IMI Daily’s Most Read 2024: The Biggest Investment Migration Stories This Year

News about program changes and policy shifts across Europe continues to dominate our top 10 stories in 2024, just as it did the last few years. Yet this year, there’s an evident shift; a broader range of countries and programs are capturing our readers’ attention.

From Russia’s anti-woke residency program and El Salvador’s “free passports” to foreigners to the latest developments in the EU-Vanuatu saga, here are IMI’s ten most-read stories from 2024:

#10 – Russia Launches “Shared Values Visa” for Citizens of “Destructive Neoliberal” Countries

Arguably the world’s first residency visa to mandate an ideological stance, Russia unveiled the “Shared Values Visa” (SVV) in August, targeting individuals who reject “destructive neoliberal ideologies” in their home countries. By lowering bureaucratic hurdles and promoting “traditional values,” the program positions itself as a unique alternative to Western residency schemes.

#9 – Dominica Revokes 68 CBI Passports, Expert Warns of Consequences for “Duped” Investors

Dominica’s July decision to revoke 68 CBI passports sent shockwaves across the investment migration market. The country’s government said these passport holders gained citizenship by fraud or material misrepresentation of facts. Since then, many other Caribbean jurisdictions have revoked fraudulent investors’ passports as the regional industry tightens fraud and due diligence requirements.

#8 – Bulgaria and Romania Join Schengen: Visa-Free Travel by Air and Sea for Residence Permit Holders From April

After years of anticipation, Bulgaria and Romania’s accession to the Schengen Area marked one of the most significant milestones in European mobility this year – possibly bringing a whole new suite of EU investor residency options to life.

#7 – Portugal Amends Nationality Law: 5-Year Naturalization Period Starts From Application Date

Effectively shortening golden visa applicants’ path to citizenship, Portugal’s parliament approved a reform to the nationality law in January, enabling residents to count their five-year naturalization period from the date they applied for residency rather than the date of approval. The policy shift represented a welcome reprieve for golden visa investors hoping to naturalize since they can now count the now-three-year processing period toward their residency requirement, effectively reducing their time to citizenship from eight to five years.

#6 – How Long It Takes to Get Citizenship in 21 Latin American Countries

While Latin America is a small source market for investment migration (thanks to the region’s strong passports and prevalence of EU citizenships acquired through descent), the continent is an attractive destination for investors from elsewhere. The instant popularity of this comprehensive guide to the naturalization paths of all 21 Latin American citizenship is a testament to the strong interest in the region’s citizenships.

#5 – EU Moves One Step Closer to Being Able to Cut Visa-Free Access for CBI Countries

The EU has always had a mechanism to manage its visa-free agreements with other countries. Last March, however, it took steps toward adding the “operation of an investor citizenship” scheme as a new condition it can use to revoke visa-waiver agreements, sparking widespread concern in the market, particularly in the Caribbean CBI industry.

#4 – Everything You Need to Know About Getting Residency in Switzerland

A concise and highly informative article that seems to have tapped into massive interest for Switzerland, this article was actually a sponsored feature, demonstrating that even commercial content can be widely read when it is sufficiently informative. This article dives into the diverse pathways to residency in Switzerland and, crucially, explores the country’s unique tax regimes, including the famous forfait fiscal, which allows wealthy foreigners to pay taxes based on their lifestyle expenses rather than global income.

#3 – EU Commission Proposes Permanent Suspension of Vanuatu’s Visa-Free Schengen

Our top three stories commence with the latest chapter in the multi-year saga between the EU and Vanuatu. In a move that has no historical precedent, the EU Commission in June proposed to permanently suspend Vanuatu’s access to the Schengen Area, citing Vanuatu’s failure to address security concerns. In November, the EU Parliament complied and voted to remove Vanuatu’s Schengen access permanently.

#2 – El Salvador to Offer “5,000 Free Passports” to Highly Skilled Immigrants

Doctors, engineers, scientists—even artists and philosophers—woke up to surprising news earlier this year as El Salvador’s President Nayib Bukele offered “5,000 free passports” to highly skilled professionals, with zero taxes or tariffs. The policy appears to apply merit-based naturalization – citizenships granted by decree to individuals considered of special merit, a type of legal provision found in the nationality laws of most countries – en masse. The announcement quickly went viral, becoming IMI’s second most-read story of the year.

#1 – Canada Introduces Open Work Permits for Start-Up Visa Candidates, But There’s a Catch

Canada’s new open work permit policy for Start-Up Visa (SUV) candidates, the top story of 2024, now lets entrepreneurs awaiting permanent residency work for most employers while building their start-ups. Previously, work permits for SUV applicants had been closed, i.e., limited to the company on which the Startup Visa application was based. However, delays in obtaining an Acknowledgment of Receipt (AOR) before applying raise concerns about competitiveness.

Which investment migration stories will be the biggest in 2025? Here are a few trends and possibilities to keep an eye out for:

• The launch of at least one new CBI program in the Pacific and possibly one in Latin America
• Possible new programs in Europe in the wake of the European Court of Justice’s expected ruling in favor of Malta and against the European Commission.
• New exit taxes in various European countries leading to an exodus of wealthy individuals, similar to what has already been observed in the UK and Norway.
• The looming spectre of mass revocations or collections of outstanding payments for those who bought Caribbean citizenships at a discount (and the potential for lawsuits against providers who facilitated the same).

No matter what 2025 holds for investment migration, you can rest assured the big stories will be covered in detail in IMI.

From our team to yours, Merry Christmas and a Happy New Year!