Looking back at 2023, immigration policies in many countries (regions) around the world have undergone constant changes, attracting widespread attention. Reviewing the immigration highlights of the year, WorldWay Group, after careful research and analysis, and having consulted with immigration professionals and investors from relevant countries, has selected the "Top Ten Immigration Events of 2023" to share with investors and the industry, adhering to the principles of being "objective, fair, authoritative, and professional." This is also the tenth consecutive year since 2014 that WorldWay Group has summarized the major annual events in the immigration industry.
1. I-526E petitions under the new U.S. investment immigration law are being approved, and EB-5 visa-exempt projects are popular in the market
2023 was the second year of implementation following the new U.S. investment immigration law, and the market has seen a succession of approved I-526E cases, drawing the attention of EB-5 investors. Since June 2023, I-956F approvals for new projects have been issued by USCIS; in July 2023, the first I-526E for a rural TEA project under the new EB-5 law was approved, taking only 11 months from filing to approval. Since then, I-526E petitions for rural projects, which enjoy priority processing by USCIS, have been approved one after another; in September 2023, the first I-526E for an urban TEA project was approved. According to data from the official USCIS website, the average processing time for I-526 petitions for EB-5 applicants born in mainland China under the old law was 86 months. In 2023, 20% of the EB-5 visa set-asides were reserved for rural TEA projects and 10% for urban high-unemployment TEA projects, both of which are currently in a visa-exempt status. This has prompted investors under the new law to choose visa-exempt projects, accelerating the popularity of EB-5 visa-exempt projects in the 2023 immigration market.
2. USCIS releases new policy guidance for EB-5 investment immigration, clarifying a minimum investment period of 2 years
On October 11, 2023, USCIS released the latest policy guidance for EB-5 investment immigration, clarifying that the minimum investment period for EB-5 under the new law is 2 years. This is the first time USCIS has made a clear provision regarding the lower limit of the EB-5 investment period, which has caused significant repercussions and debate in the market. According to the new law, EB-5 applicants after March 15, 2022, only need to maintain the investment for two years, provided that the required jobs have been created; applicants before this date must continue to follow the original regulations, maintaining the investment for two years after receiving their conditional green cards. The release of this latest policy guidance brings major benefits to EB-5 investors under the new law, eliminates the need for reinvestment, accelerates the return of capital to investors, and is one of the greatest safeguards for investors.
3. Immigration policies in many Canadian provinces are frequently adjusted, with screening requirements continuously increasing
In 2023, immigration policies in many Canadian provinces were frequently adjusted, as evidenced by the following: for example, the screening scores for the general category of the British Columbia (BC) Employer-Sponsored stream rose all the way from 101 at the beginning of the year to 116 at the end of the year; the screening scores for the Saskatchewan Entrepreneur stream rose from 80 at the beginning of the year to 120 at the end of the year. In addition, many programs added or introduced screening for specific occupations, such as the BC Provincial Nominee Program (PNP) adding screening for construction industry positions; the Manitoba PNP introduced screening for specific occupations and implemented normalized screening for them; Ontario's Employer-Sponsored stream screening was targeted at specific positions such as IT, healthcare, and skilled trades; the Canadian federal Express Entry (EE) program introduced screening for specific occupations, such as STEM, healthcare, trades, transportation, agriculture and agri-food, and French-language proficiency. In 2023, Canadian provinces continuously increased screening requirements for their immigration policies, focusing on selecting urgently needed professional talent, which became another major hotspot in the market.
4. Hong Kong restarts the investment immigration program and relaxes multiple talent introduction policies
In 2023, Hong Kong opened its doors wide to attract talent, with multiple major measures accelerating the global "war for talent," and the total number of applications for various talent programs exceeded 180,000 (families), setting a new historical record. It can be seen from the following three major measures that Hong Kong is "attracting talent" while also "attracting capital." On May 16, 2023, the Hong Kong government announced the expansion of the Talent List for the "Quality Migrant Admission Scheme," significantly increasing it from the previous 13 professions to 51; on October 25, 2023, the new Hong Kong Policy Address indicated the expansion of the list of eligible universities for the "Top Talent Pass Scheme." This list was updated twice on October 26 and December 28, adding four mainland institutions: Harbin Institute of Technology, Xi'an Jiaotong University, Wuhan University, and Central South University. As of now, there are 185 eligible universities worldwide, further broadening the channels for attracting talent from around the world. At the same time, the report also pointed out that the Hong Kong investment immigration program would be restarted after being suspended for 8 years, which attracted attention. Subsequently, on December 19, 2023, the details of the Hong Kong "New Capital Investment Entrant Scheme" were announced, with the minimum investment amount increased from HKD 10 million to HKD 30 million, making it the investment immigration program with the highest investment threshold currently on the market. In 2023, Hong Kong relaxed multiple talent introduction policies and restarted the investment immigration program, which was widely followed by the market.
