In a memorandum circulated yesterday, Saint Lucia’s Citizenship by Investment Unit informed stakeholders that it had resumed the processing of applications from Iranian citizens.
“The Unit,” explained the circular, “has been able to secure relationships with due diligence service providers who are able to perform the usual thorough standard of due diligence on Iranians.”
Continue reading at www.imidaily.comEditor: Christian Henrik Nesheim
On September 12th, IMI reported on Greek Prime Minister Mitsotakis’ surprise announcement that he planned to double the required minimum investment necessary to qualify for the country’s golden visa under the program’s real estate option.
Mentioning the envisioned changes only briefly as part of a broader speech on policy plans, the PM offered little in the way of detail. This week, however, industry stakeholders with direct access are able to provide further nuance as to the details:
Continue reading at www.imidaily.comEditor: Christian Henrik Nesheim
For the last year and a half, American participation in Portugal’s golden visa program and the share of applicants who choose fund investment have both risen sharply. That’s unlikely to be a coincidence.
In the first quarter of 2022, Portugal’s program raised some EUR 125 million (almost exactly the same amount as during the same quarter last year) from 261 main applicants, who invested an average of EUR 478,000 each, the lowest per-investor average investment figure on record. The average family size (2.06) has also reached a nadir in 2022.
Continue reading at www.imidaily.comEditor: Christian Henrik Nesheim
Cyprus intends to cancel the passports of four sanctioned Russians that naturalized as Cypriots under the country’s now-defunct citizenship by investment program, the Cyprus Mail reports.
Though the government did not disclose the names of the individuals in question, government sources have confirmed that their names appeared on a list of the EU’s more than 800 sanctioned Russians and Belarusians. Another government source has confirmed to Cyprus Mail that, following a detailed review of Cypriot-Russian/Belarusian citizens, at least 21 individuals have been identified as either appearing on sanctions lists or being dependents of individuals who did. Cyprus is now moving to cancel the passports of all 21.
Continue reading at www.imidaily.comEditor: Christian Henrik Nesheim
Several national Turkish papers are today reporting that the country’s Cabinet has decided, during a recent meeting of ministers, to raise the minimum investment requirement for its citizenship by investment program‘s real estate option from US$250,000 to US$400,000.
Turkish paper Star reports that the government aims to amend the 20th article of the Regulation on the Implementation of the Turkish Citizenship Law’s paragraph 2, clause B to raise the minimum investment amount for the real estate option. The new rules will enter into force as soon as the changes are published in the Official Gazette, which is expected in the coming days.
Continue reading at www.imidaily.comEditor: Christian Henrik Nesheim
2022 no doubt holds a long list of surprise developments in store for the investment migration market. Here are seven changes we already know are coming:
The minimum investments in several categories – from capital deposits to funds to science and research ventures – will rise significantly. The areas in which direct investment in residential property is eligible for the golden visa will be reduced; notably, the country’s hottest real estate markets will be excluded from contention. Read all about the coming changes to Portugal’s golden visa here.
Continue reading at www.imidaily.comEditor: Christian Henrik Nesheim
Investment migration, in 2021, is a $25 billion-plus global industry. That’s big enough to get you noticed. It’s big enough to get you on the radar of powerful people like Ursula von der Leyen. It’s big enough to earn you a target on your back from global regulators and clicks-addicted media outlets.
While Brussels can’t dictate to individual EU countries whom they naturalize, and how they do it, they can make life difficult for the countries offering Golden Visa programs.
Continue reading at www.imidaily.comEditor: Andre Bothma
Vijesti this evening reports that Montenegro’s citizenship by investment program, which by all accounts was set to expire tomorrow, has been extended for another year.
The Montenegrin Cabinet reportedly took the decision to extend during a meeting today, and also determined to implement some changes to the program’s terms:
Continue reading at www.imidaily.comEditor: Christian Henrik Nesheim
Spain approved 232 golden visa applications (main applicants) in the first half of 2021, according to statistics released late last month. The figure represents a 43% increase on the preceding six months, during which 162 golden visas were issued. though still considerably below the same six months in 2020, when Spain was approving golden visas hand-over-fist thanks to its rule on “positive silence”.
Spanish law uniquely favors residency permit applicants by mandating that applications be either approved or rejected within a 20-day period, barring which an application is considered approved by default, or tacit assent (silencio positive). In the first half of 2020, as Spain was still reeling from the sudden onset of the pandemic and most government bureaus remained closed, a majority of applications went unaddressed and, consequently, ended up being approved by tacit assent.
Continue reading at www.imidaily.comEditor: Christian Henrik Nesheim
During a meeting yesterday in Roseau, Dominica’s Prime Minister Skerrit and Chinese Ambassador Lin XianJiang signed a visa-waiver agreement between the two countries, making Dominica the second CBI-country (after Grenada) to gain visa-free travel to China for its passport-holders.
Dominicans can now travel to a total of 144 countries without arranging a visa in advance, including, as WIC News pointed out, four out of the world’s six largest economies (China, Germany, UK, and France).
Continue reading at www.imidaily.comEditor: Christian Henrik Nesheim