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Update 2 | MFSA chairman Joseph Bannister to moderate citizenship talks
Manuel Mallia and Owen Bonnici to discuss possible changes to Individual Investor Programme with Nationalist MP Jason Azzopardi, and Karol Aquilina
21 November 2013, 12:00am
Jurgen Balzan
Jurgen Balzan
2 min read
Joseph Muscat is currently in Miami promoting the IIP while Simon Busuttil is still seeking changes to the sale of citizenship.
Updated
The chairman of the Malta Financial Services Authority, Prof. Joseph Bannister, will be moderating talks between the government and the Opposition to discuss possible changes to the Individual Investor Programme, which will sell Maltese citizenship for €650,000.
Bannister, considered to be the architect of Malta's financial services legal framework, will moderate the two sides in their talks on possible changes to the IIP. Nationalist MP Jason Azzopardi and PN administrative president Karol Aquilina will be representing the Opposition.
Parliamentary secretary for justice Owen Bonnici and home affairs minister Manuel Mallia will be representing the government.
"This meeting is bound by confidentiality," Bonnici told MaltaToday outside the House of Representatives. "I won't comment any further but it's good that we are meeting," Bonnici said.
On his part, Azzopardi said it was positive that the meeting was being held. "It shows good will from both sides to discuss the IIP. Our aim is to bring more investment to Malta through this programme and reverse the international disrepute that the IIP has brought upon us."
No agreement is expected to be reached on the IIP today.
The controversial scheme has generated massive international interest, both for the fact that an EU member state was selling passports and access to the eurozone for non-EU nationals, as well as for the potential €30 million that the Maltese government is seeking to rake into its public coffers by 2014.
Opposition leader Simon Busuttil, who said the Nationalist Party is in principle against the IIP, says the sale of citizenship should be based on residence and on a minimum €5 million investment.
— Simon Busuttil (@SimonBusuttil) November 21, 2013
Prime Minister Joseph Muscat is currently in Miami, USA, where he is addressing a global residence conference hosted by Henley & Partners, the exclusive concessionaire of the IIP.
Henley is charged with both the promotion of the IIP and to carry out the due dilgence on applicants for the IIP, through a new subsidiary company they have set up in Malta.
While the Opposition claims it could start a campaign to raise signatures to force an abrogative referendum, the Prime Minister earlier this week said he was ready to seek consensus on the law.
Alternattiva Demokratika welcomed the talks starting today between government and opposition on the citizenship scheme. Prof. Arnold Cassola, Alternattiva Demokratika Chairperson, said: "We welcome the start of talks today and look forward to a reasonable compromise on the issue since, after the bad international publicity linked to the migrant pushback policy and this citizenship selling scheme, our country cannot afford any more faux pas which smear Malta's reputation.
"We look forward to a serious proposal which does away with the anonymity clause and with the concept of selling or buying citizenship. Maltese (and EU) citizenship can never be up for sale."
Jurgen Balzan was a MaltaToday reported from 2011 to 2017.
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Mill-video monn Ballaro' li hemm f' artiklu iehor, jidher li t-taljani iktar iffukaw u jidhru nkwetati fuq l-online gaming milli c-cittadinanza.
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Dear Sagitarius, I can completely deny that I am jealous for I feel nothing towards Mr.Kasco. Hence I can neither have feelings of insecurity nor any fear of him. But I am afraid that if he gets involved in this mess, and doesn't let the PM be guided by common sense and Mr.Bannister then I feel yourself and the rest of us will be the first to feel the full brunt of the world-wide negativity towards this selling of citizenship.
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Mr FXT:
1. As foreigner and investor it IS definitely my business since I might want to invest seriously in this country, I am potentially the target audience for an INVESTORS scheme - NOT anymore.
2. As a EU citizen it is definitely my business who you bring into the Schengen Zone - mark my words: those seeking Maltese citizenship under this scheme are in fact seeking EU citizenship.
Seems that your views are heavily influenced by what you pocket in the short term...sigh
Joseph MELI •
Prof Bannister would better serve consumers if he 'moderated ' complaints sent to the MFSA more efficiently,effectively and forthrightly and made checks on the actions/policies of those who appear on the MFSA's register instead of waiting to be persistently prompted to do so by aggrieved consumers.
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Sagittarius this is not a question of humility. It is a weakness attributed to inexperience, demonstrated via the initial acquisition of knowhow in managing and governing a nation. Let the PL learn by this episode. I can appreciate their hurry to get down to correcting the many fundamental, financial and economic issues left behind by GonziPN, but mu suggestion would be that slower and surer is the word.
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Gvern li jisma. Gvern umli, mhux bhal ta' qablu b'nofs siggu maggoranza u arroganti.
