Global Residency and Citizenship by Investment Report: Full Report

In a time marked by geopolitical instability, economic uncertainty, and shifting regulatory environments, the Global RCBI Report 2025 emerges as an essential tool for understanding and navigating the complex world of Residence and Citizenship by Investment (RCBI) programs. As nations compete to attract global capital, skilled individuals, and international families, investment migration has transformed from a niche legal practice into a mainstream strategic instrument for wealth planning, mobility enhancement, and global risk mitigation. With 37 active programs across 36 countries, the RCBI landscape has matured into a dynamic ecosystem. Yet one that remains difficult to compare due to its diversity in legal frameworks, investment thresholds, and long-term outcomes.

This report presents the most comprehensive, data-driven assessment of global RCBI options to date. It ranks both Citizenship by Investment (CBI) and Residence by Investment (RBI) programs through a robust methodology that goes beyond just passport power or minimal investment thresholds. Instead, it applies a multi-dimensional evaluation model grounded in 18 performance indicators, distributed across five key thematic dimensions: Procedure, Mobility, Tax Optimization, Quality of Life, and Investment Environment. These dimensions reflect the real concerns of investors, entrepreneurs, and global families seeking both access and stability.

Each country’s program is evaluated using a combination of standardized quantitative data and calibrated qualitative insights. This ensures that cross-country comparisons are both rigorous and fair. The resulting index structure allows for dual rankings (one focused on CBI programs and the other on RBI schemes) giving readers the ability to differentiate between jurisdictions that offer immediate nationality and those that offer long-term residence pathways. Crucially, the indexes don’t just measure what each program offers, but how well it aligns with the motivations and needs of international investors in 2025.

The Global RCBI Report highlights the evolving dynamics of investment migration, showcasing how both CBI and Residence by Investment RBI programs are adapting to global trends. Caribbean nations such as Antigua and Barbuda, St. Kitts and Nevis, and Grenada continue to lead in the CBI space, leveraging efficient application processes, favorable tax regimes, and extensive global mobility to attract international investors. Their success underscores the potential for smaller states to assert a strong presence on the global stage through well-structured and strategically positioned programs. On the RBI front, countries like Greece, Malta ¹For more details, refer to the Country Overview section on the ECJ’s 29 April 2025 judgment in Case C-181/23 (Commission v. Malta) regarding the Maltese Exceptional Investor Naturalisation scheme.), Portugal and Switzerland maintain their appeal with robust legal systems and high-quality residency rights, while emerging players such as Latvia, Luxembourg, Singapore and the UAE are reshaping the landscape by aligning residence programs with innovation-driven, sustainable economic growth. The report’s comparative analysis of these diverse models offers critical insights into the future direction and competitive dynamics of the RCBI sector.

Beyond the rankings themselves, the report delves into emerging trends shaping the future of investment migration. These include the evolution of CBI schemes amidst international regulatory scrutiny, the rise of hybrid talent-investment pathways in Oceania, Asia and the Middle East, and the increasing convergence of RCBI programs with broader state-building objectives, such as climate resilience, tech innovation, and regional development. In sum, the Global RCBI Report 2025 is more than a ranking, it is a strategic guide for investors, policymakers, and advisors navigating a world in flux.

The world today is defined by globalization and elite mobility, states have increasingly leveraged their sovereign authority to capitalize on access to legal residency and citizenship through formalized investment migration programs. These schemes (offering either residence or nationality in exchange for financial contribution) have grown in both scale and complexity. This phenomenon is under the realm of Investment Migration.

Investment migration refers to legal frameworks through which individuals acquire residency or citizenship rights in exchange for a defined economic contribution to a host state (see fig. below). According to sociologist Kristin Surak (2021), it constitutes “a legal regime whereby states grant residence or citizenship rights in return for a specified economic contribution,” often with minimal or no settlement obligations.²Surak’s analysis reveals how these programs have transformed from niche offerings into a significant industry, with over a dozen countries participating and issuing approximately 50,000 passports annually. Surak, K. (2021). Migration industries and the global passport market. Migration Studies, 9(3), 428–448. https://doi.org/10.1093/migration/mnaa022.

As a policy category, investment migration brings together diverse state practices aimed at attracting foreign capital, talent, or both, through migration channels.³Strumia, F. (2016). New-generation skilled migration policies and the changing fabric of membership: Talent as output and the headhunting state. Investment Migration Council Research Paper 2016/4; and Green, A. E., & Hogarth, T. (2017). Attracting the best talent in the context of migration policy changes. Journal of Ethnic and Migration Studies, 43(13), 2183–2199. Under this umbrella, two primary models have emerged: Residence by Investment (RBI) and Citizenship by Investment (CBI).

RBI programs (commonly referred to as “golden visas”) allow foreign nationals to obtain a legal right to reside in a country through qualifying investments. These typically include real estate purchases, capital transfers such as bank deposits or investments in government bonds and venture funds, and business or entrepreneurial ventures that stimulate economic activity or create jobs. Some programs also accept philanthropic donations or require a combination of contributions, such as in Malta. Investment thresholds vary by country, as do additional requirements like minimum holding periods, physical presence, family inclusion and pathways to citizenship, making each program uniquely tailored to national policy goals. In general, RBI schemes are strategically designed to facilitate capital inflow while maintaining state control over long-term integration and nationality outcomes.⁴Adim, L. (2021). Residence by investment migration schemes and state sovereignty: Strategic inclusion without settlement. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3904473

Golden Visa programs emerged prominently in the 2010s, particularly in Southern Europe, during and after the Eurozone financial crisis.⁵Surak, K., & Tsuzuki, Y. (2021). Are golden visas a golden opportunity? Assessing the economic origins and outcomes of residence by investment programmes in the EU. Journal of Ethnic and Migration Studies, 47(13), 2979–2995.​ Countries like Portugal (2012), Greece (2013), and Spain (2013) introduced RBI schemes to attract capital inflows, boost real estate markets, and stimulate foreign investment without increasing immigration in a traditional sense. As of 2024, Portugal’s Golden Visa program alone has attracted over €7.3 billion in investment since inception.⁶Agência para a Imigração e Mobilidade (AIMA). (2024, February). Estatísticas ARI – Autorização de Residência para Investimento. Retrieved from https://aima.gov.pt/pt

In Spain, the Golden Visa initiated in 2013, allowed non-EU investors to obtain residency by investing in real estate or other economic activities. Since its inception in 2013, Spain’s Golden Visa program has generated over €10 billion in real estate investment, contributing to the country’s post-crisis economic recovery.⁷Ministerio de Vivienda y Agenda Urbana (MIVAU). (2024, January 31). Visados para inversores: Estadísticas 2016–2024. Retrieved from https://www.mivau.gob.es/portal-web/estadisticas/mercado-alquiler-compra-vivienda/visados-inversores.htmlDespite this substantial inflow of foreign capital, the program accounted for only 0.3% of all real estate transactions in Spain over the same period, highlighting its relatively limited influence on the broader housing market.⁸Idealista. (2025, April 4). End of an era: Spain shuts down Golden Visa scheme after 12 years. https://www.idealista.com/en/news/property-for-sale-in-spain/2025/04/04/838966-end-of-an-era-spain-shuts-down-golden-visa-scheme-after-12-years As of April 2025, the Spanish government has officially ended the program, citing concerns over housing affordability and its minimal impact on the overall economy.⁹Global Citizen Solutions. (2025, April 15). Spain Golden Visa Ending: Major 2025 Update. https://www.globalcitizensolutions.com/spain-golden-visa-ending/ This suggests that the rationale behind phasing out the scheme lacks empirical support, as the scale of Golden Visa investments appears too marginal to have significantly influenced housing prices or availability across Spain.¹⁰Read more at: Global Intelligence Unit. Global Citizen Solutions (2024, November 13). Why the Golden Visa presents an opportunity to solve the housing crisis in Spain and Portugal. Global Citizen Solutions. https://www.globalcitizensolutions.com/intelligence-unit/briefings/why-the-golden-visa-presents-an-opportunity-to-solve-the-housing-crisis-in-spain-and-portugal/​

