IMM Group Investment Migration News July 2024: Highlights From the U.S., Australia, Canada, Europe, and the Caribbean
July 30, 2024 · Residency by investment · 10 min read
In Investment Migration News July 2024, IMM Group reviews the month’s most notable developments in residency and citizenship by investment programs. This issue covers:
1. Marriott hotel EB-5 investment toward a U.S. green card: a rural project eligible for priority processing
With capital raised and managed by the well-regarded regional center operator EB5 Capital, this rural EB-5 project is eligible for priority processing and carries the brand of Marriott, the world’s largest hotel company, making it an attractive option for investors pursuing a U.S. green card.
The project is a 180-room dual-branded SpringHill Suites and TownePlace Suites hotel by Marriott, located in the well-known ski resort town of Steamboat Springs, Colorado.
Total project cost is US$67.5 million, of which EB-5 capital is expected to account for US$29.6 million, representing 37 investors. With two ski resorts in the area drawing large numbers of visitors each year, the hotel is expected to have strong business potential once it opens and begins operations. This is expected to support the creation of enough jobs to meet the job creation requirement for investors’ green cards, as well as the prospects for repaying EB-5 investors’ capital. Invested capital remains at risk, and neither a green card nor repayment is assured.
2. Why Canada’s Start-up Visa Program stands out among business immigration options right now
Provincial entrepreneur streams for Canadian immigration have recently introduced a series of tighter requirements, such as Saskatchewan’s new English-language requirement for applicants and longer minimum business operating periods. Ontario, Canada’s largest province, went as far as closing its entrepreneur stream in February. Prince Edward Island (PEI) has also raised the minimum invitation score for its business investment stream and shifted its focus toward workforce immigration in sectors facing labor shortages.
Against this backdrop, Canada’s Start-up Visa Program has become an attractive option: it is a direct permanent residence pathway, allows applicants to choose the province they live in, and does not require proof of net worth, source of funds, or business revenue. Instead, the program focuses on the applicant’s business idea and entrepreneurial capability. With IMM Group’s start-up support package, the program expands opportunities and enables a broader group of investors to take part.
3. Spain proposes ending its Golden Visa residence by investment program
Spain is the latest country to adjust its immigration policy, proposing to close its Golden Visa program following similar moves by Portugal and Ireland in 2023. According to Spanish media reports, on July 24 Prime Minister Pedro Sánchez presented a bill to Parliament to abolish the Golden Visa. The proposal would end not only the real estate route but also the other investment routes, with the aim of curbing ineffective investment and increasing the benefits and effectiveness that investment and immigration programs deliver.
However, immigration experts note that this is only a proposal, and Parliament will still need time to review and pass it. This means investors may still be able to apply under the current rules. With a minimum real estate investment amount of €500,000 (approximately US$563,000) that applies nationwide, including in major cities such as Madrid and Barcelona, and the opportunity for eligible family members to obtain Spanish residence as well, the program is regarded as one of the most attractive European residency by investment options available at present.
4. More Britons are choosing to live in Cyprus
Cyprus, an island nation in the eastern Mediterranean, is known for its strategic location at the crossroads of Europe, Asia, and Africa and as a popular European holiday destination. Despite its modest size and population, its economy has consistently outperformed the European average.
With a mild climate, beautiful natural scenery, and a European quality of life, combined with a reasonable cost of living and an attractive environment for work and business, a growing number of British nationals and residents of other countries are choosing Cyprus as a place to settle. According to a recent survey, Cyprus has the third-highest share of foreign-born residents in the European Union, and people from the United Kingdom form the second-largest of these groups. Cyprus is also attracting interest from investors outside the EU through its Cyprus permanent residence by investment program, which requires a minimum real estate purchase of €300,000 (approximately US$338,000).
5. Which citizenship by investment program is the fastest and most efficient in 2024?
Second citizenship by investment is becoming increasingly popular among investors. In 2024, Caribbean citizenship programs are regarded as among the most attractive options thanks to fast processing times and reasonable investment levels. The main investment routes are a contribution to the government or to a national development fund, or an investment in approved resort shares, with minimum investments starting from US$200,000.
Through these programs, investors and their families can become citizens of a Caribbean nation and hold a passport offering visa-free or visa-on-arrival access to more than 140 countries, including the Schengen Area. The programs have no age, education, work experience, or language requirements. The whole family can typically receive their passports in their home country, gaining global mobility and access to cross-border opportunities in life and business.
If you are interested in residency and citizenship by investment programs in the U.S., Australia, Canada, Europe, or the Caribbean, contact IMM Group or leave your details below. Our experienced advisory team will provide detailed guidance and help assess the prospects of your application. We keep your personal data confidential and use the information you provide solely to advise on your family’s application.
IMM Group
- Tags:
- Canada immigration
- Spain Golden Visa
- Caribbean citizenship
- fast-track citizenship
- EB-5 U.S. green card
- Cyprus permanent residence
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