Hello fellow purgatory-dwellers.
Has anyone seen a reliable reading of the new GV law and what will happen to those of is who bought qualifying real estate AND applied in 2022? Given that none of us have been pre-approved, does anyone have guidance about whether our applications will be processed under the old regime or whether we will be converted to D2 (and denied, I assume, if we don’t meet those requirements)? What about renewals for those of us not yet pre-approved?
Welcome. Loads of chat in this group:
The short story is that according to the text of the law, you will be issued a ‘special’ D2, provided your investment is verified by one of various agencies, or by The Agency To Be Named Later. No-one can say what this involves: most assume it’ll be a rubber stamp, otherwise expect lawsuits galore. We’re all waiting for the government to issue regulations to clarify the situation. In the meantime, some of us expect SEF to suspend final approvals (and maybe other parts of the process) for real estate ARIs until they get clarity. So we’re no clearer than we were three months ago.
That’s what I feared. Thank you.
Anyone who purchased then-qualifying residential property and applied last year - or, last week, for that matter - will be processed under the old rules. Ignore the February discussion. Back then we were threatened with an end to the ARI program entirely, coupled with an unconstitutional threat of retroactivity (although even then for those first applying in 2023, not those who already had in 2022). That’s not where the law ended up.