More countries with citizenship and residency programmes can share best practices

Prime Minister Joseph Muscat stated that more countries are introducing citizenship and residency programmes which is a welcomed development as it creates an ecosystem of regulators and policy makers who can share best practices.

Addressing the 11th Global Residence and Citizenship Conference in Hong Kong, the Prime Minister suggested that due diligence conducted by various countries who have similar residence and citizenship programmes can be shared by adopting blockchain technology, making it more transparent while simultaneously sharing resources.

“We are open to innovative ideas to make our programme even more successful and better”, said the Prime Minister.

Dr Muscat said that in spite of the success of the Malta Citizenship by Investment Programme, the country does not solely depend on it, given that it is one of the most successful EU countries with the highest rate of economic growth, lowest unemployment rates and a diversified economy. In effect, these realities put us in a position to make our programme even more rigorous and choose participants carefully.

Dr Muscat also stated that Malta is not making a sales pitch for applicants who are looking for an easy way to get citizenship. Our due diligence process is the most rigorous one in the world and we want participants to become part of our vision of opening up our country to new opportunities. Through the programme we are getting access to networks that our country is not exposed to.

“Through the Individual Investor Programme we met persons who are now Maltese citizens and are investing and helping us through their contacts to expand to new economic niches such as blockchain and cryptocurrencies. Malta will be the first EU member state to have a blockchain strategy and among the first countries in the world to regulate exchanges for cryptocurrencies. Through such persons, our country is opening up to new opportunities”, said the Prime Minister.

The Prime Minister concluded by stating that the first tranche of Malta’s Individual Investor Programme is drawing to a close and that the government has a strong mandate to renew the programme. He added that given experience with the first programme, the second Citizenship by Investment Programme will be even more exclusive so as to keep attracting the right kind of people, as has been done throughout the first three years.