Second IIP programme to be 'more exclusive' than first - PM

Prime Minister Joseph Muscat has told a global residence and citizenship conference  that Malta's second citizenship programme would be "more exclusive" than the first, as Malta hopes to continue attracting the "right kind of people" to it's shores. 

Addressing the 11th Global Residence and Citizenship Conference, organised by Henley and Partners, in Hong Kong, Muscat said that the fact that more countries were setting up citizenship and residency programmes was good news since it would create "an ecosystem of regulators who can share best practices".

Furthermore, he said that due diligence for such programmes could benefit greatly from the use of blockchain technology, which could contribute an added layer of transparency to the process.

"We are open to innovative ideas to make our programme even more successful and better," said Muscat.

The Prime Minister stressed that despite the success of Malta's programme, the country's economy did not solely depend on it, "given that it is one of the most successful countries, with the highest rate of economic growth, lowest unemployment rates and a diversified economy."

"In effect, there realities put us in a position to make our process even more rigorous and choose participants carefully," he added, stressing that Malta was not pitching to applicants looking for an easy way to get citizenship.

Through Malta's programme, he said, Malta was getting access to networks it would have otherwise not been exposed to. For this reason, he said Malta had maintained the most rigorous due diligence system in the world.

"Through the IIP we met persons who are now Maltese citizens and are investing and helping us through their contacts to expand to new economic niches such as block chain and cryptocurrencies," said Muscat. "Malta will be the first EU member state to have a blockchain strategy and among the first countries in the world to regulate cryptocurrencies."

Meeting with China Aircraft Leasing Group

During his stay in Hong Kong, the Prime Minister lead a delegation from OPM in a meeting with the China Aicraft Leasing Group. 

In a brief statement, the government said that the company specialised in various sectors of aviation including the leasing of aircraft, adding that during the meeting, the possible collaboration and investment in Malta was discussed.