Malta: A Global Leader in Due Diligence
Both the Malta Residence and Visa Programme (MRVP) and Malta Individual Investor Programme (MIIP) are designed to attract both investment and investors from all over the globe. These programmes offer credible, good-standing investors the opportunity to become residents and citizens of Malta provided they make the required investments and pass all necessary due diligence checks.
Malta’s screening process, which aims to ensure that only adequately qualified investors are accepted, is widely regarded as the “Gold Standard” in the citizenship by investment industry. Malta’s Due Diligence process aims to go beyond the source of wealth, instead implementing a more multi-layered process to discover greater information about prospective applicants. Moreover, Malta has been one of the first CIU’s globally to fully recognise the importance of due diligence in the CBI industry.
Speaking at the Investment Migration Council forum, Parliamentary Secretary for Reforms, Citizenship and Simplification of Administrative Processes Hon Julia Farrugia Portelli stated that it is the approach adopted that makes the Malta IIP an industry leader – “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.”
The Malta Due Diligence matrix was created by Jonathan Cardona and Yakof Agiu to implement an approach which was structured and aligned risk assessment with predictive capabilities whilst also allowing for adaptability. This rigorous process results in an objective, systematic review of all applications put forward with the final result being both thorough and effective. In order to ensure these due diligence procedures are of the highest standards, the Malta Individual Investor Programme Agency has even consulted global organisations such as Transparency International and Global Witness to enhance the effectiveness of their procedures.
While Malta’s current due diligence check are ahead of the competition, it remains clear that continual evolution will remain critical to reducing corruption in the industry, with Malta set to effect further measures to enhance its process in the future to remain an industry leader. One such feature is Blockchain technology which, as noted by Mr. Jonathan Cardona, Malta intends to implement for KYC.
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