IMM Group Investment Migration News October 2024: Highlights From the U.S., Australia, Canada, Europe, and the Caribbean
November 3, 2024 · Residency by investment · 10 min read
In Investment Migration News October 2024, IMM Group reviews the month’s most notable developments in residency and citizenship by investment programs. This issue covers:
1. U.S. EB-5 green card: Vail Valley luxury apartments project qualifies for rural priority processing
The Vail Valley luxury apartments EB-5 project is located in Avon, Colorado, an attractive Rocky Mountain town known for its spectacular scenery and clean air, and close to world-renowned resorts such as Vail Ski Resort and Beaver Creek Resort. With 242 luxury units, the project offers modern amenities including a pool, spa, and fitness center, serving strong housing demand from local residents and visitors, particularly given the limited supply in the area.
The project has a total project cost of US$172.1 million, of which EB-5 investment is expected to account for US$73.6 million, and is sponsored by EB5 Capital, an established regional center operator. The project is expected to create 1,479 jobs, or 16 jobs per investor, comfortably meeting the EB-5 job creation requirement.
Located in a rural targeted employment area (TEA), the project qualifies for priority processing and draws on the reserved visas set aside for rural projects, which may shorten the time to a green card. According to the sponsor’s projections, the project is expected to generate approximately US$11 million in income per year and reach a valuation of US$211 million in 2028, which would provide a margin above the total EB-5 capital invested. Invested capital is at risk, and repayment is not assured.
2. Canada Start-up Visa permanent resident admissions reach a record high
The Canada Start-up Visa (SUV) program offers direct permanent residence (PR) to entrepreneurs who develop innovative business ideas in Canada. Launched in 2013, the program has since helped thousands of families from around the world settle in Canada.
Statistics show that PR admissions under the program rose steadily from 55 in 2015, stalling only during the COVID-19 pandemic in 2020–2021. By 2022, the program had rebounded strongly to 575 admissions, and it reached a record 3,745 new permanent residents in just the first 7 months of 2024, more than double the total for all of 2023 (only 1,460).
Ontario and British Columbia lead in PR admissions, accounting for more than 80% of the annual total, thanks to a range of favorable conditions.
This growth reflects both the appeal of the SUV program and Canada’s position as an attractive immigration destination for global investors.
3. Canada’s Start-up Visa program introduces open work permits of up to 3 years
From October 3, 2024, applicants for Canadian permanent residence under the Start-up Visa program can apply for an open work permit valid for up to 3 years. Under the new rules, applicants may come to Canada to develop their start-up and may also take other work to earn additional income, rather than being limited to the start-up’s activities as before.
To qualify for the open work permit, the applicant must be an essential person on the start-up team, all members of the team must have applied for permanent residence (PR), and the applicant must have received an acknowledgment of receipt (AOR) from Immigration, Refugees and Citizenship Canada (IRCC). Applicants must also demonstrate relevant professional experience and the ability to help the start-up deliver economic benefits to Canada, and have sufficient funds to cover first-year living costs as well as the capital investment in the start-up.
While many investors had hoped for an open work permit, these benefits come with a stricter review, making SUV applications more complex and creating potential risk to the PR applications of both the essential person and the entire start-up team. Investors should therefore weigh this carefully before deciding to apply for a work permit.
4. Real estate accounts for more than 50% of FDI into the Greek economy
In the first 6 months of 2024, real estate accounted for 54% of foreign direct investment (FDI) in Greece, at €1.14 billion of the €2.1 billion total, underscoring the sector’s strong appeal to foreign investors. Q2 was particularly striking, with real estate accounting for nearly 70% of total FDI.
One driver of this increase is the Greece Golden Visa program, which allows foreign investors and their families to obtain long-term, renewable residence permits in Greece and travel visa-free within the Schengen Area through a real estate investment of at least €250,000 (approximately US$280,000). Despite recent changes to the program’s conditions, the Greece Golden Visa remains an attractive option thanks to its accessibility, the absence of a minimum stay requirement, and the long-term return prospects of real estate, particularly as several other European countries have closed similar programs.
5. Portugal’s D7 visa: what to know about a route to European residency without investment
The Portugal D7 visa is well suited to those seeking long-term residency in Europe without making an investment. To qualify, applicants must show stable passive income (such as a pension, rental income, or financial investments) of at least €9,840 per year (approximately US$11,000) for the main applicant, plus €4,920 for each additional adult and €2,952 for each child included in the application. Applicants also need accommodation in Portugal.
Through the program, applicants and their families across three generations can enjoy a high quality of life in Portugal and travel visa-free within the Schengen Area. Note that all family members must spend most of their time in Portugal and may not be absent for more than 6 consecutive months or 8 non-consecutive months during the validity of the residence permit.
After 5 years, family members may become eligible to apply for Portuguese citizenship, subject to the requirements in force at the time; citizenship brings the right to live anywhere in the EU and visa-free travel to more than 180 destinations.
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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