‘Malta’s citizenship-scheme provides extensive benefits’ – Farrugia Portelli

Credit: DOI - Clifton Fenech

The benefits of the Malta Individual Investor Programme (MIIP) are extensive and the MIIP is contributing to the country’s economy and sovereign fund in no small way. This was stated by the Parliamentary Secretary Citizenship Julia Farrugia Portelli.

Farrugia Portelli was speaking during the third Annual Malta Workshop ‘Looking Ahead – the Future of Residency & Citizenship by Investment’, hosted by the Investment Migration Council.

The reliability of the citizenship-scheme has been under fire ever since two agents from Chetcuti Cauchi Advisors Ltd. were filmed boasting of their warm ties with the government in relation to the cash-for-passport scheme.

In an episode of Enquête Exclusive (Exclusive Inquiry), a Maltese agent of the IIP describes his warm friendship with both Prime Minister Joseph Muscat and Parliamentary Secretary for Citizenship Julia Farrugia. One of the lawyers had told the undercover journalist that Justice Minister Owen Bonnici worked for their firm for awhile.

Read: Updated: Maltese IIP agents filmed boasting about having Government relations

NDSF receives €544 million from the IIP

During this workshop, Farrugia Portelli spoke about the social and community initiatives being taken by the National Development and Social Fund (NDSF).

She explained how currently, the NDSF enjoys a total of €544 million in its coffers, received directly from the IIP. The Fund has invested around €206 million in local and foreign listed securities.

Additionally, it has also deployed around €91.5 million towards social projects of national importance and public interest. This community investment is intended to develop and improve support to families experiencing forms of vulnerability.

Furthermore, Puttinu Cares has received a contribution of €6 million to acquire premises in London, €1 million of which have been directly donated by IIP applicants.

The Parliamentary Secretary said that she is committed and resolved to keep investing her time and energy in the Malta programmes for the benefit of Malta and its citizens.

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