IMM Group Investment Migration News September 2024: Highlights From the U.S., Australia, Canada, Europe, and the Caribbean
September 27, 2024 · Residency by investment · 12 min read
In Investment Migration News September 2024, IMM Group reviews the month’s most notable developments in residency and citizenship by investment programs. This issue covers:
1. EB-5 green card investment in a green hydrogen plant billed as North America’s largest
Green hydrogen is a clean energy source with wide-ranging applications. It has become a development priority because it can be produced without polluting the environment, and it benefits from U.S. government tax incentives. The NFE green hydrogen plant began construction in 2020 with a capacity of 100 MW in Port Arthur, Texas, one of the largest energy hubs in the United States. This EB-5 project is the expansion phase, which aims to double the plant’s capacity to 200 MW. The plant’s entire hydrogen output, including the expansion phase, is contracted under an offtake agreement with OCI Global, a leading global producer and distributor of ammonia, fertilizers, and methanol.
Phase 1 of the project received Form I-956F approval from U.S. Citizenship and Immigration Services (USCIS), laying the groundwork for Phase 2. The EB-5 capital is managed by CanAm, one of the longest-established regional centers in the United States. The project is expected to create more than 17 jobs per investor, well above the EB-5 program’s job creation requirement, which supports investors’ green card applications.
The project developer is New Fortress Energy, an alternative energy producer and distributor listed on NASDAQ, with a market capitalization of more than US$2.6 billion at the time of publication. According to the developer, all of the plant’s assets have been pledged as collateral for the EB-5 loan, and the company has provided a repayment guarantee backed by its revenue and enterprise value. As with any EB-5 investment, the capital must remain at risk.
2. EB-5 visa: I-829 approvals for EB-5 green card holders reach a record high in 2024
2024 marked a record year for the number of U.S. green cards granted through the EB-5 program. According to USCIS data for Q3 of fiscal year 2024, approvals of Form I-829 petitions, the step that leads to a green card without conditions, rose sharply, with 1,788 approvals in Q3 and 4,558 so far in fiscal year 2024 (with the year not yet over), far exceeding the 2,193 approvals in fiscal year 2023.
This points to a marked improvement in adjudication, with shorter processing times and consistently high approval rates (95% for Form I-526 and 79% for Form I-829). The backlog has also declined steadily, thanks to the EB-5 Reform and Integrity Act of 2022 (RIA). These positive developments create favorable conditions for investors considering an EB-5 filing at this time.
3. The U.S. and Canada remain near the top of the 2024 Best Countries rankings
The U.S. and Canada remain near the top of the 2024 Best Countries rankings published by U.S. News & World Report. The U.S. ranks 3rd, standing out for its economic strength, global influence, and adaptability to change. It is also highly rated for its vast business landscape and strong start-up ecosystem. Canada ranks 4th, known for its safe living environment and high-quality education and healthcare systems. Although its ranking slipped slightly from the previous year, Canada continues to be well regarded for its commitment to human rights and social equity.
Strong positions in respected rankings confirm the appeal of these countries as destinations for business investment and immigration. A growing number of investors are choosing the U.S. and Canada as a new home for their families. Investment migration programs such as the U.S. EB-5 green card program and Canada’s Start-up Visa allow investors and their families to settle long term and access education, healthcare, and social benefits, helping them build a stable, high-quality life in some of the world’s leading countries.
4. Portugal: an ideal destination for retirement
Portugal has long been regarded as an ideal place to retire, appearing regularly in respected international rankings. With a warm climate year-round, beautiful natural scenery, a rich culture, reasonable living costs, and quality healthcare, the country offers a relaxed, unhurried lifestyle well suited to enjoying later life to the fullest. And it is not only for retirees: anyone seeking a high quality of life, backed by a stable passive income and free from the demands of work, will find what they are looking for in Portugal.
The Portugal D7 visa is an attractive option for those seeking long-term residency in Portugal. The program suits retirees and individuals with a stable passive income generated outside Portugal. With a D7 visa, applicants and their families can live, work, and study in Portugal, travel visa-free across the 29 countries of the Schengen Area, and move closer to the prospect of EU citizenship.
5. Greece’s economy continues its strong growth
Greece faced a severe sovereign debt crisis from 2008 that pushed its economy into recession and heavy debt. After austerity measures and international bailout programs, however, the country gradually recovered from 2018 onward. Today, Greece is one of the fastest-growing economies in Europe. GDP grew 2.3% in Q2 2024, above the eurozone average of 0.6%. The main drivers were a tourism boom, growing goods exports, and the expansion of renewable energy. Public debt, long Greece’s heaviest burden, fell from 205% of GDP in 2020 to nearly 150% by the end of 2024, while unemployment reached its lowest level in more than a decade.
Greece also attracts international investment through favorable tax policies and upgrades to its sovereign credit rating. The economy’s strong growth has reinforced international investors’ confidence in choosing to invest and take up residency in the country. One program that has drawn large numbers of foreign investors, bringing more than €5.4 billion (approximately US$6.1 billion) into the Greek economy, is the Greece Golden Visa.
6. Discover Grenada: a small island nation with outsized global mobility
Grenada is a picturesque island nation in the Caribbean Sea. Known as the “Spice Isle,” it is famous for producing nutmeg and many other prized spices. Despite its modest size, Grenada attracts millions of visitors every year and is a favorite getaway for Western travelers, thanks to its unspoiled natural beauty and warm tropical climate.
In recent years, Grenada has attracted considerable attention for its citizenship by investment program, which offers substantial benefits relative to the investment amount required. To qualify, investors can contribute at least US$235,000 to the Government of Grenada’s National Transformation Fund (NTF), or make a minimum investment of US$270,000 in a government-approved resort real estate project. In return, once they become Grenadian citizens, investors and their eligible family members gain visa-free or visa-on-arrival access to more than 140 countries, including the United Kingdom and the 29 Schengen countries, along with other attractive benefits.
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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