September 25, 2024 to October 21, 2024
国际移民政策大变动：加勒比统一入籍门槛，欧盟与美国掀遣返风暴
Global capital flows are entering a new wave of change and opportunity. From Montenegro's plan to restart its citizenship-by-investment program — expected to attract over one billion euros in investment — to Taiwan's launch of a "Global Elite Card" that grants permanent residence within a year, policy adjustments around the world are providing more options for the world's high-net-worth individuals. And as the cryptocurrency market's bull run recovers, Dominica's offshore banking license trade is once again making waves, potentially becoming the first banking-license acquisition paid for in cryptocurrency. At the same time, the Solomon Islands is also preparing to launch a fast-track naturalization program to attract international investors. Even more noteworthy is the confidence of Dominica's Prime Minister in the restoration of UK visa-free access. These latest developments will undoubtedly have a profound impact on global identity planning and investment decisions.
Could Montenegro Restart Its Citizenship by Investment Program?
Montenegro is entering the negotiation stage to restart its fast-track naturalization program, which is expected to bring the country over one billion euros in investment. As the former coordinator of the EU visa liberalization process, veteran banker Bojan Bugarin strongly calls for the restoration of Montenegro's Citizenship by Investment Program (CIP), with the necessary adjustments. This program stopped accepting applications at the end of 2023, and of the 2,000 places originally planned, only 850 applications were ultimately approved. Even so, the program still brought Montenegro a direct economic contribution of about €500 million, and a restart could inject another one billion euros into the country.
The Economic Benefits of Citizenship by Investment Programs
Bugarin pointed out that the citizenship-by-investment program not only brought Montenegro significant economic benefits but also directly improved citizens' quality of life. He explained: "Ordinary citizens can directly feel the benefits of economic growth, increased employment opportunities, improved social services, upgraded infrastructure, and better education quality." As of September 2024, the program had approved 850 applications, generating the following economic contributions:
- A combined EUR 84.5 million was raised for the dedicated fund and the innovation fund.
- The national budget grew by EUR 43.5 million.
- Investors committed EUR 243.7 million to development projects, including luxury hotels.
Bulajic further stressed that relaunching the program would help Montenegro strengthen fiscal stability, accelerate economic growth, attract more investment, and enhance the country's competitiveness and economic sustainability,while reducing its reliance on foreign borrowingThe
Legal Challenges to the EU Citizenship Program
However, Montenegro's restart of the program also faces legal challenges from the EU, particularly how the European Commission and its member states respond to this decision, and the program's impact on Montenegro's EU accession negotiations. To mitigate such risks, Bugarin recommends that reputable European institutions conduct comprehensive international due diligence on applicants, drawing on specialized EU agencies where necessary. In addition, strict measures must be taken to guard against the possibility of abuse or money laundering through the program.
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Portugal Golden Visa Residents Surpass One Million, Up 33.6% Year-on-Year
By 2023, family applications for Portugal's Golden Visa surged from 1,588 in 2022 to 2,901, an increase of as much as 83%. At the same time, Portugal's foreign resident population also surpassed one million for the first time, up 33.6% from 2022. To improve the efficiency of status applications, the government plans to launch an entirely new online citizenship application system in 2024, expected to boost processing efficiency by 50%.
In recent years, investors from the United States and the UK have shown growing interest in Portugal's Golden Visa. In just one year, the number of U.S. investors soared from 216 in 2022 to 567 in 2023, a growth rate of as high as 162.5%. Although the UK did not make the list of major investing countries in 2022, demand has risen rapidly, and it is now the third-largest source country of investment for Portugal's Golden Visa, with a total of 234 investors applying for residence through the program.
A Million People Waiting for Citizenship?
According to the latest statistics, the foreign population residing in Portugal has exceeded one million, and many applicants through the Golden Visa program hope to ultimately obtain Portuguese citizenship. Typically, eligible residents must live there for five years before they can apply for naturalization. To speed up the application process, the Portuguese government has launched a brand-new online status application system developed by the Institute of Registries and Notaries (IRN). The system uses artificial intelligence to simplify the process and reduce bureaucratic procedures, and is expected to significantly shorten processing times, with overall processing efficiency potentially improving by 50%. In addition, the naturalization waiting period is counted from the time the first residence permit is obtained.
However, despite this new initiative, many applicants are still in a two-to-three-year waiting period and have not yet received their residence cards, leaving them unable to leave the country. This situation has raised questions about the new system's actual effectiveness and the appeal of the Golden Visa program, and the system's real performance remains to be seen.
Prime Minister Roosevelt Skerrit: Dominica Passport Set to Regain Visa-Free Access to the UK
In early October 2024, at a press conference held at the start of the month, Dominica's Prime Minister Roosevelt Skerrit expressed confidence in the restoration of UK visa-free access for the Dominica passport. He said: "I believe that eventually, we are confident that the visa waiver agreement that we had with the United Kingdom will be reinstated. We are very confident in that."
