Category: News

Financial industry professionals living in the UK are less confident that the country will achieve a “soft” departure from the European Union than they did in 2017, with a slight increase in the number predicting Britain will leave the bloc with no deal.

Separately, a UK wealth management lobby welcomed official calls to enable continued migration to the UK without discrimination against those from outside the EU.

The findings come from CFA UK and a poll of 800 of its members. (The organisation is part of the CFA Institute.) Whereas 67 per cent expected a soft Brexit this time last year, just 58 per cent do today. The number that expect a hard Brexit has increased from 17 per cent to 22.5 per cent and the number of respondents that have no view has also increased from 16 per cent to 19.5 per cent. UK respondents are most likely to expect a hard Brexit (26 per cent) – the term describing a departure with no deal and reliance on World Trade Organisation upper limits on tariffs.

EU respondents are least sure about the outcome (24 per cent) and other international passports are most likely still to expect a soft Brexit (72 per cent).

The poll was issued in the same week as UK prime minister Theresa May haggled with EU member countries over her government’s plan to adopt certain EU Single Market rules as part of a settlement. Her “Chequers Plan” – named after her official residence in Buckinghamshire where a set of proposals was put forward to cabinet colleagues – has been criticised by some pro-EU members of parliament as being unrealistic, leaving the UK with no influence but having to comply with EU red tape. MPs who want a more complete break from the EU, such as former foreign minister Boris Johnson and ex-minister Steven Baker, have condemned May’s plan for giving the UK Brexit “in name only”.

Among other parts of the CFA poll, it was revealed that the number of investment professionals who expect to leave the UK has risen by 9 per cent to 11 per cent, but this is based on a large increase in the number of British investment professionals who now expect to leave (9 per cent up from 5 per cent). The number of EU investment professionals that expect to stay has actually increased (from 43 per cent to 49 per cent) and there has also been a slight increase in the number expecting to leave (16 per cent last year rising to 17 per cent this year). Overall, the number expecting to stay in the UK has increased from 68 per cent to 69 per cent.

The survey authors said more people feel that their jobs are at risk from Brexit. Last year, 60 per cent of UK respondents felt that their jobs were safe. Now, just 54 per cent feel the same.

More than three quarters of all respondents (77 per cent) said that Brexit made the UK less competitive as a financial hub.

The impact – positive or negative – of Brexit and how it works out in practice is a hotly-disputed topic. Firms such as banks, asset managers and brokerages are seeking as much clarity as possible to judge whether or when to adjust operations, such as whether they should build subsidiaries in the EU to ensure continued market access. A vexed issue is “passporting” – whether financial services run out of London can be sold across the EU, as at present, post-Brexit, without costly registration and approvals. Among recent developments, UBS, the Swiss bank, said it was relocating its European headquarters to Frankfurt, Germany, after Brexit. Debate continues over how large any impact will be. With technologies such as blockchain and AI potentially affecting many types of jobs, it is arguable that technology, rather than Brexit, will have a bigger impact on financial employment in the next few years.

Labour markets
Earlier this week the Migration Advisory Committee, an official body advising policymakers on issues such as immigration, said that lawmakers should not give preference to EU nationals for visas following Brexit.

The Personal Investment Management and Financial Advice Association has welcomed the Committee’s report – with one caveat.

“PIMFA welcomes the publication of the MAC Report with its emphasis on retaining as much freedom as possible for the movement of highly skilled labour, and recommending the abolition of the Resident Labour Market Test, thus permitting the continued inward flow of workers bringing economic benefits to the UK,” it said.

“As part of this report, PIMFA would like to have seen the MAC Report reflect the fact that we advocated, in our response to the Call for Evidence, a certain preferential treatment for EEA [European Economic Area] citizens and would hope that the policy formulations resulting from the MAC Report will take this into account,” it added.

 

Source: wealthbriefing.com

On September 17, in an apparent major policy shift, Pakistani Prime Minister Imran Khan promised citizenship to 1.5 million Afghan refugees. In the same speech, he also stated he will provide passports to the parents of the children born in Pakistan.

This policy decision, however, is not exclusively for Afghans as Khan has also stated he will grant citizenship for the approximately 250,000 Bengalis as well.

The decision received mixed reactions as it went viral.

The Pakistan People’s Party (PPP) provincial minister Saeed Ghani lashed back and stated that “illegal immigrants,” referring to the refugees, should only be given work permits, and insisted that they should be registered.

