The investment immigration industry continues to change as it always does. The main tendencies in 2024 can be formulated as follows:
- The number of applications for citizenship and residence by investment programs is growing;
- The terms and conditions of the programs are adapting to the changing geopolitical situation;
- The prices of foreign passports and residence permits are growing and the same holds for state duties and administration fees.
Latest news
Hungary has launched a Guest Investor Program (GIP) also known as a ‘golden visa’ program. The program was officially launched on January 1, 2024, but July 1, 2024 was the first day when foreigners could apply for ‘golden visas’ to Hungary. The visa is valid for 10 years and this is the longest ‘golden visa’ validity term that you can find in Europe.
To participate in the Hungarian Guest Investor Program, you have to do one of the following:
- Buy real estate in the country worth at least 500,000 euros;
- Invest 250,000 euros in a real estate fund (to be more precise, in the bonds issued by the fund and endorsed by the Central Bank of Hungary);
- Donate a million euros to social and educational projects in Hungary.
The foreign investor first obtains a 2-year visa and then he or she is granted a 10-year visa. The visa can be extended to another 10 years. There are no residence period requirements for visa holders. The main investor’s family members also qualify for ‘golden visas’. In addition, the new rules permit renting your property out (it was forbidden before). However, you’d have to pay a 15% tax.
Changes in Great Britain’s immigration policies
The Government of Great Britain has expressed its intention to lessen the number of immigrants to the country. In this connection, some visa acquisitions regulations have changed.
- Foreign students cannot bring dependent family members to Great Britain anymore unless they (the family members) are enrolled in graduate and post-graduate education programs or programs with scholarships from the British Government;
- The medical insurance fee has been risen by 66%: now it is £ 1,035 for an adult and £ 776 for a child or a student;
- Foreign social workers are now disallowed to bring their family members with them;
- The salary that would make a foreigner qualify for a Skilled Worker visa has been risen to £ 38,700 per year;
- The list of professions in demand has been shortened and the 20% discount on the minimal salary in these professions has been abolished;
- The income that would make a family of foreigners qualify for a family visa to the UK has risen to £ 29,000 per year (previously, it had been only £ 18,600 per year since 2012 года. Besides, the threshold is going to be raised to £ 38,700 per year in 2025.
News from Turkey
When the Turkish citizenship-by-investment program was launched, the ‘price’ of a Turkish passport was set at US$ 250,000 – this is how much you had to invest into real estate in the country. Then the price was raised to US$ 400,000. The Turkish authorities put forward the following explanation for the rise: the program was becoming too popular. Now the rumor has it that the price is going to rise again to US$ 600,000. We would like to stress, however, that this is NOT official information. No amendments to the CBI program have been made so far and citizenship of Turkey by investment is still available for US$ 400,000. Please consult International Wealth experts on obtaining citizenship of Turkey or another country by investment.
News from Greece and Portugal
Both Greece and Portugal administer ‘golden visa’ programs and both programs are highly popular with foreign investors. The authorities of both countries admit that the popularity of the programs has led to delays in application processing. Acquiring a ‘golden visa’ to Greece or Portugal can take 2 years or even more.
Understanding the problem, the Parliament of Portugal has introduced changes to the legislation governing the ‘golden visa’ program. A foreign investor has to hold a ‘golden visa’ for 5 years before he or she can apply for citizenship of Portugal. The countdown used to start on the date when the visa was issued and now it starts on the date when the application for a visa is filed.
Spain: fastest legal residence acquisition in the EU
The Spanish ‘golden visa’ program is still fully functional and it remains popular with foreign investors. The amount of money that you have to invest in real property in Spain to qualify for a golden visa is 500,000 euros. Application processing takes from 3 months. (It’s hard to say how much time is going to pass before you find a desirable piece of property in the country even though multiple houses and apartments are on offer in Spain.) Once again, the rumor has it that the ‘price’ of the Spanish ‘golden visa’ might rise to 1 million euros in 2025. Once again, this is only a rumor.
News from the UAE
New corporate taxation rules apply in the United Arab Emirates beginning 2024. Now all companies regardless of the place of their domiciliation, sphere of business activities, and form of ownership shall register as payers of the corporate income tax. All companies shall register before the end of 2024. Now all companies registered in the UAE have to pay a VAT of 5%. Besides, a corporate income tax of 9% is levied on the company’s net profit on the condition that exceeds AED 375,000 per year. If it does not, the tax return has to be filed anyway but no tax is payable.
News from the Caribbean
To conclude, we will say a few words about the Caribbean citizenship-by-investment programs. The European and US authorities have been pressuring the Caribbean countries administering such programs, namely, St Kitts and Nevis, Antigua and Barbuda, St Lucia, Grenada, and Dominica. The matter is that new citizens of the first four countries on the list get visa-free access to the Schengen zone countries and the UK. Dominicans have lost visa-free access to these destinations.
The authorities of the Caribbean countries realize very well that the number of visa-free destinations that a Caribbean passport gives to its holder is one of the most attractive properties that their citizenship-by-investment programs boast. Visa-free access to Europe and the UK is especially precious.
As they don’t want to lose this advantage, they have to surrender to the pressure from the big and powerful. All the five Caribbean states have now agreed to raise the ‘prices’ of their passports to at least US$ 200,000. So it is impossible any longer to ‘buy’ citizenship of a foreign country for US$ 100,000 as it used to be.
It is too early to say how much the popularity of the Caribbean citizenship-by-investment programs is going to be affected by the price rise. Judging by the recent months, the demand for Caribbean passports has not been dropping.
