Russians Snap Up 40,000 Homes in Turkey, St. Lucia Opposition Raises Alarm Over "Secret" CBI Option, Italy's New Nomad Visa, ++

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Investment Migration This Week

Summaries prepared by James Nuveen

Foreigners bought 384,519 homes in Turkey over the last decade, writes Moustafa Daly . In recent years, claims Turkish newspaper Cumhuriyet, three-quarters were CBI investors. Russians were the top buyer group, accounting for nearly 40,000 property acquisitions, followed by Iranians at 35,573 and Iraqis at 31,319. Istanbul's Chamber of Real Estate Commissioners and Consultants says many foreigners who bought property and acquired citizenship are divesting now that their three-year holding period has passed. Moreover, the 2022 hike in the minimum CBI real estate investment drove a 48% year-on-year decline in sales to foreigners last year.

“A few hundred golden visas a year can hardly affect a real estate market that sees almost a million transactions annually,” writes Jacinto Soler Matutes about the Spanish government's announcement that it would seek to end the golden visa real estate option in an effort to make housing more affordable. The same government is also considering whether to grant legal status in Spain to nearly half a million illegal immigrants. Matutes says it would "be a mistake if the Spanish Government simply phased out the golden visa without further discussion and elaboration, just as a massive unconditional legalization of all illegal migrants in Spain would not be beneficial either."

In a press statement, Allen Chastanet , the leader of the United Workers Party (UWP) and former Prime Minister of St. Lucia, has criticized the current administration's handling of the country's Citizenship by Investment Program (CIP).

Chastanet alleges that the European Union has "summoned" the Prime Minister due to concerns about the program's operation. He also criticizes the government's refusal to commit to the Caribbean CBI countries' Memorandum of Agreement, which he believes has undermined confidence in the program.

Chastanet raises concerns about the low demand for the Donation Option within the CIP program, the alleged discounted sale of the Real Estate option, and a new, "secret" infrastructure option that he claims is being sold at a sub-par price. He warns of the potentially "devastating consequences" for the reputation and security of the program.

Hong Kong's Capital Investment Entrant Scheme (HK-CIES) relaunched in March 2023 after a 9-year hiatus, which has generated significant interest from global high-net-worth individuals. In the first month, the program received over 50 applications and 1,600 inquiries.

The key changes in the new CIES include a tripled investment threshold of HKD 30 million, with HKD 3 million to be invested in innovative technology enterprises.

However, due to the relatively long 7-year path to permanent residency and the challenging economic climate, Hannah Ma questions the government's ambitious target of 4,000 applicants per year.

Who exactly qualifies as a digital nomad, how does the application work, and what are the advantages of the Italian digital nomad visa? Nicolò Bolla provides a comprehensive overview of Italy's new residency program for remote workers. Key requirements include a minimum gross income of €28,000, a one-year private health insurance coverage, and proof of lodging in Italy.

Do angel groups, VC funds, or incubators have the highest Canada SUV approval rates? Slava Apel pores over a recent data release from the government to analyze the approval rates for the three main routes through Canada's Start-Up Visa (SUV) program.

The data show that Business Incubators consistently hold the highest share of processed applicants and maintain a high average approval rate of around 81%. Angel Investment Networks have seen a decline in approval rates from 100% to 76%, and Venture Capital Funds have the lowest approval rates due to their higher vetting standards.

In this week's edition of "10 On The Weekend", IMI Pro Güven? Ketenci offers his perspective on the state of the investment migration industry and concerns about the "troubling resurgence of far-right ideologies, primarily in Europe but with global ramifications."

Read the full interview in this week’s edition of IMI.

Investment migration people in the news this week included:

• Eric Major of The Latitude Group
• Kristin Surak of 英国伦敦政治经济学院
• Dominic Volek of Henley & Partners - The Firm of Global Citizens?
• David Lesperance of Lesperance & Associates
• Alexander Vaughan of Lucas Fox房地产公司
• Dion Gavriilidis of Elxis - At Home in Greece
• Ricardo Severini of Elounda Hills
• Sarah Hordle Island Homes
• Jacinto Soler Matutes

Graph of the Week