In a significant move aimed at reshaping Spain’s real estate landscape, Prime Minister Pedro Sánchez announced plans to overhaul the country’s golden visa program. The proposal, revealed during a visit to a suburb of Seville, signals a notable shift in policy direction, emphasizing the government’s commitment to prioritizing housing accessibility over speculative investment.

Under the current legislation, introduced by the Partido Popular in 2013, individuals could obtain a residence visa by investing in Spanish real estate, with a threshold set at half a million euros. However, Prime Minister Sánchez expressed concerns about the program’s impact on housing affordability and inequality, highlighting that a staggering 94% of investment-based residence permits were tied to real estate, primarily concentrated in tourist hotspots like Barcelona, Madrid, and Málaga.

“The housing market in these cities is under immense strain, making it nearly impossible for residents, who diligently contribute to our society, to find decent accommodation,” remarked Prime Minister Sánchez. “We cannot allow housing to be reduced to a mere commodity for speculation. It’s imperative to ensure that housing remains a fundamental right for all citizens.”

The proposed modifications aim to eliminate the Spain Golden Visa Program, redirecting focus towards affordable housing initiatives. Beyond Global Partners, a leading consultancy firm specializing in Spain’s golden visa program, sees this as a significant moment for prospective investors.

“With Prime Minister Sánchez’s pledge to reform the golden visa program, individuals seeking residency through investment must act swiftly,” advises Serhan Aysever, an investment migration expert at Beyond Global Partners. “While the specifics of the legislative changes remain uncertain, the window of opportunity may be limited.”

The Sánchez administration’s commitment to guaranteeing affordable housing aligns with Beyond Global Partners’ mission to provide comprehensive consultancy services for navigating Spain’s complex visa landscape. From initial inquiries to securing residency, Beyond Global Partners offers tailored solutions tailored to clients’ needs. “Our consultancy services cover every aspect of the golden visa process, ensuring a seamless experience for our clients,” emphasizes CEO Hakan Cortelek. “Whether it’s identifying suitable investment opportunities, navigating legal requirements, or facilitating documentation, Beyond Global Partners offers end-to-end support.”

As Spain grapples with housing affordability challenges, the timing couldn’t be better for individuals considering residency through investment. However, with legislative changes typically taking months to materialize, prospective investors must act decisively to capitalize on the current framework.

With a minority government at the helm, the Sánchez administration will rely on support from various political factions to enact the proposed reforms. Against this backdrop, Beyond Global Partners remains committed to providing clients with up-to-date information and strategic guidance to navigate the evolving regulatory landscape.

“In times of policy uncertainty, having a trusted partner like Beyond Global Partners can make all the difference,” concludes Serhan Aysever. “Our expertise, coupled with a personalized approach, ensures that clients are well-positioned to achieve their residency goals in Spain.”

As Spain enters a new chapter in its approach to residency through investment, Beyond Global Partners stands ready to empower clients with the knowledge and resources needed to navigate this dynamic landscape. For those considering the Spain golden visa, now is the time to take action and secure your path to residency with Beyond Global Partners.

In a significant move towards streamlining the Citizenship by Investment (CBI) landscape in the Caribbean, the Prime Ministers of Antigua & Barbuda, Dominica, Grenada, and Saint Kitts & Nevis recently penned a momentous Memorandum of Understanding (MoU). This landmark agreement, signed this week, signals a collaborative effort aimed at integrating key aspects of their respective citizenship programs by June 30th.

At Beyond Global Partners, as a professional international investment migration company, we’re excited to witness this pivotal development. As seasoned professionals operating globally, we understand the importance of such strategic alliances in enhancing the efficacy and transparency of CBI initiatives for high net worth individuals seeking investment opportunities and second citizenship.

Let’s delve into the core components of this groundbreaking MoU:

Harmonized Pricing: One of the most noteworthy aspects of the MoU is the commitment to harmonize the minimum investment thresholds across the four countries’ CBI programs to a sum of US$200,000 by June 30th. This unified approach not only simplifies the process for prospective investors but also ensures consistency and fairness within the region’s CBI ecosystem.

