Video: IMM Group Investment Migration News March 2024 – Highlights From the U.S., Australia, Canada, Europe, and the Caribbean
April 2, 2024 · IMM Group · 8 min read
Investment migration news March 2024: IMM Group’s roundup of the most notable updates on residency and citizenship programs in the U.S., Australia, Canada, Europe, and the Caribbean.
1. Choosing a rural project for U.S. EB-5 investor immigration
Under the EB-5 Reform and Integrity Act of 2022 (RIA), signed into law in March 2022, rural EB-5 projects are entitled to priority processing and to reserved visas: 20% of the annual EB-5 visa allocation is set aside for rural investments. As a result, U.S. EB-5 immigration petitions tied to rural investments are likely to be adjudicated faster. In recent cases we have observed, Form I-526E petitions have been approved in roughly 8–11 months.
Investing in a rural project is likely to help an investor’s family obtain U.S. immigrant visas sooner. However, the ultimate goal is a permanent green card, and to protect that outcome investors should also weigh other factors, such as the project’s feasibility and commercial prospects, as well as the developer’s capability and track record.
At the time of this bulletin, IMM Group was presenting a rural EB-5 project offered through CanAm Enterprises, an established regional center operator with extensive experience. The project will build and operate a high-speed fiber-optic internet network across 13 rural areas of Texas. It is considered to have strong commercial prospects and favorable conditions for implementation — factors that may support both investors’ green card prospects and the prospects for repayment of their capital.
2. Canada’s start-up ecosystem
Canada has an advanced economy and a reputation for innovative, market-leading businesses. The Canadian government actively supports entrepreneurship, fostering a culture of innovation and building out a well-rounded start-up ecosystem, while investing heavily in education to develop a highly skilled workforce. Canada also has policies designed to attract entrepreneurial talent from around the world, and the Start-up Visa Program is a prime example.
As a result, Canada attracts many entrepreneurs, investors, and professionals from around the world who settle there, particularly through the Start-up Visa Program, which leads directly to permanent residence (PR).
3. Greece tourism 2023: international visitor arrivals hit a record high
According to preliminary data from the Bank of Greece, Greece recorded more than 32.7 million international visitor arrivals in 2023, surpassing the previous record of 31.3 million set in 2019, before the COVID-19 pandemic. Tourism revenue also reached a new high, with travel receipts of nearly €20.5 billion, up from €18.15 billion in 2019.
Years of sustained focus on and investment in tourism, together with a concerted effort to promote the country’s image, have produced record results for the wider economy and made 2023 a banner year for Greek tourism — reinforcing tourism’s role as a pillar of the Greek economy.
4. EU proposes higher Schengen visa fees due to inflation
In February 2024, the European Commission presented a draft proposal to raise Schengen visa fees by 12%: from €80 to €90 for adults and from €40 to €45 for children. The Commission will gather feedback before reaching a final decision.
5. Ireland ends visa-free travel for citizens of Dominica and Vanuatu
Effective March 7, 2024, Ireland ended visa-free travel for citizens of Dominica and Vanuatu. The announcement came shortly after the United Kingdom ended visa-free travel for both countries. The Irish government said the main reason for the change was to align its policy with the United Kingdom’s and to safeguard the Common Travel Area between Ireland and the UK.
6. Caribbean citizenship by investment programs set to raise investment levels
The governments of 4 Caribbean countries recently signed a cooperation agreement adopting common standards for their citizenship by investment programs. The agreement takes effect on July 1, 2024. The changes are intended to strengthen the integrity and reputation of the region’s programs.
The most notable change is a higher minimum investment threshold of US$200,000, excluding associated fees and costs.
For investors considering Caribbean citizenship, the period before the new minimums take effect may therefore be the last opportunity to apply at current investment levels. Caribbean passports also offer significant travel freedom.
If you are interested in residency or citizenship by investment in the U.S., Australia, Canada, Europe, or the Caribbean, contact IMM Group or leave your details below. Our experienced advisors will provide detailed guidance and help assess the prospects for your application. We keep your personal data confidential and use the information you provide only to advise on your family’s case.
IMM Group
Was this article helpful?
