Golden Visa Boom: Malta, Spain, Montenegro, Antigua & Barbuda, Grenada attract interest from HNIs for citizenship

In an increasingly interconnected world, high-net-worth individuals are exploring new avenues for global mobility and asset diversification. A recent report by Henley & Partners found out the top destinations where the ultra-Wealthy are seeking citizenship through property investments, Hindustan Times reported.

Portugal has emerged as a significant player in this arena. The Henley Private Wealth Migration Dashboard projects that Portugal will be the ninth most popular destination for relocating millionaires in 2024. The country's appeal is evident in its growing foreign resident population, which exceeded one million in 2023, representing over 10% of the total population.

Thomas Scott, Group Head of Real Estate and Group Head of the Caribbean at Henley & Partners, emphasises the growing trend: "As global economies shift and ultra-high-net-worth individuals seek diversification in both their assets and lifestyle options, investment migration has gained traction as a popular strategy. The appeal of owning multiple properties across the globe, particularly for those in the centi-millionaire bracket (those with liquid investable wealth of $100 million or more), cannot be overstated. Over 90% of centi-millionaires own more than one home, and approximately 65% own second homes outside their home country."

The report identifies five key destinations attracting wealthy investors:

Malta

The Mediterranean island nation offers a path to citizenship through significant property investments and economic contributions.

Spain

The country's residence-by-investment programme requires a minimum real estate investment of €500,000.

Montenegro

Scott highlights the country's potential, stating, "Montenegro's burgeoning tourism industry, coupled with its strategic location between Western Europe and the Balkans, has spurred a thriving real estate market. The country's Adriatic coastline, particularly in areas such as Budva, Kotor, and Porto Montenegro, offers some of the most scenic and sought-after properties. With Montenegro an official candidate for European Union membership, early investors in real estate stand to benefit from both rising property values and greater mobility within Europe's Schengen Area."

Antigua and Barbuda and Grenada

These Caribbean nations offer citizenship-by-investment programs with attractive real estate options. Scott notes, "One of the options of the dual-island paradise of Antigua and Barbuda's Citizenship by Investment Program is a minimum real estate investment of USD 300,000 in approved projects. Antigua and Barbuda has seen a steady rise in demand for luxury homes and villas in recent years, thanks to its pristine beaches and upscale lifestyle offerings. However, one stipulation for applicants is that they must visit the island nation at least once during the first five years after acquiring citizenship. This requirement, while minimal, aligns well with those already envisioning multiple vacation stays or investment opportunities in this sun-kissed destination. The real estate market here, especially in areas close to luxury resorts and marinas, continues to show potential for significant appreciation."

Portugal

Scott explains the country's appeal, “Climate, rich cultural heritage, and stable economic environment make it a desirable location for centi-millionaires who wish to expand their property portfolio after securing their golden visa. Furthermore, Portugal offers the added advantage of providing a pathway to citizenship after five years, with minimal physical stay requirements, allowing investors to enjoy both flexibility and security in their global residence planning,” according to the Hindustan Times report.