Are you considering applying for a “golden visa,” granting you indefinite residency in a foreign country? Some of these programs even offer a pathway to citizenship after a certain period. It is important to note that investment immigration changes happen constantly. This evolving landscape will see novelties in 2024, including new emerging opportunities for investors. Some prices will rise, and some golden visa programs may be discontinued. Below, we outline our expectations for 2024 to assist you in making an informed decision without overspending.
At the start of last year, our team of experts made six predictions for 2023:
- Easing COVID restrictions in China would boost the demand for investor visas and second passports among its citizens.
- Malta would likely defend its golden visa program in court, but other jurisdictions may cease issuing passports to foreign investors.
- The Caribbean region would see a resurgence in “price wars.”
- Grenada’s share of the “golden passport” market would diminish due to efforts by the USA.
- The USA Securities and Exchange Commission (SEC) would ramp up pressure on countries offering residency and citizenship in exchange for securities.
- Crypto businesses would adopt a more cautious approach to investment immigration programs.
Some of these predictions materialized last year, while others did not. Certain matters are still unresolved (such as the Malta case), and some predictions only partially came to fruition, notably the ongoing “price wars” in the Caribbean resulting in price hikes rather than reductions.
Most notable changes in the Citizenship for Investment Programs in 2023
In reality, 2023 proved to be a dynamic year for investment immigration, marked by legislative changes, price adjustments, and procedural updates. This complexity makes it challenging to forecast future developments in the industry. Nevertheless, we are going to offer some insights into the possible prospects for 2024.
Economic Citizenship Programs in the Caribbean: Increasing Costs
The Federation of St. Kitts and Nevis caused a major shock in the industry in 2023 by doubling the required donations and investments. Additionally, administrative costs have risen. Experts anticipate that other Caribbean countries administering citizenship-for-investment programs will follow suit in 2024. While changes may not be as drastic, administrative and authentication fees are likely to increase. However, it’s improbable that all four other Caribbean nations (Antigua and Barbuda, Dominica, Grenada, and St. Lucia) will double their prices.
Hungary: Launching “Golden Visas” in Q1 2024
Hungary’s government and parliament have approved a new law regulating immigration processes for third-country nationals (outside the EU and EEA). Among other provisions, temporary investor visas will be available to foreigners. Initially planned for September 2024, the launch was rescheduled to a later date. Experts believe Hungary will introduce the investment immigration program soon, given the country’s urgent need for foreign capital. Foreign citizens investing at least €500,000 in Hungarian real estate will qualify for investor visas.
Quiet Reopening of the Quebec Investor Immigration Program
The Quebec Provincial Investor Immigration Program (QIIP) has quietly reopened. Although considered a pioneer in modern investment immigration, its new version is unlikely to see significant demand. Requirements have become stricter, posing challenges for non-French-speaking foreign nationals seeking legal residence in Canada. Still, the program remains attractive to Francophones relocating to Quebec.
Dominica: Potential E-Visas to the UK
Dominica lost visa-free access to the UK in 2023, which was a significant setback. At the moment, Dominica and the UK are negotiating to offer e-visas to Dominican passport holders, potentially through the new Electronic Travel Authorization (ETA) system. The UK will soon grant “electronic access” to citizens of select states, with Dominica possibly added later.
Exponential Growth in US EB5 Visa Applications
The EB5 investor visa program saw momentum in late 2023, with demand projected to surge. Favorable regulations and accelerated application processing by U.S. immigration authorities contribute to this growth. India, a key market for EB5 visas, is expected to drive demand, aided by reduced processing times.
Continued Growth of Dubai Real Estate and UAE “Golden Visa”
Dubai’s real estate market expanded by 5.8% in 2023, with record issuance of ‘golden visas.’ Political neutrality, economic stability, advanced infrastructure, and low taxes make Dubai an attractive destination for residency seekers.
Expected Price Hikes and New “Golden Visa” in Turkey
Speculations suggest a rise in the “price” of Turkish passports under the economic citizenship program. Turkish authorities are considering revising investment amounts to maintain affordability for locals. Additionally, a residency program with an investment threshold of USD 300,000 to USD 350,000 is under consideration.
Potential for New Economic Citizenship Programs in Eastern Europe
Eastern Europe may witness the introduction of new economic citizenship programs, presenting significant potential. Initially, when Montenegro launched its investment citizenship program, the demand for its citizenship was modest. However, by late 2022, demand had surged. Moldova’s citizenship offer has also garnered interest.
Albania Prepares for Economic Citizenship Program
Albania has drafted legislative amendments to enable the launch of its economic citizenship program. The Albanian authorities have undoubtedly evaluated the Moldovan and Montenegrin investment citizenship programs to enhance the attractiveness of their program.
South America: Emerging Platform for Economic Citizenship Programs
South America is emerging as a viable platform for economic citizenship programs. Suriname’s authorities have announced plans to launch such a program. Additionally, with the new, reform-oriented leadership in Argentina, the country may also resort to “selling” its citizenship.
Conclusion
The investment immigration market is experiencing rapid evolution characterized by dynamic shifts in policies, regulations, and investor preferences, creating a landscape that is constantly changing and adapting to new developments. Governments around the world are continuously updating their immigration programs to attract foreign investment while ensuring the integrity and security of their borders. Digital innovations and online services have simplified the application process.
Investor expectations and demands are evolving, driving the need for more diverse and flexible investment options. As investors seek greater mobility, financial security, and growth opportunities, investment immigration programs must adapt to meet these changing needs.
We are determined to keep you informed about any new opportunities. Stay tuned for the latest developments!
