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A Summary of Investment Migration Policy Changes Through First Half of 2025 · IMI Podcasts

• 0:00
  SPEAKER_00: The first half of 2025 delivered a flurry of reforms, reversals, and relaunches in the investment migration space.
• 0:06
  SPEAKER_00: From program shutdowns in Spain to cryptocurrency breakthroughs in Hong Kong and St.
• 0:11
  SPEAKER_00: Kitts, governments adjusted regulations at a breakneck pace.
• 0:15
  SPEAKER_00: Thirteen countries made formal regulatory changes, with some announcing multiple updates in just months.
• 0:21
  SPEAKER_00: Notably, January alone accounted for nearly half of all changes, setting the tone for an eventful year.
• 0:28
  SPEAKER_00: This report chronicles the key policy changes from January through June 2025, country by country, chronologically.
• 0:36
  SPEAKER_00: First, Cyprus overhaul's startup visa program.
• 0:39
  SPEAKER_00: Cyprus implemented substantial improvements to its startup visa program following cabinet approval in December 2024.
• 0:46
  SPEAKER_00: The government extended residence permits to three years from two years and doubled renewal periods to two years.
• 0:53
  SPEAKER_00: The government dropped share capital requirements to 25% from 50%, while foreign workforce allowances increased to 50% from 30%.
• 1:02
  SPEAKER_00: Deputy Minister of Research, Innovation, and Digital Policy, Nicodemos Damianu, noted that the revised plan allows for more flexibility and provides the opportunity to attract startups at all stages of their development.
• 1:15
  SPEAKER_00: The program had approved 21 startups by early 2025.
• 1:19
  SPEAKER_00: Companies need to invest€150,000 or more to gain permission to hire additional foreign staff.
• 1:26
  SPEAKER_00: Second, Spain closes Golden Visa Program.
• 1:29
  SPEAKER_00: Spain officially terminated its Golden Visa Program through Organic Law 1 of 2025, published in the official State Gazette on January 3.
• 1:38
  SPEAKER_00: King Felipe VI signed the legislation repealing Articles 63 through 67 from Law 14 of 2013, which had established the framework in 2013.
• 1:50
  SPEAKER_00: The program ceased accepting new applications on April 3, 2025.
• 1:55
  SPEAKER_00: Prime Minister Pedro Sanchez had championed the closure since April 2024, citing housing market inflation and potential security risks.
• 2:04
  SPEAKER_00: The Senate's Popular Party majority temporarily delayed the process in December, but Congress ultimately voted 177 to 170 for termination.
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  SPEAKER_00: Third, Turkey ends currency protection for CIP deposits.
• 2:18
  SPEAKER_00: Turkey's central bank terminated its foreign exchange protection scheme for lira-denominated deposits, fundamentally altering the risk profile for citizenship by investment applicants.
• 2:29
  SPEAKER_00: The scheme had protected depositors, including CIP investors maintaining$500,000 deposits, against lira depreciation by compensating for currency losses exceeding earned interest rates.
• 2:41
  SPEAKER_00: Amit Senner, CEO of Smart Citizenship, described the previous arrangement as literally a free passport since it guaranteed the investment in USD terms plus, throwing in 6% gift interest.
• 2:54
  SPEAKER_00: The change created a two-tier market where existing investors retain protection until maturity, while new applicants face direct currency exposure.
• 3:02
  SPEAKER_00: Next, Hong Kong relaxes CIES asset requirements.
• 3:07
  SPEAKER_00: Hong Kong's investment promotion agency announced substantial modifications to its capital investment entrance scheme, addressing previous barriers that had deterred applicants.
• 3:17
  SPEAKER_00: Hong Kong accepted jointly held assets for the first time, including properties shared with spouses and business assets held for at least six months.
• 3:25
  SPEAKER_00: The changes eliminated the previous sole ownership requirement that had excluded many potential applicants.
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  SPEAKER_00: The modifications also introduced family office investments as qualifying options, accepting up to$27 million Hong Kong doll in investments.
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  SPEAKER_00: InvestHK reduced the required asset holding period from two years to six months, and expanded eligibility to include special purpose entities and family-owned investment holding vehicles, meeting specific operational criteria.
• 3:53
  SPEAKER_00: Next, Sierra Leone launches Fast Track Citizenship Route.
• 3:57
  SPEAKER_00: Sierra Leone introduced citizenship pathways within its GoForGold framework, offering direct citizenship in 60 to 90 days rather than the traditional eight-year naturalization process.
• 4:08
  SPEAKER_00: The program established two routes: fast track naturalization at$140,000 for 90-day processing, and heritage naturalization at$100,000 for applicants with African ancestry, completing within 60 days.
