Time is of the Essence - Programme Changes
There are several investor visa programme changes due to take place over the coming months. Whilst there is still three months to go until most of these deadlines, it is important to note that in reality there is only a 4-6 week window left to initiate the process to prepare and submit your application in time. Below are the latest updates:
Saint Lucia Citizenship by Investment – LTO Ending
In a response to the pandemic, Saint Lucia introduced a new investment route in May 2020 named the Covid-19 Relief Bond. Applicants choosing this route are required to invest a minimum of $250,000 for a single applicant or $300,000 for a family of four. The bonds, which are at 0% interest need to be held for five years and following this period, can be liquidated. The programme, which has proved very popular, was originally due to expire in December 2020, but the Government decided to renew the limited time offer for a further year. We are now just three months away from the expiry date. There are no announcements yet from the St Lucian Citizenship by Investment Unit whether they will extend it again, or it will expire as planned, but according to information on the official CIU website, the programme is still stated to expire as of December 2021. If you are considering this route, now could be the last opportunity to apply.
Saint Kitts and Nevis Citizenship by Investment – LTO ending
Saint Kitts has also been running a Limited Time offer over the last year which is due to expire in December 2021. The offer allows families of up to four individuals to apply for citizenship with a reduced contribution of US$150,000 into the Sustainable Growth Fund, as opposed to US$195,000. This offer makes Saint Kitts one of the most affordable options in the Caribbean for families of four. Again, there has been no official announcement from the Saint Kitts CIU yet on whether the offer will be extended or expire, but the government’s website still states an expiration date of December 2021.
Portugal Golden Visa Programme (ARI) – Legislation Changes
Portugal’s popular Golden Visa programme is still very much open for business, however, the legislation is set to change in January 2022. From next year, only properties within the interior of the country will qualify under the new Golden Visa legislation. The Government are introducing this change in a bid to spread investment throughout the whole country and disperse highly concentrated areas of investment, which has been mainly focused in Lisbon, Porto and the Algarve.
For investors keen to secure real estate under the current legislation and take advantage of the last chance to buy real estate in Lisbon, Porto or the Algarve, time is of the essence and you will need to start the process ASAP to meet the December cut off. An investor will need to have completed the real estate transaction, obtained their Portuguese tax ID number and set up their Portuguese bank account in order to submit their Golden Visa application. All of this can take a minimum of 6-8 weeks, so it is crucial to initiate this process within the coming weeks to be able to finalise by the end of the year. Our experienced team will of course assist with every aspect of the process, which can be completed remotely for ease.
For those who are not in a position to move forward immediately then it may be worth turning your attention to investment options in the interior of Portugal in areas such as Braga or Evora which will qualify under the new legislation from January 2022. We already have a selection of projects available in these alternative locations.
Montenegro Citizenship by Investment – Programme Closing
Montenegro’s Citizenship by Investment programme is expiring at the end of December 2021. The programme was initially launched in 2019 for a three year period only. In March, the Government of Montenegro announced their decision to close the programme, as planned, at the end of the three years. The programme requires investors to make a donation of $100,000, plus purchase a government-approved real estate project at either €250,000 or €450,000, depending on the region. There is still time to apply, but not much, so interested parties will need to initiate the application in the coming weeks in order to hit the pending December deadline.
If the last few years have taught us anything, it is that programmes and life can change in a flash. With any programme, it takes time to prepare an application and gather all the required documentation, such as police reports, personal documents and financial documents. The average application can take 6-8 weeks to prepare prior to submission. Do not hold back and miss out on the above opportunities. Initiate your ”Plan B” citizenship or residency application today to take advantage of the current terms.
For more details and a free consultation with one of our experts, please contact us.