Entrepeneur Visas (EVs), on the other hand, have a longer history tied to economic migration policy.¹¹Dheer, R. J. S. (2018). Entrepreneurship by immigrants: A review of existing literature and directions for future research. International Entrepreneurship and Management Journal, 14(3), 555–614. https://doi.org/10.1007/s11365-018-0506-7​:contentReference[oaicite:0]{index=0}The U.S. EB-5 Immigrant Investor Program, established in 1990, requires a more substantial minimum investment and mandates the creation of at least 10 full-time jobs.¹²U.S. Citizenship and Immigration Services (USCIS). (2023). EB-5 Immigrant Investor Program. Retrieved from https://www.uscis.gov/working-in-the-united-states/permanent-workers/eb-5-immigrant-investor-program Canada’s former Federal Immigrant Investor Program (IIP), terminated in 2014, required a passive loan to the government.¹³Immigration, Refugees and Citizenship Canada. (2014, February 11). Terminating the Federal Immigrant Investor and Entrepreneur Programs. Government of Canada. https://www.canada.ca/en/news/archive/2014/02/terminating-federal-immigrant-investor-entrepreneur-programs Today, the Start-Up Visa Program, launched in 2013 and made permanent in 2018, focuses on entrepreneurial innovation, with no minimum investment but support from designated incubators or investors.¹⁴Immigration, Refugees and Citizenship Canada. (2025, February 24). Start-up Visa Program. Government of Canada. https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/start-visa

The key policy distinction lies in the role of physical presence and economic activity. Golden Visas tend to decouple residence rights from actual residency, allowing investors to remain outside the country for most of the year while retaining legal status. Investor Visas, conversely, generally require residence, business management, or economic participation. This dichotomy reflects divergent goals: Golden Visas prioritize capital inflows, while Entrepreneur Visas, in general, emphasize long-term integration and contribution.

Empirical data underscores this divergence. According to the Investment Migration Council’s 2023 Yearbook, over 80% of RBI applicants in Europe choose real estate investment routes¹⁵Investment Migration Council. (2023). Investment Migration Yearbook 2023 (5th ed.). Investment Migration Council. https://investmentmigration.org/im-yearbook/​, while Investor Visa programs in North America and Oceania favor business activity or innovation-based metrics.

In contrast, CBI programs provide a more direct path: full legal citizenship granted in exchange for a qualifying investment, often within a short timeframe and often without a prolonged residence period. This legal status includes all the rights and responsibilities of nationality, including access to a passport and political participation. According to Surak, CBI schemes represent a reconfiguration of citizenship as a transactional asset, “a form of state membership traded on global markets”.¹⁶Surak, K. (2020). Who wants to buy a visa? Comparing the uptake of residence by investment programs in the European Union. Journal of Ethnic and Migration Studies, 47(11), 2629–2654. https://doi.org/10.1080/1369183X.2020.1713343 CBI programs are most commonly found in small or economically specialized states where the market for citizenship is integrated into national development strategies.

While RBI,  EVsand CBI differ in terms of rights granted and timelines, both are part of the same conceptual framework: investment migration. They represent two distinct modalities within a shared logic of exchanging economic value for legal mobility and state membership. As Shachar and Hirschl argue, such programs reflect the emergence of a new political economy of belonging, where traditional boundaries of nationhood are being reshaped by instrumental mechanisms.¹⁷Shachar, A., & Hirschl, R. (2014). On citizenship, states, and markets. The American Journal of Comparative Law, 62(1), 231–257. https://doi.org/10.5131/AJCL.2013.0023

Investment migration is not a one-size-fits-all policy but rather a spectrum of state-driven mechanismsthat exchange capital for legal access. At one end of this spectrum are  EVs, which typically involve active investment (such as launching or managing a business) and often require relocation and physical presence. In the middle are RBI programs, offering long-term stay rights through more passive investments, often with minimal physical presence requirements. At the other end are  CBI schemes, which grant immediate nationality and mobility rights, usually with limited or no residency obligations.

In sum, investment migration serves as an umbrella term encompassing a range of programs that enable individuals to acquire residence or citizenship rights through economic contributions. It includes RBI schemes, commonly known as Golden Visas, which offer legal residency in exchange for qualifying investments, as well as Entrepreneurial Visas that  require active business engagement, job creation, and immediate relocation. On the other hand, CBI programs (often referred to as Golden Passports) grant citizenship directly through capital contributions without the need for prior residence. Together, these pathways reflect the diversity of state strategies in leveraging migration channels to attract foreign capital, talent, and entrepreneurship, while maintaining differentiated levels of integration and mobility rights.

In 2025, global mobility is no longer governed solely by geography or nationality, but increasingly by access to legal instruments such as residency and citizenship. These once-static legal statuses have evolved into strategic assets for individuals seeking stability, security, and opportunity in an uncertain world. As governments respond to growing inequality, geopolitical instability, and shifting migration flows, CBI and RBI programs have emerged as pivotal tools, both for individual empowerment and for national development strategies.With over 304 million international migrants as of 2024, according to the United Nations Department of Economic and Social Affairs (2024)¹⁸United Nations Department of Economic and Social Affairs. (2024). International Migration Report. https://www.un.org/development/desa/pd/, migration today encompasses not only displacement and economic migration but also the rise of “strategic migration” through investment, skilled relocation, and second citizenship acquisition. For states, these instruments are not only channels of foreign direct investment and talent attraction but also policy levers to reposition themselves within the global economic system.

The 2024 UNDESA report highlights that international migration has nearly doubled since 1990, with voluntary migrants driven increasingly by geopolitical instability, wealth protection, education access, and global market participation. Among HNWIs, the pursuit of a second citizenship or residency is often tied to asset diversification, tax efficiency, and long-term security planning.¹⁹Knight Frank. (2024). The wealth report 2024. Knight Frank LLP. https://content.knightfrank.com/resources/knightfrank.com/wealthreport/the-wealth-report-2024.pdf Political uncertainty, restrictive regimes, and economic volatility (especially in regions such as Sub-Saharan Africa, the Middle East, and South Asia) have reinforced the appeal of alternative citizenships as insurance against instability. Access to quality education and healthcare, lifestyle upgrades, and global business opportunities are now primary incentives behind strategic migration decisions.

Governments are increasingly leveraging RBI and CBI programs to boost national revenue, create jobs, and channel capital into strategic sectors. In Europe, Portugal’s Golden Visa attracted over €6.8 billion between 2012 and 2022²⁰Agência para a Imigração e Mobilidade (AIMA). (2024, February). Estatísticas ARI – Autorização de Residência para Investimento. Retrieved from https://aima.gov.pt/pt, while Greece and Spain have reported billions in real estate-driven FDI²¹Ministerio de Vivienda y Agenda Urbana (MIVAU). (2024, January 31). Visados para inversores: Estadísticas 2016–2024. Retrieved from https://www.mivau.gob.es/portal-web/estadisticas/mercado-alquiler-compra-vivienda/visados-inversores.html. In the Caribbean, CBI programs contribute up to 40% of GDP in some states, such as Dominica and Saint Kitts and Nevis ²²International Monetary Fund. (2023). Investment migration: Macroeconomic effects and governance challenges (IMF Working Paper No. 2023/259). https://www.elibrary.imf.org/view/journals/001/2023/259/article-A001-en.xml. The IMF underscores that when properly regulated, investment migration can generate broad economic benefits, especially when linked to infrastructure development and local employment. However, it also cautions that weak governance and lack of oversight can lead to reputational damage, regulatory backlash, or even sanctions.

