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businessweekme · 6 years ago

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Access a world of opportunity with Maltese citizenship

SPONSORED CONTENT

Citizenship-by-investment programs — including the exclusive program offered by Malta — offer the most direct means of gaining greater safety and security as well as greater travel freedom.

In a world where global mobility has become synonymous with success, being able to move effortlessly across borders represents the ultimate competitive advantage. A passport, consequently, can serve as either a gateway or a barrier to the world, depending on its relative strength or weakness in terms of the travel freedom it affords.

It is increasingly common today for individuals to be educated abroad and to have footings, networks, properties, and even citizenship in more than one country. Wealthy individuals in particular are looking for ways to expand their travel freedom and access the political and social liberties and educational opportunities offered by other jurisdictions.

Increased safety, security, and opportunity

Having more than one nationality represents the most direct route to expanded global mobility, flexibility, and access. Individuals who have multiple passports benefit from each country’s best practices and are less vulnerable to a single country’s shortcomings. As such, alternative citizenship is an essential part of any family’s insurance policy for the 21st century. The more jurisdictions a family can access, the more diversified their assets will be, and the lower their exposure to both sovereign and global risk.

On the supply side, a growing number of countries are seeking to attract talented individuals to their jurisdictions, as a means of stimulating domestic development and growth. Citizenship-by-investment programs facilitate the interaction between individuals and governments, allowing qualified candidates to become fully fledged legal citizens in a particular country in exchange for their significant economic contribution to that country (and without them needing to physically relocate there).

Given the high level of safety and opportunity in the region and the access it provides to the world’s top business and lifestyle centers, Europe is the most appealing destination for individuals looking to acquire a second or alternative citizenship.

EU passports are consistently ranked as the most powerful in the world, with citizens able to visit a wide range of visa-free destinations both locally and abroad. Within the EU, they have access to the world’s best educational and medical facilities, and they enjoy safety and security under the protection of EU law.

The benchmark for citizenship-by-investment

Considered to be the world’s most successful and credible citizenship program, the Malta Individual Investor Program (MIIP) was developed by the Government of Malta in collaboration with Henley & Partners in 2014. The MIIP is also the only citizenship program that has been endorsed by the European Commission.

The MIIP requires a person to make a substantial investment in the Maltese economy. In exchange for this extraordinary contribution to Malta’s future, and subject to a very thorough application procedure, applicants and their families are granted full citizenship rights in the country. The application process for citizenship is highly efficient and adheres to the world’s strictest due diligence standards.

The minimum capital contribution for a single applicant is approximately EUR 1 million, which consists of a donation of EUR 650,000 to the country’s development fund; a real estate purchase with a minimum value of EUR 350,000 or a real estate rental with an annual value of at least EUR 16,000; and a EUR 150,000 investment in government-approved financial instruments.

The issuance of a certificate of naturalization under the MIIP takes between six months and two years from the date of the application’s submission.

Magnificent Malta

Malta’s location at the intersection of North Africa, the Middle East, and Southern Europe, along with the country’s reputation for stability and security, has made it a thriving European financial hub. Since joining the EU in 2004, the country has experienced above-average economic growth, as investors and travelers alike tap into the nation’s enormous potential.

Often referred to as an open-air museum, Malta has a history that dates to 5,000 BC, and the island’s skyline is dominated by 16th-century architecture. After 160 years of British rule, the country gained independence in 1964, although English has remained an official language and is the medium of instruction in most institutions. Malta is also home to three UNESCO World Heritage sites, among them its capital, Valletta, which also wears the illustrious crown of ‘European Capital of Culture’ for 2018.

Maltese citizens benefit from high levels of human development, economic opportunity, and peace and stability. While Malta has a high standard of living compared to other countries in the Mediterranean region, the cost of living is generally lower than in other EU countries. Residents are also within close reach of top business destinations: London is a short three-hour flight away, while the business hub of Dubai can be accessed in five hours.

The island boasts a thriving real estate market, with property prices growing faster than in any other country in the world, according to the latest Knight Frank Global House Price Index. The increasing demand for real estate in Malta is driven by various factors, including the opening of branches of some of the world’s most influential financial institutions, blockchain businesses, and reinsurance companies, all of which are looking to benefit from the country’s favorable tax and regulatory environment. Further enhancing Malta’s appeal as a prime business destination is its sound infrastructure and strong telecommunications, postal, courier, and banking services.

