IMM Group Investment Migration News August 2024: Highlights From the U.S., Australia, Canada, Europe, and the Caribbean
August 27, 2024 · Residency by investment · 9 min read
IMM Group’s Investment Migration News August 2024 covers the most notable residency and citizenship by investment updates across the U.S., Australia, Canada, Europe, and the Caribbean.
In this August 2024 issue, IMM Group reviews the month’s key developments in investment migration programs. This issue covers:
1. Whisky Hotel Hollywood: an EB-5 hotel project for a U.S. green card, set to benefit from the World Cup and the Olympics
With the world’s two biggest sporting events, the 2026 World Cup and the 2028 Olympics, on the horizon, Los Angeles expects to welcome millions of international visitors, giving its hospitality sector a strong boost. Hotels close to the venues, such as the Whisky Hotel, stand to benefit directly from this influx.
The Whisky Hotel is a 132-room luxury hotel in the heart of Hollywood’s entertainment district, close to the Hollywood Walk of Fame and well connected to the event venues. This location is expected to draw guests looking for a distinctive Hollywood experience during this busy period.
The project is more than 90% complete, has created the required number of jobs, and has been approved for the EB-5 program by U.S. Citizenship and Immigration Services (USCIS), meeting the requirements for EB-5 investors to apply for a permanent 10-year green card. With strong business potential driven by its location and the upcoming international events, the Whisky Hotel is also well positioned to support capital preservation, although, as with any EB-5 investment, investor capital remains at risk. This makes it an attractive option for families pursuing a U.S. green card through EB-5.
2. Canada Child Benefit 2024: higher payments for families with young children from July 2024
The Canada Child Benefit (CCB) is a tax-free monthly payment from the Government of Canada that helps families with the cost of raising children under 18. The amount a family receives depends on the children’s ages, marital status, the number of eligible children, and the family’s net income for the previous year.
In response to inflation and the rising cost of living, the Government of Canada increased benefit amounts for the 2024–2025 benefit year. Families can receive up to C$7,787 per child under 6 and up to C$6,570 per child aged 6 to 17. This means parents may receive up to C$350 more than last year, an increase of 4.7%. The new amounts apply starting with the July 19, 2024 payment.
Beyond the CCB, the Government of Canada has introduced a range of other measures to lower costs for families and support children’s well-rounded development. These measures reflect the government’s ongoing commitment to supporting its residents and creating a high-quality, supportive living environment for everyone.
3. Hungary Guest Investor Program: residency by investment relaunched
After closing its residency program based on government bond investments in 2017, Hungary has officially relaunched investment migration under an entirely new program: the Hungary Guest Investor Program (GIP).
Under the new program, effective July 1, 2024, investors can choose 1 of 3 investment options:
- An investment of €250,000 (approximately US$281,000) in a real estate fund registered with the Central Bank of Hungary (Magyar Nemzeti Bank).
- A donation of €1 million to an educational institution to support educational, scientific, or artistic activities.
- A direct investment of €500,000 in residential real estate in Hungary (this option takes effect on January 1, 2025).
Through the program, the investor and their family (spouse and children under 18) receive a 10-year guest investor residence permit, allowing them to live, study, and work in Hungary. The family can also travel visa-free across the 29 countries of the Schengen Area. The residence permit can be renewed for up to another 10 years; alternatively, the investor may apply for permanent residence after 3 years of living in Hungary and for citizenship after 8 years of living in Hungary.
4. Grenada citizenship interview: tougher screening for citizenship by investment applicants
In September 2023, the Government of Grenada announced mandatory interviews for all applicants aged 17 and over named in a citizenship application before approval is granted. The new requirement is part of efforts to strengthen due diligence and improve the program’s transparency.
In IMM Group’s recent experience supporting many clients through successful applications, the interviews have become more demanding in both content and format. The process involves 2 rounds: one with an automated question system and one with government officials. The questions are more varied and detailed and are designed to cross-check information for review and verification, so investors need thorough preparation to answer them.
Although the review process has become more rigorous, IMM Group’s extensive experience and careful preparation of documentation from the outset have recently helped many investor families meet this new requirement and receive approval for Grenada citizenship.
The 5-star InterContinental Grenada resort project is now taking shape. Located next to Six Senses La Sagesse, which is fully subscribed and now operating, InterContinental offers an attractive investment option for those seeking Grenada citizenship and the benefits that come with it.
For full details, read the linked articles, or contact IMM Group to discuss investment migration programs around the world.
IMM Group
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