“In 2021, EU Member States granted citizenship to approximately 827,300 individuals; an increase of nearly 14 per cent compared to 2020. Most of these new citizenships were issued by Spain, France, Germany, Italy, and Sweden. However, the EU expressed 'serious' concerns about a mere 0.19 per cent of this figure, equal to 400 citizenship applications, or approximately 1,600 individuals. This figure is small compared to the overall number of citizenships granted in a whole year. Incidentally it is also very close to the total estimated number of individuals who could potentially be naturalised through citizenship by investment in Malta, in a year,” explained Yakof Agius, founder of Yakof Agius & Associates. He highlights these figures in the context that the number of individuals being naturalised through citizenship by investment in Malta, is relatively small.

“In France, for example, Article 21-19 of the Civil Code, allows individuals to acquire nationality by decree, particularly for individuals who have rendered exceptional services to France, or whose naturalisation would be of exceptional interest to France. The same is true for Germany's Nationality Act which provides for the possibility of discretionary naturalisation. In Spain, the Civil Code allows for the acquisition of Spanish nationality on a case-by-case basis, granted discretionally by Royal Decree, considering the individual's unique circumstances and contributions. In all three cases, there is absolutely no need for the establishment of genuine links.” These laws support the argument that genuine links are not really a prerequisite, and the EU seems to request this out of Malta, arbitrarily.

Yakof’s experience in the citizenship by investment programmes is vast and expansive, in Malta and beyond. He previously served as the Chief Officer for Risk & Compliance within the Maltese Government's Citizenship by Investment Unit, and subsequently, he established CIVIQUO which today owns the “Investment Migration” trademark and through which he published a Risk Assessment Framework for the industry. Eventually, Yakof transitioned into his consultancy practice, which has now evolved into Yakof Agius & Associates, along with his partners Dr Francis Zammit Dimech and Francoise Chetcuti.

In an interview with WhosWho.mt, Yakof expressed the view that since it is a relatively small number of individuals who become citizens by investment; the fact that the concept of becoming a citizen without needing genuine links is not alien within the EU’s legal framework; the evidence that such regulations have a positive impact on a country’s economy; and the fact that Malta is doing sterling work in how such applications are assessed in terms of risk, cast serious doubts on the real intentions of the European Union’s agenda on this matter. He also highlighted how the EU had failed to adequately establish a harmonised due diligence and risk assessment process despite setting up the group of Member States experts in 2019, to achieve this specific objective.

“My opinion is that the EU’s efforts are not in the best interest of the European Member states, and these efforts are a hindrance to the development of how Member States grant residence or citizenship, especially when this prerogative is exclusively that of the member states.

The EU should, instead, focus on discussing how such regulations should be administered and focusing on defining a harmonised process for the application process. By doing so, all stakeholders can be reassured we are doing the right thing, and we are doing things right. The EU’s own failed attempts at achieving this, shows the need for the EU to recruit expertise from within the industry, so that it can inform better its position and develop a support mechanism to develop this field – rather than going out of its way to somehow censor it,” he argued.

He is of the opinion that the EU’s defensive stance on this topic should change, as with appropriate measures in place, it would be possible to analyse the pros and cons of residence and citizenship by investment solutions, and to decide on how best to leverage both the foreign direct investment, but also the wealth of information gained during the due diligence process – which could be key, with regards to understanding the driving factors behind foreign direct investment into the EU, and what aspects make it attractive to high-, and ultra-high-net-worth, third-country nationals. 

"The EU and the media often focus solely on the negative aspects of RCBI programmes carried out by a handful of unscrupulous individuals, both from the private sector and the public service. This creates a perception that the industry is murky and dubious, which is regrettable. For instance, the EU prosecutor's office opened an investigation into the EU’s COVID vaccine purchases; an investigation which involves some of the highest officials within the EU, but does this imply that the entire medical industry does not contribute positively to society? Certainly not. It's merely an isolated incident, and the immigration industry – like all other industries – is not exempt from such situations. The reality is that residence and citizenship by investment programmes offer numerous tangible benefits to both the applicants and the host countries, and these benefits are simply too important to adopt a de-risking approach rather than rolling up our sleeves, and truly commit to establishing and continuously developing the right risk assessment protocols," asserted Yakof.

He went on to say, “for example, families seeking better educational opportunities for their children or entrepreneurs looking for access to new markets and tax optimisation, can greatly benefit from obtaining residency or citizenship in another country. Additionally, access to top-notch healthcare, the opportunity to raise a family in a safe and secure environment, and other lifestyle advantages serve as strong motivators for those considering a change. These are the objectives that our clients have, and we – as Yakof Agius & Associates, are the bridge that leads from their current reality – which may be severely lacking in some of these aspects – to what for our clients is a dream that can come true.” 

Yakof developed his firm in response to the growing demand for consultancy services within the residence and citizenship by investment services industry. Initially, Yakof was being engaged to assist with complex, key client applications. He eventually took on larger projects such as aiding law firms establish their residence and citizenship operations from the ground up, guiding international residence and citizenship by investment advisory firms to operate more efficiently and systematically, and in 2021, he was also appointed as a consultant to a government’s citizenship commission.

Considering the increasing need for high-net-worth, and ultra-high-net-worth individuals to be mobile, including the ability to geographically relocate their families and their wealth, together with the continued development and evolution of residence and citizenship by investment solutions, and the demand for consultancy services in this field, Yakof felt that his practice needed to evolve, and joined forces with two other powerhouses; Francoise Chetcuti and Dr Francis Zammit Dimech. 

“We recognised that high-net-worth and ultra-high-net-worth individuals seeking residence and citizenship by investment require expertise and exclusivity that surpasses conventional solutions. Our firm is specifically designed to cater to these distinct needs, offering professional guidance and tailored assistance to ensure a smooth and hassle-free acquisition of residence or citizenship. We take pride in our dedication to assisting clients in navigating the intricate process of obtaining residence and citizenship, as well as fostering enduring relationships with both clients and partners. Our all-encompassing suite of services includes personalised counsel and support during application procedures, and in-house luxury concierge offerings,” he explained.

“Our extensive experience in investment migration, coupled with our dedication to ethical practices and exceptional client service, is what sets us apart from other industry colleagues. Clients can expect a tailored, exclusive approach that caters to their unique needs and requirements,” he added. 

With years of experience and a commitment to excellence, together with the fact that the industry continues to evolve and adapt, Yakof and his team remain dedicated to staying ahead of the curve, exploring new opportunities and expanding into new areas, whilst continuing to deliver successful outcomes for their clients and contributing to the growth and evolution of the industry as a whole. 

Yakof’s advice, aimed at individuals who are considering the acquisition of residence or citizenship by investment, especially in Malta, is to:

"(1) adopt a well-informed and strategic mindset; choose expert guidance over discounts on professional fees, as a rejected application could have serious consequences.

(2) understand clearly how Maltese citizenship aligns with your long-term goals, and then take action. Starting the process today means that you have started your 14-to-16-month journey towards becoming a Maltese citizen. Any delays in starting this process must now be taken in the context of the Maltese Government’s reaction to the EU’s pressures. This reaction lies anywhere within a spectrum of the Maltese Government taking no action on one extreme, to closing the programme on the other.

(3) Approach the process with total disclosure and place your trust in your chosen licensed agent. A licensed agent must be able to request the right evidentiary documentation to support the due diligence process, and to help you navigate the complexities of the process and make the best decisions for your unique circumstances. This is ultimately what increases the chances of a successful application."