The citizenship by investment programme (CIP), was one of the main issues discussed during a bilateral meeting on Wednesday between Prime Minister Gaston Browne and Malta’s Minister of Finance Edward Scicluna.
According to a government release, they spoke of the various initiatives being taken by the European Union (EU) which could have a harmful impact on countries that operate citizenship by investment (CIP) programmes.
Browne and Scicluna also focused on an analysis of EU policies that were deemed to be potentially harmful to CIP jurisdictions, and agreed to a certain measure of collaboration intended to mitigate the risks posed by EU policies.
Malta, a member of the EU, has the most successful CIP programme in Europe.
Scicluna, who sits on the powerful body of EU finance ministers called ECOFIN, recalled the EU tax initiative commenced in 1998 labelled “harmful tax competition” which had adverse effects on the offshore jurisdictions of many Caribbean countries.
He explained that since then the EU had continued to focus on international tax matters in an attempt to stem the leakage of tax revenues from various EU member states to offshore jurisdictions.
In more recent times the EU has turned its attention to the potential deleterious effects of various CIPs on banking regulation, including the common reporting standards or CRS.
Browne called for further exchange of information and close cooperation between Malta and Antigua and Barbuda on this important issue.
Browne and Scicluna will on Friday participate n a panel discussion on CIP and cryptocurrencies at the World Economic Forum.
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