The Global Citizen Solutions Passport Index (2024) and the International Organization for Migration’s World Migration Report (2024) reveal stark mobility asymmetries between Global North and Global South citizens²³International Organization for Migration. (2024). World Migration Report. https://www.iom.int. While Swedish, German, and Finish passports offer visa-free or visa-on-arrival access to over 180 destinations, passports from countries like Pakistan, Nigeria, and Syria often grant access to fewer than 80, mostly within neighboring or lower-opportunity regions. This disparity reinforces a global mobility hierarchy, one which scholars such as Shachar describe as a “birthright lottery”²⁴Shachar, A. (2009). The birthright lottery: Citizenship and global inequality. Harvard University Press.. In this sense, Strategic citizenship acquisition serves as a corrective mechanism. According to sociologist Yossi Harpaz , such mobility-enhancing passports act as a form of “compensatory citizenship”, enabling access to systems otherwise gated by geography and class.²⁵Harpaz, Y. (2019). Citizenship 2.0: Dual nationality as a global asset. Princeton University Press. Caribbean CBI programs have become particularly attractive to professionals and entrepreneurs from the Global South, offering access to the Schengen Area, the UK, Hong Kong, and more than 140 countries, at a fraction of the cost of OECD options. According to Harpaz interviews, Caribbean passports offer a unique strategic value. He states that for many of the middle-class professionals he interviewed in West Africa and South Asia, these programs were less about migration and more about accessing the world on better terms, getting visas faster, attending conferences, or opening bank accounts abroad. ²⁶Harpaz, Y. (2019). Citizenship 2.0: Dual nationality as a global asset. Princeton University Press.

As countries liberalize their nationality laws, dual and multiple citizenships have become more widely accepted. The Global Citizenship Observatory reports that over 75% of countries now permit some form of dual citizenship, up from 50% two decades ago²⁷Global Citizenship Observatory. (2023). Global Dual Citizenship Database. https://globalcitizenshipobservatory.org/. This has enabled individuals to maintain economic, social, and political ties across borders while expanding their mobility and opportunity sets.

As a consequence, we can now say that citizenship is no longer solely a marker of belonging to a nation-state; it has become an instrumental mechanism, a passport to participation in a complex web of global regimes governing investment, education, security, and digital innovation. It determines not only where a person can reside or travel, but also which financial systems they can access, what legal protections they can invoke, and where they can build institutions, invest capital, or educate their children.

This instrumental function of citizenship is increasingly reflected in how advanced economies structure their residency and citizenship regimes, not around traditional notions of assimilation, but around strategic alignment with national development priorities. The Singapore Global Investor Programme (GIP) is a case in point. In its 2023–2024 reforms, Singapore redefined investor eligibility to prioritize deep-tech founders, venture capitalists, and high-growth entrepreneurs, requiring active operational involvement rather than passive capital deployment ²⁸Singapore Economic Development Board. (2025). Global Investor Programme (GIP). https://www.edb.gov.sg/en/how-we-help/incentives-and-schemes/global-investor-programme.html. Applicants must now establish a registered business with a proven innovation component, employ local talent, and maintain economic presence, directly contributing to Singapore’s long-term strategic goals in advanced manufacturing, biotech, fintech, and digital services. This shift embodies what political economist Kristin Surak describes as “residency regimes as economic instruments of statecraft”, tools that not only bring in capital, but help sculpt a country’s human capital and innovation landscape ²⁹Surak, K. (2021). Who wants to buy a visa? Comparing the uptake of residence by investment programs in the European Union. Migration Studies, 9(3), 431–452..

Similarly, the United Arab Emirates, through its expanded Golden Visa program, has transitioned from primarily investor-focused selection to targeting highly skilled human capital, including scientists, engineers, top-performing students, and specialists in fields like artificial intelligence, space research, and medicine. The UAE’s Golden Visa now includes 10-year residency options for those who contribute to its “knowledge-based economy” ³⁰Government of the United Arab Emirates. (n.d.). Golden visa. The Official Portal of the UAE Government. Retrieved April 29, 2025, from https://u.ae/en/information-and-services/visa-and-emirates-id/residence-visas/golden-visa. This move aligns with the country’s Vision 2031 plan, which explicitly aims to transform the UAE into a global hub for innovation and digital infrastructure. By broadening eligibility beyond financial capacity to include intellectual capital and technical expertise, the UAE signals that modern residency frameworks are tools of national competitiveness, designed to attract and retain those who drive long-term societal value.

This evolution reflects a broader pattern: as countries enter geopolitical competition for talent, investment, and innovation, they are re-engineering their legal gateways—not just to attract wealth, but to shape their future economic and technological identities. Citizenship and residency have thus become filters for global relevance, allowing states to curate who gets access to their institutions and who contributes to their national development.

Investment migration must be understood not only as a private strategy but as a governance tool. Countries designing these frameworks must ensure that due diligence, anti-money laundering (AML) compliance, and long-term integration strategies are embedded in law and practice. As the ECJ ruling against Malta’s MEIN program in 2025 illustrates, legal legitimacy and sovereignty boundaries are increasingly tested. As of 2025, around 37 countries operate active investment migration schemes. The future of these programs will depend on their ability to withstand international scrutiny while demonstrating tangible socio-economic benefits. For policymakers, the challenge lies in balancing openness with oversight, and individual mobility rights with the integrity of national and regional legal orders.

As mentioned, the role of  RCBI programs is evolving rapidly lately. The modern investment migration industry began in the late 1980s and early 1990s with small‐scale CBI initiatives. St Kitts and Nevis pioneered the first formal CBI program in 1984, and by 2000 roughly 15 countries had launched similar schemes.³¹Surak, K. (2023). The golden passport: Global mobility for millionaires. Harvard University Press. Yet until the early 2000s the sector remained relatively niche and lightly regulated. Since then, the number of RCBI programs has expanded markedly as such schemes have become a strategic tool for global risk mitigation, mobility planning, and economic diversification.

Assessing the exact number of RCBI programs is challenging, as definitions vary across jurisdictions (from “cash-for-citizenship” schemes to property-based golden visas and entrepeneurs visas). However, the landscape has proliferated from roughly 15 schemes in 2000 to around forty active programs in by 2025.  During this period, several programs were created and later phased out, such as Australia’s Business Innovation and Investment Program (BIIP), which closed to new applications in July³²Department of Home Affairs. (2024, July 31). BIIP closure and refunds. Australian Government Department of Home Affairs. https://immi.homeaffairs.gov.au/visas/getting-a-visa/biip-closure-and-refunds, Cyprus’s Citizenship by Investment Program, terminated on November 1, 2020³³Global Citizen Solutions. (2025, March 24). Cyprus citizenship by investment suspended. https://www.globalcitizensolutions.com/cyprus-ends-citizenship-investment-program/, and more recently Spain’s Golden Visa, which officially ended on April 3, 2025.³⁴Gobierno de España. (2024, April 9). El Consejo de Ministros aprueba la eliminación de la concesión de visados de residencia por inversión inmobiliaria [Press release]. La Moncloa. https://www.lamoncloa.gob.es/consejodeministros/Paginas/enlaces/090424-enlace-goldenvisa.aspx  In any case, capital deployed through investment migration has grown exponentially: between 2011 and 2017, investments in just eleven major programs jumped from US $2.86 billion to US $12.4 billion, a compound annual growth rate of 23.4%, effectively doubling the market every three years. ³⁵IMI Daily. (2018, June 6). Investment migration market would reach US$100 bn in revenue by 2025 if 23 % CAGR trend persists. https://www.imidaily.com/editors-picks/investment-migration-market-would-reach-us100bn-in-revenue-by-2025-if-23-cagr-trend-persists/Today, the global industry is conservatively valued at around US $20 billion per year.³⁶IMI Daily. (2018, June 6). Investment migration market would reach US$100 bn in revenue by 2025 if 23 % CAGR trend persists. https://www.imidaily.com/editors-picks/investment-migration-market-would-reach-us100bn-in-revenue-by-2025-if-23-cagr-trend-persists/

Geopolitical instability has become a recurring feature of the international landscape, from the Russia-Ukraine war and the Israel-Gaza conflict to growing tensions between the U.S. and China. These events have not only triggered humanitarian crises and disrupted global markets but have also pushed many individuals to seek exit strategies from volatile regions. Investment migration offers a legal and structured pathway to achieve that, providing access to safer jurisdictions, economic opportunities, and more predictable rule of law.

