St Kitts Drops Prices While Interest in St Lucia Surges, Canada Reduces Targets, ++
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Investment Migration This Week
Summaries prepared by James Nuveen
Despite a 71% decline in new applications, Grenada's Citizenship by Investment Program (CIP) projects record-breaking processing numbers and revenue in 2024. The program processed 1,455 files in the first nine months of 2024 with real estate investments dominating at 75% of approvals and generating substantial revenue of $EC180 million (US$66.6 million) for the quarter. The nationality composition shows Chinese nationals leading at 24.4%, followed closely by Nigerians at 23.8%, with Ukrainians emerging as the third-largest applicant group at 5.9%.
Facing a 60% revenue free-fall, the St Kitts and Nevis citizenship by investment unit has reduced the program’s minimum investment requirements, lowering the real estate option from $400,000 to $325,000 for condominiums and development shares and from $800,000 to $600,000 for single-family private homes and expanding dependent rules. Aiming to align the CIP with other Caribbean jurisdictions, the program has suffered aggressive losses due to "rushed" reforms implemented to preserve EU and UK visa-free access.
Amid mounting public pressure and housing concerns, the Canadian government has unveiled a plan to significantly reduce permanent residency recipients from 485,000 in 2024 to 365,000 by 2027. The government has also reduced the quotas for the Startup Visa (SUV) program and will prioritize higher-value areas with backing from venture capital firms, angel investors, and business incubators.
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The Nicosia Criminal Court has postponed the "golden passports" trial against former House Speaker Demetris Syllouris, former AKEL MP Christakis Giovani, and Giovani Group executive Antonis Antoniou to early 2025.?
Additionally, Cyprus has confirmed the revocation of 86 citizenships between September 2013 and August 2024, but has refused to disclose the names of the individuals. However, one high-profile revocation made public is that of Polish national Roman Kazimierz Ziemian, who was arrested in Montenegro and faces international warrants related to digital currency fraud.
Canada's Startup Visa Program (SUV) has undergone significant changes in 2023, with the government limiting the number of business endorsements by designated organizations and assuming direct control of the program's administration. A 20-year veteran of Canadian immigration, Slava Apel notes that the changes were driven by concerns over potential abuse of the program. He also details the seven reasons accounting for 89% of startup visa rejections, with over half failing on basic program requirements alone.
Sachit Kumar , head of the Globe Detective Agency (P) Ltd. (GDA), is the subject of this week’s “10 on the Weekend” feature. Kumar details his vision for the future of the industry – including his concern about Caribbean citizenship-by-investment program changes – and his 3,500-employee organization as the Indian investment migration market booms.
Investment migration people in the news this week included:
Saint Lucia's Citizenship by Investment Program (CIP) experienced record-breaking growth in the 2022-2023 fiscal year, with a 85% increase in applications to 1,076 and a 25% increase in approvals to 544. Dominated to the tune of $203 million by Caribbean Galaxy’s Canelles Resort, the real estate investment option was the most popular, accounting for 70% of all applications and a 222% increase year-over-year. The CIP remained profitable, generating a net balance of more than $8 million.
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2 周Interesting updates in the citizenship and residency landscape! How might these changes impact global mobility trends? On another note, I’d be happy to connect. Please feel free to send me a request.
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3 周Insightful