More investors and high-net-worth individuals worldwide are embracing citizenship by investment (CBI) as a route to greater mobility, life-changing opportunities, and security for themselves and their families. Demand for citizenship programs continued to expand worldwide in 2023, as rising sociopolitical tensions inspired many investors to seek other options to secure their mobility and wealth.
In 2023, several changes occurred as governments introduced new laws and price points. For instance, Greece increased the minimum real estate investment amount from €250,000 to €500,000 in popular investment areas. Portugal removed the real estate investment option without closing the program, and St. Kitts doubled its minimum investment amount. But what would 2024 hold for citizenship through investment programs? In this article, we will highlight the major expectations for the current year and the prospective changes that will take place.
Caribbean CIPs: Exponential growth to continue
While 2023 was an exceptional year for Caribbean citizenship through investment programs (CIPs), interest in obtaining citizenship by investment continues to grow. The Caribbean Programs have retained their position atop the 2023 CBI Index[1]. While the steady crescendo of international regulatory pressure on the industry reached its zenith in 2023, the performance of Caribbean programs across the nine pillars of the CBI Index continues to reflect their affordability, simplicity, and efficiency. The organic growth in demand for these programs has been increasing exponentially in the past few years and will continue to increase, especially as more global conflicts arise.
EU – Caribbean summit
Following the EU-CELAC Summit, the EU reportedly set out “six principles” for Caribbean CIPs to follow[2], the most important of which were increasing the minimum investment thresholds, implementing mandatory interviews of all CBI applicants, introducing enhanced due diligence, and imposing stricter monitoring on the flow of funds. St. Kitts and Nevis, just weeks after the summit, doubled its minimum donation amount from $125,000 to $250,000 and its real estate from $200,000 to $400,000. The rest of the Caribbean states have not followed suit yet but are expected to do so soon.
New residency and investment programs are coming.
Hungary is to introduce a new golden visa[3] for investors in July 2024, granting non-EU investors Hungarian residency and access to the Schengen area. Termed a “Guest Investor Residence Permit,” the new program offers several investment pathways, from acquiring real estate funds and residential properties to donating towards educational, scientific, artistic, or creative activities in the country. Unlike similar visas, which typically grant residency for up to five years, Hungary’s Golden Visa residence permit lasts a whole decade, and visa holders can also apply to renew their residency for a further ten years once the initial term has passed. With a minimum investment of €250,000, the Hungarian program is more affordable than other Golden Visas throughout Europe, such as those of Greece and Cyprus. This is another factor giving Hungary’s visa a competitive edge.
The Quebec Immigrant Investor Program [4], a pioneering program previously suspended by the Quebec government, is set to be relaunched in the beginning of 2024, albeit with much stricter requirements, particularly good knowledge of the French language, which is expected to heavily impact the demand for and viability of the program for foreign investors.
Major amendments to Portugal’s Golden Visa program
The Portuguese Parliament recently approved some significant changes to the Citizenship Law in Portugal. The changes directly address the prolonged waiting periods and inefficiencies in the residency application process that Portugal Golden Visa investors have historically faced. Applicants will be able to count the five years from the date of submitting the residency application, provided it is approved. This change will correct the longstanding imbalance in the system and bring hope, fairness, and renewed enthusiasm for investors eyeing Portugal as their destination for investment migration.
Dominica and Vanuatu citizens can enter the UK by getting an ETA
Dominica and Vanuatu, two countries that primarily depend on their Citizenship by Investment Program, suffered a setback when they lost their ability to enter the UK without a visa. However, ongoing discussions with UK officials might lead to becoming part of the newly introduced Electronic Travel Authorization (ETA) program in the UK. ETA facilitates travel to the UK with only electronic clearance without applying for a visa at one of the UK embassies and consulates abroad.
Turkey to increase the minimum real estate investment
Turkey’s Citizenship by Investment Program has undergone modifications by the government. The minimum investment required to obtain citizenship through real estate investment will rise from $400,000 to $600,000 starting in 2024. The directive presented by the Interior Ministry’s Directorate of Migration Management would go into effect at the start of 2024.
In the immediate aftermath of the Russian war on Ukraine, countries in the Middle East, mainly Turkey and the UAE, emerged as viable options for Russian HNWI fleeing the war. In 2024, both programs are expected to continue to be the most popular in the region; however, other countries have begun eyeing a piece of the CBI cake, with Egypt recently launching a CBI program to compete on a regional level.
Notably, investors and potential applicants should keep a close eye on developments happening in countries providing citizenship by investment programs in 2024.
[1] https://cbiindex.com/2023-report/
[2] https://cbiindex.com/2023-report/
[3] https://www.reuters.com/world/europe/hungary-government-relaunch-golden-visa-programme-2023-11-16/
[4] https://www.quebec.ca/en/immigration/immigrate-business/investors/conditions
