Malta Registers 3rd Consecutive Budget Surplus, 76% of Which From Citizenship Program

Malta saw revenues outpace expenditures in 2018. While the government was careful to point out that it would have logged a surplus even in the absence of its citizenship by investment program, the MIIP can take credit for three-quarters of the positive balance.

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“We Agree With Most of What’s in It,” Says MIIP-Boss Cardona About EC Report

Speaking to IMI in Davos last week, CEO of the Malta Individual Investor Programme Agency, the entity charged with managing Malta’s citizenship by investment program, the MIIP, said he was, overall, “quite happy” with how his program was portrayed in the European Commission’s report on the investment migration industry. Watch the full interview by clicking

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Don’t Miss Our Exclusive Coverage of Investment Migration in Davos 2019

In January 2019, for the first time, the investment migration industry was represented in Davos during the World Economic Forum’s annual meeting in the Swiss Alps. Investment Migration Insider was on-site to provide broad coverage. See the video in this story for a taste of what we’ll be publishing in the coming weeks. Our coverage

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Bipartisan Consensus on Naming of Malta IIP Citizens Despite Regulator’s Concerns

Although generally not accustomed to unanimity, both Malta’s governing party – Labour – and the opposition – the Nationalist Party – agree that the government should continue its practice of publishing the names of new citizens in its annual Gazette, despite agents’ recommendations to the contrary and the program regulator’s apprehensions about the policy, reports

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CIP Critics in European Commission “Didn’t Even Bother” to Consult Malta IIP Regulator

Earlier this week, the Malta Individual Investor Programme’s regulator – ORiip – published its annual report on the MIIP which showed the program had already raised in excess of a billion euros. Also included in that report was Regulator Carmel L. De Gabriele’s foreword, in which he expressed “utter dismay” at the European Commission (EC)

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Malta IIP Passes €1bn in Revenue, Has Turned Down €250m Due to High Rejection Rates

Malta’s Office of the Regulator of the Individual Investor Programme (ORiip) today published its fifth annual report on the country’s citizenship by investment program. All told, the MIIP has now raised more than one billion euros since inception and could have made at least €250 more, were it not for its exceptionally high rates of rejection.

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Chetcuti: 5 Common Reasons for Rejection of Maltese Citizenship Applications

Dr. Jean-Philippe ChetcutiContributor   “More high net worth individuals are seriously weighing their options in resorting to global citizenship to ensure a better future for their families or to expand their business possibilities”, confirms Malta’s Junior Minister responsible for Citizenship, the Hon Julia Farrugia Portelli. This is visible on the beaming faces of adult and

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Malta IIP Rejects Two Applicants; Other Programs Didn’t

In an interview with TVM yesterday, Charles Mizzi, Chief Communications Officer of the Malta Individual Investor Programme Agency (MIIPA), revealed that Malta had turned down two applicants – one from North Africa, the other from Asia – even though the individual in question had previously received approvals from other programs. The decision, Mizzi told TVM,

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62% of Malta Budget Surplus to Come from Citizenship Program Next Year

Prime Minister Muscat of Malta – the Mediterranean Tiger Economy that grew by 6.4% last year, among EU-states second only to Romania (6.9%) – expects the government budget for 2019 to amount to 1.3% of GDP, of which 0.8% will come from the Individual Investor Programme. Read also: Malta’s Budget Surplus Soars to Highest in EU,

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Malta Already Follows Recommendations Says Govt. in Reaction to Transparency Report

In response to today’s report from Transparency International – European Getaway; Inside the Murky World of Golden Visas – Malta’s government has issued the following statement: Press Statement issued by the Government of Malta Reaction to the report ‘European Getaway – Inside the Murky World of Golden Visas’ published by Transparency International and Global Witness 2018 The

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Malta Sovereign Wealth Fund Now in World Top 50 Thanks to Citizenship Program

Malta’s National Development and Social Fund (NDSF) – established to manage and administer receipts from the country’s Individual Investor Programme – has raised a total of €432,014,517 since inception and until August 31st this year, according to the fund’s board of governors. The reported figures make the NDSF the world’s 43rd largest sovereign wealth fund by assets

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Euro. Commission Will “Insist on Genuine Links” for Malta’s Economic Citizens

In an interview published yesterday on NewsBook, European Commissioner for Justice, Vera Jourova, revealed some of the details to be included in the Commission’s guidelines for citizenship by investment to EU countries, due this fall. “[…]we want to issue a new recommendation to the states to increase the due diligence, the checking of the people

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MIIP Funds Charity for Children with Cancer: An Attempt to Justify the Program, Says Opposition

Malta’s Individual Investor Programme (the MIIP) will help Puttinu Cares – a Maltese support group for children with cancer – provide free accommodation to Maltese patients and their families traveling to the UK for treatment at the Great Ormond Street Hospital, the Malta Independent reports. The MIIP has already provided €1 million in financial contributions

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Malta Rejects 1 in 4 Applications for Citizenship by Investment

Speaking to Malta Today, Jonathan Cardona, head of Malta’s Individual Investor Programme (the MIIP), said that, since the beginning in 2014 and until the present, the CIP he heads has rejected some 24% of all applicants. A quick look at the data as reported in the annual reports of the Office of the Regulator of

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Chetcuti: The 5 Pillars of a Reputable Citizenship by Investment Program

This article was contributed by Dr Jean-Philippe Chetcuti, Managing Partner at Chetcuti Cauchi Advocates. Designed to attract foreign investment and fueling countries’ economic growth, the investment migration industry faces increased scrutiny by supranational organizations like the OECD and the EU. Earlier this year, the OECD launched a consultation process to investigate concerns relating to potential tax

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Malta PM: Applicants Rejected by Other Programs Should “Not Even Bother” Trying Malta IIP

Speaking during the 2018 UGlobal Immigration Convention in Los Angeles this Tuesday, Maltese Prime Minister Joseph Muscat said investors who have been rejected by other countries should “not even bother” applying for the Malta Individual Investor Programme (MIIP) because it had the strictest due diligence in the world, wanted only the best applicants, and was the

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Predicting Application Outcomes With Big Data: The Malta IIP’s Risk Matrix

Yakof Agius, Chief Officer of Risk and Compliance at the Malta Individual Investor Programme Agency, explains how a systematic approach coupled with the collection of data points on large numbers of applicants can, over time, help predict the outcome of a citizenship by investment application before it is even lodged. The Malta IIP, by many

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CIP-Countries Have “No Option” But to Invest in Solid DD Structures Says Malta IIP’s CEO

Jonathan Cardona, CEO of the Malta Individual Investor Programme, told Investment Migration Insider during an interview that he believes Malta’s due diligence was “a cut above the rest”, that high due diligence standards would “save the industry”, and that other CIP-countries would have “no option” but to implement similar standards to remain sustainable. Commenting on

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Malta’s Budget Surplus Soars to Highest in EU, 90% Attributable to Citizenship by Investment

Malta’s budget surplus in 2017 reached €438.6 million, or an astonishing 3.9% of GDP, higher than any other EU country, and fourth highest in the world. In the year from July 2016 to the end of June 2017, the Malta Individual Investor Programme (MIIP) raised €394.1 million (3.72% of GDP). Accounting for 90% of the difference, the

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