In a statement issued by Identity Malta last week, Jonathan Cardona, CEO, Malta Individual Investor programme stresses on the importance on a global approach to due diligence in the citizenship by investment industry and how all efforts are made to keep this process as a thorough and insightful one. The comment was released just a couple of weeks following the outstanding results of the Malta Individual Investor Programme at the Global Residence and Citizenship Conference where the programme held tight to the first place for the third consecutive year surpassing countries like Cyprus, Austria and Grenada.
Cardona explained how Identity Malta have invested heavily in human resources and technology to ensure the programme retains its mark of excellence in this regard, a criterion which has guaranteed the programme to receive constant acclamation since its launch in 2014. He claims that in addition to having the right expertise to use the tools at hand, it is important for officials to diversify between the different jurisdictions, legal structure and money laundering to enable them to make a well-informed decision on the individual’s background.
The good practice being adopted is also being taken on by other institutions within the financial sector such as banks and other private institutions, another strong confirmation that all measures are being taken into account. Cardona concluded by stressing the importance of data sharing and sustaining open and transparent discussions between all stakeholders which will result in cost reduction, becoming more efficient, risk reduction and expanding business opportunities.
‘In this light, we feel that there is a big opportunity for Malta to play a leading role in shaping and forming a more standardised approach to due diligence, and risk assessment in the future’’ he said. ‘We should also seek to exploit blockchain technology, inviting stakeholders, authorities and regulators to come together and set industry standards in this field in order to provide the necessary peace of mind for the institutions and service providers.’
The Malta Individual Investor Programme offers the right for the Main Applicant and his/her dependants, the right to reside, study and work in Malta or in the EU. For more information, please contact Karl Cini by sending an email to firstname.lastname@example.org.