Dominica and the UK Maintain a Solid Relationship
In July 2023, the UK, citing security concerns, suspended visa-free entry for Dominica passport holders. This move stemmed mainly from the Dominica opposition party's challenge to the citizenship-by-investment program of the Labour Party led by Prime Minister Roosevelt Skerrit, alleging that the program had loopholes. Although the decision by then–UK Home Secretary Suella Braverman appeared rather hasty, bilateral relations between Dominica and the UK remain solid, and the number of visa-free countries for the Dominica passport continues to increase.
In early October 2024, Prime Minister Skerrit held talks with senior UK officials while in Grenada. He said: "We will continue to maintain communication at the political level in order to dispel any concerns they may have. I believe that, in the end, we are confident of restoring the visa-free agreement with the UK."
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Major News! EU Court Rules: Malta May Continue Its Citizenship by Investment Program
A legal opinion published in early October 2024 indicated that the Court of Justice of the European Union may support Malta's "golden passport" program, even though many parties had previously warned that such programs could provide criminals and corrupt officials with a route into Europe. Despite the controversy, Malta remains the only country within the EU that continues to operate a citizenship-by-investment program.
EU Court Ruling May Pave the Way for More "Golden Passport" Programs
This legal opinion was put forward by Michael Collins, Advocate General of the Court of Justice of the European Union, who recommended that the European Court dismiss the legal proceedings against Malta's "golden passport" program. Collins pointed out that although the European Commission considers the program to violate EU rules, member states have the right to decide whether to grant citizenship through a "golden passport" program, provided that strict due diligence is carried out to ensure the program's transparency and legality.
This legal interpretation indicates that, in continuing to maintain their "golden passport" programs, Malta and other member states need only adopt compliance measures to prevent abuse. This development may prompt other EU countries to re-examine or restore similar citizenship-by-investment programs, even though such programs have continually faced legal and ethical questions. Malta currently offers the "Malta Exceptional Investor Naturalisation" (MEIN) program, which includes two options:
- Through investmentsEUR 600,000(math.) genusafter 36 monthsto obtain Maltese citizenship.
- Through investmentsEUR 750,000inafter 12 monthsto obtain citizenship.
The European Commission's legal challenge was not based on the risk of Malta granting citizenship to unsuitable individuals,but rather on the argument that citizenship should be based on a "genuine link" with the country, rather than relying solely on payment or investment. In response, Collins stated in his legal opinion that EU law does not require such a "genuine link," and that member states have the right to decide for themselves who may become their nationals.
Possible Further Actions the EU Court May Take in the Future
If the European Commission loses this legal challenge, it may in the future launch a new legal challenge on other grounds — for example, based on money-laundering or corruption risks — in an attempt to halt the continued operation of Malta's citizenship-by-investment program. Applicants who are then within the planning cycle may face challenges such as conflicts in the naturalization legal framework.
Bracing for the Bull Market: Who Will Win the Caribbean Crypto Banking License?
At the same time, the offshore banking license market regulated by Dominica's Financial Services Unit (FSU) is seeing its first opportunity to change hands. According to sources, one of the potential buyers is an investor of Chinese descent whose focus is on groups obtaining citizenship through citizenship-by-investment programs, as well as Europe'sThe Free Republic of Liberland(Free Republic of Liberland). It is worth noting that the founder of TRON,Justin Sun,has just been elected Prime Minister of the Free Republic of Liberland and continues to serve as an adviser on Dominica's blockchain technology.
The Advantages of a Dominica Offshore Banking License
The offshore banking license issued by the financial services department under the Ministry of Finance of the Commonwealth of Dominica grants banks the right to provide a wide range of financial services, including opening personal and corporate accounts, accepting deposits, issuing bank card products, and conducting international financial transactions. Banks holding this license can not only provide investment advice but also engage in trade finance, serving both individuals and legal entities. More importantly, the license is equivalent to a Class A banking license in other jurisdictions, allowing banks to engage in retail banking, investment banking, and cryptocurrency banking, making Dominica one of the few jurisdictions worldwide that permit cryptocurrency banking.
The 2024 Citizenship by Investment Index Rankings Are Out: St. Kitts First, Dominica Second — But Is the Ranking Being Questioned for the First Time?
In the 2024 Citizenship by Investment Index (CBI Index), Saint Kitts and Nevis once again ranked first among global citizenship-by-investment programs, marking the country's fourth consecutive year at the top. Against a backdrop of increasingly strict global regulation of citizenship-by-investment programs and ever-higher demands for transparency, Saint Kitts and Nevis, with its flexible adaptability, continues to lead among the five Caribbean countries. These five countries include Saint Kitts and Nevis, Dominica, Grenada, Antigua and Barbuda, and St. Lucia.
The CBI Index Scoring Criteria
The CBI Index scores 12 citizenship-by-investment programs worldwide based on nine criteria, covering the following key areas: freedom of travel, standard of living, investment options and thresholds, residence requirements, time to citizenship, ease of processing, due diligence, family policy, and program stability. This year's report is themed "Transparency and Transformation: The Reset of Citizenship by Investment," reflecting the global demand for stricter regulatory frameworks and the emphasis on flexibility against a backdrop of geopolitical and financial turbulence.
