This Week in Investment Migration - Feb 19, 2023

The most eventful week in the history of investment migration is drawing to a close. One major golden visa closed outright when Irish Justice Minister Simon Harris unceremoniously announced that his country’s Immigrant Investor program would be closing with immediate effect. Last year, rumors of the program’s potential closure drove a surge in applications, almost entirely from Chinese investors. The program received 1,316 applications in 2022, more than five times the number received in the preceding year. While giving no concrete reason for his decision, Harris hinted that pressure from the European Union had played a role. The really big news this week, of course, was Portuguese Prime Minister António Costa’s announcement that Portugal’s golden visa, widely regarded as one of the world’s leading RBI schemes, would be closing. A few days before, rumors of the program’s imminent closure had surfaced in Portuguese news, but most industry observers had anticipated a more nuanced approach from the government, one that would leave some categories of the program open. The PM, however, indicated he would scrap the program altogether. Questions now remain as to whether there will be a transition period, what will happen to those who invested in something other than real estate, and whether the announced measures are even constitutional.In Spain, meanwhile, leftist parliamentarians submitted a bill that seeks to remove the real estate option from Spain’s golden visa program, which they said was driving up property prices in the country and “expelling the local population.” The draft bill aims to leave the golden visa program open only to those who invest at least a million euros in business or bank deposits or 2 million euros in government bonds.Market commentators questioned what level of demand we might expect for Russia’s new golden visa program, which will provide permanent residence to applicants - and five generations of their family members - who invest in Russian real estate, companies, or social projects. Minimum investments range from about $200,000 to $680,000.The Saint Kitts & Nevis Citizenship by Investment Unit issued a new set of regulations for the Caribbean’s most popular CIP merely seven weeks after its first raft of changes. The new regulations reverse some of the regulations introduced in December, which had, among other things, prohibited the re-sale of CBI real estate.Finally, IMI this week announced that IMI Connect - our bi-annual landmark event for investment migration practitioners - would take place in Malta between the 18th and 20th of May. A wide array of industry leaders have already confirmed their attendance, and tickets will open for sale to the public in the coming weeks.