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Malta Killed €1M Citizenship: HERE’S its Replacement · IMI Podcasts

• 0:00
  SPEAKER_01: The latest update is that this program is now open, basically, so we can present applicants from now.
• 0:08
  SPEAKER_01: And this is a genuine citizenship by merit.
• 0:11
  SPEAKER_01: So we're not speaking about a product or something that can be sold or marketed in the way that citizenship by investment was.
• 0:20
  SPEAKER_01: It's a very different concept.
• 0:22
  SPEAKER_00: I think we're gonna be very clearly moving from what was a program to not having a program, but provisions within the law that has been there since 2017, whereby the Interior Minister has discretion to naturalize, you know, based on merit.
• 0:36
  SPEAKER_01: So citizenship by investment was you had very clear parameters.
• 0:41
  SPEAKER_01: So there was a fixed donation, fixed requirements, and assuming that you satisfied those requirements and you satisfactorily passed due diligence you were in.
• 0:51
  SPEAKER_01: This is very different.
• 0:52
  SPEAKER_01: It is totally merit-based.
• 0:54
  SPEAKER_01: Merit could be anything which helps to contribute to Malta, particularly in terms of Malta's 2050 vision.
• 1:03
  SPEAKER_01: As I said, case-by-case basis, there's no minimum donation, there's no minimum payment.
• 1:08
  SPEAKER_01: It could be a variety of instances.
• 1:11
  SPEAKER_01: As long as you can show, to the satisfaction of the board, that over the years you will actually be a significant contributor to Malta.
• 1:20
  SPEAKER_01: Now that could be through investment, it could be through your expertise, a particular niche, it could be through employment, it could be true, and it could be related to sports, it could be related to philanthropy.
• 1:34
  SPEAKER_01: So it's a very it's very wide, at the same time, it's very personalized.
• 1:39
  SPEAKER_01: We cannot productize it.
• 1:41
  SPEAKER_01: So we cannot go out there and market a product like we did with citizenship by investment.
• 1:48
  SPEAKER_01: There's no marketing, no marketing is allowed.
• 1:51
  SPEAKER_01: So on a case-by-case basis, we will be initially ourselves sitting down with a potential client and understanding what that client can contribute to Malta.
• 2:02
  SPEAKER_01: We will make our own assessment based on our professional opinion whether it's worth presenting that client to the agency.
• 2:11
  SPEAKER_01: And if so, we will go ahead and present the idea and the agency will let us know whether that makes sense or otherwise.
• 2:18
  SPEAKER_01: But we we cannot think in terms of a product.
• 2:21
  SPEAKER_00: With regards to citizenship by merit in Malta, we're seeing that now we're moving away from what was a program to just provisions within the law that has been there since 2017, whereby it gives the Interior Minister the discretion to naturalize based on merit.
• 2:40
  SPEAKER_00: So think of this as we're moving away from the transactionality.
• 2:45
  SPEAKER_00: We're moving away from money to merit, passports to progress.
• 2:50
  SPEAKER_00: Why progress?
• 2:51
  SPEAKER_00: Because now, whereby before it was a brilliant setup and a structured program, right?
• 2:58
  SPEAKER_00: Whereby at the end a contribution to the National Associate Development Fund did a lot of good.
• 3:04
  SPEAKER_00: But now is actually the commitment, which might be financial and more active engagement, needs to be in initiatives which are aligned with Malta's 2050 vision.
• 3:15
  SPEAKER_00: So finally, we have a government that has committed to priorities that needs to happen to needs to happen within the next 25 years.
• 3:26
  SPEAKER_00: And as we do that, what we're gonna see is Malta continuing to attract talent, foreign talent, that's able to lead initiatives in Malta aligned with the 2050 vision.
• 3:38
  SPEAKER_00: So think of it as top priorities that the government has identified.
• 3:42
  SPEAKER_00: And I believe that this is really a silver lining from moving away from the commoditization as it's to having a country whereby it's really looking to handpick talent, leverage that talent, and be able to actually do bold, you know, fund bold priorities and initiate bold priorities in Malta.
• 4:05
  SPEAKER_01: I don't think that we will ever have a situation where the agency or the law sets a financial minimum.
• 4:13
  SPEAKER_01: Actually, I'm pretty sure that that will not happen because the European Commission's main objection to Malta citizenship by investment program was that it was too much of a transaction.
• 4:26
  SPEAKER_01: And the word a transaction in nature is actually repeated in the judgment.
• 4:30
  SPEAKER_00: So, look, in terms of interest, there's no numbers, but certainly more than enough to make this new provisions in place worthwhile, certainly more than enough to continue progressing further, these really bold priorities that Malta has identified for the next 25 years that will benefit you know all you know Maltese people, citizens, and residents of Malta.
• 4:56
  SPEAKER_00: So, again, this is not a matter of quantity, but it's certainly you know a matter of quality, a matter of improving the quality of life, improving the resilience, and improving a lot of other you know sectors in Malta.
• 5:12
  SPEAKER_00: And keep in mind it only takes a few really talented individuals, philanthropists, entrepreneurs, scientists, etc., that will help continue putting Malta on the map.
• 5:25
  SPEAKER_00: Malta is a very you know small island nation, so it doesn't need thousands of applications.
• 5:30
  SPEAKER_01: My prediction or my anticipation is that as we progress through the years, this is totally new, in a few years we will be able to get an idea of let's say under this amount and it's not considered, but it's still case by case basis.