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CIES Applications Slow, Spain Golden Visas Nosedive, EU Ends Vanuatu Visa Waiver, ++ · IMI Podcasts

• 0:00
  SPEAKER_00: You're listening to IMI this week.
• 0:02
  SPEAKER_00: Spain's coalition government, led by PSOE and supported by Podemos and Junts, is set to abolish the Golden Visa program by eliminating all investor residence permits based on real estate, bank deposits, and investments.
• 0:15
  SPEAKER_00: Dr.
• 0:16
  SPEAKER_00: Jacinto Soler Matutis expects the law to enter into force by May 1st, with current Golden Visa holders able to renew their permits.
• 0:24
  SPEAKER_00: While the Golden Visa is being phased out, Spain still offers alternative residence options such as digital nomad residence, non-lucrative residents, and entrepreneurship residents.
• 0:35
  SPEAKER_00: Spain's Golden Visa program has experienced a dramatic decline in 2024, with projected year-end approvals dropping to just 936, less than one-third of 2023's record 3,273 visas, amid the government's efforts to terminate the program.
• 0:55
  SPEAKER_00: Chinese nationals lead the recipient list with 1,302 visas, while far fewer American investors have contributed significantly more capital, 1.6 billion euros in Spanish real estate between 2018 and 2022.
• 1:12
  SPEAKER_00: Although the Spanish Socialist Workers' Party has advanced legislation to end the Golden Visa program, Crista Victorio notes investors still have time to invest.
• 1:22
  SPEAKER_00: St.
• 1:22
  SPEAKER_00: Kitts and Nevis Prime Minister Terence Drew has accused French film producer Philippe Martinez of attempting to extort between$40 and$100 million to withdraw a RICO lawsuit, which would consume a significant portion of the country's annual budget.
• 1:37
  SPEAKER_00: Drew claims that Martinez, who joined the Citizenship by Investment program in May 2022 during a previous administration, has a criminal record for fraud and should not have been accepted in the first place.
• 1:48
  SPEAKER_00: The current administration is taking steps to reform the CBI program by implementing stricter due diligence measures and distancing itself from questionable individuals.
• 1:58
  SPEAKER_00: Spain's Congress has taken a significant step toward terminating the Golden Visa Residency Program by January 2025, which has attracted over 14,000 residency permits and 6.5 billion euros in foreign investment.
• 2:12
  SPEAKER_00: The bill now moves to the Senate, where the Conservative Partido Popular will likely challenge the proposal, potentially prolonging the legislative process for investors hoping to secure residency before the program's closure.
• 2:24
  SPEAKER_00: Pierre Marc Lecomte notes that Spain's political landscape and European trends of restricting investment programs further complicate the future of golden visas in the region.
• 2:34
  SPEAKER_00: The European Parliament has voted 62 over 1 to end Vanuatu's visa-free access to the Schengen area, marking the first time a third country has been removed from the visa-free list due to concerns over its citizenship by investment program.
• 2:48
  SPEAKER_00: The European Commission cited Vanuatu's citizenship by investment program's security vulnerabilities, including minimal background checks, lack of due diligence, and continued visa issuance to Russian citizens.
• 3:00
  SPEAKER_00: If the European Council approves the measure, Vanuatu citizens must obtain visas before traveling to the Schengen area.
• 3:07
  SPEAKER_00: Investment migration people in the news this week included Paul Williams of La Vita Golden Visas, Dominic Volick, Judy Galst, Stuart Wakeling, and Marios Rafael of Henley and Partners, Murat Koskin of Get Golden Visa, Nuri Katz of Apex Capital Partners, Armand Artin of Art and Capital, David Les Brance of Les Berns and Associates, Casey Johnson of Bousquet Holstein, PLC, Danait Sakiris of Savills, Marcel Creamer of Cremer and Partners, Riaffrey of Withers Worldwide, Flannery Foster, John Green of Latitude, Global Citizenship Solutions, Ashish Mehta of Ashishmehta and Associates.
• 3:46
  SPEAKER_00: Cyprus has revoked 286 citizenships after the Politist newspaper published a list of 77 former citizens who lost their citizenship.
• 3:56
  SPEAKER_00: A 2021 government probe revealed widespread noncompliance in 51% of the 6,779 citizenships granted via the defunct citizenship by investment program between 2007 and 2020, involving issues such as false statements and criminal records, tax evasion, and failure to maintain investments.
• 4:18
  SPEAKER_00: The Interior Ministry continues to investigate cases, with legal proceedings expected in early 2025.
• 4:26
  SPEAKER_00: In action that aligns with St.
• 4:27
  SPEAKER_00: Kitts and Nevis and Dominica taking steps to combat citizenship fraud, St.
• 4:32
  SPEAKER_00: Lucia has revoked the citizenship of Junji Su, who obtained citizenship in 2018 following his 14-month prison sentence in Singapore for money laundering.
• 4:42
  SPEAKER_00: Deputy Prime Minister Ernest Hilaire notes that the government exercised its authority to protect national interests and reiterates their commitment to strong processing procedures and changing due diligence partners.
• 4:54
  SPEAKER_00: This marks the first citizenship revocation by the current administration.
• 4:58
  SPEAKER_00: Relaunched in March 2024, Hong Kong's Capital Investment Entrance Scheme has attracted 670 applications and over HK dollar 20 billion, 2.57 billion US dollars.
• 5:12
  SPEAKER_00: However,