Enhanced Information Sharing and Transparency: Transparency is paramount in the realm of investment migration. The establishment of a digital portal, in collaboration with the Joint Regional Communications Centre (JRCC) in Barbados, underscores a collective commitment to robust information sharing and heightened transparency standards. This aligns seamlessly with Beyond Global Partners’ ethos of clarity and accountability in all our endeavors.

Regulatory Framework: By establishing a common regional competent authority to regulate the programs according to international standards and best practices, the signatory countries are taking proactive steps towards bolstering the credibility and integrity of their CBI offerings. At Beyond Global Partners, we prioritize adherence to regulatory frameworks and uphold the highest standards of compliance in our operations.

Security Screening and Agent Regulation: Cooperation on post-approval screening and the regulation of agents underscores a shared dedication to safeguarding the integrity of the CBI industry. This collaborative approach resonates with Beyond Global Partners’ commitment to due diligence and comprehensive risk management protocols.

Prime Minister Dickon Mitchell’s remarks underscore the extensive deliberations that preceded the signing of the MoU, highlighting the concerted effort invested in this transformative initiative. Similarly, Prime Minister Terrance Drew’s emphasis on combatting underselling reflects a collective resolve to address challenges that have plagued the CBI sector.

However, it’s noteworthy that Saint Lucia, despite its pivotal role in the CBI landscape, chose not to participate in the accords. This decision has sparked discussions within the industry, particularly concerning its engagement with controversial CBI developer Caribbean Galaxy.

At Beyond Global Partners, we remain steadfast in our dedication to facilitating seamless investment migration experiences while upholding the highest ethical standards. Our team of experts is committed to guiding high net worth individuals through the intricacies of Caribbean CBI programs, ensuring compliance, transparency, and optimal outcomes.

As we witness this significant stride towards harmonization and collaboration in the Caribbean CBI arena, Beyond Global Partners stands ready to empower investors with unparalleled expertise and support on their journey towards global citizenship and economic prosperity.

For inquiries and consultations regarding Caribbean CBI programs and investment migration opportunities, contact Beyond Global Partners today. Your pathway to a brighter future awaits.

After weeks of anticipation and speculation, the Greek government has finally unveiled the eagerly awaited adjustments to the real estate investment criteria for its highly sought-after golden visa program. Our company, Beyond Global Partners, as a leading provider of comprehensive services for the Greece Golden Visa program, closely monitored the developments leading up to this announcement.

During the past month, there has been a flurry of activity surrounding potential modifications to the program’s real estate regulations. Reports varied widely, with official statements and insider insights hinting at changes while leaving many details uncertain. The government entertained numerous proposals, including different price tiers for various regions and potential restrictions on short-term leases.

Today, the Ministry of Finance released the finalized rules, which are now set to undergo parliamentary approval. Given the government’s overwhelming majority in the national assembly, any significant deviations from the outlined regulations are unlikely, as explained by our experts.

The new regulations establish two distinct investment zones:

[fusion_checklist parent_dynamic_content=”” type=”icons” hide_on_mobile=”small-visibility,medium-visibility,large-visibility”][fusion_li_item]Properties valued at EUR 800,000 within the Administrative Region of Attica, which includes Piraeus and most of the capital region, as well as the Regional Units of Thessaloniki, Mykonos, Santorini, and islands with populations under 3,100 inhabitants.[/fusion_li_item][fusion_li_item]Properties valued at EUR 400,000 in all other regions of Greece.[/fusion_li_item][/fusion_checklist]

Additionally, the entire investment must be allocated to a single property with a minimum area of 120 square meters. However, the government has introduced two significant exceptions to the EUR 400,000-800,000 threshold:

[fusion_checklist parent_dynamic_content=”” type=”icons” hide_on_mobile=”small-visibility,medium-visibility,large-visibility”][fusion_li_item]Properties converted from commercial to residential use, allowing investors to qualify with a minimum investment of EUR 250,000. This conversion must be completed before the submission of the golden visa application.[/fusion_li_item][fusion_li_item]Restoration of listed buildings of historical or cultural significance, where investors may also qualify with a minimum investment of EUR 250,000. The renovation must be finalized within five years for visa renewal.[/fusion_li_item][/fusion_checklist]

Furthermore, there are restrictions on property usage. Investors are prohibited from engaging in short-term rental activities, such as those through platforms like Airbnb. Additionally, properties acquired through the conversion of commercial real estate to residential cannot be used as registered company headquarters. Non-compliance with these restrictions may lead to the revocation of the residence permit and an administrative fine of EUR 50,000.