As instability intensifies, demand for RCBI programs is expanding beyond traditional motivations like tax optimization or travel convenience. Increasingly, families seek second residencies or citizenships as a “Plan B” for physical safety, healthcare access, and educational continuity. In the super-election year of 2024, at Global Citizen Solutions we noted a double-digit surge in demand from nationals of politically and economically unstable countries, alongside a broader uptake from citizens of developed nations grappling with internal polarization.

Regarding the demographics of ultra-high-net-worth individuals (UHNWIs), the period between 2018 and 2024 witnessed a significant increase in the desire to acquire a second passport across several regions. Africa experienced one of the most notable surges, with interest rising from 27% in 2018 to 38% in 2024. This surge in wealth generation complemented the rising demand for alternative citizenship options, as affluent Africans sought to hedge against regional instability and mobility limitations. This upward trend can be attributed to persistent political instability, security concerns, and economic challenges across parts of Sub-Saharan Africa, compounded by increasingly restrictive mobility conditions for African passport holders. At the same time, the wealth held by UHNWIs in Africa grew by approximately 30% between 2018 and 2024, expanding the pool of individuals with sufficient resources to allocate toward acquiring a second citizenship.³⁷Knight Frank. (2024). The wealth report 2024. Knight Frank LLP. https://content.knightfrank.com/resources/knightfrank.com/wealthreport/the-wealth-report-2024.pdf

Latin America maintained consistently high levels of interest, fluctuating slightly from 45% to 43%, reflecting ongoing structural issues such as economic volatility, high inflation, governance crises (particularly in countries like Venezuela and Argentina), and rising insecurity, all of which continue to drive demand for greater mobility and asset protection. In North America, interest nearly doubled over the same period, climbing from 16% to 26%, largely fueled by growing domestic polarization, political uncertainty, and apprehensions over potential tax policy shifts in the United States and Canada. The turbulence associated with election cycles, heightened social unrest, and debates around wealth taxation and regulatory changes have reinforced the perception among wealthy individuals that securing alternative citizenship offers a crucial safeguard against emerging risks.³⁸Knight Frank. (2024). The wealth report 2024. Knight Frank LLP. https://content.knightfrank.com/resources/knightfrank.com/wealthreport/the-wealth-report-2024.pdf

At the same time, the RCBI industry is under unprecedented international scrutiny. The European Union suspended visa-free access for Vanuatu passport holders in 2022, citing weak due diligence.³⁹Council of the European Union. (2022, March 3). Council Decision (EU) 2022/366 on the partial suspension of the application of the Agreement between the European Union and the Republic of Vanuatu on the short-stay visa waiver[Official Journal L 69, 105–106]. https://eur-lex.europa.eu/eli/dec/2022/366/oj Caribbean countries, long-time CBI pioneers, are now negotiating with the U.S. to strengthen screening standards or risk diplomatic repercussions.⁴⁰Citizens International. (2024, September 10). Caribbean nations to establish joint CBI regulator following US Treasury talks. https://citizensinternational.com/caribbean-nations-to-establish-joint-cbi-regulator-following-us-treasury-talks These developments highlight the growing expectation that RCBI programs align with international norms on security, transparency, and anti-money laundering (AML) compliance.⁴¹Financial Action Task Force & Organisation for Economic Co-operation and Development. (2023). Misuse of citizenship and residency by investment programmes. https://www.oecd.org/els/misuse-of-citizenship-and-residency-by-investment-programmes-ae7ce5fb-en.htm

Yet this pressure is also pushing innovation. In response to mounting international pressure for greater transparency and security, several key investment migration jurisdictions have introduced substantial reforms. In July 2023, St. Kitts & Nevis established a new Citizenship by Investment Board of Governors to provide independent oversight and enhance due diligence within its CBI process, a move largely driven by demands from the U.S. and the European Union.⁴²Citizenship by Investment Unit of St. Kitts and Nevis. (2023). Introduction of the Board of Governors for Citizenship by Investment oversight. Government of St. Kitts and Nevis. Similarly, Portugal restructured its Golden Visa program in October 2023, eliminating most residential real estate investment options and redirecting eligibility toward productive sectors such as technology startups, research and development, and green affordable housing projects.⁴³Government of Portugal. (2023). Amendments to Law 23/2007: Changes to the Golden Visa program. Diário da República.

Malta, throughout 2023 and early 2024, tightened its due diligence protocols for the its scheme, introducing multi-tier vetting, mandatory third-party compliance verification, and reinforcing transparency standards in line with international best practices.⁴⁴Malta Individual Investor Programme Agency. (2023). Reforms in due diligence procedures for Maltese citizenship by investment. Government of Malta. This vision was reflected in Malta’s MEIN program, which, in full alignment with the European Commission’s earlier recommendations, implemented a new legal and procedural framework precisely to foster genuine connections between applicants and the state.

Nevertheless, on April 29th, in an unexpected and significant departure from the Advocate General’s opinion, the European Court of Justice ruled against Malta, holding that even when robust due diligence and genuine links are established, a citizenship-by-investment scheme offering naturalization primarily on the basis of financial contributions infringes upon the principle of sincere cooperation and undermines the integrity of Union citizenship. The Court’s reasoning centered on the view that the grant of nationality, when decoupled from a deeper bond of integration and belonging beyond mere formalities, risks compromising the mutual trust among Member States essential for the functioning of the EU legal order.⁴⁵Court of Justice of the European Union. (2024, April 29). Judgment of the Court (Grand Chamber) of 29 April 2024, European Commission v Republic of Malta, Case C-715/21. Curia Europa. https://curia.europa.eu/juris/document/document.jsf?text=&docid=298576&pageIndex=0&doclang=en&mode=lst&dir=&occ=first&part=1&cid=16942863 The impact of this judgment extends far beyond Malta or Europe alone; analysts are still actively assessing the broader constitutional, political, and commercial consequences this decision may trigger across global investment migration markets.

Also, in 2023, five Caribbean nations signed a Memorandum of Understanding (MoU) committing to minimum investment thresholds, mandatory applicant interviews, and harmonized vetting standards, under significant diplomatic encouragement from the United States.⁴⁶Caribbean Community (CARICOM). (2023). MoU on Standards for Citizenship by Investment Programs. CARICOM Secretariat.

Another critical shift is the merging of RCBI with broader mobility and talent strategies. While investment migration schemes were initially designed primarily to attract passive FDI, currently RCBI programs are increasingly converging with broader global talent and mobility strategies. Countries such as the United Arab Emirates, Singapore and Canada are now pioneering hybrid schemes that blend traditional investment pathways with startup and innovation. For example, the UAE expanded its Golden Visaprogram in 2022–2023 to include not only investors but also entrepreneurs, scientists, outstanding students, and tech professionals⁴⁷Government of the United Arab Emirates. (n.d.). Golden visa. The Official Portal of the UAE Government. Retrieved April 29, 2025, from https://u.ae/en/information-and-services/visa-and-emirates-id/residence-visas/golden-visa. Similarly, Singapore’s Global Investor Programme (GIP) now places greater emphasis on startup founders and deep-tech investors, requiring active operational commitments rather than merely passive financial placements.⁴⁸Singapore Economic Development Board. (n.d.). Global Investor Programme (GIP). Retrieved April 29, 2025, from https://www.edb.gov.sg/en/how-we-help/incentives-and-schemes/global-investor-programme.html

RCBI is also being shaped by macroeconomic forces. As interest rates and inflation remain volatile in the post-COVID world, real estate-based investment routes are being reassessed for sustainability. Simultaneously, governments facing fiscal shortfalls are increasingly viewing RCBI as a legitimate way to raise revenue, provided the programs are credible, transparent, and politically defensible. Academic research reinforces the trend. A 2023 IMF working paper noted that investment migration can have positive effects on host economies if linked to public investment, job creation, and regional development. However, the same paper warned that poor governance and weak oversight could backfire, eroding international trust and leading to sanctions or restrictions.⁴⁹Dziwok, C., & Gaspar, V. (2023). Investment migration: Macroeconomic effects and governance challenges (IMF Working Paper No. 2023/259). International Monetary Fund. https://www.elibrary.imf.org/view/journals/001/2023/259/article-A001-en.xml

Looking ahead, the future of RCBI lies in balancing opportunity with integrity. Programs that adopt rigorous due diligence, align with global frameworks, and prioritize long-term value over short-term gain will continue to thrive, even in a more fragmented world order. As global instability increases, the desire for safety, mobility, and sovereignty will only grow, making investment migration an enduring, if evolving, feature of the 21st-century global system.

