Latest / IMI Podcasts / This Week in IM - Jan 16: Spain Proposes 100% Tax, BVI Plans for RBI Program, Cyprus to Join Schengen, ++

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This Week in IM - Jan 16: Spain Proposes 100% Tax, BVI Plans for RBI Program, Cyprus to Join Schengen, ++ · IMI Podcasts

• 0:00
  SPEAKER_00: You're listening to IMI This Week.
• 0:04
  SPEAKER_00: Hungary has replaced permanent residents with a new national residence card.
• 0:09
  SPEAKER_00: IMI Pro Shaba Magyar details how third country nationals must maintain three years of continuous residence in Hungary, meet social coexistence requirements, including a Hungarian cultural knowledge exam, though citizens from certain countries are exempt, and satisfy other minor conditions.
• 0:28
  SPEAKER_00: The National Residence Card grants indefinite residence status and can offer a five-year path to Hungarian citizenship.
• 0:36
  SPEAKER_00: The sensitive intel we've gathered this quarter, but cannot publish yet.
• 0:40
  SPEAKER_00: As always, it's password-protected and available only to pro members.
• 0:46
  SPEAKER_00: Investment migration program processing times showed mixed results in quarter four, with two out of three golden visa programs and five CBI programs improving processing speeds.
• 0:56
  SPEAKER_00: The fastest golden visa program now processes applications in 2.8 months, while the fastest CBI program takes 3.1 months.
• 1:05
  SPEAKER_00: However, at least one agent reports a Caribbean CIP taking 20 months to process an application.
• 1:13
  SPEAKER_00: Investment migration people in the news this week included Matt Anderson of Anderson West, Armand Arton of Arton Capital, Golden Partners, Christina Cespedes of Balearic Legal and Tax, David Lesperance of Lesperants and Associates, Dr.
• 1:29
  SPEAKER_00: Christian H.
• 1:30
  SPEAKER_00: Kalen, and Dr.
• 1:32
  SPEAKER_00: Georges Stefan of Henley and Partners, Nicolas Mastroianni of U.S.
• 1:36
  SPEAKER_00: Immigration Fund, Ignacio a Donoso of Donoso and Partners, Manoy Darmani of DU Digital Global.
• 1:46
  SPEAKER_00: Catalonia hit a record number of golden visa approvals, with 314 residency permits issued in 2024, representing one-third of all Spanish issuances.
• 1:57
  SPEAKER_00: Chinese investors dominated the program, making up nearly half of Spain's total 942 golden visa approvals, while the average investment amount reached€662,000, well above the minimum requirement of 500,000 euros.
• 2:14
  SPEAKER_00: The surge in applications comes as Spain prepares to terminate its golden visa program, though Cristo Victorio notes the program's impact on Catalonia's real estate market has been minimal.
• 2:26
  SPEAKER_00: President Crista do Leides has announced Cyprus's plans to join the Schengen zone in 2025, with the government having already addressed political concerns regarding the ceasefire line.
• 2:37
  SPEAKER_00: Cyprus faces challenges in its Schengen bid, including enhancement of border controls at the buffer zone, which would become the European Union's external border.
• 2:46
  SPEAKER_00: Schengen membership would allow Cypriot residents visa-free travel throughout the European Union and would leave Ireland as the only European Union state outside the Schengen zone.
• 2:58
  SPEAKER_00: Introduced by Premier Natalio Wheatley, the British Virgin Islands Residency by Investment Program, also known as BVIR, will aim to increase government revenue through application fees and business taxes with no pathway to citizenship.
• 3:13
  SPEAKER_00: Wheatley emphasized that the program will involve dual vetting by investment and immigration agencies to ensure requirements are met.
• 3:20
  SPEAKER_00: As a British Overseas Territory, the BVI clarified that the program will not provide access to British Overseas Territories' citizenship or British citizenship.
• 3:31
  SPEAKER_00: Spain's Prime Minister Pedro Sanchez has announced plans to impose a 100% tax on real estate purchases by non-resident non-European citizens, who currently account for less than 5% of Spain's property market.
• 3:45
  SPEAKER_00: The move comes alongside Spain's decision to end its Golden Visa program in April 2025.
• 3:52
  SPEAKER_00: IMI Pro.
• 3:54
  SPEAKER_00: Jeremy Savory views this as part of a wider European trend of higher taxes and tightened regulations for investment migration programs.
• 4:05
  SPEAKER_00: Thanks for joining us today on IMI Podcasts.
• 4:09
  SPEAKER_00: Subscribe for free to the IMI Daily Newsletter for breaking news and updates from the investment migration industry.
• 4:17
  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.