2024’s Biggest Investment Migration Cliffhangers

The past year has been one of the most eventful in recent investment migration history.

We’ve had our fair share of policy updates, shifting industry trends, new programs, and more.

2024 also witnessed the conclusions of many of investment migration’s sagas. MSR Media dismissed its RICO lawsuit as abruptly as it launched it, Spain’s golden visa is effectively finished, and the pan-Caribbean MoA is in effect.

There are, however, some stories that have not reached a satisfying conclusion.

In this piece, I’ll cover the biggest investment migration cliffhangers of 2024 that we need answers to, starting with the one that may cause a ripple effect throughout the European citizenship by investment (CBI) landscape.

Will the ECJ rule in Malta’s favor?

The European Court of Justice (ECJ) Advocate General had backed Malta’s case in October.

He had recommended that the court “dismiss the Commission’s action and order the Commission to pay its costs and those of the Republic of Malta.”

Professor Dimitry Kochenov expects the court to align with the Advocate General’s opinion, as it usually does but maintains that nothing is over until the judges deliver their final verdict.

If the ECJ rules in favor of Malta, Kochenov foresees this as a catalyst for more European countries to launch, or at least explore, citizenship by investment programs (CIPs) of their own.

He expects an official ruling in 2025, making this story one of the most potentially impactful ones of the upcoming year.

Will Solomon Island launch its CIP in 2025?

Nauru may have grabbed the headlines by launching a new CIP, but it isn’t the only action brewing in the Pacific.

Two months before Nauru’s announcement, the Solomon Islands revealed that it had completed its first CBI draft bill and opened it to public input before moving it on to Parliament.

We currently have no indication when the Solomon Islands may launch its program, especially considering that the government had initially announced its plan for a CIP in 2020.

Will (and can) France implement citizenship-based taxation?

France’s Finance Committee had adopted an amendment to establish a “targeted universal tax” in October.

This taxation framework, should it eventually become law, would require that French citizens living in lower tax jurisdictions continue to pay taxes to France.

The bill requires passage through both the National Assembly and Senate before receiving presidential approval to become law.

The government has the authority to expedite the process through Article 49.3 of the Constitution, bypassing standard parliamentary procedures.

The Assembly’s composition of 126 National Rally and 193 New Ecological and Social People’s Union deputies may influence this decision.

This story’s ending may go beyond 2025, even if the government expedites it, as it will require modifying 129 bilateral tax agreements.

Changing taxation laws on a citizenship level can prove to be a complex matter, as David Lesperance expertly points out.

What will New Zealand’s revamped Investor Visa look like?

New Zealand has announced plans to revise its  Active Investor Plus Visa.

The government had introduced drastic changes in 2022, including reforms to the investment thresholds and qualification criteria.

Two years on, the government is planning more changes. James Hall of ANZ Migrate expects New Zealand to scrap the English requirement.

He says that the government has already decided on the changes. Finance Minister Nicola Willis has revealed that the government plans to introduce legislation in 2025.

How will the underpaying notice affect Caribbean CBI?

The Saint Kitts & Nevis Ministry of National Security had issued notices to CBI applicants that the government deemed to have invested less than the legal amount, informing them to pay what is owed or risk losing citizenship.

Reports claim that 15 applicants have settled their outstanding amounts, while 80 others are in contact with the government, but 101 applicants remain silent.

This measure follows revocations in Saint Kitts & Nevis, Saint Lucia, and Dominica.

IMI has reached out to Saint Kitts & Nevis to ask whether the government plans to widen its investigation and what the possible consequences may be for agents and developers alike, but the government has yet to respond.

Will the war on dual citizenship escalate in the Gulf?

Kuwait had begun revoking citizenships in August, and in December, the total number of people who lost their Kuwaiti citizenship had grown to over 12,000.

The government listed fraud, misrepresentation, and holding dual citizenship as reasons for revocation.

Among the GCC countries, Saudi Arabia, Kuwait, Qatar, Oman, and Bahrain strictly prohibit holding citizenship in another country. The UAE is the only one that permits dual citizenship, but within certain parameters.

Kuwait has shown no signs of slowing down its campaign, even setting up an autonomous hotline through which people can inform on dual citizens.

The question remains as to whether other GCC countries may follow suit in 2025.