In reaction, Khan reiterated his support for granting citizenship in parliament but agreed to conduct a consultation prior to finalizing a decision. As the backlash gained more momentum, Khan took a step back early Tuesday and said his statements were no more than to initiate a “debate” and no decisions had been made.

Afghan Refugees and Pakistan’s International Obligations

Afghan refugees first entered Pakistan in 1979, with the communist invasion of Afghanistan — throughout the past 30 years there have been numerous regime changes and indiscriminate violence that has left many people displaced. International organizations have stated there are a total of 2.5 million Afghan refugees in Pakistan, and an additional 600,000 to 1 million unregistered. It is estimated that 60 percent of these individuals have been born in Pakistan and therefore will be able to request Pakistani citizenship.

Article 14 of the Universal Declaration of Human Rights 1948 has recognized the right of a person to seek asylum from persecution in other countries. Pakistan has been able to intellectually argue that it’s not required to treat Afghans they are hosting according to the same standards as is guided in international law, due to not being a party to the 1951 Convention relating to the Status of Refugees nor the 1967 Protocol.

Since July 2016, according to Human Rights Watch, over 600,000 Afghan refugees residing in Pakistan, 365,000 of which were registered, were forced to return back to Afghanistan. This was the world’s largest mass forced return of refugees in recent years. The coercion was done through removing their legal status, threatening deportation in the winter, and police abuses that include extortion, arbitrary detention, and nocturnal police raids. In Khyber Pakhtunkhwa province, police announced that they arrested 2,000 “illegal settlers.” Furthermore, police abuses were so brutal that Afghans had to restrict their movements — negatively impacting their access to education and employment. The forced return campaign launched in 2017 has seen three extensions and is seen as largely unsuccessful.

The non-refoulment principle in international law forbids any country with asylum seekers to return them back to a country in which they are likely to face a danger of persecution based on “race, religion, nationality, membership of a particular social group or political opinion” — including forcefully sending refugees back into war zones. Moreover, this principle of customary international law applies to all states even if they are not parties to the conventions on the Status of Refugees.

Therefore, the Pakistani government not only has a legal obligation in accordance with international law but it is in the national interest of the state to develop policy that will incorporate the refugees through a naturalization process to be granted citizenship.

Pakistan’s Motives  

Shrinking donor assistance, domestic constraints, the radicalization in the camps, and refugee fatigue has made the refugee issue a major concern for Pakistan. The Pakistani government, by providing citizenship to these individuals, will be providing them basic rights granted to all citizens but will also be able to hold individuals accountable and incorporate them into the economy.

Therefore, by accepting Afghans that were born in Pakistan as citizens under Section 4 of the Pakistan Citizenship act, 1951 and Section 3 of the Naturalization Act, 1924, the government will both adhere to the international principles and administer policy that will serve its own national interests.

Khan very eloquently emphasized the urgency of addressing one of the world’s largest humanitarian crises when he stated “I will keep asking what will happen to these human beings… if we don’t decide on their rights now, when will we decide?”

 

Source: thediplomat.com

The European Commission plans to issue recommendations to member states selling citizenship in return for investment in November, the EU justice and gender equality commissioner said in Nicosia on Friday, noting also that Cyprus must improve enforcement of anti-money laundering legislation..

“We had a good debate about the need to take all preventative steps not to allow bad people with bad intentions to enter the EU through such a scheme,” Vera Jourova said following a meeting with justice minister, Ionas Nicolaou.

Jourova said the commission fully respected a member-state’s right to establish such schemes but at the same time they should take into account that people granted citizenships also received all the rights of EU citizens.

The report will contain recommendations to governments, as well as standards on how to carry out checks on people applying for citizenship. Technocrats from Cyprus will also be invited to work with the commission before the report is issued.

The recommendations are not binding but ‘non-compliant’ countries can expect pressure from the EU “using all the legal and psychological tools” in our disposal, Jourova said.

Jourova and Nicolaou also discussed money laundering, with the commissioner saying that recent leaks about the dealings in certain tax havens were a reminder that all member-states had work to do to prevent the EU from becoming a “laundromat”.

“I am sure you will agree with me that we must do better in this,” she said, adding that all entry points for dirty money must be shut down.

Jourova said the EU had a very strong anti-money laundering legal framework but “we will discuss it with Cypriot authorities how to implement (the fourth EU directive) because we see some gaps there.”

