Savory's IM Program Picks Of The Second Half Of 2024 - What Programs Will Perform The Best?
Savory & Partners
Savory & Partners is a Gov' Authorised Agent, specialised in Second Citizenship and Residency by investment services.
At the start of the year, we published a piece predicting what investment migration programs would perform the best in 2024.
Our "best performing" predictions were based solely on expected volume, not the overall structure, pricing, operational procedures, or benefits of the program.?
By considering the demand for a specific program based on official statements and our internal expertise, we picked the following programs as the ones that stood to gain the highest number of applicants:
The year so far
The year 2024 has been one of many changes in the investment migration industry, hence this follow-up piece, and to review what has happened, below is a quick summary of the most significant policy changes:?
Caribbean CIP Changes:?
All five Caribbean Citizenship by Investment Programs (CIPs) have now announced new pricing structures in line with the regional Memorandum of Agreement (MoA). Dominica, Grenada, and St. Lucia have implemented the changes as of July 1st, 2024, while St. Kitts & Nevis has lowered its investment threshold to align with the other programs.??
Antigua & Barbuda has announced new prices with a 30-day extension for implementation. The minimum investment for the donation options has increased to around $200,000-$250,000 for a single applicant or a family of four, with additional fees for more dependents. Real estate investment thresholds and associated fees have also been revised.?
Greece Golden Visa Changes:?
Greece announced new real estate investment thresholds for its Golden Visa program, earlier this year. The minimum investment will be €800,000 in the Attica region, Thessaloniki, Mykonos, Santorini, and islands with over 3,100 inhabitants, and €400,000 for other regions.?
Exceptions include a €250,000 threshold for properties converted from commercial to residential and for the restoration of listed buildings. Short-term rentals and using converted properties as company headquarters will be prohibited. A transitional period allows qualification under current thresholds with a 10% deposit by August 31st and completion by December 31st, 2024.?
Hungary Guest Investor Program Changes:?
Hungary has made three significant changes to its upcoming Guest Investor Program before its official launch on July 1st, 2024. Firstly, the timeframe for investors to enter the country with a Guest Investor Visa has been reduced from two years to six months. Secondly, only residential properties acquired from January 1st, 2025, will be eligible for the scheme.?
Lastly, stricter requirements have been introduced for real estate fund managers to participate in the program, including a minimum asset value and inclusion in a list of qualified market operators after a national security screening.?
Canada Start-up Visa Program Changes:?
To tackle the application backlog and improve processing times, Canada announced changes to its Start-up Visa Program (SUV), effective April 30th, 2024. The government capped the number of permanent residence applications accepted for processing each year to no more than ten start-ups per designated organisation.?
Priority processing will be given to entrepreneurs whose start-ups are supported by Canadian capital or by a business incubator that is a member of Canada's Tech Network.?
Savory's Initial Predictions?
At the start of the year, we predicted the following:?
? Turkey: Despite the recent price increase, application volumes are expected to continue growing due to the program's financial appeal and acceptance of Russian and Belarusian applicants.?
? Malta: As the only direct EU Citizenship by Investment Program, the Maltese Exceptional Investor Naturalization (MEIN) program is expected to perform well due to its unique offering and the benefits of EU citizenship.?
? Antigua & Barbuda: Among the Caribbean Five, Antigua & Barbuda's program is predicted to be the top performer, especially due to its affordable University of West Indies Fund (UWF) option for larger families.?
? Greece: Greece's Golden Visa is expected to remain one of the most popular programs, driven by the fear of further price hikes and the potential shift of investors from Portugal's program due to recent changes.?
? Egypt (Dark Horse): Egypt's Citizenship by Investment Program has the potential to surprise, thanks to its appeal to the Russian market, its positioning outside the Western-skewing programs, and the growing awareness of investment migration and geopolitical polarisation.?
Our predictions stand true. Turkey has continued to perform admirably, Malta, in part due to the ongoing pressure from the EU, continues to attract investors who want to apply before any changes come in, and Greece saw a massive rush of applications.?
Antigua & Barbuda is on track for a record year, and Egypt has continued to align its program with global trends and investor needs.?
Predictions for H2 of 2024?
Due to the constantly evolving landscape of investment migration, we have decided to issue another program performance prediction piece targeting the second half of 2024.?
Here is what you should expect:?
Greece?
Greece's decision to issue another price hike and a deadline until August has seen applications soar. This has led to a backlog, which is natural when a heightened number of applicants rush to get their applications in before the cutoff date.?
Expect more applications to continue to pour in before the August. We expect this year to be the highest-grossing year (in terms of application volume) for the Greek Golden Visa throughout its history.?
We can also expect a sudden drop of applications in Q4 of 2024 as more investment migration consultancies, developers, and investors get to grips with the new regulations.?
Greece's new laws mean that the Greek Golden Visa will remain highly competitive, so we expect a decrease from extremely high levels of applications to the normal level that usually accompanies non-change periods.?
Applications will continue to grow steadily after Q4 2024, mirroring the trends before the government announced the changes.?
领英推荐
Grenada?
The Caribbean Citizenship by Investment Programs have all raised their prices (except Antigua & Barbuda, who requested a 30-day extension), and this has created an entirely new pricing structure in the region.?
We believe that Grenada's pricing will attract a large volume of investors who are more price-oriented, especially those looking to apply under the donation option, not the real estate option.?
