Application Process for
Accredited Persons
Ray M. Cassar Iden.ty Malta Road To Market
•  INTRODUCER •  ACCREDITED PERSON •  APPROVED AGENT What are Introducers?
• Any ARM can act as an INTRODUCER by presen.ng poten.al IIP Applicants either to the Concessionaire (Henley and Partners) or to any Accredited Person or Approved Agent. • Market Indicators re Fees Who does Identity Malta Accredit?
•  Iden.ty Malta accredits individual applicants in their own personal capacity or on behalf of a body corporate. •  This is done to: •  Ensure traceability •  Ensure ease of communica.on with Agents •  Ensure personal responsibility for each applica.on Who Can Apply to become an
Accredited Person and/or Agent ?
• Any individual who is either personally an Authorised Registered Mandatory (ARM) or who is a Director or Employee of a Body Corporate that is itself an Authorised Registered Mandatory approved by the Interna.onal Tax Unit of the Inland Revenue Department. Licensing Requirements
a)  License holders must be resident in Malta . b)  Professional Indemnity Cover of € 1,000,000 must be held in their sole name and/or in the name of their employer and/or corporate en.ty. WriWen confirma.on must be provided from the insurer that endorses/confirms that business undertaken under the MIIP is specifically covered. Licensing Requirements cont……….
c)  The applicant must be in possession of a recognised professional qualifica.on. E.g ACIB, ACCA, CII, CTLA, STEP d)  The applicant must aWend a mandatory briefing workshop organised by Iden.ty Malta. e)  The applicant must provide evidence of access to and the use of an online due diligence database to be used to verify that their prospec.ve applicants have no issues of concern with their personal background E.g World Check, Dow Jones, GB Group, Northdore This evidence must be supported by a signed document. Accredited Persons
• Accredited Persons shall be those who will have sa.sfied all the Licensing Requirements and aWended the briefing workshop. Once cer.fied as Accredited Persons, these individuals may present full MIIP applica.ons on behalf of poten.al applicants. Approved Agents
• Approved Agents shall be those individuals who in the 12 month period from their accredita.on manage to present three successful applica.ons. What are the advantages of being an
Approved Agent?
•  The Approved Agent shall hold this status for 3 years •  The Approved Agent shall pay a reduced annual License Fee. •  The Approved Agent shall be permiWed to set up his/her own overseas sub-­‐agents on condi.on that details of these are to be submiWed for approval by Iden.ty Malta to ensure that the MIIP is correctly represented Referring agents would be the agents that act systemaIcally in other countries on behalf of either the concessionaire or the approved agents in the promoIon of MIIP. . Licensing Fees
• Applica.on Fee for Agent License -­‐ Euro 1,500 • Renewal Fee payable annually – Euro 1,500 • Reduced Renewal Fee for Approved Agents: Euro 1,000 Required Documents for Licensed
Agents;
a)  Photo and data page of valid passport and/or Iden.ty Card. b)  A U.lity Bill (electricity, telephone or water) issued in the last six months and addressed to the person’s principal residen.al address. INDIVIDUAL and cerIfied. c)  Evidence of Professional Indemnity Cover for Euro One Million + leWer of endorsement specifically covering MIIP ac.vi.es. d)  Evidence of access to a Due Diligence Database e)  Confirma.on of Professional Status. Application Forms
• The applica.on forms being handed out at the end of this session have to be returned to Iden.ty Malta prior to the Mandatory Briefing Workshop. • Accredita.on comes into force immediately aaer the Mandatory Briefing Workshop. IIP Application Forms
• The full set of applica.on forms will be presented during the Mandatory Briefing Workshop. IIP Website
•  To download the forms: • hWp://iip.iden.tymalta.com/ Data Protection
•  The advice we have at the moment is that agents do not need to submit names of clients to ID Malta before full applica.on is submiWed. •  However, ID Malta may request data re: •  Number of applica.ons in hand •  Number of clients accepted •  Number of clients refused. Tracking of Applications
Email and Phone Number
[email protected] • Phone number 21225232 ext42 • Thank You