity to live a better life in a more stable environment. This created an economic niche for CBI programmes. Malta embraced this opportunity, by designing a programme that is intended to expand its horizons and attract people not only willing to invest, but who believe in the country’s potential.
Due diligence is the corner stone of every #citizenship by #investment programme. #Malta #IIP employs unparalleled risk assessment systems which are often looked-up to by its peers in the financial services industries. @IMCouncil @MaltaGov @JosephMuscat_JM pic.twitter.com/LQ9c8lYmeh
— Julia Farrugia Portelli (@JuliaFarrugia) June 6, 2018
During her speech at the Investment Migration Council in Geneva, Hon Julia Farrugia Portelli stated that the IIP is widely perceived to be the leading one in the industry. This goes down to our approach. Our modus operandi is different – it is not simply based on a business transaction. It is a holistic approach, taking into consideration different facets in order to safeguard the interest of the applicant, our country and even that of other countries to which the application receives right to entry.
With a leading role in due diligence within citizenship by investment, the Malta IIP is one of the main advocates of the importance of this process. In the wake of greater scrutiny of the industry, CIUs need to seek ways how to enhance their collaboration, by sharing their wealth of knowledge and experience in a formal manner within the required legislative framework. We must exercise stringent DD and we must clearly communicate this to all the stakeholders and observers.
Malta developed the first CBI risk matrix to mitigate all the risks associated with CBI applications which goes beyond the source of funds and wealth. The MIIPA uses a structured due diligence process with a multitude of layers in order to gain access to information about the applicants. Sources include government agencies, law enforcement agencies and the private sector to obtain the necessary information which is then analysed and reviewed to mitigate the risks.
During the First Due Diligence Citizenship by Investment Conference, Mr Thomas Anthony, CFCS said the average individual produces six newspapers’ worth of information every day. The elimination of paper, the ease of content creation and the explosion of mobile capture drives this trend. A U/HNI produces even more than that due to the loads of more media coverage they get. All this makes due diligence much harder because one can’t keep up with this mountain of information available. He explained how the solution to overcoming this challenge is Artificial Intelligence.
Malta IIP CEO Jonathan Cardona, announced recently they are planning to launch a platform for KYC on blockchain technology in the near future.
About Malta Individual Investor Programme: The Individual Investor Programme is designed to attract to Malta’s shores applicants who can share their talent, expertise and business connections. It is the first citizenship programme in the European Union to be recognized by the European Commission. Applicants are subject to a thorough due diligence process which guarantees that only reputable applicants acquire Maltese citizenship. Moreover, applications from countries where international sanctions apply may not be accepted. Applications from a particular country can also be excluded on the basis of a Government policy decision. Malta offers great opportunities to applicants of the IIP and their families, including a high standard of living, a stable political system and a robust economy. Â
