Portugal’s Govt. Backpedals on Golden Visa: “No Need to Cancel” as Changes Won’t Take Effect Until 2021
The happy news comes just as Portugal’s SEF reports the program has passed the historic EUR 5 billion revenue milestone.
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Europe
Cyprus to Enshrine CIP in Law and Put Applications on Hold in the Meantime
Opposition lawmakers say no CIP applications submitted after January 31st can be considered until government presents new regulations in Parliament.
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Portugal GV-Reforms “Not in Force Yet” – Key Questions Unanswered After Parliamentary Session
“We need to be prudent and see what – if anything – happens and then take appropriate measures,” a senior attorney specializing in the program tells IMI.
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5 Strategies for Navigating Portugal’s Upcoming Golden Visa Reforms
Major changes are coming to the Portugal Golden Visa. Hakan Kodal offers five suggestions for how stakeholders can survive the transition.
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Legal Technicality Holding Up Cyprus’ Revocation of 26 Citizenships
Cyprus intends to revoke at least 26 citizenships granted under the country’s CIP. That effort, however, has so far been stymied by Cyprus’ citizenship law.
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Vietnamese Investors Account for 1 in 3 Latvia Golden Visas in 2019
Latvia’s residence by investment program logged marginal gains in 2019, but Vietnamese appetite for the business investment option remains strong.
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Malta IIP Not Going Anywhere, New PM Affirms – Opposition to Sit Out Regulator-Appointment
Malta’s Opposition does not want to engage in MIIP-reform talks with the new PM, Robert Abela, who has indicated he has no plans to end the program.
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Portuguese Govt. Moves to End Golden Visas for Lisbon and Porto
Mendes, leader of the Socialist bench, said her party would do away with golden visas for hotspots Lisbon and Porto in favor of less developed regions.
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Inefficient Bureaucrats Costing Greece Billions in Lost Golden Visa Revenue Say Practitioners
Greek residence by investment practitioners say program revenue could be more than double its current level if only the country’s Decentralized Authorities weren’t so inefficient.
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Chinese Investors’ Association Says Chinese Will Spend €1 Billion on Greek Golden Visas in 2020
The Association of Chinese Investors in Greece says their countrymen will spend €800 million to €1 billion on Greek golden visas in 2020. Is that realistic?
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Cyprus Nears Visa Waiver Agreement With USA, Says Foreign Minister
The Cypriot Foreign Minister has told local press he expects new developments this year with regards to a visa-waiver agreement with the United States.
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French Court Orders TV-Channel to Share Raw Footage From Chetcuti “Sting”
A French criminal court has forced France’s M6, under penalty of daily fines, to share the raw footage, which plainly reveals deceptive editing.
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Greek Golden Visa Has Raised Some €2 Billion From Almost 19k Participants
Having already beaten all European records in 2018, there was little left for Greece to outperform in 2019 but its own achievements, which it did by 34%.
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Portugal Realtors’ Association Urges Caution on Golden Visa Reform
“I would not be shocked if [in Lisbon and Porto], the minimum investment requirement went from EUR 500,000 to EUR 1m,” says the President of APEMIP.
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As Cyprus CIP-Demand Dips, Banks Hesitate to Finance Luxury Towers, But Domestic Demand is Bullish
As CIP-demand slows, luxury developers are most likely to take the brunt of the impact while the overall market continues on a modest upward trajectory.
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1 in 4 Portugal Residence Investors Now Opt for Alternative Assets
The share of investors who pick options other than the conventional EUR 500,000 property purchase has more than tripled in the last three years.
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UK Tier 1 Firms in Hot Water Over Self-Serving Investment Advice
One firm’s director lent more than GBP 100 million to UK Tier 1 applicants on the condition they invest it in a company controlled by his wife.
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Cyprus CIP Agents Have Until Feb 15 to Prove 2013-18 Clients Maintained Investments
Service providers must provide papers proving all their clients going back to 2013 kept their investments according to the requirements by February 15th.
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Court Impels Portugal’s Govt. to Share Detailed Golden Visa Data (Including Some That Don’t Exist)
Transparency International has won a court case that will compel Portuguese authorities to share more data on the golden visa program.
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Montenegro Enacts Crucial Amendment to CIP Rules, Admitting Minor Dependents
Montenegro’s Citizenship Act had a critical inadequacy; it did not allow those minors, or even adult dependents, to obtain citizenship by investment.
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