The Maltese passport is also ranked as the 7th most powerful in the world, according to the latest Henley Passport Index. Maltese citizens enjoy visa-free or visa-on-arrival access to 183 destinations, including the US, the UAE, Hong Kong, Japan, Singapore, Switzerland, and all EU member states.

Beyond this expansive global access, citizens are free to settle, study, and conduct business anywhere in the EU. The opportunities that come with Maltese citizenship are virtually limitless, as are the safety, security, and future-readiness that can be passed on to future generations.

Connect with the industry leader

Henley & Partners is the global leader in residence and citizenship planning. Each year, hundreds of wealthy individuals and their advisors rely on our expertise and experience in this area. Our highly qualified professionals work together as one team in over 30 offices worldwide.

The firm also runs a thriving government advisory practice that has raised more than USD 7 billion in foreign direct investment. For over two decades, Henley & Partners has been involved in strategic consulting and in the design, set-up, and operation of the world’s most successful residence and citizenship programs in North America, the Caribbean, and Europe.

With an office on the ground in Malta and in-depth knowledge of the program and the country itself, Henley & Partners is best-placed to assist you with all your unique citizenship requirements.

Contact the global leader in investment migration and start your journey of acquiring Maltese citizenship today. Call +971 4 392 77 22, email [email protected], or visit henleyglobal.com

The post Access a world of opportunity with Maltese citizenship appeared first on Bloomberg Businessweek Middle East.

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mikemortgage · 6 years ago

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Malta and Austria Are Home to the World’s Best Investment Migration Programs

LONDON — The Malta Individual Investor Program is the world’s top citizenship-by-investment program and the Austria Private Residence Program is the world’s top residence-by-investment program, according to the Global Residence and Citizenship Programs 2018–2019 report, released today by global residence and citizenship advisory firm Henley & Partners.

Dr. Christian H. Kälin, an international immigration and citizenship law expert and Group Chairman of Henley & Partners, says the annual report provides a systematic analysis and comprehensive benchmarking of the world’s most important programs. “It’s an invaluable tool for anyone interested in alternative residence or citizenship as well as for the professionals like private bankers and lawyers who advise them. It also provides governments with a detailed picture of the broader investment migration industry landscape and where they fit it.”

Malta is followed in the citizenship program ranking by Cyprus in 2nd place, Austria in 3rd place, and Antigua and Barbuda in 4th place. European newcomers Moldova and Montenegro performed strongly, in 5th and 6th place respectively, mostly on account of their competitive pricing structure, minimal physical-visit requirements, strong transparency, and streamlined processing.

The Austria Private Residence Program has knocked Portugal off the top spot for the first time, with newcomer Italy claiming 3rd place, the Thailand Elite Residence Program coming in at 4th place followed by the UK Tier 1 Investor Immigration Program in 5th place. The US’s EB-5 residence program only holds 8th position on the ranking.

“Demand for such programs is at an all-time high,” explains Dr. Kälin, “and new programs are being launched each year. In this high-growth climate, Henley & Partners is committed to providing authoritative, on-the-ground insights to those working in the field of investment migration as well as to the broader public. It is in precisely this spirit that we hold our annual Global Residence and Citizenship Conference, which is all about mapping the major trends and developments shaping our industry and our world.”

The annual event, now in its 12th year, will take place in Dubai from 4 to 6 November. Over 400 delegates from more than 40 different countries are expected to attend, including presidents, prime ministers, senior government officials, leading academics, industry professionals, and top-tier financial and business media.

View source version on businesswire.com: https://www.businesswire.com/news/home/20181023005113/en/

Contacts

Media Henley & Partners Sarah Nicklin Senior Group Public Relations Manager [email protected]

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amicusint-blog · 7 years ago

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Passports for Sale-CBS

Steve Kroft reports on how cash-starved countries offer citizenship for a price, creating ways to ease travel for foreigners, including those running from the law

If you have been thinking about leaving the United States, moving to another country and changing your nationality, it's never been easier to do. In this era of globalization, citizenship and passports have become just another commodity to be bought and sold on the international market. All you need is money and a willingness to contribute a few hundred thousand dollars to the treasury of a cash-starved country or acquire a piece of real estate there.

It's called citizenship by investment and, as we first reported in January, it's become a $2 billion industry built around people looking for a change of scenery or a change of passport, a new life or maybe a new identity, a getaway from the rat race, or perhaps an escape from an ex-spouse or Interpol. In any event, it's brought in huge amounts of revenue for the sellers and attracted among the buyers a rogue's gallery of scoundrels, fugitives, tax cheats, and possibly much worse.

