IM Yearbook 2020/21

WORKING WITH THOSE
YOU TRUST
THE IMPORTANCE OF EXPERIENCED
INSURANCE PARTNERS
Insurance is an often overlooked and underaddressed
topic in the investment migration industry, and there
are compelling reasons to work with a knowledgable
insurance provider, write Mark Jr and Keith Laferla.
As the world continues to fight
a global pandemic, amidst
economic and environmental
issues, the importance of mobility
has never been felt more strongly.
With thousands of flights cancelled
daily and airlines struggling to keep
afloat, the question arises as to the
importance of safeguarding both one’s
personal accomplishments as well as
those that are business-related. The
need for dual or multiple citizenship
has become more evident, and highnet-worth
individuals (HNWIs) are
looking into long term solutions
arising for imminent issues they are
facing as a result of the pandemic
and its impact on related markets.
Complex Requirements
The complexity and the number of
requirements required by wealthy
individuals to apply for programmes
that enable them to expand their
citizenship or residency, such as
CBI and RBI, mean that they cannot
proceed with applications without
the assistance of family offices
or migration specialists who are
very experienced in dealing with
similar requests, applications and
demands. Such providers must also
have the technical know-how to do
so, especially with more complex
and technical requirements such
as insurance, which requires both
expertise and adequate licensing.
As may have become more
evident through the pandemic,
each industry is intertwined with
a network of conjoined markets,
and when dealing with CBI &
RBI applicants, amongst other
clients, it is important for those
industries to have the same level
of understanding and dedication,
especially when dealing with
HNWI who may have demanding
requirements or/and schedules.
Here are the top 4 reasons to work
with a reliable, experienced and proven
partner within the CBI industry.
1. The Fine Print
The details specific to insurance covers
for such clients consist of a whole list of
requirements that necessitate policy providers
to have experience in order to comply
correctly due to the programme’s particular
requirements as well as very fine print.
Failing to have an insurance partner who
understands these requirements may mean
having applications held up at a later stage.
2. Ahead of the Game
It’s also important that partners chosen are
involved within the CBI & RBI industry
and are aware of the updates and changes
in the industry especially with regards to
regulation. Those providers who are not
fully equipped or knowledgeable about the
industry may decline assistance with such
applications due to the misconception that
clients coming through these programmes
are automatically considered high risk.
3. Lost in Translation
Similarly, providers whose work is not regular
within the CBI & RBI industry may not be
as fast or reliable as clients would expect
the process to be due to their inexperience
of working with clients in the industry.
For example, such providers may not have
staff who can accommodate their clients
by providing services in that client’s own
language, or they may not be accustomed to
going out of their way to meet with partners
or clients outside of normal business hours
to present the required documentation.
4. At your Service
Existing providers in the industry understand
the importance of issuing legal documents or
policies within a short period of time as well as
settling any pending issues or insurance claims
at the earliest. This is simply the level of service
that high-net-worth individuals expect, and
providers in tune with these expectations should
have the setup available to satisfy them.
About Laferla
Laferla and its related services
have joined the CBI & RBI
industry upon the introduction
of the IIP programme in Malta
in 2014 and have worked with a
number of HNWIs and families
throughout the years. Their
expertise and qualifications in
the industry mean that each
member of the Laferla team is
well-versed with the specific
requirements of the clients that
come through such programmes,
and are thus able to provide
professional risk assessment
services. The majority of
accredited agents have already
chosen to work with Laferla and
subsequently earn a fair referral
fee, and in turn, have allowed
the firm to assist over 2,000 IIP
and MRVP applicants to date.
Laferla’s in-house HNWI experts
and second-generation owners,
Mark Jr and Keith Laferla, also
provide advisory services to
HNWIs, their family offices and
service providers on insurance
matters outside of Malta. Both
members of the Investment
Migration Council and qualified
by the Chartered status from the
Chartered Insurance Institute
of London, Mark and Keith are
able to bring their experience to
the table and suggest methods
that governments offering
RBI and CBI programmes may
use to reduce any potential
exposure to state care systems,
for example healthcare and
pension systems, by introducing
insurance requirements
within their programmes.
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