Latest / IMI Podcasts / This Week in IMI - Apr 10, 2023: New Private Briefing, MM2H Applications Down 90%, Saint Lucia Issues Warning, ++

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This Week in IMI - Apr 10, 2023: New Private Briefing, MM2H Applications Down 90%, Saint Lucia Issues Warning, ++ · IMI Podcasts

• 0:05
  SPEAKER_00: You're listening to This Week in Investment Migration.
• 0:09
  SPEAKER_00: The St.
• 0:09
  SPEAKER_00: Lucia Citizenship by Investment Unit, CIU, issued a circular warning licensed marketing agents and promoters against marketing the St.
• 0:18
  SPEAKER_00: Lucia CIP's real estate investment option below the required minimum of$200,000, which constitutes a violation of their license terms.
• 0:28
  SPEAKER_00: The CIU said it knew some promoters were offering discounts on real estate investments through financing models.
• 0:35
  SPEAKER_00: St.
• 0:35
  SPEAKER_00: Lucia's is the third Caribbean CIU in as many months to publicly chide agents for the practice.
• 0:42
  SPEAKER_00: The Malaysia My Second Home, MM2H program, has experienced a 90% decline in applications since implementing stricter qualification requirements in late 2021.
• 0:55
  SPEAKER_00: Applicants are keeping away because of sharply higher minimum income, physical presence, and liquid asset requirements.
• 1:02
  SPEAKER_00: Many MM2H consultancies have had to close.
• 1:05
  SPEAKER_00: Critics argue that the stringent conditions discourage applicants who have better options elsewhere.
• 1:12
  SPEAKER_00: As passive investment migration programs face an uncertain future, active investor visas, AIVs, may be a viable new business line for investment migration firms, argues Amada Bas in an opinion piece.
• 1:26
  SPEAKER_00: AIVs require that applicants establish and manage a business in the host country, typically demanding more stringent physical presence requirements.
• 1:34
  SPEAKER_00: While active investment visas may not offer the same level of profitability as passive programs, they present new opportunities for immigration consultancies.
• 1:45
  SPEAKER_00: Greek lawmakers have extended the transition period for real estate-based golden visa applications, offering foreign investors until July 31st to invest at the original$250,000 threshold.
• 1:58
  SPEAKER_00: The Greek government announced last year that it would double the minimum investment requirement for the Golden Visa program's real estate option to$500,000, but the higher minimum will apply only to 36 key municipalities.
• 2:11
  SPEAKER_00: This extension relieves the stress of investors, as more of them will have enough time to travel and select a property in the areas affected by the changes, commented Alexander Varnavas of Athens-based Varnavas Law.
• 2:23
  SPEAKER_00: The Greek Golden Visa program received a record-breaking 4,365 applications in 2022, more than double the number in 2021.
• 2:34
  SPEAKER_00: The positive trend continues into 2023, with 1,248 applications recorded by the end of February.
• 2:42
  SPEAKER_00: Greece's decentralized authorities, however, are struggling to expand processing capacity to meet rising demand.
• 2:50
  SPEAKER_00: The Portuguese government's draft bill, More Housing, could significantly impact the country's golden visa program by removing reduced physical presence requirements for golden visa holders and subjecting them to the same 183-day requirement as ordinary residence permit holders.
• 3:07
  SPEAKER_00: Lawyer Madalena Montero characterized the bill as a violation of basic constitutional rights and warned it could lead to endless litigation in the Portuguese courts.
• 3:18
  SPEAKER_00: Stakeholders and the Golden Visa Program are preparing for potential legal battles and launching counteroffensives against the proposed changes.
• 3:27
  SPEAKER_00: Opining on the Portuguese housing bill, Patricia Casaburi argues that the government's justification for ending the Golden Visa Program, the program's purported contribution to the country's housing crisis, overlooks the fact that property prices in Lisbon and Porto have continued to rise even though residential property purchases in these cities no longer qualify for the program.
• 3:51
  SPEAKER_00: The government, she points out, ignores the indirect benefits of the program, which has generated massive employment and investment.
• 3:59
  SPEAKER_00: In the fourth and final part of the How to Expatriate from the United States series, see also Part 1, Part 2, and Part 3, David Lesperance and Melvin Warshaw examine the issues that arise for former U.S.
• 4:12
  SPEAKER_00: taxpayers, whether they renounce U.S.
• 4:14
  SPEAKER_00: citizenship or relinquish a long-term green card, as well as other U.S.
• 4:18
  SPEAKER_00: securities and regulatory issues faced by anyone who moves away from the U.S., even if they retain their citizenship.
• 4:26
  SPEAKER_00: The private briefing covering Q12023 is out now.
• 4:30
  SPEAKER_00: If you are an IMI Pro member, you can find your password protected PDF in the IMI Pro members lounge.
• 4:37
  SPEAKER_00: Topics covered in this issue: the CIP that's engaging in large-scale revocations of citizenships for concealment of material fact, the serious concerns about one program's new bond option, the EU Golden Visa Bond scandal coming to light, the Uber lucrative program under investigation for inappropriate facilitations, and the Caribbean CIU withholding passports and the invested capital.
• 5:03
  SPEAKER_00: Don't forget, tickets for IMI Connect, our upcoming event in Malta this May, are now for sale.
• 5:10
  SPEAKER_00: At IMI Connect, you'll meet IMI contributors, partners, and readers like yourself who come to talk frankly and off the cuff about the challenges and opportunities facing RCBI professionals, all in a series of informal and comfortable venues.
• 5:24
  SPEAKER_00: You can read more about the event by Googling IMI Connect Malta.
• 5:29
  SPEAKER_00: To book your tickets, contact Alexandra at emmydaily.com.
• 5:34
  SPEAKER_00: Thank you for listening.