Latest / IMI Podcasts / This Week in IMI - May 15: Grenada Breaks Records, Caribbean Deadline “Is a Bit Tight,” Proposal for Citizenship by Descent in Benin, ++

Transcript

This Week in IMI - May 15: Grenada Breaks Records, Caribbean Deadline “Is a Bit Tight,” Proposal for Citizenship by Descent in Benin, ++ · IMI Podcasts

• 0:00
  SPEAKER_00: You're listening to IMI this week.
• 0:03
  SPEAKER_00: Grenada's Citizenship by Investment Program had a record-breaking year in 2023, raising over 1 billion East Caribbean dollars in revenue and receiving 2,297 applications, the highest ever in a single month.
• 0:18
  SPEAKER_00: Despite efforts to reduce the application backlog worth over half a billion East Caribbean dollars in the earlier part of the year, a surge of 442 applications in December led to a net increase in the backlog to 1,826 pending applications by year-end.
• 0:35
  SPEAKER_00: However, program CEO Thomas Anthony aims to clear this backlog by June 30, 2024, when the price increases outlined in the Caribbean MOA are set to take effect.
• 0:48
  SPEAKER_00: In an interview at Global Citizen Week Cairo 2024, Patrick Peters discusses the upcoming price increases and regulatory harmonization in the Caribbean citizenship by investment programs, as outlined in a recent MOA signed by four out of five participating nations.
• 1:06
  SPEAKER_00: While Peters believes the four Caribbean countries fully intend to implement the MOA's quality standards and due diligence practices, he thinks the June 30th deadline is unrealistic.
• 1:18
  SPEAKER_00: Nevertheless, Peters remains optimistic that the reforms will be enacted within the year.
• 1:24
  SPEAKER_00: The Beninese government has submitted a bill to grant a three-year passport with route to citizenship to individuals who can prove their ancestors were victims of the transatlantic slave trade.
• 1:36
  SPEAKER_00: If passed, eligible applicants can obtain a Beninese passport that provides visa-free access to 63 destinations, primarily in Africa and the EcoWAS block, potentially allowing residency and free movement across 14 other sub-Saharan African countries.
• 1:55
  SPEAKER_00: While the bill aims to strengthen cultural ties and promote Pan-African unity, questions remain regarding the tangible benefits of Beninese citizenship for potential applicants.
• 2:08
  SPEAKER_00: Although the Cypriot government projects capacity for up to 150 approved applications before the program's scheduled expiry in May 2024, Cyprus's new startup visa program approved only 8% of applications in its first year.
• 2:24
  SPEAKER_00: The low initial approval numbers reflect stringent evaluation criteria as Cyprus aims to turn the island into an innovative tech hub.
• 2:33
  SPEAKER_00: The government remains committed to developing the startup ecosystem and positioning Cyprus as an investment migration destination with proposals for a€250,000 residency route and a new three-year pathway to citizenship.
• 2:50
  SPEAKER_00: Canada's startup visa program has experienced a surge in applications over 600% in 2023, driven by increased awareness, higher annual processing quotas, and a sharp rise in approved designated organizations that provide support letters.
• 3:08
  SPEAKER_00: While processing times for the startup visa average about 30 months, Slava Appel reveals a workaround for those eager to get to Canada sooner.
• 3:18
  SPEAKER_00: Applicants can obtain temporary work permits within one to two months to start their businesses while awaiting permanent residency.
• 3:28
  SPEAKER_00: Hungary's new Golden Visa program, set to launch in July, promises competitive pricing with investment options of€250,000 in real estate funds or€500,000 in new residential properties, along with a reputation for efficient processing to attract investors from rival European programs.
• 3:51
  SPEAKER_00: In an interview at IMI Connect, Laszlo KISS claims the program's straightforward investment structure will avoid past controversies while acknowledging potential drawbacks like the physical presence requirement.
• 4:03
  SPEAKER_00: If they are processed in three months also this time, then this program will be the best because clients want to see results, says KISS.
• 4:13
  SPEAKER_00: IMI Pro Chaba Magyar provides a step-by-step guide to how applicants of Hungary's new guest investor program may invest at least 500,000 euros in residential property.
• 4:26
  SPEAKER_00: Throughout this process, specific legal requirements must be met, such as having the contract notarized, registering a prohibition on selling or encumbering the property for five years, and paying relevant taxes like the 4% transfer tax.
• 4:43
  SPEAKER_00: Certain tax benefits are also available to investor owners, including exemption from capital gains tax after five years of ownership.