Turkey Opposition Seeks to Revoke 500k Citizenships, Q3 Private Briefing Out Now, ++
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Investment Migration This Week
Summaries prepared by James Nuveen
Turkey's nationalist opposition ?Y? Party has filed lawsuits to revoke citizenships granted through the country's Citizenship by Investment Program (CIP), claiming the program is unconstitutional and poses an "existential threat" to Turkey's national identity. The party alleges that at least 500,000 people have gained Turkish citizenship through the program over the past seven years, and aims to cancel these citizenships along with those granted to Syrian refugees. However, Ahmet ?ener and Aran Hawker suggest the rhetoric may be more of a political tool than a genuine threat to CIP investors.
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Is your last name Borg, Camilleri, Vella, Farrugia, or Zammit? If so, IMI Pro Antoine Saliba Haig claims chances are good you qualify for Maltese (and European Union) citizenship. Malta offers citizenship by descent to up to third-generation descendants of Maltese citizens, potentially allowing hundreds of thousands of people worldwide to qualify for Maltese and EU citizenship. The process involves proving Maltese lineage through documentation, with specific rules regarding parental citizenship status for those applying under the expanded 2007 amendments.
Taiwan has announced plans to introduce a Global Elite Card and a Digital Nomad Visa with the aim to recruit 200,000 international workers to address its projected workforce deficit of 350,000 by 2028. Offering fast-track permanent residency for high earners, the Global Elite Card targets high-earning foreign professionals while the Digital Nomad Visa allows freelancers and remote workers a six-month temporary residence permit. These initiatives, which require legislative approval, reflect Taiwan's ambitions to compete with neighboring Southeast Asian countries.
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Dominica's Citizenship-by-Investment program as a crucial driver for their economy, contributing 37% (or US$232 million) of the country's GDP in 2023 and playing a pivotal role in post-pandemic recovery. While acknowledging the program's importance in infrastructure projects, the IMF urges strategic reforms to reduce over-reliance on CBI, stating the need for economic diversification, strengthened governance, and fiscal consolidation. The IMF projects declining CBI revenue due to potential risks from policy changes, increased scrutiny, and competition.
A planned lawsuit by Caribbean opposition leaders against Citizenship by Investment Programs, contrasting citizenship decisions in Cyprus, and arrests of Chinese nationals using Vanuatu passports in Thailand – These are the latest developments you may have missed from the investment migration industry. Also included is the growing campaign in Italy to reduce residency requirements for non-EU nationals seeking citizenship.
The Caribbean is introducing an interim regulator for its Citizenship by Investment (CBI) programs to address international scrutiny and enhance oversight. This regulator aims to balance economic needs with compliance, tradition with progress, and national interests with global demands. IMI Pro Kemal Nicholson notes this move as a crucial step in modernizing CBI programs, ensuring their viability, and redefining their position in the investment migration landscape.
Investment migration people in the news this week included:
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An International business professional focused on, due diligence, financial investigations, and supporting owners growing their business with a team of seasoned experts in branding, marketing & customer acquisition.
5 个月Even that assertion is very dangerous for Turkey and its weak economy. If it gets any traction - more capital flight from Turkey and a market for the next rescue of 500,000 wealthy migrants that are about to get screwed.
While there are legal mechanisms to revoke citizenship on a case-by-case basis, broad revocations of CIP-granted citizenships would be highly controversial and difficult to implement. Any such attempts would face substantial legal scrutiny, especially if they affect individuals who followed all legal procedures when obtaining their citizenship. The process could lead to extended legal battles and international arbitration, making it unlikely to succeed.
President at Immigrant Business International Services Limited
5 个月Insightful
BBA, AEPP?, AFP? | CEO of EC Holdings | Honorary Consul
5 个月Not “Turkey Opposition” - only one small party which is part of the opposition. ??