## GFSM 2014 update — GFS Notice of Decision 1.4 Citizenship-by-Investment Programs

## Source details

**Canonical URL:** [GFSM 2014 update — GFS Notice of Decision 1.4 Citizenship-by-Investment Programs](https://www.imf.org/-/media/files/data/statistics/gfsm/global-consultations/research-projects/notice-of-decision-gfsm-2014-update-14-citizenshipbyinvestment-programs.pdf)

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### Treatment of nonrefundable contributions under CBI programs
- New text will be included in the GFSM to discuss the treatment of nonrefundable contributions to government (or their nominated agency) under Citizenship-by-Investment (CBI) programs.
- These nonrefundable contributions will be treated as government revenue under transfers not elsewhere classified (GFS code 144):
  - capital transfers (GFS code 1442) if specifically earmarked for capital purposes;
  - otherwise as current transfers (GFS code 1441).

### Payments to nominated agencies outside budgetary central government
- If the payment is to a nominated agency outside of the budgetary central government then the principles of rearrangement should be followed.
- The transfer should be recorded to the budgetary central government (as the body responsible for the CBI program) with a matching grant (GFS code 13) or transfer (GFS code 144) to the nominated agency:
  - recording as a grant if the nominated agency is a government unit;
  - recording as a transfer if the nominated agency is outside of general government.

### Scope exclusions and clarifications
- The scope of the guidance will only relate to CBI programs and not to payments under visa schemes, such as those required for employment, study, visitor, residency visas or fees to obtain permanent residency or citizenship following a required period of residency.
- The clarification regarding the distinction between CBI programs and other visa schemes was included in the original PR and GN but was not a specific recommendation; it has been explicitly included here to address comments received in the global consultation.

### Related consultations, meetings, and documents
- GFS Related Documents:
  - GFS Proposed Recommendations Document GFSM PR 1.4
  - GFS Discussion Note Not applicable
  - GFS Global Consultations March 2025
  - Discussions at GFSAC Meeting(s) May 2025
- SNA/BPM Related Documents:
  - Guidance/Issue Note SNA GN B.8
  - Global Consultation(s) BPM consultation: June 2021
  - Discussions at the AEG/BOPCOM Meeting(s) BOPCOM: June 2021

### Editorial and consultation notes
- The final language used in the updated GFSM will be subject to review during the manual drafting phase to ensure consistency throughout the updated GFSM.
- The clarification regarding the treatment of payments to nominated agency was not included in the original PR but has been added to address comments received in the global consultation.
- The clarification with regard to the distinction between CBI programs and other visa schemes was included in the original PR and GN but was not a specific recommendation. It has been explicitly included here to address comments received in the global consultation.
- Abbreviations: AEG = Advisory Expert Group on National Accounts, BOPCOM = Balance of Payments Committee.

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_Source: https://www.imf.org/-/media/files/data/statistics/gfsm/global-consultations/research-projects/notice-of-decision-gfsm-2014-update-14-citizenshipbyinvestment-programs.pdf_