Recently, Worldway Immigration Agency authoritatively released the "Top 10 Immigration Events of 2016," which has garnered significant attention from numerous domestic media outlets and journalists. Major media platforms such as CNR, China.org.cn, NetEase, iFeng, and JRJ.com have widely reported on it, making it a focal point in the industry.
The global immigration industry experienced significant ups and downs in 2016. The U.S. investment immigration program was extended again, the UK voted for Brexit, Donald Trump won the U.S. presidential election, Canada introduced a series of new immigration policies, and the implementation of the CRS brought passport programs into the spotlight. With the strengthening trend of asset allocation, choices for investment immigration have become increasingly diversified. We are now presenting the "Top 10 Immigration Events of 2016" as authoritatively released by Worldway Immigration Agency, allowing us to review those events that captured the attention of both the industry and investors alike.
1. U.S. EB-5 Regional Center Program extended again
After the "U.S. EB-5 Regional Center Program" expired on September 30, 2015, it underwent three short-term extensions before being successfully extended to September 30, 2016, without any changes. This year, influenced by factors such as the U.S. presidential election, the EB-5 Regional Center Program twice "piggybacked" on the federal government's temporary budget appropriation bills. After a brief extension to December 9, 2016, it was extended once more to April 28, 2017, without any changes. However, discussions regarding EB-5 reform have never ceased. Issues such as the redefinition of TEA and increases in investment amounts remain under intense debate in Congress.
2. Donald Trump elected U.S. President, potentially pushing for the strictest immigration policy in history
Donald Trump successfully won the U.S. presidential election and may push for immigration law reform and implement the strictest immigration policy in history. During his campaign, Trump stated that he would base U.S. immigration reform on ensuring job opportunities, wage levels, and security for Americans. Trump indicated that immigration policy needs to prevent new immigrants from competing with Americans for jobs; he will select immigrants who identify with American values and the Constitution and support Americans, and will suspend immigration applications from certain countries. At the same time, he proposed ten goals for immigration policy, claiming it to be the strictest in history.
4. Canada announces multiple immigration policies, welcoming favorable changes
Canadian investment immigration saw the announcement and implementation of several new policies in 2016. The Quebec Immigrant Investor Program reopened at its original price with a quota of 1,900, of which 1,330 spots were allocated to the China region (including Hong Kong and Macau), an increase of 130 compared to the previous year. Quotas for federal programs, Quebec programs, and family reunification categories all increased. Skilled worker immigration introduced additional scoring items and relaxed eligibility conditions. Furthermore, changes regarding naturalization time, the age of accompanying children, and residency requirements for international students before naturalization are expected to be implemented in 2017, marking a new era of comprehensive benefits for Canadian immigration.
5. European land investment becomes a new hotspot for immigration investment
Since the formulation and promotion of investment immigration policies in European countries, the development of European immigration real estate has been facilitated. In 2016, European estates, estate properties, and land became investment categories of interest for Chinese immigrants. With the relaxation of investment immigration policies in European countries, investors have shifted from simple real estate investment to focusing on immigration projects with land investment concepts, such as agricultural land in Portugal suitable for building estates, and development-ready building land projects in Cyprus. By investing in scarce, value-preserving, and inheritable estate properties, agricultural land, and building land, investors can not only obtain immigration status in EU countries but also realize three dreams for Chinese investors: the "landlord" dream, the "estate" dream, and the dream of an internationalized lifestyle.
6. Refugee crisis hits Europe, immigration policy triggers Brexit
In 2016, a large number of refugees flooded into EU countries, causing dissatisfaction among member states and placing immense pressure on the social security and economy of the EU. At the same time, a large influx of Eastern European citizens into the UK, competing for social welfare and job opportunities, sparked dissatisfaction in the UK, leading to a national referendum to leave the EU. As a popular immigration destination, the UK has always implemented relatively strict immigration policies, and many investors wishing to immigrate to the UK rushed to do so before the UK officially left the EU.
7. Relaxation of Cyprus's Citizenship by Investment Program triggers market frenzy
On September 13, 2016, the government of Cyprus announced another update to the Cyprus Citizenship by Investment Program, lowering the minimum investment amount required by the citizenship law to 2 million euros, canceling the requirement for group submissions, and allowing parents to also become passport applicants. A single family can complete the investment to obtain Cyprus passports for the whole family. Because Cyprus is an EU member state and a Commonwealth country, obtaining Cyprus citizenship is equivalent to being an EU citizen, allowing one to "curve" into the UK as an EU citizen before the UK officially completes Brexit. The Cyprus Citizenship by Investment Program has become an EU fast-track naturalization project with simple investment methods and fast approval times. At the same time, the plan allows for investment in developable land and exempts real estate taxes and income tax on the appreciation of real estate upon sale. The relaxed Cyprus Citizenship by Investment Program has triggered a market frenzy.
8. Philippine President's visit to China eases China-Philippines relations, Philippine retirement immigration receives renewed attention
At the invitation of Chinese President Xi Jinping, Philippine President Rodrigo Duterte paid a state visit to China from October 18 to 21. National leaders including Xi Jinping, Li Keqiang, Zhang Dejiang, Zhang Gaoli, and Foreign Minister Wang Yi met with President Duterte and his delegation, and 13 important documents were signed. On the morning of the 21st, Duterte met with several well-known Chinese entrepreneurs at the Grand Hyatt Beijing, where heads of Chinese immigration agencies were also invited to attend. Duterte's trip to China not only eased China-Philippines relations but also brought the Philippine retirement immigration program back into the spotlight for investors.
9. 101 tax jurisdictions participate in CRS, Commonwealth investment citizenship projects become popular
101 tax jurisdictions, including China, are participating in the CRS to implement the automatic exchange of information on financial accounts for tax purposes. Against this backdrop, Commonwealth passport programs with global tax avoidance functions, including those of Antigua and Barbuda, Saint Kitts and Nevis, Dominica, and Vanuatu, have attracted the attention of global investors. The Antigua passport program, which promises repayment in five years, and the low-investment Dominica passport program are particularly popular. The Prime Minister of Dominica has visited China twice to promote the fast-track naturalization project and has met with executives of Chinese immigration agencies twice. Because Commonwealth passport programs have fast approval times—with the fastest taking only 20-plus working days—and require relatively low investment amounts to quickly obtain passports for the whole family, the global tax avoidance advantages of Commonwealth passports have become prominent under the implementation of CRS in 101 countries, attracting the attention and enthusiasm of investors.
10. Hungary's government bond immigration program suspended, European real estate immigration becomes increasingly mature
In November 2016, the Minister of the Prime Minister's Office of Hungary announced the suspension of the government bond immigration program. After the suspension of obtaining immigration status through bond investment, European real estate immigration remains the mainstream market for European immigration. Since the launch of European real estate immigration in 2012, countries such as Cyprus, Portugal, Greece, and Spain have successively relaxed their real estate immigration policies. Investors have purchased large amounts of real estate to obtain immigration status, leading to rapid market development and increased volatility in housing prices. After four years of development and adjustment, the European real estate immigration market has returned to rationality and is becoming increasingly mature and standardized, with real estate investment becoming a popular investment category for European investment immigration.
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