The commissioner pledged to help the government prepare for the fifth directive which is even stricter.

Nicolaou said that Cyprus had no intention of granting citizenship to people linked to unlawful activities and measures in place went beyond those suggested by European directives. Any recommendations however, will be discussed.

The minister stressed that Cyprus is a regional services hub “and we are the first who are interested and care to safeguard these services”.

The citizenship-by-investment scheme, introduced in its current form four years ago, was last updated in May, when the government announced new measures to regulate the business.

Last year alone the scheme allowed 503 investors to acquire a Cypriot passport for themselves and a further 510 for family members.

Investors are required to invest at least €2m in real estate or a company or shares in one. Alternatively, investors may also invest €2m in securities offered by investment companies licensed by the Cyprus Securities and Exchange Commission, or a combination of the above.

Other issues discussed between Nicoalou and Jourova concerned justice reform, the modernisation and upgrading of the courts, and the speeding the administration of justice.

In an interview with Politis before her meetings in Cyprus, Jourova said the EU cannot force member countries to abandon naturalisation for investment programmes.

Calling the practice unfair as it favours people with money, she said the EU can nevertheless only provide guidance.

“It is up to the member states. But what we can do is ensure that conditions are appropriate. We want to guarantee that EU citizenship is given to people who really have links with the country where they apply for citizenship,” she said. “We are currently working on a report on all systems that grant EU citizenship and visas to investors by describing existing national law and practices. Our report will include guidance for member states, including the necessary checks for applicants.”

Asked what she thinks of both handing out visa or passports to people for money, she replied in both cases the person will gain access to the EU as a whole, though there is a difference. Visas are for a limited time, while naturalisation is for life.

Both cases, she went on to say, have an impact for security in the European Union as the person can move about freely in the area.

 

Source: cyprus-mail.com

Expats in the UAE will be allowed to stay back in the country for a “longer period of time” after retirement, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has announced.

The visa will be provided to expat retirees over the age of 55 years for a period of five years under specific conditions:

1. The expat should have investment in a property worth Dh2 million, or,
2. Have savings of no less than Dh1 million, or,
3. Have an active income not less than Dh20,000 per month

The Cabinet on Sunday also adopted a resolution to support the industrial sector by introducing reduced fees for electricity consumption for large, medium and small factories.

“We launched today an initiative to support the industry sector and to affirm UAE’s position on the global map as an attractive investment destination that provides an integrated environment for growth and sustainability,” Sheikh Mohammed said.

“We are investing in a sustainable industrial sector through the collaboration between different government entities and our goal is to be a successful model for the green economy to preserve our environment for future generations,” the Vice-President added.

The initiative introduced a reduced tariff for electricity consumption for the industrial sector, to be in effect as of Q4 of this year, while achieving sustainable growth by reducing dependence on non-environmentally friendly sources such as liquid fuels.

Large factories will be supported by reducing the electricity consumption charges by 29 per cent, while the small and medium factories will have reduced fees by 10 per cent to 22 per cent, in addition to waiving the service connection fees for new factories.

The Cabinet also approved the launch of the “one-day court” system to provide the fastest and most efficient services to the community. The “one-day court” will contribute to speeding up the ruling in minor criminal offences. The initiative also affirms that the UAE is a state of institutions and law, possessing a distinguished judicial system that is based on modern mechanisms and systems.

The Cabinet adopted the unified national standards for public and private hospitals, which is in line with the UAE Vision 2021 to improve the level of services provided in the UAE in accordance to best standards and best international practices. The new unified standards provide guidelines for health care professionals and hospital design, as well as other standards for medicines, patients’ rights, and patients’ families.

It also approved a resolution on the control and stamping requirements for trading in precious stones and precious metals to establish the necessary regulatory framework while preserving the high reputation of the UAE and increase its attractiveness to investments in this field.

 

Source: khaleejtimes.com

The situation

The Migration Advisory Committee (MAC)’s report on the impact of international students in the United Kingdom focuses on the UK government’s efforts to attract top students, including suggested revisions in post-study work rights.

A closer look

The main findings of the report are discussed below.

