Latest / IMI Podcasts / This Week in IMI - June 5: St Lucia Confirms MoA Signing, Portugal Adds Investment Option to Golden Visa, EU to Revoke Vanuatu’s Visa-Free Access, ++

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This Week in IMI - June 5: St Lucia Confirms MoA Signing, Portugal Adds Investment Option to Golden Visa, EU to Revoke Vanuatu’s Visa-Free Access, ++ · IMI Podcasts

• 0:00
  SPEAKER_00: You're listening to IMI this week.
• 0:03
  SPEAKER_00: The Prime Minister of Saint Lucia, Philip J.
• 0:07
  SPEAKER_00: Pierre, has announced that his government will sign the memorandum of agreement with the other four Caribbean countries operating citizenship by investment programs.
• 0:18
  SPEAKER_00: Pierre even made recommendations of his own for its, quote, further strengthening, end quote, including legislative changes, an annual quota on approvals, a minimum net worth requirement for applicants, and regulations for promoters.
• 0:36
  SPEAKER_00: While the other countries signed the MOA in March, St.
• 0:40
  SPEAKER_00: Lucia had requested more time to address certain matters.
• 0:44
  SPEAKER_00: The MOA will harmonize pricing, regulations, and vetting practices among the region's CBI programs, including raising the minimum donation to$200,000, with measures set to take effect by the end of this month.
• 1:02
  SPEAKER_00: The new Portuguese government has announced an action plan for migration that overhauls the country's migration and integration policies, including a measure to create a residence permit for social investment to channel private capital from foreign investors into social investment projects for immigrant integration.
• 1:23
  SPEAKER_00: The plan aims to change the scope of the current Golden Visa program, with details yet to be provided on the intermediation and accreditation system for such social investments.
• 1:35
  SPEAKER_00: Additionally, the plan seeks to address the significant backlog of immigration cases by removing the Expression of Interest system and bolstering staff at strategic consulates to process applications before immigrants arrive in Portugal.
• 1:53
  SPEAKER_00: The European Commission has proposed to make the temporary suspension of Vanuatu's visa-free travel to the Schengen area permanent, citing security risks posed by Vanuatu's citizenship by investment programs, despite the country's efforts to reform them.
• 2:10
  SPEAKER_00: The proposal follows an 18-month extension granted to Vanuatu in February 2023 to address the EU's concerns, but the Commission deems the legislative changes adopted by Vanuatu inadequate to mitigate the perceived risks.
• 2:27
  SPEAKER_00: If adopted by the European Council and Parliament, the proposal would result in a permanent withdrawal of Vanuatu from the Schengen Visa Waiver Agreement, reflecting the EU's increasing scrutiny and potential crackdown on citizenship by investment programs.
• 2:45
  SPEAKER_00: Demand for the Greek Golden Visa Program remains strong, with 2,664 applications received in the first four months of 2024, slightly higher than the same period last year.
• 3:00
  SPEAKER_00: The rush to invest before the upcoming price increase on September 30th is driving the sustained demand.
• 3:07
  SPEAKER_00: However, despite efforts to expand processing capacity, the backlog of unprocessed applications has more than quadrupled in the past 18 months, reaching over 31,000 pending applications for initial visas or renewals.
• 3:24
  SPEAKER_00: Two-thirds of applications submitted last year, and 8% of those from 2022 remain unprocessed as elevated demand continues unabated.
• 3:35
  SPEAKER_00: While Chinese applicants continue to dominate cumulatively, recent arrivals show a more diverse nationality mix, with Turks, Lebanese, and British investors also contributing significantly to the program's demand.
• 3:51
  SPEAKER_00: The Cypriot authorities are set to file charges in connection with the country's former citizenship by investment program, which was closed in 2020 following a corruption scandal.
• 4:03
  SPEAKER_00: A special police team is investigating approximately 100 cases where citizenship was granted to problematic individuals, including those wanted for crimes like fraud and those who failed to make the required investments.
• 4:19
  SPEAKER_00: The CIP was abolished after an undercover investigation revealed indications of corruption and approval of citizenships for international criminals and fugitives, drawing criticism from the EU.
• 4:34
  SPEAKER_00: Thanks for joining us today on IMI Podcasts.
• 4:38
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• 4:46
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