The Malta Citizenship by Investment Programme
The Fifth Annual Report on the Malta Citizenship by Investment Programme, dated the 11th of December, 2018, reported there were a total of 330 applications for the 12 months concluding on June 30, 2018.
Twenty-five percent (25%) of the 330 applications were rejected. The significant rejection rate indicates the programme’s dedication to its due diligence standards.
In the past, the CBI programme has been criticized for the potential for undesirable individuals to attain citizenship based on liberal acceptance rates.
To adjust this perception, the Malta CBI Programme has made several changes to its policies. For example, the programme has instituted a rigorous four-tier due diligence system.
This system includes checks by private attorneys, the Immigration Police, and the Malta Individual Investor Programme Agency (MIIPA), to ensure applicants are properly vetted.
The Malta CBI Programme has also limited its eligibility standards, particularly with regard to criminal history. The combination of a multi-level vetting process and stricter standards for entry has predictably resulted in a lower acceptance rate, lending the programme better credibility among EU citizenship programmes.
The Malta CBI Programme is also determined to make public disclosure of application statistics, including approvals, rejections, and disclose more details about particular investments.
Fit for purpose, the programme has since established a code of conduct for professional representatives and agents who work within the system, particularly focused on discouraging misleading marketing.