In 2024, after experiencing changes in immigration policies across multiple countries (regions) in 2023, what trends will the overseas investment immigration market develop towards? How should investors plan accordingly? WorldWay Immigration Group has conducted thorough research and analysis to assess the development dynamics of immigration policies in various countries, while also consulting with relevant immigration professionals and some investors from those countries. This has led to the release of the Six Major Immigration Trends for 2024. This marks the ninth consecutive forecast of immigration trends by WorldWay Immigration Group since 2015.
1
The EB-5 TEA projects in high unemployment areas in the United States will face waiting lists, while rural projects will be in high demand.
According to the visa quota data released by the U.S. Department of State for the fiscal year 2024, the quota for employment-based immigration visas is 161,000, with 11,431 EB-5 visas allocated, of which approximately 3,658 are reserved visas. According to the new visa allocation rules, the 4,478 reserved visas that were not used in the fiscal year 2023 will be carried over to the same category in the fiscal year 2024. Therefore, the total reserved visa quota for EB-5 in fiscal year 2024 is approximately 8,136 visas, of which about 5,085 visas (20%) are reserved for rural projects, and about 2,542 visas (10%) are reserved for high unemployment area projects. Additionally, according to the data provided by the U.S. Citizenship and Immigration Services as of April 30, 2023, under the new EB-5 law, it is estimated that there is an average demand of 2.5 visas per applicant family. It is estimated that 943 visas have been used from the rural project quota, leaving 4,142 available; the urban high unemployment area project quota has used 2,725 visas, leaving an available quota of "-183" visas. Although there is a possibility of rejection during the review process, the available quota after re-evaluation is not significantly different from the original estimated quota. Given the current submission speed, it is foreseeable that in 2024, the high unemployment area project quota will be limited while the number of submissions will be high, likely leading to waiting lists, while the rural projects with sufficient quotas and priority approval from the immigration bureau will be in high demand. Due to market demand, more rural projects will be launched in 2024. Since rural projects are located outside metropolitan areas, risk considerations will become an important factor influencing EB-5 investors' choice of rural projects, and high-quality rural projects will gradually become mainstream EB-5 projects in 2024.
2
Canada's immigration policy will see targeted adjustments, and the annual immigration numbers may reach new highs.
2024 marks the implementation year following Canada's sixth release of the "Three-Year Million Immigration Plan." From 2024 to 2026, Canada will accept 1.485 million new immigrants, exceeding the original quota of the "Three-Year Million Immigration Plan." During this process, Canada will make targeted policy adjustments. For example, Ontario's employer-sponsored immigration EOI draw has invited non-targeted selections for overseas employee categories for the first time in nearly two years, although the scores have increased; applicants who are bound by English language requirements and work permits will have better opportunities to obtain permanent residency (PR); applicants whose occupations are in high demand locally will have more opportunities to obtain PR, and so on. Therefore, in 2024, Canada's open-door policy for welcoming immigrants will not change, but there will be targeted adjustments that will influence immigration applicants' choices of programs, potentially leading to a new high in annual immigration numbers.
3
The competition for talent in Hong Kong intensifies, potentially leading to a situation where both talent and capital are attracted.
In 2024, Hong Kong will vigorously implement policies to attract both talent and capital, creating golden opportunities for individuals eligible for the talent scheme and capital investment scheme to plan their Hong Kong identity. For instance, the Hong Kong Capital Investment Entrant Scheme, which has been suspended for eight years, will accept applications in mid-2024, with a minimum investment threshold of HKD 30 million, making it the highest investment threshold project in the immigration market in 2024. This is expected to generate significant market response, but whether it can attract more investors like the capital investment scheme before January 2015 remains to be seen. At the same time, the Hong Kong Capital Investment Entrant Scheme and the High Talent Pass Scheme A both attract similar talent. In this context, the High Talent Pass Scheme A may be closed early in 2024. If the High Talent Pass Scheme A is closed, whether the new Capital Investment Entrant Scheme can fill the talent gap left by the closure of the High Talent Pass Scheme A also remains to be seen. The Hong Kong Quality Migrant Admission Scheme has only one last year in 2024 without quota restrictions, which may lead to more people rushing to submit applications, but the Hong Kong government's review may become more cautious. Due to Hong Kong's strong appeal to individuals from the mainland, the upgrade of the "talent competition" policy in 2024 may trigger a new round of attracting both talent and capital.