• 4:22
  SPEAKER_00: Chief Immigration Officer Alusine Kana emphasized the program's goal of emulating smaller nations that have successfully harnessed their national institutions, natural resources, and human talent to achieve modernization and growth.
• 4:36
  SPEAKER_00: The initiative targets approximately 16,000 potential citizens annually, with participants qualifying for gold bullion purchases at a 2% market discount.
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  SPEAKER_00: 6.
• 4:47
  SPEAKER_00: Thailand eases LTR visa requirements.
• 4:50
  SPEAKER_00: The Thai Cabinet approved changes to its long-term resident visa, removing the$80,000 annual income requirement for wealthy global citizens' applicants while maintaining the$1 million asset and$500,000 investment thresholds.
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  SPEAKER_00: The government also eliminated the four-dependent limit, allowing unlimited family members to join primary visa holders.
• 5:12
  SPEAKER_00: Bastion Trellcat, managing partner of Harvey Law Group Thailand, welcomed the updates, noting that subjecting wealthy investors to income conditions and requiring tax returns was difficult to fulfill.
• 5:24
  SPEAKER_00: The program had issued 6,000 visas over two years, with 2,500 going to European nationals and the remainder distributed among American, Japanese, and Chinese applicants.
• 5:36
  SPEAKER_00: Next, Grenada launches Citizenship by Invitation program.
• 5:40
  SPEAKER_00: Grenada introduced a citizenship by invitation program in partnership with Art and Capital and Forbes Global Talent, reversing traditional application dynamics by hand-selecting ultra-high net worth investors.
• 5:52
  SPEAKER_00: The initiative targets leaders in renewable energy, innovation, technology, banking, and hospitality sectors, with processing times of three to four months compared to the standard program's six to twelve months.
• 6:05
  SPEAKER_00: Prime Minister Dickon Mitchell outlined the program's goal to benefit beyond that initial investment, focusing on expertise alongside capital.
• 6:13
  SPEAKER_00: Benefits include lifetime passport renewals, annual advisory sessions with the Prime Minister at Silver Sands Resort, and private jet transportation to Miami.
• 6:23
  SPEAKER_00: The program launched amid Grenada's CIP experiencing an 81% application volume decline, despite record processing speeds.
• 6:31
  SPEAKER_00: Then we have New Zealand Overhaul's Investor Visa Program.
• 6:35
  SPEAKER_00: New Zealand announced sweeping changes to its Active Investor Plus visa, eliminating English language requirements and simplifying investment thresholds into a two-tier system.
• 6:45
  SPEAKER_00: The reforms replaced the complex$15 million nominal requirement with clear paths,$5 million for direct investments requiring 21 annual residence days, or$10 million for lower-risk investments requiring 105 days.
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  SPEAKER_00: Immigration Minister Erica Stanford described the previous system as an absolute nightmare that attracted only 35 approved applications in two years.
• 7:10
  SPEAKER_00: Stanford noted that removing language requirements addressed concerns from Korean, Japanese, and German investors who found them insulting.
• 7:18
  SPEAKER_00: Next, Hong Kong accepts cryptocurrency for wealth verification.
• 7:22
  SPEAKER_00: Hong Kong approved cryptocurrency holdings as valid proof of wealth for CIE's applications, with two successful cases using Bitcoin and Ethereum to demonstrate the required$30 million Hong Kong doll threshold.
• 7:35
  SPEAKER_00: Both approved applicants originated from mainland China, with two additional cryptocurrency-based applications under review.
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  SPEAKER_00: Stephen Barnes, founder of the Hong Kong Visa Center, clarified that you can't use your crypto to get this visa.
• 7:49
  SPEAKER_00: You can use it as part of the due diligence process, but not to secure the status.
• 7:55
  SPEAKER_00: Approved applicants must convert cryptocurrency holdings into qualifying investments within six months, including Hong Kong dollar-denominated securities, real estate, or private entity investments.
• 8:07
  SPEAKER_00: Next, Trump announces$5 million gold card to replace EB5.
• 8:12
  SPEAKER_00: President Donald Trump announced plans to terminate the EB5 immigrant investor visa program and replace it with a$5 million gold card offering a direct pathway to U.S.
• 8:22
  SPEAKER_00: citizenship through government donation.
• 8:24
  SPEAKER_00: This announcement does not constitute an actual policy change since the program has not yet come into effect, but the administration's aggressive implementation approach earns it an honorable mention.
• 8:36
  SPEAKER_00: Commerce Secretary Howard Lutnick claimed he had already sold 1,000 gold cards, and Doe GE reportedly integrated the system into immigration infrastructure, treating the proposal as inevitable.
• 8:48
  SPEAKER_00: Trump described the gold card as targeting wealthy individuals who pay$5 million to the U.S.
