Blog · 2024-05-04

Relocation news digest - May 4, 2024

Netherlands: authorities scrap the residency-by-investment programme

As of 17 April 2024, the Netherlands is discontinuing its residency-by-investment programme, under which applicants could obtain a three-year visa with the option to renew.

Officials said the scheme had seen too little uptake and had failed to give a meaningful boost to the Dutch economy or its startup sector. Current visa holders will still be able to renew, and applications submitted before 17 April 2024 will be processed.

Egypt: the MIR payment system could launch in the country by the end of 2024

Egyptian authorities have indicated that MIR cards could be accepted for payments across the country as early as the end of this year.

Canada: authorities announce caps on the Start-up Visa programme

From 30 April 2024, the IRCC is capping the number of permanent-residence applications under the Start-up Visa Program at up to 10 startups per designated organisation.

To qualify for the Start-up Visa, an applicant's business must secure backing from a designated organisation in Canada. Designated organisations are venture capital funds, angel investor groups or business incubators approved by the government.

Germany: changes to the document application process

From 1 May 2025, applicants will be able to request that finished documents be sent by post; information about the PIN code or its deactivation will be provided at the initial appointment and will no longer be mailed. From the same date, only digital biometric photographs - now the standard for German identity documents - will be accepted for new document applications. Paper passport photos will no longer be accepted.

Sri Lanka: free visas for Russian citizens extended indefinitely

In October 2023, Sri Lankan authorities announced free visas for citizens of a number of countries, including Russia. The scheme ran until 31 March, was then extended to 30 April, and has now been extended indefinitely.

Peru: authorities extend the validity of the national passport

The Peruvian government has published a decree, effective 7 May 2024, extending passport validity to 10 years (up from the current 5).

Passports previously issued with 5-year validity remain valid until they expire.

Thailand: new visa-free regime for Russian citizens takes effect

The new visa-free stay for Russian citizens is 60 days. The regime will remain in force until 31 October 2024.

Russia: Raiffeisen Bank to begin exiting the country in the third quarter of 2024

Group chief executive Johann Strobl announced the move. The bank plans to cut its loan portfolio by 65% by 2026.

FAQ

Can you still get Dutch residency by investment?

No, the Netherlands ended its residence by investment scheme in 2024, saying it was barely used and gave the economy and the startup sector little in return. Existing holders can still renew, and applications filed before the cut-off date were processed under the old rules. Today the realistic routes into the country are work, business and self-employment, study, or family reunification.

What happens to my residence permit if the program closes?

Closing a program usually does not cancel permits already issued: holders keep renewing and applications filed in time are still processed. But transition rules are written differently every time, and renewal conditions, presence requirements, or the path to permanent residence can be tightened. When a program shuts down, find the transition provisions in writing and confirm which rules apply to your specific category.

How does the Canada Start-up Visa work?

You need backing from a designated organisation - a venture capital fund, an angel group, or an incubator from the government approved list. Since 2024 Canada has capped how many applications one designated organisation can support and gives priority to ventures with real committed capital or incubator backing. Caps, priorities and processing times keep being revised, so check the IRCC page before you start and verify the organisation is genuinely on the list.

Do Mir cards work abroad?

Acceptance of Mir cards depends on whether individual acquiring banks are willing to risk secondary sanctions, which is why announcements about upcoming launches often never turn into working payments. Even where the cards are formally accepted, the set of terminals and ATMs tends to be narrow and can change without notice. Travel with a card from a foreign bank plus some cash, and treat Mir as a backup at best.

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