Reflecting on the future of investment migration, Patricia Casaburi, CEO at Global Citizen Solutions, noted:“The future looks very promising. People are more mobile than ever. As we become increasingly interconnected as a global society, the desire to move flexibly across borders also increases. Amidst this, we are seeing more and more individuals actively seeking Plan B strategies that take into account combined opportunities. In other words, people are increasingly mixing and matching citizenship and residency solutions to fit their versatile needs.”

To fit individuals increasingly versatile needs, they are no longer seeking one-dimensional solutions but instead crafting personalized mobility portfolios that combine citizenship, residence, and even digital access rights across multiple jurisdictions. This evolving behavior reflects broader shifts in how wealth, security, and opportunity are conceptualized in a volatile global environment.

RCBI schemes are not disappearing; rather, they are evolving in response to the growing global desire for mobility and autonomy. As individuals seek greater flexibility in where they live, work, and invest, these programs are adapting to meet increasingly complex and personalized demands. The next generation of programs will be defined by their ability to offer not only personal security and enhanced mobility for individuals but also strategic, long-term value for host nations. Jurisdictions that design schemes aligning with broader national objectives (such as talent attraction, innovation ecosystems, regional development, and fiscal resilience) will position themselves to thrive. The freedom to choose where to live, work, and invest is no longer a luxury reserved for a few; it has become an existential necessity for globally minded individuals.

The CBI landscape in 2025 continues to evolve, offering investors a unique blend of opportunity, legal security, and global mobility. This report focuses on the 14 active programs ranked by their procedures and benefits, as captured in the Global Intelligence Unit RCBI Report. The ranking measures ease of application, efficiency, regulatory clarity, and inclusivity of family members, among other dimensions and well as quality of life, tax optimization, investment landscape and global mobility in each of the countries that offer a CBI option.

Regional Overview and Investment Profiles

• Caribbean Region: Known for its flexible investment options, moderate cost of living, and efficient processing timelines, Caribbean programs such as Antigua and Barbuda, St. Kitts and Nevis, Grenada, Dominica, and St. Lucia provide optimal family-friendly solutions. The best investment profile in this region suits individulas and families seeking fast-track citizenship with moderate investments and no residency requirements. The 2023 Memorandum of Agreement (MoA) among these nations has strengthened transparency and harmonized standards.

• Europe: Comprising Malta and Austria, European CBI programs offer access to the European Union and high-quality healthcare, education, and lifestyle. However, they come with significantly higher investment thresholds and processing times. Austria targets ultra-HNWIs with economic contributions of €3–10 million and exceptional merit, while Malta provides a structured three-tier model (see our assessment about the ECJ’s decision on Malta’s MEIN below). The ideal investment profile in Europe suits affluent investors prioritizing global mobility and EU access over speed.

• Other Regions (Asia, Oceania, Middle East, Africa): Countries such as Türkiye, Jordan, Egypt, Cambodia, Vanuatu, and Nauru form a diverse group with mixed entry points and regulatory environments. These programs often have lower entry thresholds and faster timelines. Ideal for cost-conscious investors seeking quick access and flexible requirements.

Country Overview

1st – Antigua and Barbuda

Ranked 1st in the CBI Index and scoring 94.33 overall, Antigua and Barbuda remains a model of efficiency. Its Citizenship by Investment Act allows for four routes: donation to the National Development Fund (NDF), real estate acquisition, business investment, or contribution to the University of the West Indies (UWI) Fund. With a processing time of 6-9 months and a requirement to spend just five days in the country over five years, this program is both flexible and family-friendly. Spouses, children (including those under 30 or with disabilities), parents, grandparents, and siblings can all be included. The passport provides visa-free access to 148 countries.

Antigua and Barbuda’s top position is driven by stronger due diligence measures, including the introduction of mandatory interviews. It also saw gains in Certainty of Product due to adherence to the 2023 Memorandum of Agreement (MoA) among Caribbean nations.⁵⁰In 2023, several Caribbean nations operating Citizenship by Investment (CBI) programs signed a Memorandum of Agreement (MoA) aimed at enhancing regional cooperation, transparency, and standardization. The agreement—initially signed by Antigua and Barbuda, Dominica, Grenada, and St. Kitts and Nevis, with Saint Lucia joining in 2024—commits participating countries to a minimum investment threshold of US$200,000, prohibits discounting, mandates enhanced due diligence and information sharing, and sets the foundation for a regional regulatory body to oversee compliance. These measures seek to improve the credibility and sustainability of CBI programs across the region and address growing concerns from international partners about program integrity and security. Organisation of Eastern Caribbean States. (2024, March 14). Caribbean countries pressing forward with the implementation of the Memorandum of Agreement on Citizenship by Investment Programmes. https://pressroom.oecs.int/caribbean-countries-pressing-forward-with-the-implementation-of-the-memorandum-of-agreement-on-citizenship-by-investment-programmes Antigua and Barbuda has embraced these principles, further reinforcing investor’s confidence.

2nd – St. Kitts and Nevis

As the world’s oldest CBI program, established in 1984, St. Kitts and Nevis has long been a benchmark for quality and adaptability in the investment migration industry. Its program stands out for its multi-tiered investment flexibility, including the flagship Sustainable Island State Contribution (SISC), investments in public benefit projects, and government-approved real estate acquisitions. The country has taken a leadership role in implementing the MoA, reinforcing its reputation for robust due diligence, regional cooperation, and regulatory maturity.

Processing typically takes between 3 to 6 months, and applicants are not required to be physically present in the country at any point, making the program appealing to time-sensitive investors. The St. Kitts and Nevis passport offers visa-free access to over 160 countries, including the Schengen Area and the United Kingdom, making it one of the most powerful travel documents in the region. Its family-friendly policy, including eligibility for spouses and dependent children, further enhances its attractiveness among global investors seeking security, legacy planning, and international opportunity.

3rd – Grenada

Grenada’s CBI program, restructured in 2024 under the Investment Migration Agency (IMA) and regulated by the Grenada Citizenship by Investment Act, offers a clean and simplified two-route structure: a donation to the National Transformation Fund (NTF) or investment in approved real estate developments. Known for its environmental consciousness and rigorous due diligence, Grenada also permits a broad definition of dependents, including siblings and unmarried children up to age 30.

What sets Grenada apart is its geopolitical reach. It is the only Caribbean CBI nation with visa-free access to China, and it maintains a bilateral investment treaty with the United States, enabling citizens to apply for the U.S. E-2 Investor Visa—a significant advantage for those seeking U.S. market access without going through traditional immigration channels. Although the application timeline is longer—6 to 9 months on average—the program does not require any physical presence, and the passport grants access to more than 140 countries worldwide. Grenada’s positioning appeals strongly to business-minded investors and high-net-worth individuals from the Middle East, Asia, and Africa.

4th – Dominica

Dominica has earned global recognition for offering one of the fastest and most transparent CBI programs in the Caribbean. In operation since 1993, the program is widely praised for its speed, with processing timelines as short as 90 days, and for its commitment to sustainable national development. Investors can contribute to the Economic Diversification Fund (EDF) or invest in government-approved real estate. Revenues from the EDF have supported social infrastructure, climate resilience projects, and hurricane recovery—giving the program a development-oriented identity.