The transitional period allows applicants to qualify under the existing thresholds by paying a 10% investment deposit before September 30th and completing the investment by the end of 2024. If the investment is not finalized on time but the deposit has been paid, investors have until April 2025 to purchase another property and still qualify under the current thresholds.

Looking ahead, our company anticipates that the exceptions introduced will become the primary qualifying categories under the golden visa program. Developers and investors are likely to shift their focus towards conversion and restoration projects, leveraging the lower EUR 250,000 threshold. Similar changes in Portugal’s golden visa program prompted a swift redirection of efforts towards renovation projects offering qualification at lower price points.

While the amendments hold the potential for positive outcomes, their practical implications hinge on the detailed regulations yet to be unveiled. Operational definitions for qualifying properties and renovation works will shape how these changes are implemented.

Despite the adjustments, demand for the Greek golden visa remains robust, evidenced by a significant backlog of nearly 30,000 unprocessed applications. With ample forewarning of the impending changes, another surge in applications would not be unexpected, reflecting the program’s enduring popularity. Get in touch with our Greece Golden Visa experts to have your Greece Golden Visa as early as possible.

In a bid to enhance its immigration system and open its doors to remote workers, Peru has introduced the Digital Nomad Visa (DNV). The new visa, an amendment to the existing foreign immigration law (Legislative Decree No. 1582), came into effect on November 15, with specific details yet to be disclosed.

The Digital Nomad Visa is anticipated to be valid for one year and renewable, with issuance handled by the National Superintendence of Migration. Holders, however, are restricted from engaging in local paid activities within Peru. Although eligibility criteria and additional visa details are pending publication, the move aims to fortify immigration processes, ensuring legal entry for international visitors.

To qualify for the Digital Nomad Visa, applicants must meet the following conditions:

1. Valid Passport: Ensure the validity of their passport.

2. Remote Work: Engage in remote employment with a company established in another country or work as a freelancer serving clients abroad.

3. Minimum Income Requirement: While the specific amount is undisclosed, Peru will enforce a minimum income requirement.

4. Health Insurance: Applicants are expected to have international health insurance to cover their stay.

This decision aligns Peru with over 50 other countries that already provide similar digital nomad visas. Among South American nations, Peru joins the ranks of Brazil, Colombia, Ecuador, Argentina, and Uruguay in offering such programs.

Peru’s Digital Nomad Visa is poised to attract a substantial number of remote workers, given its lower cost of living compared to many other destinations. Affordable accommodation and reasonably priced services make Peru an appealing choice for those seeking remote work opportunities. Additionally, Peru’s renowned UNESCO World Heritage Site, Machu Picchu, adds to the country’s allure, drawing visitors each year.

While Peru already welcomes international visitors through various visa categories, the introduction of the Digital Nomad Visa underscores the country’s commitment to adapting to evolving work trends and positioning itself as a welcoming destination for remote professionals.

Hungary is set to revive its “Golden Visa” program, offering a residency permit to those investing significantly in the country’s real estate market. The new “guest investor program,” proposed by Prime Minister Viktor Orbán’s government, allows individuals to apply for a renewable 10-year residency permit in Hungary if they invest at least EUR 250,000 in local property funds or EUR 500,000 in Hungarian real estate. Additionally, donations of at least EUR 1 million to designated public trusts overseeing universities will qualify for the residency permit.

This initiative comes six years after Hungary discontinued a similar program in 2017, which granted residency and unrestricted travel within the EU to individuals purchasing EUR 300,000 of government bonds. The previous program generated EUR 1.4 billion from 2013 to 2017, resulting in 3,649 approved temporary residence permits based on data from the EU Commission on investor residence programs.

