Latest / IMI Podcasts / This Week in IM - Dec 26: Hungary GV Scraps Real Estate Option, Spain to Eliminate GV by March, 15 Underpaying SKN CBI Citizens Pay Up, ++

Transcript

This Week in IM - Dec 26: Hungary GV Scraps Real Estate Option, Spain to Eliminate GV by March, 15 Underpaying SKN CBI Citizens Pay Up, ++ · IMI Podcasts

• 0:00
  SPEAKER_00: You're listening to IMI this week.
• 0:03
  SPEAKER_00: Here are the top 10 most read investment migration stories of 2024, including Russia's ideologically driven shared values visa, El Salvador's offer of free passports, and the permanent suspension of Vanuatu's Schengen access.
• 0:18
  SPEAKER_00: IMI also predicts key trends for 2025, including the potential launch of new CIPs in the Pacific and Latin America.
• 0:28
  SPEAKER_00: Spain's Congress has approved legislation to terminate its golden visa program, overriding a Senate veto with a 177 over 170 vote, despite opposition from legal experts who argue the program benefited the Spanish economy.
• 0:43
  SPEAKER_00: The law includes provisions to protect pending applications while setting a timeline for the program's termination.
• 0:49
  unknown: Dr.
• 0:50
  SPEAKER_00: Jacinto Soler Matutez expects the program to close officially in March 2025.
• 0:55
  SPEAKER_00: The move fulfills Prime Minister Pedro Sanchez's pledge to end the program, which he claimed contributed to housing inflation and posed security risks.
• 1:05
  SPEAKER_00: Hungary has eliminated the€500,000 direct property investment option from its guest investor program, which was set to begin January 1st, leaving only two pathways.
• 1:16
  SPEAKER_00: A€250,000 investment in real estate funds, or a€1 million donation to education and cultural initiatives.
• 1:24
  SPEAKER_00: IMI Pros.
• 1:26
  SPEAKER_00: Laslo Kiss, Armand Arton, and Anastasia Barna suggest the change aims to protect Hungary's housing market from speculation while providing better oversight through the fund structure.
• 1:38
  SPEAKER_00: Additionally, the program has reportedly stopped accepting Russian nationals.
• 1:43
  unknown: St.
• 1:44
  SPEAKER_00: Kitts and Nevis is conducting a payment verification campaign for its citizenship by investment program, with 15 investors having paid their outstanding balances and 80 more reportedly in communication with authorities.
• 1:56
  SPEAKER_00: Out of 196 investors suspected of investing below the required threshold, the remaining 101 investors who received notices must respond by December 31st by either providing proof of full payment or settling outstanding amounts or risk having their citizenships revoked.
• 2:15
  SPEAKER_00: The investment migration industry faces several major unresolved issues heading into 2025, including the pending European Court of Justice ruling on Malta's citizenship program, the Solomon Islands potential launch of a citizenship by investment program, France's proposed citizenship-based taxation system, New Zealand's planned investor visa reforms, and the ongoing Caribbean CBI payment verification campaign.
• 2:40
  SPEAKER_00: These cliffhangers leave us guessing what's next.
• 2:44
  SPEAKER_00: Indonesia's recently launched Golden Visa program has shown promising results in its first few months, approving 471 applications and 558 million US dollars in investment, with an average investment of$1.2 million per applicant.
• 3:00
  SPEAKER_00: The program offers five, 10-year residence permits for investments starting at$350,000 in government bonds, bank deposits, or public company shares, or$2.5 million for establishing a company.
• 3:14
  SPEAKER_00: While the program is approving over 100 applications per month, it may fall short of the government's ambitious annual target of 1,000 visas.
• 3:24
  SPEAKER_00: Canada's immigration system, once celebrated globally, now grapples with significant challenges as 3 million nonpermanent residents strain housing and unemployment soars.
• 3:34
  SPEAKER_00: Sam Bayat says the paradox stems from a mismatch between newcomers' qualifications and high-demand positions.
• 3:41
  SPEAKER_00: The liberal government's policy reversals, including restrictions on temporary foreign workers, signal a belated recognition of these systemic issues.
• 3:49
  SPEAKER_00: Bayat also outlines lessons from Caribbean citizenship by investment programs and the potential impact of a conservative government's approach to immigration reform.
• 3:59
  SPEAKER_00: Thanks for joining us today on IMI Podcasts.
• 4:02
  SPEAKER_00: Subscribe for free to the IMI Daily Newsletter for breaking news and updates from the investment migration industry.
• 4:08
  SPEAKER_00: And consider upgrading your membership to IMI Pro to get access to our exclusive professional community, industry events, data, and members only content.