• General conclusion. The MAC reported that international students provide a huge benefit to the UK economy by way of payments through tuition fees and through expenditure in local areas.
• International comparison. The Higher Education Sector (the sector) is concerned about the competitiveness of the United Kingdom’s current offering to international students. Latest statistics place the United Kingdom as the second most popular destination for international students behind the United States, providing similar work rights when compared with the United Kingdom’s main competitors. Despite this, the United Kingdom has been identified as offering less generous post-study work rights.
• Impact on UK students. International students in the United Kingdom pay higher tuition fees than UK/EU students, which results in benefits through subsidising research and education fees for UK/EU students.
• Impacts after study. The report found that most international students leave the United Kingdom before their visa expires. Additionally, the number of students granted a visa extension for work purposes following the completion of their studies has significantly reduced since the removal of the Tier 1 Post Study Work category.

 

Policy recommendations

The below are the MAC’s key policy recommendations:

• The MAC agrees with the sector that no cap should be placed on students but suggests international students should remain counted within the United Kingdom’s net migration statistics;
• The government should continue to work with the sector to grow the number of international students;
• Work rights during study should remain unchanged/consistent with other countries;
• There should be more time for students to switch from Tier 4 to Tier 2 to allow sponsors to continue to attract top candidates;
• Post-study Leave to Remain should be extended to six months for master’s students;
• Post-study Leave to Remain should be extended to 12 months after completion of a PhD (like the current Doctorate Extension Scheme);
• Students passing a course of study at Regulated Qualifications Framework Level 6 or above should be provided with a two-year period to apply out-of-country for a Tier 2 visa (this option is currently not available).

 

Impact of Brexit

The report recommends that post-Brexit, EU nationals in the United Kingdom should not be required to obtain a visa, whereas any longer periods might require a student visa, although this is still an area of uncertainty.

The report confirms that institutions are currently free to set their own tuition fees, which the MAC feels is appropriate. It is likely that this will continue even after Brexit.

In terms of post-study work, the MAC recommends that EU students should be brought within the system in place for non-EU students under Tier 4.

Background

Although there is no immediate impact on employers and foreign nationals in the United Kingdom, the MAC’s findings will have a tangible impact on the way the UK immigration system is shaped as it advises the UK government in its policy-making decisions.

Looking ahead

The UK government will now assess the report and decide upon any changes required to current policy.

 

Full report may be downloaded here

 

source: fragomen.com

Exiger, the award-winning provider of technology-enabled regulatory, financial crime, risk and compliance solutions, announced today that Transparency International UK will adopt its industry-first artificial intelligence (AI) solution, Exiger Insight 3PM powered by DDIQ.

Transparency International is the world’s leading anti-corruption NGO. Their UK chapter’s integration of DDIQ firmly demonstrates technology’s critical role in reforming corporate ethics and bringing transparency to the market to root out corruption. Through DDIQ’s proprietary cognitive computing engine, Transparency International UK will automate comprehensive open-web and database research on its potential partners and third parties to help provide it with the assurance that they are partnering in the fight against corruption with the right organizations. The platform will also enhance Transparency International UK’s research capabilities for its widely respected thought leadership and advocacy work.

Exiger’s AI-powered solutions are moving global corporations and financial institutions to a more sustainable compliance environment. By combining multi-disciplinary subject matter expertise with disruptive, purpose-built technology, Exiger is accelerating decision-making and bolstering accountability in large global organizations, enabling them to interact with the world in a more ethical way that raises the standard for anti-bribery and corruption risk management.

“Exiger is proud to team up with Transparency International UK to help fight corruption because we align on the vision of a more ethical world driven by technology, ” said Aaron Narva, Exiger Vice President and Global Head of Insight 3PM. “Risk professionals are inundated with data, and as access to data continues to increase, organizations are faced with a new challenge: How do you find the most important pieces of information to drive the right decisions? Transparency International is leading by example. They can see firsthand the proven results of using DDIQ, appreciating that it fundamentally transforms the way organizations understand and mitigate risk.”

DDIQ streamlines comprehensive public records research and the due diligence processes needed to identify and mitigate corruption, sanctions violations and other third party risks. Leveraging natural language processing and machine learning, DDIQ analyzes public records to automatically identify and escalate risks, mimicking human research methods. By using Exiger’s technology in the same way as many of today’s leading-edge compliance programs, Transparency International UK will deepen its understanding of its third parties, increase coverage and eliminate its reliance on slower manual processes. This utilization is the latest example of how Exiger’s technology-enabled solutions are progressing global organizations towards solving their biggest compliance challenges smarter, faster and with greater confidence.

