Hello everyone, I am in my final stage to prepare for application and should be able to apply in early March. I am aware of the risk and willing to take it. if anyone plans to do the same, you are not alone, please help to comment here and input your application date. Thank you.
I already invested. What is there to lose from applying now at least there is a chance at getting grandfathered in.
6 Likes
My concern would be that they keep changing the rules every year, making renewals difficult or impossible.
But if you have already invested, might as well roll the dice!
2 Likes
Best of luck to you, Kent! We have been working with a lawyer and looking for a $400K property simultaneously but will probably hold off for now and see what happens with the GV program. Not sure if I want to be stuck with a $400K+ investment in a country where I don’t have that many rights… Which investment option did you choose? Once again, wishing you all the best with your application!!
2 Likes
I’m about to invest in a €280k hotel renovation project. I was finalising my decision (having visited the proposed site in late Jan), only for the recent announcement to happen. Having extensively chatted with my lawyer since the development, he (correctly) says that there is risk in proceeding with what we know (or don’t know), but also at the moment, the law is unchanged. We simply don’t know if there will be a transition period, so waiting for the final diploma has its own risks. He advised that the best scenario is to try and submit under the current law, but to understand that there are some risks. There are genuine unknowns on whether new stay requirements might be introduced, but if anything unconstitutional is passed as the new law, one can be sure that it will trigger a litany of lawsuits, and there is strength in numbers.
I’m fortunate that personal documentation like Police Clearance Certs are really quick to procure in the UK (applied today using premium service which should produce the certificate in 4 business days). The birth certificate for my minor took 1 working day, and is waiting at the Registrar’s Office for pickup.
Apostille will take 5 working days, and as others have posted, the application can be submitted with non-Apostille documents and be updated [a few days] later, so all in all, looking at closing contracts this week; signing and paying next week; submitting the family’s GV application before March 16th.
4 Likes
Yeah, I think real estate investment option now has more uncertainty over other route. I hope they will give enough grace period for you to apply after all information is clear in the coming weeks.
2 Likes
@va.trade23 John, thanks for sharing! Did you hire an independent lawyer to help with you with the $280K hotel renovation project or used the in-house legal aid that these companies usually offer?
2 Likes
Thanks! And it does make sense.
1 Like
Updating this thread with my progress this week:
- all contracts for hotel investment closed
- lawyer submitted Promise of Acquisition with land registry
- transferred payment to developer
- obtained declaration from the Bank confirming the investment for GV application
- sent personal documents for apostille (UK Legalisation Office) for GV application
Both the law firm and bank’s account manager were super-responsive throughout this week, very impressed with them. Hoping to be in a position to submit the GV application before mid-March.
4 Likes
Hi @va.trade23,
Good to hear your progress is going on well.
Would you mind sharing which law firm you use?
2 Likes
Per the latest discussion of the proposed law / changes to the GV program, applications submitted after Feb 16 would be invalid.
Don’t invest in anything that won’t give you your money back…
3 Likes
From Prime Legal’s assessment of the wording:
“It is our understanding, as well as that of the legal sector that works in this area, that the proposed
wording of the law, in the terms presented, suffers from illegality and unconstitutionality in view
of the retroactive effect that contains and will not enter into force as it is.”
3 Likes
My lawyer submitted my application last week without legalized documents. What could be the possible consequences? Will this delay my application being analyzed for pre-approval or being rejected? Has anyone has similar experience?
2 Likes
Hello! In the process of applying as well. Waiting on my NIF and bank account. Would be nice to know other people in the same boat.
Further update on my application: my lawyer submitted my application (€280k hotel project) on March 6th. I expect to receive the apostilled documents within a day or two, so they will duly update the submission with the apostilled documents right away. Dependent applications will be submitted today.
To shed a light on timelines:
- Jan 16: Paid reservation fees to developer
- Jan 27: Visited PT to meet with my law firm, meet the developer and see the hotel site (my own due diligence!)
- Feb 3: Gave green light to developer that I wanted to proceed with the investment
- Feb 15: First draft of contracts shared by my lawyer with me
- Mar 2: Contracts signed
- Mar 2: Investment paid
- Mar 6: Application submitted to SEF
- Mar 8: Analysis fees paid to SEF
I already had a NIF and PT bank account a year ago, so that saved a lot of time upfront.
It’s important to thoroughly study the legal contracts, and as you can see, it took two weeks of back and forth between the lawyers on both sides to converge on a version they agreed with.
Good luck to everyone considering their next steps!
1 Like
Hi @kent.bklim it was important to get your application submitted as soon as possible given the circumstances around the GV at the moment. It’s going to be more than a year before SEF pre-approves your application, so you have plenty of time to submit your apostilled versions in between.
Hi @va.trade23 , thanks for your update. Do you know how to submit apostilled documents after application is submitted? I ask my lawyer and he told me only when SEF request additional documents, then we can submit the apostilled one.
You may want to look at this post, just to give you a visual impression of the ARI portal: SEF ARI Portal - Did you register yourself or just let lawyer handle this? - #4 by Username1.1.
There is a section at the bottom of the first page where the different documents are uploaded. A document can be replaced at a later stage - by clicking on the cross and uploading a new document eg if SEF requests the apostilled version for pre-approval.
It is possible that your lawyer prefers to have the ARI application in, so that the application date is registered by SEF - as this date may be important if changes to the GV laws occur. At present, they may not be willing to take the risk that replacing a document alters the official ARI submission date. When they assess your submission, SEF will certainly specify whether the documentation uploaded is sufficient or is lacking in some aspect (eg apostille) before providing pre-approval.
2 Likes