Ireland suspends golden visa program
Ireland's Immigrant Investor Programme (IIP) - commonly known as the "Golden Visa Scheme" - will end on February 15, 2023, in a major blow to Chinese investors. -will end on February 15, 2023, a major blow to Chinese investors. The scheme has reportedly attracted many wealthy Chinese, with even 971 TP3T applications coming from China. In this scheme, foreign investors could obtain a residence permit by injecting €1 million or more into an Irish company or fund. The popularity of this scheme is waning in Europe as more and more countries have begun to restrict or end this form of investor visa program, and Ireland is among them, becoming the second most popular country in the world after theCyprus,Bulgariarespond in singingmalleusThe latest terminated project after the
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Chinese investors dominate
Golden VisaThe program has been around since 2012, but the Irish government has had some concerns over the last year. In particular, in 2022, nearly all applicants were from China. This phenomenon caught the attention of the Irish government and sparked controversy, especially in some of Ireland's mainstream media. Although Ireland is not the only country facing this situation, Chinese applicants are applying for golden visas in Ireland in far greater numbers than any other country. In contrast, Germany, Spain and Portugal have far fewer Chinese Golden Visa applicants. This phenomenon has raised some concerns and the Irish government has begun to revisit its Investor Residency Program to ensure that its administration is transparent and regulated.
The European Golden Visa: a shortcut to EU citizenship or a rich man's club?
The main problem with the Golden Visa program is that it is considered a shortcut to EU citizenship. More and more affluent Chinese are looking for new investment opportunities, and due to the devaluation of the RMB, the emergence of purchase restrictions and uncertainty about the future of the Chinese economy, investment visas are becoming an increasingly popular option. In fact, Chinese nationals are the main source of European Golden Visa holders, especially in Portugal andGreeceand other southern European countries. However, there are many problems with the Golden Visa program in Europe.
Differences between home-buying immigration from Caribbean countries and the EU Golden Visa: price rises and social responsibility issues
The EU's Golden Visa program is widely regarded as a shortcut to fast-track EU citizenship, but the program faces many problems. On the one hand, investors usually obtain visas by investing in real estate or other assets, which can lead to an increase in local prices, thus affecting the lives of local residents. On the other hand, some fear that such visas provide an opportunity for the capitalist class to evade social responsibility by allowing them to avoid taxes and other obligations in the host country. In contrast, the European Union's home-buying immigration program, unlike similar programs in Caribbean countries, allows investors to easily obtain resident status while not having to invest in government-mandated projects. Most Caribbean countries require that foreign investors wishing to obtain resident status mustInvest in tourism-related real estate projectsThe Caribbean countries have also been able to develop a number of programs in order to enhance economic development and ensure a job market for local people. This is why similar programs in the Caribbean countries can be sustained for more than twenty to thirty years, as Caribbean countries have moreUseful policies. In contrast, most investors in EU Gold status are primarily looking for benefits such as zero-payment benefits from Europe and no tax liabilities. In contrast, EU Golden Visa investors are usually primarily seeking benefits such as zero burden and no tax liability, rather than actually investing and growing the local economy.
Safety hazards cause concern
EU looks at golden visa program
Planning for the future, the identity strategy is urgently activated!
Despite the uncertainty surrounding the future of the European Golden Visa Program, the immigration market is always there and remains an attractive option for many seeking status planning. If you want to be more successful in your future status planning, start planning your immigration strategy today! As more and more EU countries begin to review and adjust their investment immigration programs and restrictions for non-EU applicants, now is the time to work with a team of experts to plan your future.
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