“We believe in the mission of Transparency International,” added Narva. “Transparency International UK’s decision to deploy Exiger’s platform is a recognition of the importance of emerging technologies in anti-corruption and ethical business practices.”

 

Source: exiger.com

The situation

The EU Council of Ministers has adopted the European Travel Information and Authorisation System (ETIAS). The regulation will enter into force after the text is published in the EU Official Journal, which is expected to occur in the coming months, and the system is expected to be operational by 2021.

A closer look

• Registration before travel. Under ETIAS, visa-exempt nationals would be required to register online before travelling to the European Union, allowing authorities to conduct background checks and, if necessary, deny entry authorization.
• Process. Registration would be completed through an online application. Air and sea carriers would be required to check passengers’ travel authorization before boarding.

Impact

ETIAS will add an administrative step for visa-exempt nationals seeking to enter the Schengen Area but will add a layer of security for visa-exempt nationals who until then, do not need to obtain online clearance prior to travel.

Background

ETIAS was proposed by the European Commission in November 2016. The European Parliament and the Council of the European Union agreed on their position in April 2018. ETIAS was initially scheduled to be operational by January 2020.

Looking ahead

Three years after its full operation, coach services organizing land transport will also be required to check passengers’ travel authorization using the ETIAS system.

This alert is for informational purposes only. If you have any questions, please contact the global immigration professional with whom you work at Fragomen or send an email to beneluxinfo@fragomen.com.

St Kitts and Nevis’ government announces that 900 families have benefited from assistance through the Hurricane Relief Fund – the brainchild of Prime Minister Timothy Harris. A cash injection worth $11.5m has so far helped those affected by Hurricane Irma and Maria restore their homes.

The funds come from the country’s popular citizenship by investment (CBI) programme – a concept introduced to the world by St Kitts and Nevis in 1984 whereby investors can obtain the citizenship of this well-connected twin-island nation in exchange for a significant contribution to the country’s economy. Until recently, one such route was an investment into the Hurricane Relief Fund – a 6-month initiative that proved extremely popular among investors wishing to support the country through the challenging hurricane season.

Following the success of the Hurricane Relief Fund, Prime Minister Timothy Harris introduced the Sustainable Growth Fund (SGF), which aims to enhance the quality of education on the twin-islands, boosts St Kitts and Nevis’ already booming tourism sector, supports indigenous entrepreneurship, and helps develop many other socio-economic initiatives to benefit its citizens.

“Many investors prefer making a contribution to the Sustainable Growth Fund, which is the faster and more affordable route to St Kitts and Nevis’citizenship,” says Paul Singh, Director of CS Global Partners, an international, industry-leading, award-winning legal advisory firm specialising in citizenship and residence solutions. For an investment of US$150,000 per main applicant or US$195,000 for a family of four, the Sustainable Growth Fund is especially attractive for larger families looking for stability and businesspersons seeking hassle-free travel to over 150 countries and territories, including the Schengen Area and business hubs like Singapore, Hong Kong and London.

St Kitts and Nevis is renowned for forging extensive diplomatic ties and its efforts have paid off, as highlighted in the latest CBI Index – an independent study published by the Financial Times’Professional Wealth Management.St Kitts and Nevis’ CBI Programme, considered the Platinum Standard of the industry, earned its place on the CBI podium, ranking number one with respect to ease of processing, convenient travel and residence requirements, and due diligence.

As political turmoil creates ever more uncertainty around the world, it seems the concept of acquiring dual nationality through investment offers a solution to both St Kitts and Nevis’ current nationals and its newly adopted economic citizens.

 

Source: markets.businessinsider.com

The International Monetary Fund (IMF) is urging the Dominica government to create a savings fund for natural disasters as it urged Roseau to continue implementing cost effective fiscal policies and reforms to support recovery while containing the expansion of the public debt.

A statement issued by the Washington-based financial institution, noted that the IMF’s executive board has concluded Article IV consultation with Dominica reviewing the island’s economy following the passage of Hurricane Maria on September 18 last year, which it said caused damage estimated at US$1.3 billion.

“Fiscal performance deteriorated sharply due to the fall in tax revenue after the hurricane, but was partially offset by a surge in grants and buoyant Citizenship-by-Investment (CBI) sales revenues. With limited revenue, drawdown of large government deposits, grants, and an insurance pay out helped meet financing needs,” the IMF said.

It said that in 2018, output is projected to decline by 14 per cent and to take about five years to recover to pre-hurricane levels.

