Latest / IMI Podcasts / This Week in IM - Jan 9: Spain Kills GV, Türkiye Ends Forex Protection, HK Relaxes CIES Rules, ++

Transcript

This Week in IM - Jan 9: Spain Kills GV, Türkiye Ends Forex Protection, HK Relaxes CIES Rules, ++ · IMI Podcasts

• 0:00
  SPEAKER_00: You're listening to IMI This Week.
• 0:03
  SPEAKER_00: Investment migration people in the news this week included Kristen Surak Haider Hussein of Fragoman Sevilles, Chris Liam of Engel, and Volkers Hong Kong, Eduardo Perez Mazuecos of Marbella Solicitors Group Law Offices, Praya Club, Sam Silverman of EB5, and Varvara Latinseva of Second Wind EB5, Nicolas Mastroianni of U.S.
• 0:25
  SPEAKER_00: Immigration Fund.
• 0:27
  SPEAKER_00: Spain has officially confirmed the termination of its Golden Visa program, setting April 3, 2025, as the deadline for new applications.
• 0:36
  SPEAKER_00: Signed by King Felipe VI, the law protects existing applicants and current golden visa holders.
• 0:42
  SPEAKER_00: Despite opposition from the Senate's Popular Party, Prime Minister Sanchez's initiative to close the program due to housing market concerns and security risks succeeded with a congressional vote of 177 to 170.
• 0:56
  SPEAKER_00: Turkey's central bank has ended its currency protection scheme that guaranteed depositors against lira depreciation, though existing account holders will retain the policy.
• 1:06
  SPEAKER_00: The change comes amid strengthening economic indicators but creates new risks for prospective CIP investors using the deposit route, who will now face direct exposure to currency risk in a high interest but high inflation environment.
• 1:20
  SPEAKER_00: While this effectively ends what Amet Sinner called a free passport route, Turkey's CIP offers other investment options.
• 1:28
  SPEAKER_00: In an interview with IMI, Assan Khalik of Sa'ad Assan Residency and Citizenship discusses his journey from facilitating study visas in 2004 to becoming a pioneer in citizenship by investment programs in Pakistan.
• 1:42
  SPEAKER_00: Khalik emphasizes his concerns about misinformation in the industry and the importance of helping affluent clients make informed decisions about global investment options.
• 1:51
  SPEAKER_00: Building on his experience and reputation in the industry, he aims to transition into an advisory role for governments.
• 1:59
  SPEAKER_00: The Residence-Based Taxation for Americans Abroad Act, introduced by Congressman Lahood, expired with the new Congress.
• 2:07
  SPEAKER_00: The bill proposed allowing U.S.
• 2:09
  SPEAKER_00: citizens abroad to elect non-resident tax status and exempt themselves from FBR and FATCA requirements.
• 2:15
  SPEAKER_00: Furthermore, the controversial bill included an exit tax provision, leading experts like Jimmy Sexton and David Lesperance to question its practicality and likelihood of passage.
• 2:27
  SPEAKER_00: While the legislation could be reintroduced, analysts view it as largely symbolic.
• 2:33
  SPEAKER_00: Spain's phase out of its Golden Visa program has shifted focus to the Entrepreneur Visa Program, which remains active and efficient, notes Dr.
• 2:42
  SPEAKER_00: Jacinto Solar Matutes.
• 2:44
  SPEAKER_00: The Entrepreneur Visa requires a business plan demonstrating potential, investment of 150,000, 200,000 euros, and creation of five, six jobs.
• 2:56
  SPEAKER_00: While the program requires six months of annual residency in Spain, it offers access to the Beckham Rule tax regime, which can reduce worldwide personal income tax rates to 19 to 28% for six years.
• 3:10
  SPEAKER_00: Hong Kong has announced significant updates to its capital investment entrance scheme, relaxing asset verification requirements by allowing jointly held assets and reducing the holding period from two years to just six months.
• 3:23
  SPEAKER_00: The new policy expands investment options to include family office investments up to$27 million Hong Kong dollars and introduces provisions for private Hong Kong companies operating as family-owned investment holding vehicles.
• 3:38
  SPEAKER_00: Sierra Leone has expanded its Go for Gold permanent residency program to include two fast-track citizenship routes, offering naturalization in as little as 60, 90 days for investments ranging from$100,000 to$140,000.
• 3:54
  SPEAKER_00: Both options allow the inclusion of family members and provide membership in the GFG Club, which offers business services and discounted access to Sierra Leone's gold.
• 4:04
  SPEAKER_00: As an ICOAS member, Sierra Leone Citizenship provides visa-free access to 66 destinations and residency rights in 15 West African nations.
• 4:14
  SPEAKER_00: Thanks for joining us today on IMI Podcasts.
• 4:18
  SPEAKER_00: Subscribe for free to the IMI Daily Newsletter for breaking news and updates from the investment migration industry, and consider upgrading your membership to IMI Pro to get access to our exclusive professional community, industry events, data, and members only content.