October 2019: Immigration by Investment Update
In this article we briefly describe recent changes to several immigration by investment programs. In short, given today’s conservative political climate we are observing a trend towards acquiring a second or alternative citizenship becoming more difficult and expensive – especially in the EU and in the USA.
The following is an overview of changes to the most popular citizenship programs. Please contact us if you have any questions or comments.
Bulgaria: Earlier this year there were rumors circulating that the Bulgarian program might be phased out altogether. Our legal team in Bulgaria assures us this rumor is not true. The Bulgarian program is not expected to be ended. Quite the opposite; because Bulgaria’s program is comparatively affordable (EU passport starting from EUR 290k in about 18 months) the Bulgarian government has stepped up its administrative capacity and speed in processing applications to meet the increasing demand.
Cyprus: Unfortunately, the Cyprus citizenship program has indeed become more expensive and more difficult. As explained in one of our previous newsletters, in May of this year Cyprus added a compulsory donation to the minimum investment amount, prolonged the investment holding period, and introduced a more strict due diligence procedure resulting in longer processing times. However, if you goal is to receive an EU passport fast, then Cyprus (EU passport starting from EUR 2 million in about 3-6 months) is still the fastest option available.
Malta: To the relief of investors worldwide the citizenship by investment program of Malta remains unchanged. Holding steadfast in a climate that favors stricter application procedures, Malta remains a beacon of stability. Foreign investors are attracted to Malta not only because the country offers a high quality of life, including a first class healthcare and educational system, but also because it is relatively affordable (EU passport starting from EUR 1 million in about 12-18 months).
USA: Considered by some the main driver behind tighter immigration rules worldwide, the USA recently announced that it will nearly double (!) the investment amounts required under the country’s EB-5 Investor Visa that can lead to US citizenship. Effective for petitions filed after November 01, the minimum investment will be increasing from currently US$ 1 million to US$ 1.8 million (US$ 500,000 to US$ 900,000 in low employment areas). Any investors who are considering the US program are advised to move fast to meet the deadline as collecting supporting documentation usually takes a few weeks.
If you have any questions about the aforementioned changes please send us an email; our teams are ready to start working with you.
If you have already proceeded with your application we wish you much success! If you have not yet applied and there are still questions about the program(s) or you wish to receive a detailed cost estimate please feel free to contact us at [email protected].
If you are uncertain which program is right for you please use the Product Finder tool on our website to easily search through all available options: www.global-residency.com/productfinder .
