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The biggest portal about international asset protection and diversification

Investment Immigration Market: What Is Going to Change in 2024?

Are you planning to apply for a ‘golden visa’ that allows staying in a foreign country for as long as you wish? Some ‘golden visa’ programs also allow qualifying for citizenship of the country after several years. We have to tell you that the investment immigration market has been changing and it will continue to change in 2024. Some new opportunities for investors are going to arise, some prices are going to increase, and some ‘golden visa’ programs are going to be terminated. Below we discuss the expectations for 2024 to help you choose the best option without overpaying.

Investment Immigration Market

At the beginnings of the previous year, our team of experts made 6 predictions for 2023. Here they are:

  • Easing of COVID restrictions in China would increase the demand for investor visas and second passports on the part of the country’s citizens;
  • Malta would be able to defend its position in court and keep the ‘golden visa’ program but later the jurisdictions would stop issuing passports to foreign investors anyway;
  • ‘Price wars’ in the Caribbean would start again;
  • Grenada’s share in the ‘golden passport’ market would shrink because of the efforts on the part of the USA;
  • The US Securities and Exchange Commission (SEC) would increase pressure on the countries granting legal residence and citizenship to foreigners in exchange for securities;
  • Crypto business people would be more cautious with investment immigration programs.

Some of our predictions came true last year while some others did not. Some things are still in process (Malta court case has not been resolved yet). Some predictions came partially true: ‘price wars’ in the Caribbean are going on indeed but the prices are growing instead of falling (see below).

Anyway, 2023 was one of the most dynamic years in the history of investment immigration. Governments of the host countries passed new laws, reconsidered the prices, and amended the procedures. These facts make it more difficult to predict what is going to happen in the industry in 2024. Nevertheless, we will try to make some forecasts for the year that has just started.

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Caribbean economic citizenship programs are going to become more expensive

The Federation of St Kitts and Nevis produced the main shock in the industry in 2023 when it doubled the required donation and investment amounts. In addition, the administrative costs also rose.

Experts expect that other Caribbean countries that administer citizenship-by-investment programs are going to follow suit in 2024. Probably, the changes are not going to be so dramatic: the administrative fees can be raised, the due diligence fee may grow but it is hardly probable that all four other Caribbean countries (Antigua and Barbuda, Grenada, Dominica, and St Lucia) are going to double their prices.

Hungary is going to start accepting applications for ‘golden visas’ in the first quarter of 2024

The Government and the Parliament of Hungary have passed a new bill that regulates the immigration processes for people from third countries (those outside the EU and EEA). Apart from other things, guest investor visas are going to be available to foreigners.

The first draft of the bill said that the applications could be filed beginning September 2024. Later, however, the start of the program was rescheduled for the first quarter of 2024. Experts agree that the Hungarian authorities are going to launch an investment immigration program soon because the country needs foreign capital badly. Foreign nationals who purchase real property in Hungary for at least €500,000 will be eligible for investor visas.  

Quebec Immigrant Investor Program is reopening without fanfare

The Quebec Immigrant Investor Program (QIIP) returns without any great ado. This scheme is considered the forerunner of modern investment immigration programs and it holds a place of honor in the history of “golden visas”. It is unlikely, however, that its new iteration is going to find great demand.

The requirements have become tougher and those foreign nationals who do not speak French are going to find it difficult to acquire legal residence in Canada. At the same time, the scheme is certainly of interest for Francophone people who wish to move to the Canadian province of Quebec.  

Citizens of Dominica will probably be able to acquire electronic visas to Great Britain

Dominica lost visa-free access to Great Britain in 2023 and it was an unexpected and a very heavy blow. Visa-free access to a large number of countries is one of the most important selling points for the Dominican passport. Deletion of Great Britain from the list of visa-free destinations was a big loss for Dominica indeed.  

However, not everything may be lost. Negotiations between Dominica and the UK are underway about granting electronic visas to the UK to holders of Dominican passports. This opportunity may become available when the new Electronic Travel Authorisation (ETA) system has been fully tried and tested in the UK.

Great Britain will soon start granting ‘electronic access’ to the country to citizens of some states including Bahrain, Jordan, Kuwait, Oman, Saudi Arabia, and the United Arab Emirates. They can apply for electronic visas beginning February 1, 2024 and the earliest date when they can enter the UK is February 22, this year. Dominica may be added to the list of countries at a later point in time.

The number of applications for the US EB5 visa is going to grow exponentially

The EB5 investor visa program started to gain momentum at the end of 2023. It is expected that the demand for the visas is going to grow exponentially. The American immigration authorities have finally adopted regulations that are beneficial for applicants. The application processing has accelerated.

India is the central consumer of the immigration product – an EB5 investor visa to the USA – and it should demonstrate a high growth in demand. This should happen due to the decrease of the importance of country quotas. Previously, Indian applicants had to wait for 4 to 5 years until their applications were processed. Now the waiting time has dropped to 18 months only. Foreign investors can especially count on fast (in comparison to the past) application processing if they put money in agricultural projects in the USA.

Popularity of Dubai real estate and the UAE ‘golden visa’ is to continue growing

Dubai real estate market grew by 5.8% in 2023. The last year was also record-breaking for the number of ‘golden visas’ issued by the UAE: 1,500 residence permits were granted to foreign applicants. The tendency is expected to remain the same. No wonder many foreigners seek residence in Dubai, as it is a politically neutral and economically stable jurisdiction with an advanced infrastructure and low taxes.

Expected price rise and a new ‘golden visa’ in Turkey

The rumor has it that the ‘price’ of Turkish passports issued in the frameworks of the Turkish economic citizenship program is going to grow. More and more immigration experts are inclined to think that the required investment amounts are going to be reconsidered in Turkey. This is because the demand for Turkish passports did not become any lower when the ‘price’ was raised from US$ 250,000 to US$ 400,000. The price rise took place in 2022 but foreign nationals continued to purchase real property in Turkey thus qualifying for economic citizenship of the country.

The Turkish authorities are taking great efforts to keep the property prices in rein. They want to keep the property affordable for native Turks. At the end of 2023, the local authorities forbade foreign applicants for citizenship to buy empty pieces of land. Why? Because empty land plots are popular with local buyers who build houses on them by themselves.

It is only reasonable to expect that the price will grow again because it has already grown. The fact that the demand for Turkish passports has not dropped leaves one even more assured. The good news, however, is that the price rise is going to be announced in advance just the way it was before.

In addition to that, the Turkish authorities are considering the opportunity to launch a residence-by-investment program rather than citizenship-by-investment. According to unofficial data, the required investment amount is going to be between US$ 300,000 and US$ 350,000.

New citizenship-by-investment programs to enter the market

Some new economic citizenship programs can be launched in Eastern Europe. There is certainly potential for that. Montenegro saw modest demand for its citizenship when the country’s citizenship-by-investment program started but by the end of its short history (late 2022) the demand grew. Moldova’s offer also raised interest.  

Albania has already prepared amendments to its legislation that will allow the country to launch its own economic citizenship program. The Albanian authorities have certainly analyzed the pluses and minuses of Moldavian and Montenegrin citizenship-by-investment programs. Without doubt, they will want to make their own program more attractive.

Experts believe that South America is also a good platform for launching economic citizenship programs. The authorities of Surinam have already announced their plans to start such a program. Besides, an ambitious reformer has come to power in Argentina and it can be expected that the country will start ‘selling’ its citizenship too.

The investment immigration market is changing fast and we promise that we will keep you posted on all new opportunities that emerge. Please keep in touch!  

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