As the year 2023 draws to a close, a dynamic landscape characterizes the global shifts in immigration policies. Throughout this period, numerous countries and regions underwent significant adjustments to their immigration frameworks. Let us retrospectively examine these pivotal moments:
February 17, Portugal’s Prime Minister, António Costa, declared the discontinuation of Portugal’s Golden Visa program during a live-streamed press conference, focusing on measures combating real estate speculation.
December 13, The Ministry of Tourism, Arts, and Culture (MOTAC) in Malaysia proposed new standards to enhance the Malaysia My Second Home (MM2H) application process.
On February 14, 2023, the Irish government abruptly announced the official closure of the Ireland Immigrant Investor Program (IIP) effective from the end of business hours on February 15, 2023. Henceforth, new applications for the program will no longer be accepted. In response to this policy change, Globevisa promptly engaged in direct communication with the relevant department to comprehend the details of the amendment and swiftly relayed this information to its clients.
Throughout the transitional phase of immigration policies, Globevisa maintained a consistent approach prioritizing client’s benefits, followed by the benefits of partners, and then Globevisa’s own, ensuring smooth communication of pertinent information.
Portugal Golden Visa Property Purchase
On July 19, the Portuguese Parliament voted on and approved the proposal for the “Mais Habitação” law. This vote signified the government’s firm commitment to making adjustments to the Golden Visa program. As a result, the era of property-based immigration in Portugal might be coming to an end. On October 6, the official website of the Portuguese Republic Parliament announced the new Law No. 56/2023, which, following due process revisions, is set to officially take effect on October 7, without the provision of a grace period.
(Source of: https://diariodarepublica.pt/dr/detalhe/lei/56-2023-222477692)
Portugal’s Golden Residency Visa actually has not been completely terminated but rather underwent restrictions on the investment categories, reducing the original eight investment categories to five. The specific adjustments are as follows:
Discontinued: €1.5 million deposit, purchase of €500,000 property, purchase of €350,000 property/€280,000 renovated property.
Retained: Creation of 10 jobs, €500,000 investment in technology institutions, €250,000/€200,000 investment in cultural activities, €500,000 fund investment, €500,000 company establishment.
Globevisa recommends the following alternatives:
1) Portugal Golden Visa Fund Investment:
Individuals are eligible to apply for Golden Residency in Portugal if he or she is at least 18 years old with a clean criminal record and invest €500,000 in the fund. Once the Golden Residency Card is obtained, holders must meet renewal conditions, including continued compliance with investment requirements, maintaining a clean criminal record, and accumulating 14 days of residence in Portugal every two years for renewal.
2) Portugal D2/D7 Visa:
Have retirement income or other passive income, with a minimum monthly requirement of €1,300 for the main applicant and the option for accompanying dependents to apply simultaneously.
Provide authenticated clean criminal record.
Open a Portuguese personal bank account and make a deposit of €30,000.
Purchase Portuguese travel and commercial insurance.
Proof of address in Portugal.
Greece Golden Visa Property Purchase
On August 1, the Greek Immigration Office announced a significant change in the investment requirements for property-based immigration. The investment amount for obtaining residency through property purchase in the Athens region and major islands has doubled to €500,000, while other regions maintain a €250,000 threshold. This policy became officially effective on August 1.
Following this change, it is anticipated that areas adjacent to those areas affected by the policy adjustment will become popular choices for investors. Examples include the Acharnes region in the northern part, the central Nea Ionia region in the southern Piraeus area, and some popular islands among investors such as Crete, the largest island in Greece.
In recent statements, the leader of Greece’s second-largest political party, the Panhellenic Socialist Movement (PASOK), Nikos Androulakis, expressed a commitment to controlling housing costs as a top priority for PASOK’s agenda. Additionally, there is an intention to advocate for the abolishment of the Greece Golden Visa program.
With the impending policy changes, acting swiftly to complete property transfers is advisable to capitalize on the current conditions.
(News source of: PASOK to launch campaign against ‘golden visas’ | News from Greece and the World | eKathimerini.com)
For 2023, Globevisa proudly introduced a collection of 20 premium real estate projects strategically located across key regions in Greece, designed to meet diverse clients’ needs, Globevisa invites you to explore our featured property:
Wyndham Azure Waves Beach Resort
Southern of Athens: BW Pireas Premium Serviced Apartments
Crete Island Five-Star Hotel Project:
Hong Kong SAR Capital Investment Entrant Scheme (CIES)
After an 8-year hiatus, the Hong Kong Capital Investment Entrant Scheme (Hereafter referred as “CIES”) has been reinitiated.
In October 2003, the program was first launched, contributing to the economic development of Hong Kong SAR.
In October 2010, the investment amount for the Hong Kong CIES was increased to HKD 10 million, and real estate investment was eliminated.
In January 2015, the Hong Kong SAR government suspended the CIES.
In 2023, the CIES was re-launched with an increased investment amount of HKD 30 million. The new policy outlines the following investment requirements:
1) Financial + Non-Residential Investment: At least HKD 27 million in financial products, with an additional HKD 3 million for investments in innovative technology enterprises.
Financial Products: Stocks, bonds, certificates of deposit, debt securities, qualified collective investment schemes, and limited partnership funds.
Non-Residential Properties: Investment in non-residential properties for commercial or industrial use in Hong Kong, with a maximum investment amount of HKD 10 million.
2) New Investment Portfolio: The introduction of a new HKD 3 million “Capital Entrant Scheme Investment Portfolio” primarily focuses on industries beneficial for the long-term development of Hong Kong, such as innovative technology. This new investment portfolio will be established and managed by Hong Kong Investment Management Limited, investing in projects or companies related to Hong Kong SAR.