Applicants are required to undergo interviews and pass a multi-layered background check, reinforcing Dominica’s standing in the post-MoA era of enhanced due diligence. The program welcomes spouses, dependent children, and elderly parents/grandparents, offering a wide scope for family inclusion. Dual citizenship is allowed, and there are no residency requirements, making the process smooth for mobile families. The Dominica passport provides visa-free or visa-on-arrival access to 138 countries, making it a strong choice for applicants who value efficiency, transparency, and social responsibility.

5th – St. Lucia

Launched in 2016, St. Lucia’s CBI program is the youngest among the major Caribbean offerings but has quickly distinguished itself through regulatory responsiveness and flexible structuring. Investors can choose from four routes: a donation to the National Economic Fund (NEF), investment in real estate, government bonds, or enterprise projects. The minimum qualifying threshold starts at US$240,000, making it one of the more competitive options in the region.

A standout feature of St. Lucia’s program is the inclusion of mandatory applicant interviews, a measure that strengthens its commitment to high due diligence standards in line with the 2023 MoA. Family eligibility is also generous, covering children up to age 30, spouses, and parents over 55. Processing takes between 3 to 6 months, and there is no requirement to reside or travel to the country. The St. Lucian passport grants visa-free access to 142 countries, including key financial and commercial hubs such as the Schengen Area, the UK, Singapore, and Hong Kong. Its blend of mobility, regulatory integrity, and modern administration makes it a strong contender for globally mobile professionals and international entrepreneurs.

6th – Malta

Malta’s program, officially known as MEIN (Malta’s Exceptional Investor Naturalisation), has long stood as one of the most robust, transparent, and stringently regulated investment migration programs in the world. Applicants are required to obtain Maltese residency for a minimum of 12 to 36 months, depending on their investment level, before even becoming eligible to apply for citizenship. The program mandates a €600,000–€750,000 government contribution, a €700,000 real estate purchase or five-year lease at €16,000 per annum, and a €10,000 philanthropic donation to an approved NGO.

Regulated under Legal Notice 437 of 2020, MEIN permits the granting of citizenship to foreign nationals and their families who demonstrate a genuine connection to Malta through substantial economic contribution, verified physical presence, and a multi-tiered due diligence process that exceeds international anti-money laundering standards. With an annual cap of 400 naturalisation certificates and a lifetime ceiling of 1,500 (excluding dependants), the framework is both selective and highly controlled. Successful applicants are also subject to transparency rules, including publication in the Government Gazette. It is even challenging to categorize Malta’s MEIN as a classical CBI program, as the commitments required from applicants extend well beyond financial contributions. Instead, participants establish genuine and tangible connections to the country, reinforcing meaningful social and economic ties.

The program primarily targets both UHNWIs and HNWIs seeking EU citizenship. Processing takes approximately 24–36 months, and the program allows inclusion of spouses, dependent children, and parents. Malta’s passport provides visa-free access to 172 destinations, including full EU rights.

Yet despite these high standards, and the program’s clear effort to foster civic integration through economic and social ties, the European Court of Justice (ECJ) on April 29 delivered a ruling that declared MEIN incompatible with EU law. The Court argued that Malta’s exercise of sovereign discretion over nationality infringed upon the principles of mutual trust and sincere cooperation among Member States.

This judgment reflects a troubling shift in the EU’s constitutional order. By placing abstract and undefined conceptslike “genuine connection” and “mutual trust” above clearly enshrined individual rights and the sovereign authority of Member States, the ECJ has effectively reinterpreted the EU Treaties without democratic process or treaty reform. The ruling contradicted the opinion of Advocate General Collins, who had explicitly reaffirmed that nationality lies within the exclusive competence of Member States.

What we are witnessing is the quiet rise of silent federalism, a gradual yet profound shift in power where EU institutions extend their reach into areas like nationality, long held as sacrosanct by national constitutions. This ruling represents a stealth transfer of constitutional authority, sidestepping Member State consent and public deliberation. If citizenship policies, the ultimate expression of national sovereignty, can now be overridden at the Union level, the foundational balance between EU and national powers is at risk.

Furthermore, the ECJ’s ruling ignores fundamental principles of EU law: namely, legal certainty, legitimate expectations, and proportionality. Individuals who applied under the MEIN program did so in good faith, relying on the lawful and transparent framework established by Malta. The EU now risks breaching Articles 41 and 47 of the Charter of Fundamental Rights, which guarantee fair administration and effective access to legal remedies. Sweeping invalidation of these rights undermines public trust in both EU governance and Member State institutions.

While the Malta Permanent Residence Programme (MPRP) – referred to in the RBI section of the Global RCBI Report – remains unaffected by this ruling, the wider implications for Member States are significant. The decision sets a precedent where the EU may increasingly encroach on national competencies without formal treaty changes, deepening constitutional uncertainty and threatening the democratic legitimacy of Union law.

The ECJ’s ruling, far from promoting integration, risks destabilizing it by undermining sovereign prerogatives, setting aside legal precedent, and expanding EU jurisdiction through judicial interpretation. This is not just a court decision, it is a constitutional inflection point that challenges the boundaries of Union power and redefines the future of state sovereignty within the European project.

7th – Nauru

Launched in 2025, Nauru’s Economic and Climate Resilience Citizenship Program offers one of the most affordable and fastest options in the world. For a non-refundable donation of $105,000 to the Treasury Fund, applicants can obtain citizenship within 3–4 months. The program includes spouses, children, elderly parents, and siblings, with no residency or interview requirements.

While Nauru’s passport allows access to 94 countries, the country’s geographic isolation may make it less attractive  some investors. Nevertheless, it remains a viable entry-level option for those seeking mobility and backup citizenship.

8th – Austria

Unlike most Citizenship by Investment (CBI) programs, Austria’s pathway under Article 10(6) of its Citizenship Act is entirely discretionary, with no standardized investment route, no prior residence, and no language or civic integration requirements. Each application is evaluated case by case, based on the applicant’s exceptional economic contributions and the perceived benefit to the Austrian state, such as job creation or export growth. This highly selective and confidential model contrasts sharply with more structured programs like Malta’s MEIN or the Caribbean CBI schemes, which offer clear investment thresholds, defined timelines, and predictable application procedures. Austria’s model caters to ultra-high-net-worth individuals with strategic business influence rather than passive investors, making it arguably the most exclusive and opaque CBI program in Europe.

A key hallmark of Austria’s CBI program is its discretionary and confidential process. Applications are handled quietly, with no public disclosure of applicants or approvals, and decisions require ministerial-level authorization. The entire process is shrouded in confidentiality and involves extensive due diligence, including security, financial, and reputational checks. Because approvals are political in nature and based on perceived national interest, the pathway is inaccessible without high-level guidance and government support, adding to its exclusivity.

While Austria traditionally maintains a strict policy against dual citizenship, it makes explicit exceptions under Article 10(6). Individuals granted citizenship under this provision are typically allowed to retain their original nationality, a significant legal concession not commonly available through standard naturalization routes. This flexibility enhances the program’s appeal to global elites who wish to gain EU citizenship without forfeiting their original passports, particularly valuable given Austria’s strong passport and its rights within the European Union.

Austrian citizenship confers one of the most powerful passports globally, offering visa-free or visa-on-arrival access to 181 countries and full EU citizenship rights, including the ability to live, work, and study in any EU Member State. Beyond mobility, it provides access to Austria’s stable political and financial system, world-class healthcare, education, and legal protections. The passport’s strategic value, combined with Austria’s discretion-based granting of nationality, ensures that only a handful of highly qualified individuals obtain it each year, reinforcing its exclusivity and prestige.

