We continue to feature current developments in immigration in the span of one week! Today we will discuss the ranking of the most profitable citizenship-by-investment programs, new financial achievements of Vanuatu, the slump in the UK golden visas, and reasons behind renunciation of US citizenship by Americans.
- 1 Vanuatu breaks financial records receiving more than 100 CBI applications per month
- 2 Abysmal record: number of Americans that renounced the US citizenship has soared
- 3 Malta: reasons behind refusal to grant citizenship by investment will not be made public
- 4 The 2019 results: ranking of citizenship-by-investment and residency-by-investment programs
- 5 Demand for the UK golden visas has hit all-time lows
Vanuatu breaks financial records receiving more than 100 CBI applications per month
According to a report by the Vanuatu Department of Finance and Treasury, the revenue from citizenship by investment amounted to 7.01 bln Vanuatu vatu (US$ 62.6 mln) in the first half of 2020. The program brought 5.36 bln Vanuatu vatu in the same period a year earlier, which is 32.2% less than the current value.
Ronald Warsal, chairman of the Vanuatu National Citizenship Commission, confirmed that the agency approves over a hundred applications every month.
Let us note that Vanuatu CBI program is in demand among investors due to its promptness. Vanuatu Citizenship can be granted within just 2 months; and our own achievement is 6 weeks. Please contact us via our chat window to get the detailed presentation of the program.
Abysmal record: number of Americans that renounced the US citizenship has soared
According to a research by Bambridge Accountants, more than 5,800 citizens renounced the US citizenship in the first six months of 2020, which is 1,210% more than in the first half of 2019. Over the past year, renunciation of American citizenship was recorded in 2,072 cases.
Researchers associate the spike in renunciation with the unfavorable political environment and inability of the authorities to develop effective methods to combat the COVID-19 pandemic.
One of the most common reasons for renouncing US citizenship is high tax burden. US citizens who renounce their citizenship by birth consider Caribbean passport programs with increasing frequency. What are the differences between the Caribbean programs and what issues can be solved by the second passport? Fill in Contact Us form and book a free consultation with our expert.
Malta: reasons behind refusal to grant citizenship by investment will not be made public
The Government of Malta has rejected a series of amendments to the citizenship by investment program earlier proposed by the opposition. Thus, names of investors and their family members who receive the passport will not be published in a special list.
However, the names of everyone who acquired Malta citizenship through naturalization or through a citizenship by investment program will still be listed on the official website.
The opposition also offered to make public the reasons why the applicants were denied citizenship by investment. Nevertheless, the authorities rejected this initiative as well. According to Alex Muscat, the Parliamentary Secretary for Citizenship and Communities, names of denied applicants are subject to publicity; however publication of reasons behind the refusal may harm national interests.
Please note that in addition to its CBI program, Malta also has the permanent residency by investment program. It is important to take into account the fact that Malta has the highest refusal rate in the immigration by investment market. Contact us and we will tell you about alternative EU programs in more detail.
The 2019 results: ranking of citizenship-by-investment and residency-by-investment programs
The total revenue of the most in-demand immigration-by-investment programs amounted to more than US$ 10 bln. The most profitable was the American EB-5 Immigrant Investor Program (US$ 1.8 bln). The Cyprus CBI program was the second best (US$ 1.4 bln), and the Portugal Golden Visa was the last in the top 5 (US$ 885 mln).
The Greek residence permit program with a revenue of US$ 835 mln ended up in the middle; and the ranking was rounded out by Vanuatu (US$ 105 mln) and such Caribbean countries as Antigua and Barbuda (US$ 99 mln), Grenada (US$ 61 mln), and Saint Lucia (US$ 23 mln).
The Migronis consultants will help you gain insight into a variety of CBI and residency-by-investment programs, as well as select the jurisdiction that suits your requirements the best.
|1||EB-5 Immigrant Investor Program (USA)||US$1.8 bln|
|2||Cyprus Citizenship||US$1,483 mln|
|3||Turkey Citizenship||US$1,343 mln|
|4||The UK Residency Program||US$959 mln|
|5||Portugal Golden Visa||US$885 mln|
|6||New Zealand Investor I and II Visas||US$860 mln|
|7||Spain’s Residence Permit||US$850 mln|
|8||Greece’s Residence Permit||US$835 mln|
|9||Australia Golden Visa||US$703 mln|
|10||Malta Citizenship||US$280 mln|
|11||Vanuatu Citizenship||US$105 mln|
|12||Antigua and Barbuda Citizenship||US$99 mln|
|13||Grenada Citizenship||US$61 mln|
|14||Thailand Golden Visa||US$42 mln|
|15||Saint Lucia Citizenship||US$23 mln|
Demand for the UK golden visas has hit all-time lows
23 main applicants and 40 family members received the UK Golden Visas in the second quarter of 2020. The Home Office did not reject any applications. Between April and June, UK revenue from the investment program was £ 46 mln, which is the lowest financial performance since 2011 and half the result of the first quarter.
According to the government, such a drop in demand is attributed to closed border and economic crisis caused by the pandemic.
Do you wish to have visa-free access to the US? This is possible if you have citizenship of one of the Caribbean countries. Some programs even enable you to go through the necessary formalities in the remote mode. You can contact our experts for the details by filling out the form on our website.