If you're shopping for another passport, the top of the line right now is Malta. By investing a million dollars in this Mediterranean island, a Russian or Chinese or a Saudi can become a European citizen with a new EU passport that will allow them to travel just about anywhere without a visa. There are also much cheaper, less discriminating alternatives available in the Caribbean, especially on the tiny island of Dominica, where Lennox Linton is a member of Parliament.

Steve Kroft: How much does it cost to get a citizenship?

Lennox Linton: $100,000.

Steve Kroft: Do you have to come and live in Dominica?

Lennox Linton: No. No. You don't even have to come to Dominica to get the citizenship. You pay the money from wherever you are.

Steve Kroft: Sorta just mail order citizenship?

Lennox Linton: Sort of. Something like that.

Our introduction to this world of citizenship by investment came in Dubai – the gleaming, international bazaar – that was hosting the 9th annual global citizenship conference. Gathered here were government officials, lawyers, bankers, and real estate developers who facilitate and profit from the trade of citizenship for cash.

Chris Kalin: Good evening, and a very warm welcome…

This is the man who more or less invented the business: Chris Kalin, chairman of Henley and Partners, a consulting firm with offices, where else, but in Zurich, Switzerland. For a fee and healthy commissions, Kalin helps countries set up their program, rewrite their citizenship laws, and recruit people of means looking for a second, third, or fourth passport, which he sees as just another travel accessory; a passport of convenience.

Chris Kalin: You probably have more than one credit card, I would assume. And, you know, if Visa doesn't work, Mastercard will do. So I think any wealthy person nowadays should have more than one credit card. And likewise, you'd have more than one passport.

Steve Kroft: But you need to have some money to do this?

Chris Kalin: Yes.

Steve Kroft: To be able to do this?

Chris Kalin: Yes, absolutely. It's just for wealthy people, of course, yeah.

Quite often these wealthy customers come from politically problematic countries where their passports don't work very well, making it difficult for them to get where they want to go. Global citizens like international lawyer Sirous Motevassel, a Middle Easterner from Iran who travels on a West Indian passport from St. Kitts and Nevis.

Steve Kroft: And where do you live?

Sirious Motevassel: I'm living in Dubai, United Arab Emirates.

Steve Kroft: So you're an Iranian living in Dubai with St. Kitts citizenship.

Sirious Motevassel: Yes. Yeah.

Steve Kroft: That's complicated.

Sirious Motevassel: Yeah. It, yeah. This is the life.

It's the life, because Motevassel's St. Kitts passport, available for $250,000 or a $400,000 real estate investment, allows him entry to more than 100 countries without having to get special permission. It's a legal way to circumvent visa controls that nations set up to screen people coming into their country. But it's also an opportunity for shady characters to mask their true identities, and avoid suspicion as they travel around the globe.

The business was born here in St. Kitts when Chris Kalin struck a deal with the government a decade ago following the collapse of the islands' sugar industry.Since then, passports have become its major export, providing hundreds of millions of dollars in income. In fact in 2014, the last year for which there are government statistics available, 40 percent of the government's revenue came from selling passports.

It's provided St. Kitts and Nevis with hundreds of millions of dollars for infrastructure projects, private development, and tourism but a lot of the money is unaccounted for. More than 10,000 people have purchased citizenship here, but it's almost impossible to tell who they are because the information is not public. Chris Kalin doesn't like the words citizenship for cash, or any suggestion that all you need is money to get a passport.

Chris Kalin: You have to go through a process. You have to apply. And you have to answer a million questions. And you have to undergo a background verification. And you have, at least in the properly run programs, you have to be a reputable person. And that's checked.

But evidently, not that carefully. About the only way to identify people who have purchased St. Kitts citizenship is if they've happened to turn up on a list of international fugitives or gotten in trouble with the law, and St. Kitts and Nevis has had more than its share for two sleepy, little islands. Its passport holders have included a Canadian penny stock manipulator… a Russian wanted for bribery… a Kazak wanted for embezzlement… two Ukrainians suspected of bribing a U.N. official… and two Chinese women wanted for financial crimes.

Chris Kalin: I think it's no secret that these islands have made decisions that are not always optimal.

Steve Kroft: They've taken some bozos, as you would call them?

Chris Kalin: Yes, exactly.

Steve Kroft: What about crooks?

Chris Kalin: Yes. It's goes all the way down to crooks, yeah, absolutely. And it tended for some time to attract quite a few people that I would never let into the country. But I'm not the government of St. Kitts and Nevis.

Steve Kroft: But you set up their program.

