Having a citizenship-by-investment (CBI) programme significantly boosts the overall passport strength of a country, according to Henley & Partners. Earlier this year, Malta ranked 9th globally on the index, when the number of destinations was similarly 182.

“Malta currently sits in the 8th spot, ahead of Australia, Iceland, and New Zealand. Montenegro — due to launching its citizenship-by-investment (CBI) programme soon — has climbed 19 places since 2009 to the 43rd spot with a visa-free/visa-on-arrival score of 143. Moldova has jumped 21 places over the past decade and is now in the 45th spot on the index with [passport] holders able to travel to 121 global destinations visa-free,” a press statement by Henley says.

Additionally, Asia sees growing power and influence globally, with Japan, Singapore, and South Korea now holding the joint top spot on the passport index, with a visa-free or visa-on-arrival score of 189 destinations, the company finds.

“Investment migration programmes help strengthen and diversify the economies of sovereign states, enabling governments to drive capital into domestic development projects, create new employment opportunities, encourage further investment, and improve the lives of citizens. For investors, the travel mobility afforded by a second passport is unmatched, and the opportunities it provides are unparalleled,” says Dr Juerg Steffen, CEO of Henley & Partners.

Citizenship by investment schemes

Malta launched its Individual Investor Programme (IIP) at the beginning of 2014, which is a citizenship-by-investment programme. “Successful candidates will be granted citizenship in Malta by a Certificate of Naturalisation, which can also be extended to include their families,” the official website of Malta Immigration says. Those who receive citizenship can set up businesses in Malta and have the right of establishment in all European Union countries and Switzerland.

Up to the date of publication, the IIP has received more than 1,000 Malta passport applications on behalf of investors from more than 40 different countries, and submission is open.

However, lately, controversy has arisen related to investment by citizenship schemes in the European Commission, in general in the European Union. In January, Věra Jourová, the European Commissioner for Justice said that “the European Commission does not endorse the cash-for-passports scheme”, in reaction to Nationalist Party MEP Roberta Metsola’s question criticising such programmes, the MaltaToday reported.

Beyond Malta, some other EU countries also offer similar schemes, including Cyprus, Austria, Greece, Hungary, Latvia, Lithuania and Portugal.

The post Maltese passport steps up on Henley’s strength index first appeared on The Malta Business Weekly.

“This scheme will provide an additional layer of incentives available to intermediaries who perform well for both companies separately and are able to successfully cross-sell both life and non-life business,” the press statement adds.

The 2019 Incentives Framework aspires to be a transparent incentive system comprised of Premium Targets which are designed to provide TIIs with the opportunity to be rewarded for their efforts above and beyond what was previously obtainable, Mapfre says. The scheme places particular focus on Compliance, Consistency and Promoting Productivity.

“Due to the Insurance Distribution Directive (IDD), a particular level of importance has been placed towards Compliance as to ensure that these incentives do not cause any conflicts of interest. Furthermore, Consistency and Promoting Productivity will be imperative in ensuring transparency and homogeneity across the whole network of TIIs and that TIIs are incentivised to work towards higher levels of performance which yield better results and even greater rewards, respectively,” the press statement says.

Through the incentive scheme, the insurer hopes to motivate intermediaries to perform at their highest potential across both Mapfre Middlesea and Mapfre MSV Life.

Mapfre Middlesea Plc (C-5553) is authorised by the Malta Financial Services Authority to carry on both Long Term and General Business under the Insurance Business Act, Cap 403 of the Laws of Malta. Mapfre MSV Life Plc is authorised by the Malta Financial Services Authority to carry on Long Term Business under the Insurance Business Act, Cap 403 of the Laws of Malta. MFSA regulates both entities.

The post Mapfre Malta launches incentive scheme for its network first appeared on The Malta Business Weekly.