5. Macau's immigration door reopens after 16 years, with the first talent introduction program bill launched
On July 1, 2023, the Macau SAR government announced that the "Legal System for Talent Introduction" officially came into effect. The Macau talent introduction program opened this time is divided into three categories, including the High-End Talent Program, the Excellent Talent Program, and the Senior Professional Talent Program. This is the first time Macau's immigration door has reopened since the investment immigration program was suspended in 2007. It is also the first time Macau has promulgated a legal system related to talent introduction in the form of a law, and it clearly defines the legal channel for applying for Macau residency through the Macau talent introduction program, which has become a major focus of market attention.
6. EU countries tighten investment immigration visa policies
In 2023, the European Parliament publicly announced that it would shut down the Golden Visa policy by 2025. Correspondingly, immigration policies in many EU countries have been tightened or shut down. On February 14, 2023, the Irish Department of Justice announced that the Immigrant Investor Programme (IIP) would be closed effective February 15, 2023; on May 2, 2023, the Cyprus Permanent Residency Program implemented a new policy, changing the applicant's eligibility from three generations of a family to two generations; on August 1, 2023, the new Greek Golden Visa policy was officially implemented, with the investment amount for popular investment areas in Athens and major islands increasing from EUR 250,000 to EUR 500,000, while other areas remained at EUR 250,000. Subsequently, on December 22, 2023, the leader of Greece's second-largest political party publicly stated that they would urge the abolition of the Greek Golden Visa policy; on October 6, 2023, the Official Gazette of the Portuguese Republic published a new housing law, and from October 7, the real estate purchase option in the Portuguese Golden Visa policy was closed, and no new real estate investment immigration applications would be accepted. In 2023, EU countries tightened Golden Visa policies, further accelerating the closure of the door to European immigration convenience.
7. Australia's state nomination quotas for the new fiscal year plummet, with zero quota for 188 investment immigration
On August 24, 2023, the Australian Department of Home Affairs announced the immigration quotas for the 2023-2024 fiscal year, with state nomination quotas slashed by 60%-80%. Among them, the 188 investment immigration program, a popular pathway for immigrating to Australia, has always been favored by global investors, especially Chinese applicants, due to its flexible investment methods, no age limit, and fast approval. However, this new policy announced that the investment immigration quotas for all states were zero. This means that before July 1, 2024, the 188 investment immigration program will have no invitation quotas, which is tantamount to a temporary suspension of Australian investment immigration, a piece of news that has sparked widespread discussion in the industry.
8. South Korea's deposit-based immigration policy undergoes a sudden major change, with investment amounts doubling
On June 29, 2023, the South Korean Ministry of Justice issued an announcement to increase the base investment amount for deposit-based immigration, effective immediately. The base amount for the general investment immigration system was raised from KRW 500 million to KRW 1.5 billion, and the base amount for the high-value investment immigration system was raised from KRW 1.5 billion to KRW 3 billion. At the same time, the retirement investment immigration system, which allowed those over 55 to invest KRW 300 million, was cancelled. For a long time, South Korea's deposit-based immigration has been favored by many investors due to its low cost, simple application procedures, fast approval, and quick acquisition of residency. This sudden major change in the deposit-based immigration policy requires applicants to pay at least 2-3 times the investment amount compared to the old policy. More importantly, the new policy has no buffer period, which has triggered widespread concern.
9. Immigration policies in Caribbean and South Pacific island nations are adjusted, with thresholds raised
In 2023, the immigration policies of Commonwealth island nations in the Caribbean and South Pacific were adjusted to varying degrees. For example, Dominica's immigration background checks were further strengthened, with interviews added for all applicants aged 16 and over; Grenada's immigration program, effective September 1, 2023, requires mandatory interviews for all applicants aged 17 and over; Saint Lucia's immigration program requires interviews during the background check stage for applications submitted after September 4, 2023; Saint Kitts and Nevis's minimum donation amount increased from USD 125,000 to USD 250,000, and the real estate investment amount increased from USD 200,000 to USD 400,000. The scope of dependent applicants was also adjusted, with the eligibility for siblings to accompany the main applicant cancelled, and the minimum age for parents adjusted to 65. Compared with the old policy, the immigration policies of Commonwealth countries in 2023 have tightened, and the immigration threshold has been further raised.
10. Turkey's investment citizenship program policy is gradually adjusted, and the threshold for real estate investment immigration is tightened
On January 1, 2023, the Turkish government announced strict restrictions on the sale of Turkish second-hand properties to foreigners/foreign companies. Second-hand properties held by foreigners within three years cannot be used to apply for citizenship; only properties purchased from Turkish citizens or Turkish companies can be used for residency/citizenship applications. In February 2023, the Turkish government required the main applicant to enter Turkey once to complete fingerprinting during the residency application stage; on November 30, 2023, the Turkish government adjusted the immigration submission process, requiring the main applicant to provide a criminal record certificate issued within 6 months. In 2023, Turkey's citizenship requirements continued to rise, but the Turkish deposit-based immigration policy remained unchanged. Investors can deposit USD 500,000 or the equivalent in Lira in a local Turkish bank to apply for a Turkish passport for the whole family. As a country currently offering a low-cost investment citizenship program among G20 nations, Turkey's investment citizenship program has always been popular among investors due to its loose application conditions, simple procedures, and fast approval. In 2023, the gradual tightening of Turkey's investment immigration policy has attracted high market attention.
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