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  SPEAKER_00: government.
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  SPEAKER_00: Rather than making traditional investments, the program would exempt holders from taxes on foreign income while requiring full taxation on domestic earnings.
• 9:04
  SPEAKER_00: Trump set an ambitious target of selling 1 million cards, projecting$5 trillion in revenue to reduce the national debt.
• 9:11
  SPEAKER_00: Next, St.
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  SPEAKER_00: Kitts accepts cryptocurrency as a wealth source.
• 9:15
  SPEAKER_00: Shortly after Hong Kong started accepting cryptocurrency, St.
• 9:19
  SPEAKER_00: Kitts and Nevis followed suit, announcing it would accept cryptocurrency as a partial source of wealth for citizenship applicants.
• 9:26
  SPEAKER_00: The Citizenship by Investment Unit implemented additional due diligence fees and separate wealth verification documentation for cryptocurrency holders.
• 9:35
  SPEAKER_00: The government also introduced financial sponsorship options, allowing parents or children of main applicants to sponsor applications when validated by birth certificates.
• 9:45
  SPEAKER_00: Sponsors undergo comprehensive due diligence checks and submit extensive documentation, including employment letters, bank statements, and reference letters.
• 9:54
  SPEAKER_00: Next, Uruguay resolves naturalized citizen passport issues.
• 9:58
  SPEAKER_00: Uruguay's Ministry of the Interior implemented crucial passport updates resolving bureaucratic problems that had prevented thousands of naturalized citizens from traveling internationally.
• 10:08
  SPEAKER_00: The country had incorrectly listed naturalized citizens' birth countries as their nationality rather than their acquired Uruguayan citizenship, creating a unique global anomaly.
• 10:18
  SPEAKER_00: The first corrected passport went to Gulnur Saratbakova from Tajikistan, who had described feeling in a limbo where I'm from two places, but at the same time I'm from nowhere.
• 10:30
  SPEAKER_00: The issue affected approximately 16,000 foreign-born citizens who had obtained legal citizenship, with roughly 1,500 added annually facing similar complications.
• 10:41
  SPEAKER_00: Next, Uzbekistan introduces donation-based golden visa.
• 10:45
  SPEAKER_00: Uzbekistan established a new five-year residence permit through Presidential Decree PF 67, requiring donations starting at$250,000 for main applicants and$150,000 per family member.
• 10:59
  SPEAKER_00: The program, effective June 1st, 2025, added a third pathway alongside existing investment visa and real estate routes.
• 11:07
  SPEAKER_00: The donation route accepts all nationalities, unlike the geographically restricted real estate option, though families face higher costs than the existing programs that include dependents at no additional charge.
• 11:19
  SPEAKER_00: A family of four requires$700,000 under the new program compared to potentially more economical real estate options for larger eligible families.
• 11:28
  SPEAKER_00: Next, Kazakhstan launches$300,000 golden visa.
• 11:33
  SPEAKER_00: Kazakhstan kept the Central Asian Golden Visa ball rolling by approving investor visa regulations, allowing foreign nationals to secure residence permits by investing at least$300,000 in local company charter capital or publicly traded securities.
• 11:48
  SPEAKER_00: The Ministry of Foreign Affairs emphasized that such programs have proven to be effective tools for attracting capital, technology, and business activity across established markets.
• 11:59
  SPEAKER_00: The electronic application process provides residence permits valid for up to 10 years, with the regulation taking effect May 10, 2025.
• 12:08
  SPEAKER_00: Kazakhstan's initiative followed neighboring Uzbekistan's golden visa launch, indicating growing Central Asian competition for international investment capital.
• 12:18
  SPEAKER_00: Lastly, Italy converts citizenship restrictions into law.
• 12:22
  SPEAKER_00: Italy officially converted decree law number 36 into law number 74 of 2025, permanently establishing new citizenship by dissent requirements focusing on genuine links.
• 12:33
  SPEAKER_00: The conversion process included grandfathering provisions for applications filed by March 27, 2025, and those with confirmed appointments before the deadline.
• 12:43
  SPEAKER_00: The law introduced structured provisions for minor children of Italian citizens, requiring declarations by May 31, 2026, for those under 18 as of May 24, 2025.
• 12:56
  SPEAKER_00: Italy simultaneously prepared for a June referendum proposing to reduce naturalization residency requirements from 10 years to 5 years, highlighting the contrast between stricter ancestral access and potentially expanded residence-based citizenship.
• 13:13
  SPEAKER_00: This episode first appeared as an article by Ahmad Abbas on IMIDaily.com.
• 13:19
  SPEAKER_00: Subscribe for free to the IMI newsletter for breaking news and updates from the investment migration industry.
• 13:25
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