Latest / IMI Podcasts / This Week in IMI - Apr 10: Spain Eliminating Golden Visa Program, El Salvador to Offer 5,000 Free Passports, Details on Cyprus’s Fast-Track Citizenship, ++

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This Week in IMI - Apr 10: Spain Eliminating Golden Visa Program, El Salvador to Offer 5,000 Free Passports, Details on Cyprus’s Fast-Track Citizenship, ++ · IMI Podcasts

• 0:00
  SPEAKER_00: You're listening to IMI this week.
• 0:04
  SPEAKER_00: Spanish Prime Minister Pedro Sanchez has announced that his government will move to eliminate the Golden Visa program that allows residence permits for investments in Spanish real estate, stating that this program has contributed to housing affordability issues in major cities and that housing should be a right, not a speculative business.
• 0:25
  SPEAKER_00: Sanchez cited statistics showing that 94% of golden visas issued were for real estate investments, heavily concentrated in popular tourist destinations like Madrid, Barcelona, and Malaga, and signaled his administration's aim to ensure housing affordability by limiting housing costs to no more than 30% of one's income.
• 0:49
  SPEAKER_00: While Spain has not published detailed golden visa program data in recent years, the latest figures indicate nearly 11,500 golden visas had been approved by the end of 2022, the vast majority tied to real estate investments.
• 1:06
  SPEAKER_00: Salvadoran president Nayib Bukele has announced that El Salvador will offer 5,000 free passports, by which he appears to mean citizenships, to highly skilled individuals from abroad, including scientists, engineers, doctors, artists, and philosophers.
• 1:23
  SPEAKER_00: As an effort to attract top talent and have a quote, huge impact on El Salvador society and future, end quote, Bokel has also promised 0% taxes and tariffs on the relocation of these individuals and their assets.
• 1:39
  SPEAKER_00: This development comes after the introduction of the Freedom Visa Citizenship by Investment Program in December 2023, which has seen limited uptake despite its headline-grabbing acceptance of cryptocurrency payments.
• 1:55
  SPEAKER_00: Charles Sava breaks down Cyprus's new law that provides a fast-track three-year naturalization process for highly skilled professionals who meet specific eligibility requirements, including 12 months of legal residence, good character, proficiency in the Greek language, and stable financial resources.
• 2:15
  SPEAKER_00: This new legislation aims to welcome new citizens who are both economically established and culturally integrated, complementing Cyprus' existing non-domicile tax program that offers favorable tax treatment for non-residents meeting the minimum residence requirement for naturalization.
• 2:34
  SPEAKER_00: The entire naturalization process is streamlined, with a legal mandate to adjudicate citizenship applications within eight months.
• 2:44
  SPEAKER_00: The government of St.
• 2:45
  SPEAKER_00: Kitts and Nevis has acknowledged an over-reliance on revenue from its citizenship by investment program, which accounted for up to 60% of the federal government's cash revenue under the previous administration.
• 2:57
  SPEAKER_00: In contrast, the neighboring island of St.
• 3:00
  SPEAKER_00: Lucia fell short of its CBI revenue target, bringing in only 45 million US dollars of the expected$90 million.
• 3:09
  SPEAKER_00: Regarding St.
• 3:10
  SPEAKER_00: Lucia's decision to opt out of the memorandum of agreement signed by the other four Caribbean citizenship programs, the St.
• 3:17
  SPEAKER_00: Lucia CIU boss said that St.
• 3:20
  SPEAKER_00: Lucia is not against signing the MOA, and that despite asking for more time to review the proposal, the other territories went ahead and signed.
• 3:31
  SPEAKER_00: The Malaysian government's premium visa program has so far attracted only 47 total applicants, far below its initial target of 20,000 applications in the first phase.
• 3:42
  SPEAKER_00: The program's low enrollment contrasts sharply with the government's initial high expectations, including a claim that 20,000 applications were received in the first day, which has since been retracted.
• 3:54
  SPEAKER_00: With the rival Malaysia My Second Home program boasting over 55,000 active visa holders, the Malaysian government may need to review or overhaul the struggling premium visa program.
• 4:08
  SPEAKER_00: Globe Visa Group is a leading multinational immigration consulting firm with over 40 branches worldwide, providing a wide range of immigration solutions and services to clients from over 100 countries.
• 4:21
  SPEAKER_00: Offering a negotiable remuneration package and various forms of support, including sales, projects, training, and access to a diverse portfolio of immigration programs across 40 countries, GlobeVisa is actively seeking a partner and professional manager with a strong understanding of local markets.
• 4:45
  SPEAKER_00: In this week's edition of 10 on the weekend, IMI Pro Sari Prattley of the Sovereign Group offers his point of view on the state of the investment migration industry while adding that the one size fits all model is a solution of the past.
• 4:59
  SPEAKER_00: He says, quote, governments tend to make announcements without forethought.
• 5:03
  SPEAKER_00: It shows a complete lack of respect for investors, end quote.
• 5:07
  SPEAKER_00: Read the full interview in this week's edition of IMI.
• 5:13
  SPEAKER_00: Thanks for joining us today on IMI Podcasts.
• 5:17
  SPEAKER_00: Subscribe for free to the IMI Daily Newsletter for breaking news and updates from the investment migration industry.
• 5:25
  SPEAKER_00: And consider upgrading your membership to IMIPro to get insider access to networking opportunities, industry events, data, and members only content.