The Malta Chamber of Commerce, Enterprise and Industry made a set of proposals aimed at strengthening the Individual Investor Programme (IIP) to ensure it is consistent with the country’s efforts to consolidate the country’s reputation while ascertaining the highest level of good governance.
In a statement issued on Friday the Malta Chamber said that during an e-meeting with Parliamentary Secretary Alex Muscat, the Chamber reiterated its call that the current scheme should be suspended until a new, restructured scheme was launched.
In his comments, the President of The Malta Chamber of Commerce David Xuereb said that while appreciating the considerable flow of funds the IIP scheme has attracted which have been put to good use even in the context of the COVID-19 economic crisis, such programmes should not come at the cost of the country’s reputation, but rather be structured to support it.
The Malta Chamber proposed that a new, strengthened scheme should feature changes to the length of effective residence required from persons applying for IIP, as well as improving the criteria related to the rental requirement for a residential property.
The Chamber also proposed a further strengthening of the due diligence processes coupled with suitable and professional marketing of the scheme. The Chamber’s proposals also called for more tangible and value-driven expectations of investment between applicants and Malta, as well as solid legislation for the accreditation of agents.
The Chamber said that Parliamentary Secretary Alex Muscat welcomed the Chamber’s researched, detailed and objective proposals and promised to keep close consultation as the Government designs a new Scheme.
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