IPIM approves 11 new temporary residency applications in H1

In the first half (H1) of the year, the Commerce and Investment Promotion Institute (IPIM) processed 68 applications for temporary residency under the investment program as well as the Management and Specialized Technical Staff, according to an IPIM statement.

Among these applications were 32 for renewal of temporary residence, two for extension to the household and 34 new applications.

Of the 34 new applications only 11 were approved, the IPIM noted.

According to the detailed data disclosure, 54.5% of the new applications (six applications) approved were for the Education sector. Another 18.2% (two applications) were for the Health and Social Work sector.

The remaining three applications approved by IPIM (9.1% each) were for different sectors including the Gaming and Entertainment, Finance and Wholesale and Retail Trading industries.

Of the 11 new applications approved, only one was for investment projects (the Wholesale and Retail Trading industry), while the other 10 were for Managerial and Specialized Technical Staff.

The second quarter of this year (Q2) only saw three applications approved, with the remaining eight approved in the first three months of the year.