Greek GV applications surge, Cyprus tightens terms, 2023 IM Executive Survey Results,++

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Investment Migration This Week

In an excerpt from our special report, Low-Tax Living in High-Tax Europe, we explore Italy's three special tax regimes that allow you to live in Italy while paying a single-digit tax rate. We discuss the Lump-Sum Regime, the Lavoratori Impatriati Regime, and the Southern Italy Flat Tax Rate Scheme.

Bulgaria has adopted new regulations to streamline its Citizenship by Investment (CBI) pre-clearance process, explains Ivan L Petrov in an article for IMI. The updated framework aims to increase transparency and efficiency by requiring preliminary background checks for applicants and their families, and by implementing a "fast-track" process for candidates with no prior criminal records or security risks.

According to the 2023 Investment Migration Executive Survey, one in three multinational investment migration firms plans to open new offices in Africa, reflecting the continent's growing potential for investment migration. Meanwhile, 63% of respondents expressed concern that the European Union may restrict Schengen access for Citizenship by Investment (CBI) countries, potentially impacting the industry's growth in Europe. The full report on the survey results is available for download in the IMI Pro Members' Lounge now.

Greek Golden Visa applications surged by 259% year-on-year in Q1 2023, highlighting the program's increasing popularity. Lifting the program's performance to new heights are primarily two factors: The closure of competing EU programs, and the looming specter of doubling minimum investment requirements in key municipalities. However, this growth has led to a doubled backlog within six months, raising concerns about processing capacity and efficiency.

Cyprus has introduced new regulations for its Golden Visa program, which now exclude senior dependents and require annual proof of income and investment to maintain residency status. These changes aim to tighten the program's requirements and oversight, and to make it harder for program participants to bend the rules.

In an opinion piece for IMI, Fabienne de Blois highlights the need for fair and effective due diligence processes for stateless applicants in investment migration programs. She points out that stateless individuals often face unique challenges in providing the necessary documentation, which can lead to unequal access to these programs. To address this issue, the author suggests implementing tailored, rigorous background checks that account for the specific circumstances of stateless applicants, ensuring they meet the required standards while still having equal opportunities to participate in investment migration programs.

In another opinion article, Anatoliy Letayev proposes that Portugal use foreign investors to solve the country's housing crisis, rather than altogether eliminating the Golden Visa program. It suggests that the government could redirect investments toward the development of affordable housing projects, thereby addressing the housing shortage and benefiting local communities. By incentivizing foreign investors to fund these projects, Portugal could maintain the appeal of its Golden Visa program while simultaneously tackling the housing crisis, creating a win-win situation for both investors and residents.

Tickets to our bi-annual flagship event, #IMIConnect, which will take place in Malta later this month, are now sold out. If you didn't get a ticket, make sure your name is on the standby list, in case some of our guests drop out.

Graph of the Week