Latest / IMI Podcasts / This Week in IMI - Sept 19: Greece Backlog Reaches Pivotal Moment, IM Firm Acquired and Sets Benchmark, ++

Transcript

This Week in IMI - Sept 19: Greece Backlog Reaches Pivotal Moment, IM Firm Acquired and Sets Benchmark, ++ · IMI Podcasts

• 0:00
  SPEAKER_00: You're listening to IMI This Week.
• 0:04
  SPEAKER_00: Greece's Golden Visa program has experienced an unprecedented surge in demand, resulting in a record-breaking backlog of nearly 40,000 applications in July 2024.
• 0:16
  SPEAKER_00: The influx of applications, largely driven by the anticipated closure of Portugal's rival program and growth among British and American investors, has consistently outpaced approvals, leading to processing delays of up to 18 months for 2023 applicants, although new 2024 applicants are being processed more quickly, notes Alexander Varnavas.
• 0:39
  SPEAKER_00: Thailand has expanded its elite visa program to accept applications from all nationalities except North Korea, ending restrictions on 28 previously ineligible countries across Asia, the Middle East, and Africa.
• 0:53
  SPEAKER_00: This decision, notes Bastion Trellcat, reflects Thailand's aim to broaden the program's reach and responds to its increasing popularity, with officials citing steady influx from restricted countries and an efficient due diligence process as reasons for the change.
• 1:10
  SPEAKER_00: The Thai Elite Visa Program offers renewable long-stay visas, without a path to permanent residency or citizenship, valid for 5 to 20 years with one-time fees ranging from about 27,000 to 150,000 US dollars.
• 1:28
  SPEAKER_00: The Australian government has announced the permanent closure of the Business Innovation and Investment Program, BIIP, as of July 2024.
• 1:37
  SPEAKER_00: But in an unexpected twist, says Henry Fann, the immigration department will continue processing existing applications in line with priorities and planning levels.
• 1:47
  SPEAKER_00: Current BIIP visa holders and applicants at various stages are not affected by this closure, with the government providing guidance on proceeding with applications and offering refund options for those who wish to withdraw after September 2024.
• 2:03
  SPEAKER_00: The USCIS's Q3 2024 statistics for EB5 petitions reveal a significant drop in new applicants, likely due to increased government fees, while the number of investors completing the EB5 process reached a record high.
• 2:19
  SPEAKER_00: Despite the decrease in new applications, USCIS has increased its processing volumes, leading to the highest number of investors completing the process in the program's history, Varvara Latintseva points out.
• 2:33
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• 2:34
  SPEAKER_00: Lucia's Citizenship by Investment Program Board has addressed the retroactive approval of two enterprise projects, raising concerns about the CIP's compliance.
• 2:44
  SPEAKER_00: The revelation of previously ungazetted projects from 2016 to 2021 and allegations of misconduct have intensified scrutiny on the program, with opposition leader Alan Chastenay criticizing the backdated approvals as a worrying sham.
• 3:01
  SPEAKER_00: These developments occur against the backdrop of a broader lawsuit filed by MSR Media against Caribbean CBI stakeholders.
• 3:11
  SPEAKER_00: BLS International, a global visa processing company, has acquired Citizenship Invest, a Dubai-based advisory firm specializing in residency and citizenship by investment programs, for 31 million US dollars.
• 3:27
  SPEAKER_00: The acquisition aims to leverage BLS's global infrastructure for their expansion, with plans to open offices worldwide and launch a large-scale recruitment drive.
• 3:37
  SPEAKER_00: This rare acquisition in the investment migration industry, valued at approximately seven times EBITDA, could serve as a benchmark for the sector and demonstrates the potential for growth and synergy in combining visa processing and investment migration services.
• 3:54
  SPEAKER_00: Thanks for joining us today on IMI podcasts.
• 3:57
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• 4:04
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