This new news that could affect GV or D2, depending on the language of the new law. IEFP is proposing to have a singular body assess qualifications of foreigners entering the TN. This agency could also be charged with reviewing real estate investments. This is just a theory based on the recent news.
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Chinese investor is not investing the property (either leaving them empty or renting out ) for making money. More interested to get the live permit or passport by holding that cash amount into property for 5+ years and choose to resell. I think itâs many of the GV investors sharing thoughts. Why do you think Chinese nationality would be impacted in this case ? Your knowledge of Chinese buying house and leaving them empty is out of date, which is before the Covid. Now people are selling ⌠Here is Ted from China.
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âAsap â means immediately or 1 -2 weeks ? Any idea how long for the president to sign and publish the new law ?
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The president can sign it immediately he receives it from the Assembly. He has 20 days to either sign it, veto it, or refer it to the Constitutional Court. Once the president signs the bill, it usually takes a few days before it appears in the official Diary, at which point it takes effect.
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Thank you ! Seems I can finish my submission next Friday 7/21. Hope itâs before the ending.
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@ClementC I am aware of the current situation with ACRO so I recommend you submit your GV application online to SEF ASAP as long as the SEF ARI portal will allow you to do that without ACRO.
SEF will later come back and say your ACRO is missing, but it will be already past your initial submission date, so youâd be on the right side of the law.
Question. I am just getting started. Is the fund option of investing still an option in the proposed changes. Specifically venture capital funds investing 500k?
Thanks.
Riz
@tommigun Thank you - I will ask the lawyers again. I think their view has been that if itâs not apostilled then we can submit and wait; but if itâs missing entirely, then itâs more complicated, ie they feel that the application can be rejected.
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I have this idea for you - prepare a pdf letter with explanation of the ACRO situation and screenshots from the ACRO website. Have this signed by lawyers and submit this online in place of a real ACRO.
In my view it is best to have the application lodged and analysis started before the GV is cancelled 
ACRO situation looks pretty bad, it has been a week since I requested ACRO but not even received a confirmation of receipt.
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@tommigun thank you - I will throw all the ideas to the lawyers and see what they say.
ACRO is on 20 working day average as of yesterday- I phoned in twice. Horrendous wait - and thatâs before postal delays.
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These are numbers without reasons. Keep in mind that, until Covid, most people got their residence cards within 12 mos of investment. So the backlog could be new and caused by a surge in applications versus a baseline unchanged processing capacity, worsened by Covid plus a backlog of unreconcileable documentation or failure in diligence.
I have a friend who could not make it from China for his appointment and now has been unable to reschedule. And another who moved lock stock and barrel, found he preferred London and decamped. One other failed the minor diligence they do by being wrongly classified as a PEP and is trying to fix that.
The best way to correct for these biases is to follow a large sample of decisions. So if 65% of up July 2021 applicants have got their cards then the processing time is 2 years.
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Naturally, an immigration lawyer claims the 2030
backlog is unrealistic. Everyone can simply sue SEF! It will be great when the courts have a matching backlogâŚ
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So now the program is going to survive but without real estate options? The government really knows what it wants!
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My application has been in and pending since September 2022 (real estate option). Setting aside the unknown timeline, do we yet have a sense of if/whether the changes to the program will impact applications like mine?
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Everything to date has shown that submitted applications will be grandfathered. But itâs the final text that matters but the grandfathering will likely stay as removing it would create a constitutional challenge.
Does the current text grandfather?
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Funny, I look at the title of this thread and then at the current draft and can answer the question with a solid ânopeâ!
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There is no such thing as âcurrent draftâ as it is all being amended by the Assembly as we speak. We will only know the âcurrent draftâ once is it voted on I believe on July 18th.
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Question please : can I submit the application without the bank declaration? and add later ? Waiting for the bank declaration which is the last missing document for the GV. Not sure how long further to wait.
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