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- Tajick: Remembering the Dead Part 1 – Residence by Investment Programs of Yore.
This week, we look at residence by investment programs colloquially called golden visas that are no longer with us. As we enter , the investment migration industry is surfing confidently on a rising tide of both demand for and supply of residence and citizenship by investment RCBI programs. Hong Kong granted formal approvals to nearly 35, main applicants, the vast majority of whom were Chinese nationals with permanent residence abroad. Why Chinese nationals with permanent residence abroad? This rule had the unintended effect of leading the investment migration industry to look for ways around it, which it found in Africa, where permanent residence permits were made available at bargain-basement rates.
As interest rates dropped, the CIES — which saw most of its qualifying investments come in the form of bank deposits and bonds — became less attractive for the city-state from an economic policy point of view and the program eventually closed in January The program reached its high water mark amid the Hong Kong emigration wave of the early nineties; over 12, individuals were admitted under the program in Vancouver, for the total existence of the CIIP, welcomed more than half of all immigrant investors in the whole country.
The federal government instated a moratorium on the program two years later, pending an evaluation of the performance of the program, and finally shut it down in , scrapping a backlog of nearly 40, active applications , an act that led to lawsuits from Chinese immigration agencies.
Remembering Residency at The Watermill Center, A Laboratory for Performance Art — Anna Telcs
Five years on, the investment was returned to the intermediary company, who in turn repayed the program investor. These five companies came under criticism for opaque practices and for having incorporated in jurisdictions viewed as tax havens.
Between and , 6, third-country nationals and their 13, family members were granted permanent residence permits under the program. The overwhelming majority of investors came from China.
Many residence programs have closed only to later resurface following a process of rebranding and renaming. We will not share your email with anyone. Password must be at least 8 characters. Show or Hide the password you are typing.
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