Malta is pushing for the common standard of due diligence across all CBI jurisdictions in order to avoid having more instances where IIP applications rejected by Malta are accepted by other countries.
The Malta Individual Investor Programme Agency has put forward recommendations to the European Commission to introduce the sharing of information about rejected CBI applicants, through proper channels, so as to strengthen the regulatory framework governing the industry.
.@MaltaGov put forward recommendations to the @EU_Commission to introduce the sharing of info about rejected #CBI applicants, through proper channels, so as to strengthen the regulatory framework governing the industry – @JosephMuscat_JM @jonathancardona
— Julia Farrugia Portelli (@JuliaFarrugia) December 20, 2018
In an interview to TVM, The Chief Executive of the Programme, Jonathan Cardona said that he does not feel that in January, when the EC issues its report about these programmes, that it will put a stop to them. He said that Malta is urging the Commission to enforce a common standard of scrutiny of the applicants.
Jonathan Cardona said, “We are pushing for this because we had four applicants whose application we turned down, who were then accepted by another country. So what we are saying is why did they not pass through our vetting process but passed through that of another country so easily? In other words, we ourselves are lobbying the EC to share the information which we would have collected.”
Mr Cardona indicated that in the revised programme, Malta can raise the price of its citizenship. He mentioned that thanks to this programme, various people have obtained citizenship and ended up making a substantial investment in Malta in various sectors.
Julia Farrugia Portelli said, “We felt that the names should be published, that was the decision we took and which we still believe in, and we will continue to adhere to the decision taken.”
The benefits of the IIP go beyond the contribution to Malta’s GDP. Various applicants are making direct investments in the local economy leading to the creation of new job opportunities, she said in a twitter post.
Currently as of 2018 Annual report, the IIP has reached almost 50% of the 1800 initial quota