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El Kajboj. Stop being rude and stupid. What you call Mr. Kasco has a name and surname. He is a successful businessman. May I ask, are you jealous?
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Why dont you let the legit elected government do its job,like everybody all of a sudden is an expert.If you dont agree after its term ,when its time to vote express your self with your vote.In the meantime some people talk like they are patriots and ready to die for their country,what a lot of crap.
joseph mercieca •
Mr.EUWATCH it seems that you are not a native. So the IIP scheme is none of your business. With regard to taxpayer's money this is the first administration that has reduced income tax by 3%. Apart from the fact that it is reducing energy bills by 25%. All in all no counting the cost of living increase this goverment in put in the people's pockets a net of 40 million Euros. Now that is madness for you. So again mind your own business.
Malta To Day please note that Austria is in the Eurozone and floggs citizens. MT is becoming the baby sister of the Times.
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This is the right person for the job. He was the main inspiration behind Malta's change in fortune in the Financial Services Sector. Just hope that Joseph's personal consultant, Mr.Kasco, does not disagree with him on this matter. Otherwise we will throw away thousands of euro on a referendum which will relegate the Citizenship selling program to the back burner. Better create an investment based program with no secrets but great incentives for both Malta and the personal investor (and not as at present, the personal BUYER).
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Hallina EUWATCH! Tidher li int iehor minn dawk il-frustrati Nazzjonalisti abbatini ta' Simon li lesti jmaqqdru kull ma jaghmel il-Gvern u jigu jaqghu u jqumu mill-gid u l-benessere ta' Malta.
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Call to all real Maltese: someone HAVE to step up and stop this madness. Are you aware that "half" your new government are burning your taxpayers money in a luxury resort in Miami just now. Malta is a GOLD SPONSOR of the Henley and Partners conference - how much did this cost? Look at the detailed program....nice company your government is keeping selling out your pride. Have a look at this link - but make sure that you sit down before you do it: http://www.grosvenorglobal.com/tl_files/pdfs/7th%20GRCC%20Miami%20Program.pdf .This is a true disgrace - never thought it could happen in Europe.
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IIP is not just an issue of domestic policy- it has international implications.Since 2008 with the Great Recession which has effected the advanced economies in a big way , the United States and the European Union are taking all steps imaginary (the EU is even considering the introduction of the Tolbin tax) to stop as much as possible tax evasion ,money laundering and speculation which are considered by financial experts as the main causes for the credit crunch.
Money stowed away in tax havens is outside the reach of governments and is not used as capital to create work and therefore value, but is stored away as " wealth" for the owners and used in hedge funds for speculative purposes.So there is an important distinction between productive capital and speculation.
It is in this context that we have to insert our Investor scheme.Nobody is denying us the right to enact an investment scheme but this is to take and to be seen to take into consideration the international implications mentioned above by creating value in Malta for the concession of Maltese citizenship to the applicant with the implication of free movement in the Schengen area, otherwise it would be considered as a speculative scheme.
As the scheme was enacted into law there are no safeguards , except the due diligence process that the persons granted Maltese citizenship are operators in the productive economy and not in the black economy.
We are not a Caribbean island on its own with no international responsibilities but a full member of the European Union on the frontier of the EU with North Africa from where a biblical exodus into Europe is in course.
And so it does not make sense to consider IIP SOLELY as a PL vs PN affair, although there is an element of partisan politics involved as well.
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The Simon PN has turned itself into a massive dragging weight around the neck of the Nation
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I am sorry Malta Today, please stop becoming a Times or worse a Nazzjon! If the personal investment scheme is a 'sale' then employment is modern day slavery; investment is exploitation; and putting money in bank to 'earn' interest is nothing but usury!
Few know that the US besides encouraging talented and very rich people to become US citizens even conducts lotteries for US citizenship!
How many Maltese do have 600,000 euros to invest and still have enough money to live leisurely? Only very rich people can invest such money, and this is why Simon is against this scheme: it would be the end of his Prime Minister dreams¬
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IIP is not just an issue of domestic policy- it has international implications.Since 2008 with the Great Recession which has effected the advanced economies in a big way , the United States and the European Union are taking all steps imaginary (the EU is even considering the introduction of the Tolbin tax) to stop as much as possible tax evasion and money laundering which are considered by financial experts as the main causes for the credit crunch, since money stowed away in tax havens is outside the reach of governments and cannot be utilised to create work and therefore value, but is stored away as " wealth" for the owners and utilised in hedge funds for speculative purposes.
It is in this context that we have to insert our Investor scheme.Nobody is denying us the right to enact an investment scheme but this is to take and to be seen to take into consideration the international implications mentioned above.