During the period from 2013 to 2017, Hungarian authorities received a total of 6,621 residence requests from investors. Of these, 4,794 applicants were granted permanent residence permits, while 1,827 applications were either rejected or denied. The initial program drew attention due to a notable influx of migrants from China and Russia. Ultimately, concerns about alleged corruption and insufficient applicant vetting, potentially enabling the entry of spies into the EU, led to its closure.

As Hungary opens its doors once again to international investors, this renewed initiative is set to redefine the landscape of residency options in the European Union. This new regulation is expected to be implemented around September 2024. Stay informed about the latest developments by getting in touch with us. Beyond Global Partners is dedicated to providing you with comprehensive insights and guidance on navigating the changes in Hungary’s residency regulations. As your trusted partner in this journey, we are committed to ensuring that you make informed decisions and seize the opportunities presented by Hungary’s Golden Visa Program.

Vanuatu has introduced a new citizenship-by-investment (CBI) route requiring a $138,000 investment in the Coconut Oil Future Fund (CNO Future Fund) for a family of four. Investors acquire redeemable preference shares tied to a mandatory five-year holding period in a Vanuatu registered company. After this period, they can redeem shares, receiving the initial investment plus accrued capital appreciation, targeting a 5% annual capital appreciation.

The CNO Future Fund aims to support Vanuatu’s sustainable economy, addressing climate change vulnerabilities by promoting coconut oil as a diesel substitute for electricity generation. The shift from traditional donation-based citizenship programs to an investment-focused approach responds to investor demands for financial returns. The move also addresses concerns over negative perceptions and increased scrutiny of Vanuatu’s CBI program, especially following the suspension of its visa-waiver agreement with the European Union (EU) and the UK due to security and border risks.

The new CBI route seeks to attract genuine investors with ties to Vanuatu, emphasizing a program more aligned with citizenship programs worldwide. Despite challenges and political tensions at home, including coalition government changes, officials remain optimistic about the program’s future, noting its importance for Vanuatu’s income and reputation.

The UK’s decision to revoke visa-free travel has led to diplomatic efforts to address security concerns. Vanuatu has implemented changes, such as discontinuing the name-change option, partially alleviating security concerns. The country’s relationship with the UK, as a Commonwealth partner in the Indo-Pacific, could influence the restoration of visa-free travel if diplomatic relations improve.

The article highlights Vanuatu’s efforts to diversify its revenue streams, acknowledging the risks associated with heavy reliance on the CBI program. Foreign assistance from countries like New Zealand and the UK is sought to reshape the program, enhancing its credibility and international standing. Officials express a desire for Vanuatu to capitalize on its ecologically pristine, carbon-negative, and peaceful image while seeking ways to reduce dependence on external assistance.

In light of the challenges faced by Vanuatu’s CBI program, including political instability and international scrutiny, an updated version is anticipated in early 2024. The government aims to make structural changes to enhance the program’s appeal, focusing on transparency, due diligence, and credibility to secure its place in the global citizenship-by-investment landscape.

Overall, Vanuatu’s shift towards a more sustainable and investor-friendly CBI route reflects its commitment to addressing climate challenges, improving international relations, and securing a reliable source of income. The nation’s efforts to overcome negative perceptions and adapt to changing geopolitical dynamics underscore the importance of continuous adaptation and innovation in the field of citizenship-by-investment.

We’re thrilled to share the latest update on the much-anticipated revival of the Quebec Immigrant Investor Program (QIIP), set to open its doors for applications in January 2024. As your dedicated partner on the journey to Canadian residency, Beyond Global Partners is here to provide you with an insightful glimpse into the program’s rejuvenated version, along with some candid reflections on what these changes mean for potential investors.

Having been on hiatus since 2019, the QIIP was a beacon for high net worth individuals seeking a pathway to Canadian residency. However, the reimagined program introduces a series of conditions that have sparked both curiosity and some skepticism among applicants. Experts acknowledge the palpable global excitement surrounding the QIIP’s reopening. However, they pose a crucial question: will the revised QIIP be as enticing to investors as its predecessor?