Grenada's newly formed Investment Migration Agency (IMA) also looks to streamline processing and ensure smooth application adjudication, which will add to the appeal of the country as a Citizenship by Investment destination.?
Dominica?
Dominica also followed the MoA's guidelines and raised its prices, but it maintained the threshold for real estate investment at $200,000, meaning that for investors who want to obtain citizenship by investing in real estate, the only change there is within the processing fees.?
This may entice more real estate-oriented investors to choose Dominica as their destination of choice. Dominica's position in the Caribbean pricing spectrum may also attract more developers and hence new projects, which could in turn bring in more applications.?
Argentina?
Argentina is poised to attract more investors following the country's recent elections and the incoming government's focus on fostering innovation and rebuilding international ties. One of the program's most appealing features is its quick path to naturalisation, with investors being eligible for citizenship after just two years of residency.??
This fast-track option is a major draw for those seeking a more permanent foothold in South America. It is one of the fastest and most affordable ways to obtain a second citizenship through residency, so expect this program to be high on the list of many.?
Mexico?
Mexico's Legal Residence Program is attracting increased attention from investors due to the country's strategic location, strong economic ties with the US, and growing domestic market. The upcoming U.S. presidential election has also fueled interest in Mexico as a stable, nearby alternative for those seeking to diversify their residency options.??
Expect Mexico to be a hot program for US investors, but also others who look for a country with a strong passport, affordable living, and a simplified program.?
Turkey?
Turkey's program remains very popular, and with Caribbean Citizenship by Investment programs bringing their prices closer to Turkey's threshold, some investors may opt for the transcontinental country instead.?
Turkey's Citizenship by Investment Program has never been in direct competition with its Caribbean counterparts due to the different benefits they offer, but when it comes to investors who need a passport, then Turkey may provide a solid alternative. Expect application numbers to continue growing.?
Costa Rica?
Costa Rica's Residency by Investment Program is resonating with a growing number of environmentally conscious investors who value the country's commitment to sustainability and renewable energy. As the global focus on combating climate change intensifies, Costa Rica's eco-friendly policies and unparalleled biodiversity make it an attractive destination for those seeking to align their investment decisions with their environmental values.??
Costa Rica also has a wildly popular Rentista visa which requires applicants to prove a monthly income of just $1,000. This independent means visa has a very straightforward process, and its affordable financial requirements means it is easily attainable by many.?
The low cost of living combined with the simplicity of the Rentista visa make Costa Rica a popular destination, and it should perform admirably this year, especially since the number of US retirees choosing to spend their golden years abroad.?
The country's political stability, high quality of life, and welcoming expat community further enhance its appeal to investors looking for a peaceful, nature-oriented lifestyle.?
Paraguay?
Paraguay's Independent Means Visa is another South American program that is primed to perform admirably in the second half of 2024. The program's simplicity and fast processing times have made it a popular choice for those looking to establish a "Plan B" in a stable, welcoming country.?
One of the most appealing aspects of Paraguay's Residency Program is its minimal requirements. Investors need only demonstrate a monthly income of $5,000 from sources outside of Paraguay, making it accessible to a wide range of individuals. The application process is streamlined and can be completed entirely online, with no need for physical presence in the country.
Another major draw of the Independent Means Visa is its quick turnaround time. Applications are typically processed within 90 days, allowing investors to secure their residency status and begin enjoying the benefits of Paraguayan residency in a matter of months. This efficiency is particularly attractive to those seeking a swift and hassle-free path to a second residency.
One of the factors that makes Paraguay such an impressive destination is its highly-favorable tax regime. Paraguay’s local income tax rate is capped at just 10%, and capital gains are also taxed at 10%. This tax-friendly environment has continued to attract investors, especially those who hail from high-tax jurisdictions, so expect that to continue.?
For investors prioritizing simplicity, speed, and a solid backup plan, Paraguay's Independent Means Visa stands out as a top choice. With its straightforward requirements, fast processing times, and attractive benefits, the program offers a compelling opportunity for those seeking to establish a foothold in the heart of South America.
Hungary?
The last one on the list is Hungary's new Guest Investor Program (GIP). Hungary launched its program at the beginning of the year but some vagueness surrounding its procedural structure meant it was slow to take off.?
Now that everything is set in place, expect Hungary's GIP to start attracting more applications by the day. Once Greece's deadline hits, expect Hungary's application numbers to grow significantly.?
The Best Program For You?
When considering Citizenship or Residency by Investment Programs, it's crucial to understand that the most popular options may not always align with your specific needs and goals.?
Every program offers unique advantages and has its own set of criteria that applicants must meet. To ensure you select the program that best fits your situation, it's highly recommended to seek guidance from experienced professionals in the investment migration industry.?
Savory & Partners, are dedicated to providing personalized advice tailored to your individual circumstances. Our team of knowledgeable experts will carefully assess your case, determine your requirements, and present you with the most suitable options based on your objectives and financial resources.?
To take the first step towards finding your ideal investment migration solution, simply reach out to schedule an in-depth, comprehensive consultation with one of our specialists today.
Our Availability
We are available on every channel convenient for you.
Landline: +971 (0) 4 430 1717
Mobile Phone: +971 54 440 2955
WhatsApp: +971 54 440 2955
E-mail: [email protected]
Signal: +971 54 440 2955?