Spanish Gov't Bit to End Golden Visa Likely to Fail, Business Residency in Japan, Gov't. Takes Over Canada SUV Management, ++
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Investment Migration This Week
Summaries prepared by James Nuveen
Japan has made strides to loosen its historically restrictive immigration policies, particularly through the Business Manager and Skilled Worker visas. Driven by Japan's labor shortages and relatively lenient policies, this has created new opportunities for Asian migrants with high success rates in industries like agriculture, manufacturing, and services.?
IMI? Pro Hannah Ma highlights the business and capital investment requirements for obtaining the Japanese Business Manager visa, as well as the potential for further relaxation of immigration policy and business opportunities for Asian migrants in Japan.
The UAE's Golden Visa program has seen a surge in demand, with over 158,000 visas issued in 2023, driven in part by Russian investors purchasing US$6.3 billion in Dubai real estate. In a panel discussion about the first five years of the program, IMI Pros Jeremy Savory , David Lawrence Lincoln , Kemal Nicholson IMCM , and Hon. Philippe A. May 梅正熙 weigh in on its evolution, unique proposition, and future.
The analysts agree that the UAE may evolve the golden via or introduce more specialized visas to to meet their changing economic and social objectives, build a "taxable population," and cement the country as a premier global destination.
By implementing the EB-5 Reform and Integrity Act of 2022, the U.S. Citizenship and Immigration Services (USCIS) has introduced new guidance to address noncompliance and sanctions under the EB-5 Immigrant Investor Program. The guidelines clarify the protections available for good faith investors and articulate the circumstances under which the USCIS would terminate Regional Centers and debar New Commercial Enterprises (NCEs) or Job-Creating Entities (JCEs).
While the USCIS aims to improve program integrity, experts Lulu Gordon, Esq. and Haya F. argue the policy preserves options for investors to maintain their eligibility.
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The Canadian government agency Immigration, Refugees and Citizenship Canada (IRCC) has taken over sole administration of the Startup Visa (SUV) program, ending partnerships with the National Angel Capital Organization (NACO) and the Canadian Venture Capital and Private Equity Association (CVCA). Now directly designating venture capital firms, angel investor groups, and incubators, the IRCC will also address the program’s growing backlog and problematic due diligence process. IMI Pro Slava Apel says designated organizations celebrated the news, while Christopher Lennon states it ends some consultants' "cozy relationships.”
The Spanish government has proposed an amendment to eliminate the country's golden visa program, citing concerns over its impact on the real estate market and lack of job creation.
However, Dr. Jacinto Soler Matutes believes the amendment is unlikely to succeed due to the weak position of the ruling coalition in Parliament and opposition from the influential Catalan faction. Even if passed, the amendment would include provisions to protect existing visa holders, and any practical changes would take at least six to nine months to implement.
The UK government plans to replace the non-domicile tax regime with a new four-year Foreign Income and Gains (FIG) system alongside a new residence-based inheritance tax regime starting April 2025.
The system includes a new four-year tax-free period for foreign income and gains for new UK residents, but expert Jimmy Sexton, LL.M. warns it’s already too late. He claims that the UK is "making every wrong financial decision possible" and that competing jurisdictions like the UAE, Italy, and Switzerland stand to benefit.
Investment migration people in the news this week included:
Graph of the Week
RCBI Expert | US EB-5 Visa | EU Golden Visa | Caribbean CBI | Immigration
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