Are you looking for a country that offers a suitable citizenship-by-investment program to obtain a second passport as part of your Plan B arrangements? If you have studied the information on available possibilities, you may be interested to find out that 2024 will be a year of changes in this industry. Some new opportunities will come into existence, while other ones will disappear. Some programs will continue to exist, but the required investments will be higher. It is hard to make any predictions as the situation in the world is a bit shaky, but we will try to outline the tendencies we clearly see. Discover our portal to find out more on citizenship-by-investment programs in 2024 or talk to a professional using the live chat (it’s free!).
Caribbean CBI Programs: Prices Will Rise
It was a real shock in the market last year when St. Kitts and Nevis increased the investment amounts by two times and also raised the required administrative costs. And it seems to be just the first sign of changes.
Experts say that other Caribbean countries that offer citizenship-by-investment programs are highly likely to do the same. St. Lucia, Dominica, Grenada, and Antigua and Barbuda – all of them are expected to raise administrative fees, increase the due diligence fee, and double the amount of required investments.
Hungary: New to the Market
The Hungarian authorities have adopted a new law to regulate the immigration process for people living outside the EU and EEA. It envisages guest investor visas for foreigners among other things.
The application process was first expected to be launched in September 2024, but later the start was rescheduled to 2024. Experts say that we should expect the country to launch the project in the near future as it needs to attract as much foreign capital as it can to boost its economy. Investors who want to qualify need to buy real estate in Hungary that costs at least 500,000 euros.
Quebec Program Is Back
Quebec is planning to return its economic citizenship program officially referred to as the Quebec Immigrant Investor Program (QIIP). However, experts doubt that it is going to be in great demand as it sets more stringent requirements than before. Investors who do not speak French are not eligible, which definitely limits the range of those who will find the program appealing. At the same time, Francophone investors may be interested in the offer.
UK E-Visa for Dominican Citizens
Dominica was dealt a sudden heavy blow last year when its passport holders lost the right to enter the UK without a visa. Visa-free access to numerous countries (especially major ones) is the basis for attracting economic citizenship program applicants, and the loss was sensitive.
However, the local authorities did not give up, and they are currently holding negotiations with UK official bodies to obtain the right for Dominican citizens to enter the country with an e-visa. The opportunity will be accessible when the final testing of the new Electronic Travel Authorization (ETA) system has been completed.
The UK is going to provide the e-visa opportunity to a number of countries soon, including the United Arab Emirates, Saudi Arabia, Oman, Kuwait, Jordan, and Bahrain. Dominica may be included in the list later on.
High Demand for US EB5 Visa
It was at the end of 2023 that the EB5 investor visa program started to gain popularity, and the demand for this kind of visa is expected to grow exponentially. The American authorities have done a great job making the regulations more applicant-friendly, and the application processing will hopefully take less time now.
EB5 investor visas are extremely popular with the citizens of India, and the demand for them may demonstrate an even more dramatic growth as the country quotas lose their importance. The applicants from India had to wait for 4 to 5 years to get their application processed, and this figure dropped to 1.5 years. Non-resident investors may expect their applications to be processed even more quickly if they invest in US agricultural products.
Dubai Golden Visa Popularity to Increase
In 2023, the Dubai real estate market increased by 5.8%, and it was also a good year for the number of golden visas granted to foreigners as it reached 1,500. This tendency is expected to remain unchanged as non-residents will continue to be interested in the jurisdiction that offers economic stability, political neutrality, low tax rates, and an excellent infrastructure.
Changes in Turkey
There are a lot of rumors that the price of Turkish economic citizenship is going to rise. The first price increase took place in 2022 when the investments in real estate went up from 250,000 to 400,000 US dollars. However, this did not result in any demand drop, and Turkish citizenship by investment is as popular as ever.
In addition, the Turkish official bodies are planning to start a residence-by-investment program with the investment amount expected to reach 300,000 to 350,000 US dollars (according to unofficial data).
New Economic Citizenship Programs to Appear
Eastern European countries may launch new citizenship-by-investment programs. Montenegro’s program was a short-lived undertaking that enjoyed modest demand at the start, but it grew substantially by the end of 2022 when it was closed. Moldova offered its program that also attracted some foreigners.
Albania is working on amendments to its laws which will make it possible for the country to start a citizenship-by-investment program of its own. The local authorities made a meticulous analysis of the products offered by Moldova and Montenegro and are planning to make their offer more attractive.
South America is also believed to be a promising continent for launching citizenship-by-investment programs. For instance, Suriname’s authorities have announced their intention to administer such a program. Experts are also closely monitoring Argentina as the ambitious reformer who came to power in the country may initiate a local program as well.
If you want to get a second passport, it’s definitely better not to delay the matter. If you follow the above link, you will be able to book a free session with an expert to discuss the situation and get a list of handpicked programs that will suit you best. We keep our finger on the pulse, so you can contact us for the latest updates!
