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Following a shift in U.S. presidential administrations and changes due to the COVID-19 pandemic, Jackson Walker partner Christian Triantaphyllis, who leads the Firm’s Investment Immigration practice, covers some potential changes and current trends in the EB-5 industry and for its investors.
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Now is the time to act, before the changes detailed below, in
relation to applying for a Portuguese Golden Visa, come into effect
on 1
st January 2022.
Background
Forthcoming changes to the Portugal Golden Visa are designed to
drive investment towards Portugal s low-density population
areas, relieving pressure on higher density areas such as Lisbon,
Oporto and the Algarve.
Investment levels will also be increasing for each of the Golden
Visa routes.
Changes Regarding Real Estate
As from January 2022, investors will be blocked from buying
residential properties in high-density areas such as Lisbon, Porto,
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Canada immigration authorities are moving to abolish the special
Temporary Foreign Worker Program (TFWP) processing reserved for
candidates in the owner/operator
category.
As of April 1, 2021, owner/operator candidates will be
assessment on the same basis as other TFWP applicants.
Currently, candidates in the category are exempt from the
advertising and recruitment requirements for obtaining a positive
Labour Market Impact Assessment (LMIA).
But this exemption is being removed as part of regular
policy reviews to ensure the TFWP continues to work within its
intended purpose, and is only used by employers to fill a position