Latest / IMI Podcasts / This Week in IMI - June 19: Malta and EU Face Off, St Kitts CIP to Open Due Diligence Office in Europe, Egypt CBI Demand “Massive”, ++

Transcript

This Week in IMI - June 19: Malta and EU Face Off, St Kitts CIP to Open Due Diligence Office in Europe, Egypt CBI Demand “Massive”, ++ · IMI Podcasts

• 0:00
  SPEAKER_00: You're listening to IMI this week.
• 0:03
  SPEAKER_00: The European Court of Justice heard the European Commission's case against Malta's citizenship by investment program.
• 0:10
  SPEAKER_00: The Commission argued that granting citizenship solely based on financial contributions fails to establish a genuine link which undermines the integrity of EU citizenship, while Malta defended its sovereignty, the program's rigorous due diligence and transparency, and historical precedence of discretionary naturalization.
• 0:29
  SPEAKER_00: The hearing centered around defining a genuine link requirement in EU law, with the Advocate General set to deliver an opinion on October 8th, before the court's final judgment.
• 0:40
  unknown: St.
• 0:41
  SPEAKER_00: Kitts and Nevis's Citizenship by Investment Program has announced two major developments.
• 0:46
  SPEAKER_00: First, they've established a global continuing international due diligence unit to monitor citizens by investment on an ongoing basis to ensure they continue to meet ethical standards and alert authorities of any criminal investigations or charges.
• 1:00
  SPEAKER_00: The unit would alert the government whenever a CBI approved citizen became the subject of criminal investigations.
• 1:07
  SPEAKER_00: The unit has also created a separate corporate entity to address mismanagement concerns.
• 1:13
  SPEAKER_00: These measures aim to enhance the program's integrity, boost confidence among international partners, and ensure compliance with regional agreements.
• 1:22
  SPEAKER_00: Egypt launched its citizenship by investment program in 2020, offering citizenship for investments ranging from$250,000 to$850,000 in various sectors, including real estate, business, or bank deposits.
• 1:37
  SPEAKER_00: In an interview at IMI's Global Citizen Week, Hani Mustafa Moawad says the program has attracted over 1,000 applicants, predominantly Syrian, and has expanded its real estate offerings for investors nationwide, except for the Sinai Peninsula.
• 1:53
  SPEAKER_00: Despite concerns about potential inflationary impacts on the real estate market, Moawad claims the demand for properties in Egypt is massive, with foreigners purchasing over half a billion dollars worth of properties last year.
• 2:07
  unknown: St.
• 2:08
  SPEAKER_00: Lucia's Deputy Prime Minister, Dr.
• 2:10
  SPEAKER_00: Ernest Hilaire, addressed the nation to refute allegations made by Felipe Martinez regarding his involvement in a scheme to defraud U.S.
• 2:18
  SPEAKER_00: investors through the country's citizenship by investment program.
• 2:22
  SPEAKER_00: Hilaire denied claims of approving 14,000 CIP applications, highlighted legislative changes made by the previous government that allowed developers to set up overseas escrow accounts, and announced plans for an international audit of the CIP since its establishment in 2016.
• 2:40
  SPEAKER_00: Meanwhile, Martinez claims to have uncovered new evidence of biblical proportion related to security breaches and due diligence issues with a Chinese due diligence company, which he says was discovered by a reporter from a prestigious newspaper.
• 2:54
  SPEAKER_00: An alleged network of public officials, businessmen, and companies have been accused of manipulating urban licensing processes for personal gain in Portugal.
• 3:04
  SPEAKER_00: The probe dubbed Operation Babel indicts prominent figures with charges such as corruption, money laundering, and abuse of power related to several high-profile real estate projects.
• 3:16
  SPEAKER_00: Merkin Properties, one of the implicated companies, has denied any wrongdoing and vowed to appeal the decision, claiming the charges related to their project are baseless.
• 3:28
  SPEAKER_00: The Portuguese government has unveiled 41 new immigration measures aimed at modernizing the country's approach to migration and attracting highly skilled foreign professionals to address labor shortages and demographic challenges.
• 3:41
  SPEAKER_00: Dr.
• 3:42
  SPEAKER_00: Laura Madrid Sardoretto says key measures include simplifying the recognition of foreign qualifications, promoting professional training aligned with labor market needs, enhancing support for the integration of foreign professionals, and streamlining immigration processes.
• 3:57
  SPEAKER_00: By implementing these measures, Portugal aims to remain competitive in attracting the right talent necessary to sustain its economic growth and demographic balance.
• 4:08
  SPEAKER_00: Thanks for joining us today on IMI Podcasts.
• 4:12
  SPEAKER_00: Subscribe for free to the IMI Daily Newsletter for breaking news and updates from the investment migration industry, and consider upgrading your membership to IMI Pro to get insider access to networking opportunities, industry events, data, and members only content.