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Date Released: 4 March 1999
The Minister for Trade and Industry, Peter Montegriffo, announced various proposed changes to the rules governing high net worth individuals at the House of Assembly on 26 February.
Mr Montegriffo said that many practitioners had informed the Government that the current rules required amendment in various matters. After an extensive review of the current rules, six principal modifications have been incorporated in the draft regulations:
- Removing the 30-day minimum residency requirement, thereby affording greater flexibility.
- The "exclusive occupation of a property" requirement will be throughout the year, instead of the current seven months rule which is difficult to monitor and has no obvious advantage.
