IMM Group Investment Migration News November 2024: Highlights from the U.S., Australia, Canada, Europe, and the Caribbean
November 28, 2024 · Residency by investment · 10 min read
In Investment Migration News November 2024, IMM Group reviews the month’s most notable developments in residency and citizenship by investment programs. This issue covers:
In Investment Migration News November 2024, IMM Group reviews the month’s most notable developments in residency and citizenship by investment programs. This issue covers:
1. Vietnam ranked second worldwide for EB-5 visas issued in fiscal year 2024
In fiscal year 2024 (from October 1, 2023, to September 30, 2024), a total of 1,467 EB-5 visas were issued to applicants from Vietnam, accounting for 12% of all EB-5 visas issued worldwide and second only to China.
Fiscal year 2024 also set a record for EB-5 visa issuance in the program’s history, with 12,059 visas issued through consular processing at U.S. embassies and consulates.
Applicants from Vietnam received 1,463 unreserved visas, well above the year’s allocation of 991 visas and more than double the number issued to applicants from India (733 visas), a country that routinely faces EB-5 visa oversubscription.
These figures suggest that U.S. immigration authorities may be giving priority to cases from Vietnam. Processing times have also been getting shorter, which may open a favorable window for investors considering the EB-5 program as a route to a U.S. green card for the whole family.
2. The Battineni ruling may make EB-5 investors complacent
For years, U.S. Citizenship and Immigration Services (USCIS) has been criticized for excessive scrutiny of EB-5 investors’ source of funds. Recently, in the Battineni case, investors succeeded in having a USCIS denial set aside because the agency’s source-of-funds demands went beyond what the EB-5 program requires. The court held that the law requires investors to show that the immediate source of the invested funds is lawful, that the funds belong to them, and how the funds were lawfully obtained, rather than the exhaustive tracing USCIS had imposed.
Although the ruling is a favorable decision that strengthens investors’ position when facing unreasonable USCIS demands, it does not mean that proving the source of funds for an EB-5 investment will become any easier. If anything, the case shows how rigorous and detailed USCIS review of EB-5 petitions has become. EB-5 petitions must still be prepared carefully and meet strict standards to avoid the risks posed by USCIS’s demanding adjudication process.
3. EB-5 project: Whisky Hotel Hollywood nears completion, with opening expected in Q1 2025
The Whisky Hotel Hollywood EB-5 project is entering its final stage of completion and overall quality inspections ahead of its expected opening and start of operations in Q1 2025.
It is one of the few EB-5 projects located in a Targeted Employment Area (TEA) in the heart of Hollywood’s entertainment district, a notable advantage for investors. According to the developer, with more than 95% of construction complete, the project has already created enough jobs to meet the job-creation requirement for all of its EB-5 investors to apply to remove the conditions on their green cards.
According to the sponsor, the project’s current value already exceeds the combined bank loan and EB-5 capital. Its location near the venues for both the 2026 FIFA World Cup and the 2028 Olympic Games also gives it strong business potential. On that basis, the sponsor views raising new capital or selling the project as viable routes to repaying EB-5 capital at maturity. As with any EB-5 investment, repayment is not guaranteed.
4. Spain moves “one step closer” to closing its Golden Visa program
Despite its positive contributions to the economy, the Golden Visa program has also drawn criticism, most notably over sharp increases in housing prices, especially in major cities such as Madrid and Barcelona, which have made it harder for local residents to afford a home.
The Spanish government is currently working to pass a bill ending the program. The bill has been approved by the Justice Committee but still needs to pass Parliament and receive royal assent.
If the bill completes the full legislative process, the changes could take effect in January 2025, meaning Spain’s Golden Visa program could close in January 2025.
5. Malta’s permanent residence program raises investment thresholds from January 2025
From January 1, 2025, the Residency Malta Agency will introduce significant changes to the Malta Permanent Residence Programme (MPRP), including higher investment thresholds and revised eligibility criteria.
Specifically, the minimum real estate purchase rises to €375,000 (approximately US$420,000), and the minimum lease to €14,000 per year. The government administrative fee rises to €50,000, while the government contribution also rises to €30,000 (with a property purchase) or €60,000 (with a property lease).
In addition, a contribution of €10,000 per person now applies to each accompanying dependent, replacing the previous €7,500 per person that applied only to parents or grandparents.
Despite the higher thresholds, the Malta permanent residence program remains one of the more affordable options among European programs, and is worth considering at a time when several countries in the region have closed their programs.
6. Grenada citizenship by investment: record number of passports issued, with Vietnam among the top 8 countries by applications in the first 9 months of 2024
In the first 9 months of 2024, the Grenada citizenship program posted strong results. A total of 4,861 passports were issued to investors and their family members, exceeding the 4,794 passports issued in all of 2023. Total contributions to Grenada’s economy reached US$325 million, more than 1.5 times the figure for the same period a year earlier.
Offering direct citizenship by investment, accessible eligibility requirements and significant benefits, notably visa-free travel to many destinations worldwide, the Grenada citizenship program continues to attract a growing number of investors from around the world. According to the latest report, Vietnam ranks among the top 8 countries by number of applications to the Grenada citizenship program from January to September 2024.
For full details, read the linked articles, or contact IMM Group to discuss investment migration programs around the world.
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