9th – North Macedonia

North Macedonia has emerged as a compelling option for global investors seeking a cost-effective and strategically positioned second citizenship. While not part of the European Union (EU), the country’s EU candidate status, competitive pricing, and straightforward process make its Citizenship by Investment (CBI) program an increasingly popular choice for high-net-worth individuals and entrepreneurs. The program is legally grounded in North Macedonia’s National Citizenship Law, and implementation is overseen by the Agency for Foreign Investments and Export Promotion, in collaboration with the Ministry of Interior and the Office of the President. All successful applicants receive citizenship by presidential decree, ensuring a formal constitutional basis for their new status.

The program offers foreign nationals the opportunity to acquire citizenship through an  investment in either a government-approved development fund or a direct business venture that creates jobs for local citizens. This scheme requires no physical residence, language proficiency, or cultural integration requirements are imposed.

The program is remarkably efficient, with average processing times ranging from four to six months, and spouses and dependent children under 18 may be included under a single application. This accessibility, combined with speed and simplicity, positions North Macedonia as one of the most straightforward CBI options in Europe.

Citizenship confers access to the North Macedonian passport, which currently provides visa-free or visa-on-arrival access to 146 countries, including the Schengen Area, Japan, Turkey, Hong Kong, and most of Latin America. Though the passport does not match the power of EU Member States like Austria or Portugal, it remains a solid mobility tool, especially for individuals from countries with more restricted travel options.

Importantly, North Macedonia is a candidate for future EU membership, and its continued alignment with European Union standards adds a layer of long-term strategic value. While no specific date is set for accession, citizenship acquired today could position holders to benefit from increased rights and mobility in the event of EU entry.

10th – Vanuatu

Vanuatu, a remote Pacific island nation known for its natural beauty and reliance on offshore services, has operated one of the world’s fastest and most affordable CBI programs. Administered primarily through the Development Support Program (DSP) and the Capital Investment Immigration Plan (CIIP), the initiative has historically appealed to individuals from emerging markets seeking quick, uncomplicated access to a second citizenship. With a minimum contribution of just $130,000 and processing times of one to two months, it quickly became a favorite among time-sensitive applicants. However, recent international scrutiny (particularly from the European Union) has forced Vanuatu to reevaluate the integrity and sustainability of its program.

In 2022, the European Union suspended Vanuatu’s visa-free agreement with the Schengen Area due to serious concerns over the country’s lax due diligence practices, minimal transparency, and a high approval rate for applicants with questionable backgrounds. In response to these pressures, the government of Vanuatu introduced a series of reforms in 2024 aimed at rebuilding international trust and aligning the program with global standards. Chief among these reforms is the introduction of biometric passports with advanced security features, designed to counter identity fraud and reassure foreign authorities. The country also established a national security vetting unit to implement more robust applicant screening protocols. These measures bring Vanuatu’s vetting procedures closer to compliance with the recommendations of the Financial Action Task Force (FATF) and the OECD, particularly with regard to anti-money laundering (AML) obligations and the handling of politically exposed persons. The country’s heavy financial reliance on the CBI program (reportedly contributing up to 40% of national revenue) has created an incentive structure for development.

The profile of applicants currently interested in Vanuatu’s CBI program has also shifted in light of the program’s reduced mobility value after the EU restrictions. While it once appealed to a broad swath of high-net-worth individuals from various regions, it now primarily attracts entrepreneurs, professionals, and politically exposed individuals from jurisdictions with limited passport strength. These applicants typically seek a strategic backup plan, asset protection, or fast mobility in non-Schengen destinations. Wealthier investors who once considered Vanuatu as a stepping-stone to global mobility have largely turned their attention to Caribbean programs with stronger reputations and wider travel benefits.

Despite these challenges, Vanuatu’s CBI program is not without potential. Its rapid processing, low cost, and inclusion of family members continue to make it attractive to a niche group of applicants. The 2024 reforms could serve as a turning point if implemented transparently and coupled with sustained engagement with international partners. Restoring visa-free access to the Schengen Area would be a game-changer, but achieving that will require not just policy adjustments but a fundamental shift in how the program is administered and perceived.

11th – Türkiye

Türkiye has positioned itself as one of the most flexible and strategically appealing destinations for individuals seeking a second citizenship. Since the launch of its CBI program in 2017, Türkiye has attracted thousands of applicants with its diverse range of qualifying investment routes, moderate entry thresholds, and relatively swift processing times. Designed to stimulate foreign direct investment and boost economic growth, the program has become particularly popular among investors from the Middle East, Central Asia, and parts of Africa.

Türkiye’s program distinguishes itself through the breadth of its investment options. Unlike many countries that restrict applicants to one or two predefined routes, Türkiye allows qualifying investments across real estate, capital markets, and entrepreneurship. The most common pathway involves the purchase of real estate with a minimum value of $400,000, which must be held for at least three years. However, applicants may also qualify by depositing funds into a Turkish bank, investing in government bonds or private pension funds, or launching a business that creates jobs for Turkish citizens. This array of choices offers flexibility for investors with varying financial profiles and risk appetites, making Türkiye’s program one of the most accessible among major economies.

The application process typically takes between 3 to 6 months, and citizenship is granted by presidential decree. There is no requirement to reside in Türkiye before or after obtaining citizenship, and the program allows the inclusion of the applicant’s spouse and minor children. For many, this ease of entry, combined with the country’s relatively low cost of living and dynamic real estate market, makes Türkiye an attractive alternative to more restrictive or expensive European schemes.

In terms of mobility, the Turkish passport offers visa-free or visa-on-arrival access to 134 countries, including Japan, South Korea, and much of Latin America. While it does not currently grant visa-free access to the European Union or the United Kingdom, Turkish citizens are eligible to apply for the U.S. E-2 Investor Visa, which allows for the establishment and operation of a business in the United States. This feature adds strategic appeal for business-minded applicants seeking access to the U.S. market.

The popularity of Türkiye’s CBI program has surged in recent years, particularly among applicants from Iran, Iraq, Russia, Pakistan, and various Gulf states. These individuals are often motivated by the desire for geopolitical stability, greater travel mobility, or access to Türkiye’s robust healthcare and education systems. In many cases, Türkiye is also seen as a cultural and linguistic bridge between East and West, a factor that resonates strongly with applicants from Muslim-majority countries.

Overall, Türkiye’s CBI program continues to offer a compelling mix of flexibility, speed, and affordability. It appeals to a broad demographic of investors looking for a second citizenship that delivers not only mobility, but also economic and strategic benefits. As global interest in alternative citizenship continues to rise, Türkiye’s model (grounded in economic pragmatism and geopolitical reach) remains one of the most competitive and adaptable programs in the investment migration landscape.

12th – Jordan

Launched in 2018, Jordan’s CBI program stands as a relatively low-profile but carefully structured offering in the global investment migration landscape. Designed to attract high-value investors while safeguarding national interests, the program provides a route to Jordanian citizenship through financial contributions that directly support the country’s economic development. Unlike many Western or Caribbean alternatives, but similar to Austrian CBI, Jordan’s model is characterized by its selective approach, higher entry thresholds, and emphasis on national security and political neutrality.

Under the terms of the program, foreign nationals may qualify for citizenship by making one of several qualifying investments. These include placing a non-interest-bearing deposit of at least $1 million with the Central Bank of Jordan for a minimum of three years, purchasing treasury bonds of equal value with a holding period of six years, or investing a minimum of $750,000 in an enterprise that creates at least ten jobs for Jordanian citizens. The investment options reflect a deliberate national strategy aimed at supporting fiscal stability, stimulating job creation, and reinforcing local entrepreneurship. The processing timeline is relatively efficient, averaging around 3 months, and the program allows for the inclusion of the main applicant’s spouse and dependent children.

Jordan requires applicants to physically visit the country to complete certain procedural and legal steps. This requirement underscores the government’s intent to ensure a minimum level of engagement and transparency throughout the process. Moreover, successful applicants are subject to certain legal restrictions, most notably a prohibition on holding political or public office for a defined period following naturalization. This provision is a unique safeguard within the CBI landscape and reflects Jordan’s commitment to maintaining political sovereignty and institutional integrity.

