About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

1 1 (October 25, 2019)

handle is hein.crs/govbbnw0001 and id is 1 raw text is: Congressional Research Service ~I tormng th legislative debate sin~ce 1914 October 25, 2019 The Changing Landscape of Immigrant Investment Programs Immigrant investment programs (liPs), also known as golden visas, golden passports, and citizenship-or residency-by-investment (CBI, RBI) programs, among other names, are distinct from other immigration channels-such as family ties or employer sponsorship-in that the applicant is required to make a financial contribution for the benefit of the host nation. Criteria and expectations range widely across programs, yet all IIPs grant an immigration benefit to the approved applicant in exchange for a sizable financial contribution to the private or public sector (sometimes both). The first official IIP was established in St. Kitts and Nevis in 1984, followed by one in Canada in 1986 and in the United States in 1990 (P.L. 10 1-649). There are now more than 50 actively promoted IIPs around the world, and more than 100 countries have immigrant investment legislation in place. The number of IIPs has increased by almost 50% over the past 10 years (see Figure 1). Some of the lowest IIP rates are found in North America's Caribbean islands, including the Dominican Republic's RBI, which accepts an investment of at least $100,000. Austria's CBI tops the market rate, requiring an investment of approximately $10 million. Figure I. Growth in Immigrant Investment Programs by Program Type and Region: 1980-2019 a '111wn C rrs1 / -C--- A / 9 1 / Gl 21 EOPE 24 NJ. AMEICA 17 A k 12 ~ AII~i7 Sources: Government websites, various immigration investment consultancy and service provider websites. Notes: The y-axis shows the number of countries and jurisdictions with immigrant investment legislation that offer permanent residency and citizenship, where enactment dates are available. Long-term only and temporary visa programs are not included. Program Types Residency-by-investment (RBI) programs make up the majority of IIPs offered, including those in the United States, Portugal, and Australia. RBI total revenues are estimated to exceed tens of billions of dollars annually. Through a clearly defined process, RBI candidates are granted permanent residence in exchange for a significant economic contribution, which can be extended in some cases to citizenship after a designated period of time. Citizenship-by-investment (CBI) programs make up about a quarter of the current IIPs offered globally, and program revenues are approximately $3 billion annually. Like RBIs, there is an equally delineated process, however, CBIs waive naturalization requirements, such as residency and language proficiency, and grant approved candidates' citizenship in exchange for a substantial economic contribution. CBIs can be found all over the world, including in Grenada, Cyprus, Turkey, Cambodia, Russia, and Vanuatu. Program types vary across countries and jurisdictions. While some countries have legislation in place for investment in exchange for an immigration benefit, the process may not be clearly structured, investment amounts may be decided on a case-by-case basis, or there may be no active promotion of the program by the government, among other variances. These programs-including the CBI in Austria and both the CBI and RBI in Cabo Verde-are generally considered unofficial. Investment Options Private sector investment options aim to stimulate the economy and create jobs. Examples of such programs include the U.S. Immigrant Investor Program (EB -5) and Singapore's Global Investor Program. A small subset of this group admits applicants in exchange for real estate purchases in that country. This option is available in Greece, Spain, Portugal, and Latvia, whose property markets were severely hit by the 2008-2009 financial crisis. Public sector investment options require investors to give money directly to the government in the form of a donation or low-interest loan (i.e., purchase of government bonds). These funds are managed differently across programs, but are typically used for economic development and other public interest purposes. Examples of such programs can be found throughout the Caribbean, as well as in the United Kingdom (UK) and Malta (which requires both a public donation and private investment). Program Effectiveness Experts suggest that the clearest public gains come from programs that encourage financial donations to the government or a national development fund, also seen as cash-for-passports. The overall effectiveness of this htps:!crsreports cong --sq

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Short-term subscription options include 24 hours, 48 hours, or 1 week to HeinOnline.

Purchase Access

Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most