“The fall in output and government revenue, coupled with increased expenditure for rehabilitation and reconstruction, will lead to a substantial worsening of fiscal and external deficits. However, signs of recovery, particularly in construction and the public sector, have already started to emerge.”

The IMF said that the risks to the outlook include the budget becoming financially constrained and unable to sustain adequate investment given high debt, limited buffers, weak revenue, and urgent needs for reconstruction spending.

“Other risks include financial instability stemming from undercapitalization of systemic financial institutions, recurrent natural disasters with low resilience, uncertainty regarding CBI and grant income, and external competitiveness challenges.”

The IMF executive board said while it is commending the local authorities in responding to the humanitarian crisis and significant devastation wrought by Hurricane Maria, it is nonetheless recommending that Dominica contain current spending “extraneous to recovery, and enhancing the efficiency of capital investment while protecting critical social and recovery spending.

“Given Dominica’s vulnerability to natural disasters, directors noted that investment in resilient infrastructure was appropriate, despite its higher cost. They encouraged the authorities to create a savings fund for natural disasters.”

The IMF said that once output recovers, it is recommending fiscal consolidation to sustain reconstruction while generating a primary surplus sufficient to set public debt on a downward trajectory.

The financial institution highlighted the need for stronger financial sector regulation and supervision to address vulnerabilities exacerbated by Hurricane Maria and stressed the importance of decisive action to reduce non-performing loans and capital shortfalls, as well as adequate preparedness for possible liquidity pressures in line with recommendations of Fund’s technical assistance.

The IMF also recommended maintaining a proactive stance to mitigate the risk of withdrawal of correspondent banking relationships including continued strengthening of the AML/CFT (Anti-Money Laundering/Combating the Financing of Terrorism) framework.

The IMF is supporting the phasing out of the off-shore bank sector and welcomed cessation of new license issuance.

It agreed that enhancing growth prospects requires higher private sector participation and improving the business environment and recommended identification and removal of costs and barriers that affect investment and profitability.

The IMF is also stressing the need to improve the business environment, including efforts to reduce the costs of dealing with the government and urged strict enforcement of construction and zoning regulations given vulnerability to natural disasters.

 

Source: stlucianewsonline.com

Cryptocurrencies will not be used to purchase citizenship through the Individual Investor Programme (IIP), a spokesperson from the Parliamentary Secretariat for Financial Services has told The Malta Independent on Sunday.

The Citizenship by Investment (CBI) Index published by the Financial Times raised concerns that Malta’s intention to be at the frontline of blockchain technology could result in programme agents accepting cryptocurrencies and converting them into legal tender for purposes of fee payment, especially given that a May 2018 survey found that out of more than 600 high net worth respondents, 35 per cent had already gained exposure to cryptocurrency or intended to gain such exposure by the end of the year.

Malta has become a trailblazer in both sectors, with three cryptocurrency and blockchain bills – the Virtual Financial Assets Act, the Malta Digital Innovation Authority Act, and the Technology Arrangements and Services Bill. They were approved by Parliament at their second reading, with a blockchain and cryptocurrency stock exchange being launched in the country.

Asked whether cryptocurrencies will be used in IIP purchases and if the Ministry was looking to improve its due diligence process to deal with these types of requests, the spokespersons said: “As explained at length during the parliamentary debate, which is publicly available, Malta is neither issuing its own cryptocurrency, nor making cryptocurrency legal tender. This fact is well known to the operators and investors being attracted as a result of the new framework.”

It should be noted that the same report did rank Malta first, along with Antigua and Barbuda, Dominica, and St Kitts and Nevis, when it came to due diligence. For example, Malta bars any applicant who, without being able to demonstrate special circumstances, “has been denied a visa to a country with which Malta has visa-free travel arrangements”. The country also insists on applicants establishing a ‘genuine link to the state’ through a one-year residency requirement.

In the concluding remarks of the index, which ranked Malta eight out of 13 countries (Antigua and Barbuda, Austria, Bulgaria, Cambodia, Cyprus, Dominica, Grenada, Jordan, Malta, St Kitts and Nevis, St Lucia, Turkey, and Vanuatu), it found that Malta had low scores “as a result of its comparatively high investment requirements, travel and residence requirements, processing times, and the reputational damage suffered as a result of its programme being singled out for investigations by global anti-corruption groups”.

 

Source: independent.com.mt