Strengthening Good Governance Frameworks
She was addressing the Second Citizenship by Investment Due Diligence Conference organised by the Malta Individual Investor Programme Agency. The conference is a platform used to discuss and share insights and experiences, specifically on the practice of due diligence in the citizenship and residency industry.
Parliamentary Secretary Farrugia Portelli stated that we have seen remarkable momentum in the global investment migration industry. After attending the Investment Migration Forum in Geneva last week, we have heard from peers how these programmes are strengthening and diversifying our economies and creating new opportunities.
“We have had the same experience locally, as both the citizenship and residency programmes have proved to be a resounding success. We attribute this achievement to having robust frameworks based on thorough due diligence processes to ensure that only the most fit and proper individuals and families are accepted and granted citizenship and residency,” stated Parliamentary Secretary Farrugia Portelli. She continued explaining that our objectives for these programmes are to attract the right talent and investors, expanding our horizons and bringing people that believe in investing in our country, while giving global citizens a chance at second residency or citizenship.
“Our aim is to maintain our success and keep up the good reputation Malta has built in the past years, which can only be achieved from the acknowledgement that compliance, regulation and due diligence should always meet the highest of standards,” said Farrugia Portelli.
She explained that the Maltese government shares the European Commission’s commitments in information sharing, upholding security in the Union and countering money laundering, the financing of terrorism and evasion of tax reporting. Malta has been advocating for the introduction of industry-wide standards ever since our programmes were launched. On the other hand, she explained that our success and reputation are also important to continue attracting the right global citizens that will see Malta as their natural home and the place from where they choose to shape the world of tomorrow. Malta’s commitment is also to connect these individuals and their business ideas with local investment opportunities and bringing to their attention our resources. These ventures, in turn, create new job opportunities.
“The government has also been forward in making social investments to support families. The funds invested directly from the Malta Individual Investor Programme generated over €800 million, €460 million of which have been ring-fenced into the National Development and Social Fund”, the Parliamentary Secretary stated. These funds are being invested in social projects strategically important for our citizens; €10 million investment towards upgrading primary healthcare, €6 million investment towards lodging for children that are cancer patients traveling to UK, a €60 million project for social housing to build over 1000 units as accommodation and another €47 million invested towards the national sports strategy.
Parliamentary Secretary Julia Farrugia Portelli emphasised that the Maltese government is committed towards keeping and strengthening our successes and achievements, and continue putting Malta squarely on the global map to attract to our shores the right people, with the right talents, drive and determination that match our ambitions.