IMM Group Investment Migration News June 2024: Highlights From the U.S., Australia, Canada, Europe, and the Caribbean
July 3, 2024 · Residency by investment · 10 min read
In Investment Migration News June 2024, IMM Group reviews the month’s most notable developments in residency and citizenship by investment across the U.S., Australia, Canada, Europe, and the Caribbean.
1. A U.S. green card through EB-5: a rural project now operating and benefiting from priority processing
An EB-5 project that benefits from the priority given to rural areas while also managing risk to both the immigration application and the investment deserves close attention from investors. Thunder Ridge, an outdoor amphitheater and entertainment complex offered through EB5 Capital, an established regional center, is one of the few rural projects now operating, and it combines several factors that support both the green card application and the prospects for repayment of investors’ capital.
The project’s projected job creation is well above the minimum required for all EB-5 investors in the offering, positioning investors to meet the job creation requirement for removing conditions on their green cards from the outset. The project also successfully held its first performances on May 25 and June 13 (ahead of its official completion), demonstrating clear potential and laying the groundwork for future growth. The project’s appraised value and projected operating revenue are also substantial, supporting the feasibility of repaying EB-5 capital to investors, although EB-5 capital remains at risk as required by law.
2. Investors turn to the U.S., Canada, and Europe after Australia closes its subclass 188 visa program
Australia’s recent decision to close its Business Innovation and Investment (Provisional) visa (subclass 188) program has left many investors disappointed and uncertain. Yet as one door closes, others open. Given the strengths of the alternatives, many IMM Group clients are now turning to other destinations such as the U.S., Canada, Europe, and the Caribbean.
The U.S. EB-5 program and Canada’s Start-up Visa Program are two of the most popular options for investors seeking a new home in a developed country with excellent healthcare and education systems and a high quality of life, giving their children every opportunity to thrive.
For investors who value global mobility, want more options for the whole family, or wish to diversify their portfolio, real estate investment programs offering residency in Spain, Greece, or Cyprus, or citizenship by investment in Grenada, are well suited.
3. Three Canadian cities rank among the world’s top 10 most livable cities
With 3 cities in the top 10, Canada has more of the world’s most livable cities than any other country. In the Economist Intelligence Unit (EIU) Global Liveability Index, Vancouver ranks fifth, Calgary seventh, and Toronto ninth.
Vancouver stands out for its natural scenery and mild climate, earning perfect scores for healthcare and education. Calgary scores highly for stability, healthcare, education, and infrastructure, offering the feel of a small town with the amenities of a big city. Toronto, Canada’s economic hub and most populous city, is known for its cultural and community diversity and is the third-largest technology hub in North America.
Each city has its own strengths, but overall Canada is highly regarded for how well-rounded it is. As a result, the country is a preferred destination for investors around the world looking to relocate.
4. Own property in Madrid from €500,000, gain Spanish residence, and travel freely within the Schengen Area
As the routes to European residency through real estate investment gradually close, the Spain Golden Visa stands out for investors thanks to its residency benefits and investment value, particularly for property in the capital, Madrid.
With an investment from €500,000 (approximately US$563,000), investors can own a property with growth potential in a prime location in the heart of one of Europe’s best-known capitals, with long-term leases already in place with major brands that provide rental income in euros. At the same time, the whole family has the opportunity to obtain Spanish residence, with visa-free travel within the Schengen Area.
As Spain’s economic, political, and cultural center, Madrid has a real estate market that is growing strongly and has become one of the leading residential markets in Europe. With supportive government policies and the appeal of a major capital, Madrid is an attractive destination for investors.
5. Grenada officially raises the investment thresholds for its citizenship by investment program from July 1, 2024
On June 27, the Government of Grenada officially announced higher investment thresholds for its citizenship by investment program. From July 1, 2024, the new thresholds are as follows:
- Real estate route: a minimum investment of US$270,000 in shares of a government-approved tourism accommodation project, plus a US$50,000 government contribution for a family of up to 4.
- National Transformation Fund (NTF) contribution: a minimum contribution of US$235,000 to the government for a family of up to 4.
Despite the higher thresholds, Grenada’s citizenship by investment program remains an attractive option for investors seeking a second citizenship that can be obtained relatively quickly and offers visa-free or visa-on-arrival access to more than 140 destinations. The program has no residency requirement, no education or work experience requirements, and no upper age limit. Three generations of a family can also apply together in a single application, making the process more convenient for the whole family.
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 your eligibility. We keep your personal data confidential and use the information you provide solely to advise on your family’s application.
IMM Group
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