4
Under the new Greek property investment immigration policy, purchasing properties in non-appreciating areas will become a popular choice.
2024 marks the second year of the implementation of Greece's new golden residence policy. Although there have been adjustments to Greece's property investment immigration policy, in the context of the European Union tightening golden residence visas, Greece's golden residence program remains one of the most attractive investment immigration projects among EU countries. In this situation, more individuals will choose to invest in non-appreciating areas with a minimum investment of €250,000 for investment purposes. Since the core areas of Greece's property investment have seen price increases, the demand for golden residence visa applications remains strong, with investors from countries such as the United States and the United Kingdom showing strong interest in the Greek real estate market, while Chinese applicants continue to lead. According to current policies, investors can choose properties in eastern and western Attica and other areas such as Piraeus, allowing them to apply for Greek permanent residency for their entire family by investing in one or more properties with a minimum investment of €250,000. Therefore, under the dual policy of €250,000/€500,000 property investment immigration in Greece, due to the significant difference in investment amounts facing price increases, non-appreciating areas will clearly be more attractive for investment, especially properties in areas close to downtown Athens, such as Piraeus, will be more popular. It is foreseeable that in 2024, the €250,000 property investment immigration project in Greece's non-appreciating areas will become a popular choice, and the number of Greek immigration applications may continue to reach new highs following an 81% surge in 2023.
5
In 2024, the overall trend of immigration policies in EU countries will tighten, but countries that retain investment immigration policies will go against the trend.
In 2024, the overall trend of immigration policies in EU countries will tighten. Previously, the European Parliament clearly stated that it would close the golden visa policy by 2025, and many EU countries have successively introduced strict immigration restrictions, such as Portugal's property investment immigration channel being completely closed; Greek government leaders have publicly stated that they will urge the abolition of the Greek golden residence visa policy; and Cyprus does not allow the main applicant to bring parents when applying for permanent residency. Therefore, in 2024, some EU countries that retain investment immigration policies, in addition to Greece continuing to maintain high growth, will also see better performance from others such as Hungary, Spain, and Malta. Through simple investments and lower input costs, individuals can quickly obtain high-value EU country identities. Although Portugal's golden residence policy has undergone significant adjustments, it will have a certain impact on the market before the products are perfected. Once the immigration products mature, due to Portugal's very lenient naturalization policy, the Portugal golden residence program will still have strong appeal in 2024. It is foreseeable that in 2024, as the immigration policies of EU countries continue to tighten, countries that retain investment immigration policies will go against the trend.
6
Planning for children's education through identity planning will become an important feature of immigration trends in 2024.
In recent years, the demand for studying abroad has been an important component of immigration demand, and planning for identity for children's education has always been a significant feature of the immigration market. With the gradual increase in studying abroad after the pandemic, more families will have a more international perspective when planning for their children's education in 2024, considering identity planning alongside educational planning to create a better development space for their children's future education and career development. At the same time, in 2024, traditional immigration countries are tightening their study abroad immigration policies, such as Canada significantly adjusting its study abroad immigration policy, with increasingly strict reviews of study visa applications; the United Kingdom implementing restrictions on most international students bringing family members to the UK, allowing only research-based (including research master's and doctoral) international students to bring family members. In this context, more families with study abroad needs will urgently combine identity planning with children's education planning. In 2024, planning for children's education through identity planning will become an important feature of immigration trends, with the demand for identity planning aimed at children's education continuing to rise. Immigration projects that facilitate children's education planning will become more popular, and there may even be more families that have already obtained immigration status reconsidering identity planning for their children's education.
For more details, please call the WorldWay Immigration Analysis Hotline: Mainland China: 400-138-2929 Hong Kong: (852)2802 8798
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