Chris Kalin: We helped to set up the program. But, you know, as it is, advisers advise, ministers decide.

The island nation drew the ire of the U.S. Treasury Department three years ago after three suspected Iranian operatives were caught using their St. Kitts passports to launder money for banks in Tehran in violation of U.S. sanctions. It also had to recall more than 5,000 passports because they either didn't include a place of birth or were issued to people who had changed their names. Since then a number of reforms have been made, but questions remain.

Peter Vincent: They're not transparent programs. There are not safeguards in place.

Until 2014, Peter Vincent was the top legal adviser for U.S. Immigration and Customs Enforcement, part of the department of Homeland Security, which he says is well aware of all the vulnerabilities. In fact, before General John F. Kelly became secretary of the Department of Homeland Security, he expressed concern in a 2015 report that "cash for passport programs could be exploited by criminals, terrorists or other nefarious actors."

Steve Kroft: Does that present a security threat, do you think?

Peter Vincent: It does. In my opinion, the global community has established a very effective global security architecture to prevent terrorist attacks. I see these cash for citizenship programs as a gaping hole in that security architecture.

But it's not stopped the programs from multiplying across the Caribbean…Dominica, Grenada, St. Lucia, and Antigua are all competing with St. Kitts now for customers and badly needed cash.

Gaston Browne: So what are we supposed to do? Sit back and do nothing? You tell me.

Gaston Browne, the prime minister of Antigua and Barbuda, says the revenue from its four-year-old program has kept the government from defaulting on its international loans and has turned the economy around. Antigua also claims to have among the strictest programs in the Caribbean. You actually have to show up here to get citizenship, albeit very briefly.

Gaston Browne: Our law provides them to spend at least five days here.

Steve Kroft: That sounds like a vacation.

Gaston Browne: Yes. I understand. But however, we have made sure that at least there must be some face-to-face contact so we know who these people are.

Steve Kroft: For five days.

Gaston Browne: Minimum.

Steve Kroft: What kinda people are you looking for?

Gaston Browne: We're lookin' for high net worth individuals. People who are established business people. Who are well-known. And to make sure that we get the crème de la crème.

If so, they are recruiting them in some odd places. Last summer, Antigua announced it was opening an embassy in Baghdad hoping to sell passports to Iraqis. It didn't work out. But it's doing better next door in Syria after hiring a relative of President Bashar Al-Assad to represent them.

Steve Kroft: Have you had any applications from Syria?

Gaston Browne: Yes. We have had applications from Syria.

Steve Kroft: And you've approved them.

Gaston Browne: Syria is one of the areas in which we have had some concerns but did not place it on a restricted list.

Prime Minister Browne told us instability breeds opportunity. Besides Syria, Antigua has sold citizenship to Iranians, Libyans, Pakistanis, and the people who brought condos in this half-built complex in the desert outside Dubai, 7,300 miles away from Antigua. Its website advertised, "Buy a villa in the UAE and get citizenship of Antigua."

Steve Kroft: I mean, you said that you were looking for the crème de la crème.

Gaston Browne: Crème de la crème.

Steve Kroft: I mean, there's a developer in Dubai.

Gaston Browne: Yes.

Steve Kroft: Sweet Homes.

Gaston Browne: Yes.

Steve Kroft: Who is advertising that he's giving away passports to anyone who buys a condominium there.

Gaston Browne: You don't believe that, right?

Steve Kroft: Like you open a bank account, you get a free toaster.

Gaston Browne: That is not so.

Browne dismissed the sweet homes ads as advertising hype, saying the citizenship is not free or guaranteed. Somebody has to come up with $250,000 for Antigua and condo buyers must pass a background check.

Gaston Browne: You have to go through all of the due diligence.

Steve Kroft: What kinda due diligence do you do?

Gaston Browne: Well, and that is where the crux of the matter lies.

The prime minister claimed that the names of all applicants for Antiguan citizenship are screened by American intelligence and law enforcement agencies, and generally speaking due diligence in the Caribbean has improved substantially since the scandals in St. Kitts. The small island offices with a few people are now backed up by international firms that take the screening to a higher level. But ultimately it's up to each country to decide who gets a passport, and the Caribbean has a rich history of turning a blind eye to official corruption. It's affected the way the way passports are handed out, especially diplomatic passports, that entitle the bearer to all sorts of special privileges, which Peter Vincent says represents a much more serious security threat.

