Chamber of Commerce wants suspension of golden passports until improved IIP is launched

The Malta Chamber of Commerce has pledged its support to government in the formulation of a new Iindividual Investor Programme to ensure the new scheme is compatible with good governance

The current Individual Investor Programme (IIP) should be suspended until a new, restructred scheme is introduced, the Malta Chamber of Commerce, Enterprise and Industry has insisted.

In an e-meeting with Alex Muscat, Parliamentary Secretary for citizenship and communities, the Chamber made a set of proposals aimed at strengthening the IIP scheme, with a view to ensure it is consistent with the country’s efforts to consolidate the country’s reputation while ascertaining the highest level of good governance.

The proposals stemmed from the Chamber’s document on good governance which it had presented to Government in January.

In its proposals, it reiterated its call for a new, strengthened scheme which would feature changes to the length of effective residence required from persons applying for IIP, as well as improvemenets to the criteria related to the rental requirement for a residential property. The Chamber believes this ought to be adequate and suitable for the applicant and his/her dependents.

The Chamber also proposed a further strengthening of the due diligence processes coupled with a suitable and professional marketing of the scheme.

More tangible and value-driven expectations of investment in Malta, as well as solid legislation for the accreditation of agents was also called for, the Chamber said.

Muscat welcomed the Chamber’s proposals and vowed to keep close consultation as the government designs a new scheme.

Chamber president David Xuereb said that teh Chamber appreciated the considerable flow of funds the IIP scheme has attracted and how those funds were put to good use, even in the context of the COVID-19 economic crisis.

But he insisted that such programmes should not come at the cost of the country’s reputation, but rather be structured to support it. He pledged the Chamber’s full support to Government in the formulation of the new regulations to ensure that the new scheme was compatible with good governance and aligned with all efforts aimed to further improve the country’s reputation.

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