Where Is the Global Migration Market Heading in 2024?
Typified by program closures (including in Ireland) and major changes to existing initiatives, the global migration market in 2023 was a virtual roller-coaster of highs and lows. Happily, the highs likely will carry over more into 2024, as foreseen by industry experts Mona Shah, Esq., Managing Partner of Mona Shah and Associates Global (“MSWA Global”) and Rebecca S. Singh, Esq., Partner at the firm, in the latest installment of the popular, long-running podcast series EB-5 Investment Voice.
In this episode, Mona and Rebecca cover everything from the impact of compliance and securities issues on global migration programs to the recent developments in the Caribbean and Europe. With nearly 40 years of experience combined in the sector, this duo digs deep into the global migration rabbit hole.
Tune in below.
Some highlights from the episode:
Mona: “2024 is an election year for a lot of the world, and US, UK, and the EU will continue to pressure the residency and citizenship by investment programs to impose stricter conditions.”
Rebecca: “We’re seeing a lot of programs that were closed due to a lot of compliance issues, securities issues. We’re also seeing … the Portuguese program hasn’t closed, but because of some of these types of issues, they have made changes to the program.”
Mona: “Despite the extra fees and the costs, we are seeing some of the old players just bow out of EB-5 and a lot of new players come all over the world, from China to the U.S.”
Rebecca: “We saw that St. Kitts [has] made some changes, and so I think we’re going to see more of the Caribbean countries trying to implement the same.”
Mona: “This is the first time we are seeing so much more outbound. When I say outbound, I mean people from the U.S. actually actively getting a second passport or maybe dumping their U.S. passport and going to countries like Montenegro and Portugal, Greece and all these [types] of places. That’s a phenomenon which just didn’t happen before.”
Rebecca: “Everyone just thought, oh, just go to the Caribbean, you could get in easily, but everyone’s going to be surprised with some of the implementations coming out.”
Rebecca: “With post RIA cases, we’re seeing fast adjudication times. … [USCIS] did stipulate that they were supposed to review these cases within a year. So we have seen that happening. But unfortunately, I feel that it’s actually made it worse for the pre-RIA cases. I’m seeing slower adjudication times. We’re seeing a lot more denials, a lot more RFEs, NOIDs coming out.”
Mona: “I think we will see a lot more new players. I believe that new regional centers are coming along with new players, but I also worry that they don’t know really what they’re doing.”
Mona: “So, Rebecca, what is your prediction for USCIS’s disarray for 2024?”
Rebecca: “Well, let’s hope they can get their act together.”