The Fairness of the Ranking Is Questioned for the First Time
There is also controversy over program stability. Although St. Kitts's Prime Minister is facing legal risks such as prosecution, the country still received a perfect score of 10 points, while Dominica, Antigua, and Grenada received only 8, 7, and 7 points respectively. This scoring result further deepened doubts about the fairness of the CBI Index.
Stronger Regulation and Greater Transparency
This Citizenship by Investment Index ranking not only raised questions about the scoring standards but also prompted a re-examination of the transparency and fairness of global citizenship-by-investment programs. As regulation intensifies and demands for transparency grow ever higher, how these programs respond to outside scrutiny will be key going forward.
Solomon Islands Plans to Launch a Fast-Track Citizenship Program
The Solomon Islands government recently completed the first draft of its Citizenship by Investment Bill, an important development since the plan was first disclosed in 2020. Prime Minister Jeremiah Manele announced in parliament that the bill is one of the priorities of the government's 100-day plan and is regarded as a "transformative policy" in national unity and transformation. The government is currently working to develop an appropriate regulatory framework to ensure the program's smooth implementation. Under the proposed plan, foreign investors and their family members who meet strict due diligence requirements would be eligible to obtain ordinary Solomon Islands passports, safeguarding the program's transparency and accountability.
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Public Consultation Is Still Required
Demand for Passport Programs Is Shifting
Head of CIP-Funded Housing Project Arrested, Sparking Strong Public Reaction in St. Lucia
St. Lucia's Prime Minister Philip J. Pierre said this week that, despite ongoing controversy surrounding the Rochelle housing development project, the government will continue to advance it. The project is being developed by Bemax LLC, a private construction company from Montenegro, but its former head Aleksandar Mijajlovic was arrested on suspicion of organizing cigarette smuggling, sparking a broad public reaction.
Transparency of CIP-Funded Projects Called Into Question
Permanent Residency in Taiwan in One Year! New Global Elite Card Offers "Citizen-Like" Benefits
In October 2024, Taiwan announced that it expects to launch a "Global Elite Card" and a "digital nomad visa" program to address future labor shortages. According to projections from the National Development Council (NDC), Taiwan's labor shortfall is expected to reach 350,000 people by 2028. To fill this gap, Taiwan plans to attract 200,000 international workers, including 120,000 foreign professionals and 80,000 skilled workers.
Taiwan Global Elite Card: Permanent Residency Within 12 Months
Amendments and Legislation
Chinese Citizens Cannot Benefit from the Global Elite Card or the Digital Nomad Policy
Under the current Act Governing Relations Between the People of the Taiwan Area and the Mainland Area, and the policies of the Democratic Progressive Party currently governing Taiwan, persons holding mainland Chinese household registration cannot participate in Taiwan immigration or residence policies, including the "Global Elite Card." In addition, mainland Chinese investment in Taiwan is strictly restricted, so Chinese citizens also cannot obtain related residence or investment opportunities through these policies.
St. Vincent Plans to Launch a Citizenship by Investment Program in 2025
St. Vincent plans to launch a citizenship-by-investment program in 2025. The New Democratic Party (NDP) of Saint Vincent and the Grenadines has pledged that, if it wins the November 2025 general election, it will introduce a citizenship-by-investment (CBI) program. Currently, the St. Vincent passport ranks 23rd in the world and provides visa-free access to 157 destinations worldwide, including the EU, the UK, South Africa, and the UAE.
Joining the Memorandum Signed by the Eastern Caribbean
Conclusion
Countries around the world have made a series of important adjustments to their citizenship-by-investment policies, reflecting shifting trends in global capital and identity planning. Taiwan's "Global Elite Card" program allows eligible foreign professionals to obtain permanent residence within one year, attracting global elites; the Solomon Islands also plans to launch a fast-track naturalization scheme, reflecting how more and more opportunities are waiting for those with the ability to seize them.
New Opportunities and a New Global Strategy
Meanwhile, the bullish boom in the cryptocurrency market continues to fester and Dominica's offshore banking license deal, which could become the world's first banking license acquisition paid for in cryptocurrency, is in the spotlight. Additionally, Dominica's Prime Minister Roosevelt Skerrit is confident that the reinstatement of the visa waiver agreement with the United Kingdom will further enhance the appeal of Dominica's passport.
These global policy changes have not only provided HNWIs with more identity planning and investment opportunities, but have also given new impetus to national economies. Against the current backdrop of increased global economic and geopolitical uncertainty, the need for flexible identity allocation and global mobility is becoming particularly important. We will continue to provide you with the latest analysis and reports, as well as professionalconsultativeIt helps you to cope with as well as layout globalized identity configurations.
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Dominica Citizenship by Investment Program
- Established in 1993, the Dominica Citizenship by Investment Program is one of the oldest such programs in the world.
- Passport ImmigrationNo interview is required of applicants
- Immigration can be processed quickly, in approximately 2 to 3 months.
- The most cost-effective program for single applicants
- Citizenship can be passed down permanently to future generations in the direct line.
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