Peter Vincent: The border officials at the receiving country, even without a visa, almost always admit an individual carrying a diplomatic passport. In addition, border forces are not entitled to search the luggage of diplomats like they are for regular tourists. They simply wave them through.

The sale of diplomatic passports is not part of the citizenship by investment program, but it's gone on under the table, according to U.S. authorities, in places like Dominica, which has had a lot of dodgy diplomats.

Lennox Linton: We had a diplomatic passport in the hands of Francesco Corallo, who, at the time, was on INTERPOL's list of most-wanted criminals.

Lennox Linton, who heads the opposition in Parliament, says no one in Dominica had ever heard of Corallo until he was stopped by authorities in Italy.

Lennox Linton: He said, "You can't detain me. I'm a diplomat." They said, "Diplomat? Diplomat of where?" He said, "Dominica."

Then there's Dominican diplomat Alison Madueke, a former Nigerian oil minister charged with bribery and money laundering. And Rudolph King, a Bahamian fugitive from U.S. justice, who presented himself as Dominica's special envoy to Bahrain.

Lennox Linton: What we were doing with an ambassador in Bahrain, I don't quite know. But they seem to think that there was some benefit in there for us.

Steve Kroft: I assume that you've asked the prime minister…

Lennox Linton: Yes.

Steve Kroft: How he ended up appointing these people, diplomats.

Lennox Linton: Yes.

Steve Kroft: And what was the answer?

Lennox Linton: The prime minister doesn't answer those questions.

With vast sums of money flowing into these island nations, and more and more countries selling their citizenship, there is consensus that still more oversight and transparency is needed. But privacy and secrecy have always been a major selling point for people buying multiple passports, including Chris Kalin, the man who invented the business plan.

Steve Kroft: How many do you have?

Chris Kalin: I have multiple.

Steve Kroft: So you don't wanna tell us how many you have?

Chris Kalin: There's a few things in my life that, that I don't talk openly about. And I keep for myself. But I am Swiss originally and many people think I'm very Swiss and so I'll leave it at that.

Our report in January sparked a flurry of reaction in the Caribbean. In Dominica, there were riots demanding the resignation of Prime Minister Roosevelt Skerrit for his handling of diplomatic passports. He denies any improprieties. The St. Kitts government deactivated more than 15,000 passports, including 91 diplomatic passports. And Antigua's program -- singled out by the U.S. State Department as "among the most lax in the world" -- has also recalled many of its diplomatic passports.

Produced by Graham Messick and Evie Salomon.

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mikemortgage · 6 years ago

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Henley & Partners Wins Mandate for Moldova Citizenship-by-Investment Program

LONDON — Henley & Partners, a leading global investment migration firm, has won the public tender to design, implement, and promote the much-anticipated Moldova Citizenship-by-Investment (MCBI) program. The firm submitted its application for the public tender — issued by the Ministry of Economy and Infrastructure of the Republic of Moldova — at the end of May.

The MCBI program, set to launch within the next few months, will become the third such program in Europe — after Malta and Cyprus —and the most affordable, giving individuals the opportunity to acquire alternative citizenship by making a EUR 100,000 contribution to Moldova’s Public Investment Fund.

Henley & Partners has accumulated over 20 years of experience working with governments in North America, the Caribbean, Europe, and Asia on the design, set-up, operation, and promotion of some of the world’s most successful residence and citizenship programs, raising more than USD 7 billion in foreign direct investment (FDI).

The firm applied for the mandate as part of a consortium together with MIC Holding LLC (Moldovan Investment Company), a company based in Dubai, UAE and founded to focus on strategic FDI initiatives. In addition, an agreement has been signed with the Boston Consulting Group (BCG), a leading global management consulting firm with 90 offices in 50 countries, to provide advice on best-in-class FDI strategy and implementation.

“The program is poised for success on account of its competitive pricing structure and strong value proposition,” says Marco Gantenbein, Executive Committee member at Henley & Partners. “Moldova offers its citizens visa-free access to 121 destinations, including the countries in Europe’s Schengen Area as well as Russia and Turkey. It has entered into an association agreement with the EU and is aiming to become a candidate country for EU membership.”

Moldova’s Minister of Economy and Infrastructure, Chiril Gaburici, says his government’s primary objective is to create long-lasting societal value for the Moldovan people. “The MCBI program will provide our economy with valuable FDI that will enhance the daily lives of all Moldovans. Uncompromising due diligence standards and compliance procedures will guarantee the credibility, competitiveness, and long-term sustainability of the program. In this regard, we are delighted to be working with Henley & Partners, whose good governance systems are industry-leading.”