Latest / IMI Podcasts / This Week in IMI - Jul 5: Greece's Billion-Euro Golden Visa Backlog, Vanuatu CBI Revenue Craters, New Malaysian Govt. to Reform MM2H/PViP, ++

Transcript

This Week in IMI - Jul 5: Greece's Billion-Euro Golden Visa Backlog, Vanuatu CBI Revenue Craters, New Malaysian Govt. to Reform MM2H/PViP, ++ · IMI Podcasts

• 0:05
  SPEAKER_00: You're listening to This Week in Investment Migration.
• 0:10
  SPEAKER_00: Following a 90% reduction in applications for Malaysia's MM2H program since its relaunch under new rules last year, the government has proposed dividing the scheme into platinum, silver, and bronze categories.
• 0:23
  SPEAKER_00: The MM2H Consultants Association, meanwhile, is calling for the government to merge the MM2H with the newer but equally unsuccessful PVIP.
• 0:33
  SPEAKER_00: Both programs are under review by the country's new government, which has promised to make the rules more flexible.
• 0:40
  SPEAKER_00: The number of foreign residents in Portugal has reached a record high of 782,000, a 12% year-on-year increase.
• 0:49
  SPEAKER_00: Only 0.9% of the new residence permits issued last year were for golden visa investors, an observation that, according to Lisbon-based immigration lawyer Inez Azevedo, bolsters the argument that the pressure on real estate is not due to golden visa approvals, but to the general increase of foreigners in the country.
• 1:09
  SPEAKER_00: Canada will henceforth prioritize startup visa applicants who have financial backing and have been nominated by incubators, venture capital, and angel investor groups.
• 1:20
  SPEAKER_00: Strong demand for the program has seen wait times expand to years rather than months, and Immigration Minister Sean Frazier said he wanted to place startups that have the greatest chances for success at the front of the line.
• 1:33
  SPEAKER_00: He also said the initial work permit that comes with the startup visa will now have a validity of three years instead of one and will be open rather than limited to the applicant's startup business, a measure some stakeholders have objected to.
• 1:48
  SPEAKER_00: Greece's upcoming August 1st doubling of the minimum investment requirements for Golden Visa real estate in 36 densely populated municipalities have sent applications for the program to new all-time highs.
• 2:01
  SPEAKER_00: In the last six months, it has received three times as many applications as in the preceding six months.
• 2:07
  SPEAKER_00: While the government's processing capacity has also expanded, it has been unable to keep pace with the sharp increase in applications, resulting in a backlog that now affects some 16,000 people.
• 2:19
  SPEAKER_00: The unprocessed files, if approved, are worth more than 1.5 billion euros in investments.
• 2:26
  SPEAKER_00: Vanuatu's CBI revenues have fallen drastically since the country lost visa-free access to the Schengen area last year.
• 2:34
  SPEAKER_00: Last month, Vanuatu's new government formed an independent commission, giving it wide ranging powers to find out what went wrong and who is to blame.
• 2:44
  SPEAKER_00: Glenn Craig, who chairs the commission, has promised to leave no stone unturned and to publish a report on his commission's findings in September.
• 2:53
  SPEAKER_00: Thank you for listening.