I’ve been wondering if there might be a financial basis to argue (in court, if necessary) that as an ARI holder, there is material harm done by the citizenship change (as well as the refusal to promulgate the law counting time while awaiting a residence card). This is a separate path of argument that doesn’t apply to D7/MI folks.
Basically, since we all invested a bunch of money, predicated on the idea of applying for citizenship in 5 years, the deviations of that are causing us to keep our investments tied up much longer than originally promised.
In either or both cases - rolling back the law counting time waiting for the card, or lengthening the time required for citizenship - this is a quite material change, which can be a major disruption on the financial outcomes of the holders, through unexpected illiquidity as well as opportunity cost.
As Prime Legal put it in their post on the topic,
Protection of Legitimate Expectation: A legal (or juridical) expectation refers to a situation in which an interest is legally recognised and protected during the formation or acquisition of a right, particularly when that right depends on the completion of a complex, multi-step process. A legal expectation is deserving of legal protection, as opposed to a mere factual expectation, which does not enjoy such protection.
So my thought process here is that with the financial, contractual nature of the ARI investments being predicated on the promised timelines, one could make a pretty solid argument that the changes hurt all parties involved: both the investors themselves, as well as the funds and fund managers, who will now be forced to invent ways to extend the time horizons of the closed-ended funds longer than expected.
So if the argument is that changing nationality law doesn’t have retroactive harm to visa holders - then the ARI is a counterexample to that, because this is, at least financially, retroactive harm.
Now, given that the new government has made a few comments about wanting to make the ARI more appealing/attractive to new applicants, it seems this financial/investment argument holds even more water - as to introduce the unpredictability and instability directly counteracts this stated goal.
Basically - if we can’t defend our rights and expectations as immigrants generally, then the financial/contractual nature of the investments seems a harder thing to rug pull.
Curious to hear if this line of reasoning tracks with anyone else.