Unlike the previous iteration, the new QIIP mandates proficiency in the French language at an intermediate-advanced level. Additionally, applicants will now be required to make a noteworthy CAD 200,000 ($145,000) donation, adding to the existing commitment of CAD 350,000 over five years. This significant increase in costs is a notable departure from the program’s previous structure. Another noteworthy change is the introduction of a mandatory one-year physical residency in Quebec following selection by Quebec Immigration, a requirement that can be shared between the main applicant and their spouse.

At Beyond Global Partners, we recognize the challenges these changes may pose and are committed to guiding you through every step of the process. We understand that this program, which was once a popular choice for residency investment in Canada, now demands more from applicants.

While the revamped QIIP eliminates quotas and the complex point-based assessment system, investment migration consultants believe that the program will now particularly appeal to French-speaking investors looking for a swift yet temporary relocation to Quebec. Historical data shows that approximately 50 applications per year came from French-speaking applicants, and this new version seems tailor-made for those seeking a seamless transition.

As your trusted consultancy partner, Beyond Global Partners is here to offer sincere guidance, ensuring you confidently navigate the evolving landscape of the QIIP. We understand the concerns raised by the stricter eligibility criteria and increased financial commitments. Rest assured, we are dedicated to providing high net worth individuals like yourself with the personalized support needed to make informed decisions.

Exciting times lie ahead, and Beyond Global Partners is here to make sure you’re well-prepared for the journey. Stay tuned for more updates and insights as we embark on this new chapter together.

Portugal’s President, Marcelo Rebelo de Sousa, announced his confirmation of the contentious “More Housing” bill during a recent address. Among its various provisions, the bill introduces significant changes to the Portuguese golden visa program.

This legislation is now set to undergo further formalities in Parliament and the government before becoming law, a process that typically takes between 4 to 8 days.

President de Sousa’s decision to enact the bill comes after he initially exercised his veto power to halt its progress. However, the bill successfully passed through Parliament in a second and final vote, compelling him to promulgate the new law.

A notable change arising from this legislation is the elimination of real estate investment as a qualifying option for the golden visa program. Market experts anticipate that the fund investment category will emerge as the preferred route for most investors seeking Portuguese residency.

The revised golden visa program, effective immediately, introduces five alternative investment options for prospective applicants:

I) Job Creation: Creating a minimum of ten jobs.

II) Research Investment: Transferring capital equal to or exceeding EUR 500,000 into research activities conducted by public or private scientific research institutions integrated into the national scientific and technological system.

III) Cultural Heritage and Artistic Support: Transferring capital equal to or exceeding EUR 250,000 to support artistic production, preservation, or maintenance of national cultural heritage through various public and private entities.

IV) Investment in Collective Investment Organisms: Transferring capital equal to or exceeding EUR 500,000 to acquire shares in specific collective investment organisms incorporated under Portuguese law. These funds must have a maturity period of at least five years, with at least 60% of investments allocated to national commercial companies.

V) Business Incorporation or Reinforcement: Transferring capital equal to or exceeding EUR 500,000 for the establishment of a commercial company within Portugal’s borders, combined with the creation of five permanent jobs, or reinforcing the share capital of an existing national company with the creation or maintenance of at least five permanent jobs for a minimum of three years.

Furthermore, as in the past, the minimum investment thresholds for options 1, 2, and 3 may be reduced by 20% when investments are directed towards low-density territories. These territories are defined as areas with fewer than 100 inhabitants per square kilometer or a GDP per capita that is less than 75% of the national average.

It is imperative to note that, as per the new law, investments must not take the form of real estate under any circumstances, marking a significant shift in the golden visa program’s focus.
These changes signal a new era for the Portuguese golden visa program, emphasizing alternative investment avenues and reshaping the landscape for prospective residency seekers.

Beyond Global Partners is your trusted ally in navigating Portugal’s evolving golden visa program. Our team of experts is ready to help you explore the new alternative residency options introduced by the ‘More Housing’ bill. With our tailored solutions and in-depth knowledge, we ensure a seamless journey towards Portuguese residency.

Contact us today to embark on this exciting path of investment and residency transformation.