Video: IMM Group Investment Migration News January 2024 – Highlights From the U.S., Australia, Canada, Europe, and the Caribbean
February 5, 2024 · Residency by investment · 9 min read
Investment migration news January 2024: IMM Group’s monthly roundup of the most notable updates on residency and citizenship programs in the U.S., Australia, Canada, Europe, and the Caribbean.
1. USCIS data: EB-5 filings rose sharply in 2023 as approval rates improved significantly
According to statistics published by U.S. Citizenship and Immigration Services (USCIS), the number of EB-5 petitions (Forms I-526 and I-526E) filed in fiscal year 2023 reached its highest level in 3 years. The 2,735 petitions filed were 3 times the totals for fiscal years 2022 and 2021. USCIS has also expanded its processing capacity, adjudicating a growing number of petitions while processing times continue to shorten.
The I-526 denial rate fell sharply in 2023 to 40%, down from 58% the previous year. The high denial rates of recent years may reflect a surge of filings of uneven quality in 2018–2019, before the EB-5 program raised its minimum investment amounts. The rate is expected to keep falling as adjudication of petitions from that period is completed.
With new filings rising sharply again, EB-5 investors should consider filing early, before case backlogs build up again and annual visa quotas run out.
2. Australia unveils a new Migration Strategy
In December 2023, the Australian Government released its new Migration Strategy, which sets out 5 objectives, 8 key actions, and more than 25 commitments, and identifies areas for reform. The strategy concludes that the country’s migration system needs significant reform over the next 10 years to return migration to sustainable levels, in line with current and future economic conditions.
Notably, the Business Innovation and Investment (Provisional) visa (subclass 188), Australia’s business and investor immigration pathway, is being considered for replacement by a new visa that would continue to target the same cohort: high-performing entrepreneurs, major investors, and global researchers.
These are significant, systemic, long-term reforms that will require thorough consultation and detailed guidance before they are formally enacted and implemented. IMM Group will continue to keep investors informed of the latest updates from the Australian government.
3. Canada’s top 5 universities
Canada is one of the world’s best-known destinations for high-quality education. Its leading universities play a key role in the quality of the system as a whole and help attract large numbers of students from around the world. In 2022 alone, Canada welcomed nearly 600,000 international students.
Canada’s top 5 universities, all ranked highly worldwide, are the University of Toronto, McGill University, the University of British Columbia, the University of Alberta, and the University of Waterloo. High-quality education and a well-rounded living environment have made Canada not only a study destination for international students but also a place where whole families choose to settle and build a long-term future.
4. Bulgaria and Romania officially join the Schengen Area
On December 30, 2023, the Council of the European Union adopted a decision allowing Bulgaria and Romania to complete their accession to the Schengen Area.
With Bulgaria and Romania joining, the Schengen Area — the group of European countries that allows travel within the bloc without internal border checks — will officially expand to 29 members. From March 31, 2024, citizens, residence permit holders, and Schengen visa holders will be able to travel freely among 29 member states instead of 27; short stays for non-EU visitors remain limited to 90 days in any 180-day period. The addition of these 2 new members further increases the value of citizenship and permanent residence in member states and their appeal to investors worldwide.
5. IMM Group licensed for 4 consecutive years as the first and only Grenada citizenship by investment advisor in Vietnam
IMM Group has again been licensed to advise on the Grenada Citizenship by Investment Program for 2024. Since 2021, IMM Group has been the program’s official and sole licensed agent in Vietnam, authorized by the Government of Grenada to introduce the program, advise clients, and prepare and file investment applications on their behalf.
Having met a range of legal, financial, staffing, credibility, and experience requirements set by the Government of Grenada, IMM Group was licensed and has successfully completed many citizenship applications, helping investor families obtain Grenada passports and a range of benefits — notably travel freedom, with visa-free or visa-on-arrival access to 147 destinations, including the United Kingdom and the Schengen Area.
If you are interested in residency or citizenship by investment programs in the U.S., Australia, Canada, Europe, or the Caribbean, contact IMM Group or leave your details below. Our experienced advisors will provide detailed guidance and help assess your application’s prospects. We are committed to protecting your personal data and will use the information you provide only to advise on your family’s application.
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