Investors who relied on a November 2023 government gazette are being denied residence visas due to uncommunicated banking regulation changes. Sarah and Nigel discussed how a 2023 gazette promised five or ten-year residence visas to foreign investors who deposited $100,000 or $200,000 into a licensed commercial bank via an Inward Investment Account (IIA). However, the implementation of these visas in 2025 revealed a new requirement introduced by the Central Bank in August 2024: funds must now be held in a specific Visa Programme Foreign Currency Account (VPFC) rather than just the IIA. Sarah noted that this change was not visible to banks or property developers, leading to significant uncertainty. Because the IIA was the legally recognised method at the time of investment, many individuals like Nigel, who transferred substantial sums through HSBC, now find themselves ineligible under the new procedural rules. The lack of coordination between immigration, central bank, and various ministries has created “silos” that erode investor confidence.
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