Latest / IMI Podcasts / This Week in IMI - Apr 21, 2023: St. Lucia CIP Investment Doubles, Caribbean Visa-Free UK Travel in Peril, Malta CBI Revenue Reaches €1.7bn, ++

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This Week in IMI - Apr 21, 2023: St. Lucia CIP Investment Doubles, Caribbean Visa-Free UK Travel in Peril, Malta CBI Revenue Reaches €1.7bn, ++ · IMI Podcasts

• 0:05
  SPEAKER_00: You're listening to This Week in Investment Migration.
• 0:09
  SPEAKER_00: St.
• 0:09
  SPEAKER_00: Lucia's Citizenship by Investment program delivered a record performance in the 2021 to 22 fiscal year, statistics released this week show.
• 0:18
  SPEAKER_00: The program saw a 43% increase in applications and a 38% rise in approvals, while total revenue from the program reached$160 million, double the figure of the preceding year.
• 0:33
  SPEAKER_00: Real estate investment surged by 184%, contributing an estimated$63 million, while NIEF contributions and bond investments provided$52 million and$45 million, respectively.
• 0:47
  SPEAKER_00: The Office of the Regulator of the GCES this week released its eighth annual report on citizenship by investment in Malta.
• 0:56
  SPEAKER_00: Regulator Carmel L.
• 0:57
  SPEAKER_00: De Gabriele chided the unfair criticism and baseless accusations against the program, which he says has caused many applicants to consider options elsewhere.
• 1:07
  SPEAKER_00: In 2021, Malta received 23 citizenship applications under the Individual Investor Program, IIP rules, as well as 75 under the new main policy rules.
• 1:19
  SPEAKER_00: Since the program's inception in 2014, Malta has raised 1.7 billion euros in direct investments and contributions through the IIP.
• 1:29
  SPEAKER_00: Portugal's government has published the final wording of its More Housing Bill, which is markedly less severe than the initial draft.
• 1:37
  SPEAKER_00: The Golden Visa program will remain open for new applications until new legislation is published, while initial golden visas and renewals will be converted to D2 entrepreneur visas, but will still be exempted from the 183-day annual presence requirement that normally applies to this visa category.
• 1:54
  SPEAKER_00: The same program is on track to approve a record number of visas in 2023.
• 1:59
  SPEAKER_00: March saw 163 approvals, the highest monthly figure in almost three years.
• 2:05
  SPEAKER_00: Total investment through the program in the first quarter of this year reached 177 million euros.
• 2:12
  SPEAKER_00: The biggest investment category is now renovation properties, which accounts for four out of ten approved golden visas, while the fund investment option, the fastest growing category, accounts for a quarter of approvals.
• 2:25
  SPEAKER_00: All-time direct investment in the program inches ever closer to 7 billion euros, a milestone the program will likely pass next month.
• 2:34
  SPEAKER_00: UK media this week reported that the Home Office is concerned Chinese spies could be using citizenships obtained through CBI programs to gain entry to Britain.
• 2:44
  SPEAKER_00: As a result, the Home Office is considering new visa restrictions on countries offering CBI, which has brought it into conflict with the Foreign Office, which hopes to maintain visa-free travel.
• 2:56
  SPEAKER_00: In an opinion piece for IMI, David Lesperance argues there is a high likelihood that the various Caribbean and Vanuatu CBI offerings will see UK visa-free travel stripped away in the near future.
• 3:09
  SPEAKER_00: The High Court of Antigua and Barbuda has ruled that the government cannot deport Mehul Choxi, an Indian born diamond magnate allegedly involved in India's largest ever bank fraud.
• 3:21
  SPEAKER_00: Choxy obtained Antiguan citizenship via investment just months before his indictment, which has made his case a thorn in the side of the local government, who would like to see him return to India.
• 3:31
  SPEAKER_00: The High Court said Choxy has the same legal privileges as any other citizen and will have the right to exhaust all legal avenues, including appeals.
• 3:41
  SPEAKER_00: A similar case is unfolding in Vanuatu, where two Indian-born citizens are wanted by South Africa for fraud and money laundering charges.
• 3:49
  SPEAKER_00: In this case, however, Vanuatu appears to have approved the applicants despite multiple warnings from law enforcement.
• 3:56
  SPEAKER_00: The Quebec Immigrant Investor Program, QIP, will remain suspended until at least January 1, 2024.
• 4:04
  SPEAKER_00: Local authorities first suspended the program in 2019 for a mix of reasons decreasing profitability, extended processing times, poor retention of immigrant investors within the province, and insufficient integration into Quebec society.
• 4:20
  SPEAKER_00: Stefan Tajik, however, argues that the program may yet have a future, and that industry stakeholders see a reform of the program in the near term.
• 4:28
  SPEAKER_00: That reform would likely involve making the program a two step procedure and make approvals contingent on proficiency in French.
• 4:37
  SPEAKER_00: Thank you for listening.