The Jordanian passport offers relatively modest mobility, granting visa-free or visa-on-arrival access to 85 destinations, including several Middle Eastern, Asian, and African countries. While it does not rival the travel freedom provided by European or Caribbean passports, it offers regional advantages and practical utility for individuals from neighboring countries where travel and personal security are more restricted. Moreover, Jordan’s longstanding political stability, close ties with Western powers, and reputation for moderate diplomacy add a layer of strategic value for those seeking safe haven in a volatile region.

Jordan’s CBI program has garnered interest primarily from investors across the Middle East, particularly from Iraq, Syria, and the Palestinian territories, as well as from diaspora communities with historical, cultural, or familial ties to the country. For many of these applicants, the appeal lies not in mobility but in access to a stable jurisdiction with rule of law, functioning institutions, and a business environment that (while still developing) offers growth opportunities in sectors such as technology, tourism, and healthcare.

Despite its relatively limited visibility on the global stage, Jordan’s CBI program represents a pragmatic and security-conscious model. It prioritizes economic substance, personal accountability, and national interest over speed and convenience. For investors who are less concerned with global mobility and more interested in regional access, legacy planning, and business integration, Jordan offers a citizenship path that is both respectable and grounded in long-term national development goals.

13th – Egypt

Since its introduction in 2019 and subsequent revision in 2023, Egypt’s CBI program has quietly positioned itself as a pragmatic and flexible alternative in the competitive landscape of economic migration. Aimed at attracting much-needed foreign capital while strengthening Egypt’s geopolitical and economic ties, the program offers multiple investment pathways, moderate processing times, and access to one of the most influential cultural and commercial hubs in the Arab world. While it does not promise extensive visa-free mobility or swift family naturalization, the program provides unique regional value and long-term strategic potential.

Egypt’s CBI framework offers four qualifying investment routes. The first is a non-refundable contribution of $250,000 to the state treasury. The second option involves the purchase of state-approved real estate with a minimum value of $300,000. The third allows investors to start or fund a business in Egypt with a capital investment of at least $350,000, provided an additional $100,000 is contributed to the treasury. The final option, considered the most conservative, requires a $500,000 deposit into an Egyptian bank, refundable after three years without interest.

The program’s application process typically takes between 3 to six 6. While Egypt does not require permanent residency or cultural integration, all applicants must travel to the country at least once to complete the national identification process and biometric registration. This adds a layer of administrative engagement, signaling a desire for minimal physical ties without imposing long-term residency obligations. Once approved, applicants receive full Egyptian citizenship and access to services and protections offered to nationals.

One of the program’s key features is its generous family inclusion policy. Spouses and dependent children can be included in the application, and extended family members such as parents may also be eligible under certain conditions. However, there is an important caveat: while the main applicant is granted citizenship upon approval, family members are subject to a two-year waiting period before their status is finalized. This phased approach to naturalization is intended to strengthen security vetting and prevent misuse, though it may present a hurdle for applicants prioritizing immediate family migration.

Egyptian citizenship offers visa-free or visa-on-arrival access to approximately 97 countries. While the passport does not offer the same mobility as European or Caribbean equivalents, it includes access to several Middle Eastern, Asian, and African nations. More importantly, Egyptian citizens are eligible to apply for a U.S. E-2 Investor Visa, thanks to a bilateral treaty with the United States. This provision is a significant draw for applicants seeking commercial entry into the U.S. market, especially from countries not party to the E-2 agreement themselves.

The applicant pool for Egypt’s CBI program has largely been regional, with interest from Gulf countries, North Africa, and parts of South Asia. Many applicants are attracted not only by the affordable investment thresholds, but also by Egypt’s strategic location, growing economy, and access to regional markets. For diaspora communities and politically sensitive populations, the program also offers a viable exit route that remains culturally familiar and economically promising.

14th – Cambodia

In a region where most nations avoid direct economic citizenship offerings, Cambodia’s CBI program stands out as one of Asia’s few formalized and enduring pathways to citizenship through capital contributions. Launched in 1996 and grounded in royal authority, the program provides a legal avenue for foreigners to acquire Cambodian nationality through state-approved investment or donation. Though its mobility benefits are modest compared to Western alternatives, Cambodia’s offering appeals to a unique subset of applicants seeking residence and integration in Southeast Asia through a long-established legal framework.

The program offers two qualifying options. The first is a non-refundable donation of US$245,000 to the national budget. The second route involves an investment of at least US$305,000 into a government-approved development project, typically in areas such as infrastructure, industry, or tourism. Both pathways must meet strict regulatory compliance and receive formal approval from Cambodian authorities. Once accepted, applicants are granted citizenship by royal decree, an honor reflecting the country’s monarchical tradition and sovereign control over nationality.

Cambodia’s program emphasizes cultural assimilation and physical presence. Applicants are required to travel to the country, register a local residence, and successfully complete tests in language, Cambodian history, and basic health screening. These measures underscore the government’s intent to ensure that new citizens possess a meaningful connection to the country, even if only at a basic level. While such requirements may be seen as barriers by some, they align with Cambodia’s national values and policy emphasis on integration over mere transactional benefit.

Processing times typically range up to six 6, and dual citizenship is legally permitted. This makes Cambodia an exception in Southeast Asia, where many countries restrict or prohibit multiple nationalities. The ability to retain one’s original citizenship while acquiring Cambodian nationality is particularly attractive to investors from countries with limited regional access or those looking to establish business or lifestyle footholds in the Mekong subregion.

The Cambodian passport currently allows visa-free or visa-on-arrival travel to approximately 52 countries, primarily in Asia, the Middle East, and parts of Africa. Although this offers relatively limited global mobility compared to Caribbean or European alternatives, it is sufficient for regional travel and certain commercial purposes. For many applicants, the appeal lies less in travel freedom and more in regional integration, business expansion, and long-term residency rights in an emerging economy with deep cultural heritage and political stability.

Interest in Cambodia’s CBI program has largely come from Asia and the Middle East, with applicants often seeking a stable jurisdiction for investment, access to the ASEAN region, or a fallback option amid domestic uncertainty. Others are drawn by Cambodia’s growing tourism and construction sectors, low tax environment, and strategic location bordering Thailand, Laos, and Vietnam. The program has also appealed to members of the Cambodian diaspora or foreign nationals with long-standing ties to the country who wish to formalize their presence.

Following our analysis of the CBI environment, where nationality is granted in exchange for an economic contribution, we now shift our focus to the RBI landscape. While CBI programs offer full citizenship and a passport, RBI programs provide legal residence status, typically through property purchases, capital injections, or entrepreneurial ventures, without immediate access to nationality. These pathways enable individuals and globally mobile families to secure a Plan B, diversify residence rights, and position themselves in economically or politically stable jurisdictions.

RBI programs have emerged as a critical instrument for global mobility, wealth protection, and opportunity access. The Global RCBI Report 2025 provides a data-driven comparative analysis of 22 top-performing RBI schemes worldwide. Drawing on 18 standardized indicators grouped into five sub-indexes (Procedure, Mobility, Tax Optimization, Quality of Life, and Investment) this report offers a panoramic view of the investment migration ecosystem.
 

Regional Trends and Investment Profiles

• Europe: the region remains dominant  in terms of both the number and quality of RBI programs even after the phasing out of the Spanish Golden Visa Porgram. Countries like Greece, Portugal, Malta, and Italy score high across all dimensions due to strong institutional frameworks, visa-free Schengen access, and transparent legal provisions. European RBI schemes are particularly attractive to those seeking long-term integration in the EU, with moderate physical presence requirements and clear naturalization pathways. Investment profiles vary from real estate (Greece, Cyprus) to business and fund options (Portugal, Luxembourg), making the region ideal for conservative and entrepreneurial investors alike.

• Asia and the Middle East: offer RBI programs characterized by business-friendly climates and favorable tax regimes. The UAE and Singapore stand out for their global connectivity and zero-tax policies, attracting tech entrepreneurs and high-net-worth individuals aiming for regional market entry. Though citizenship is often difficult to obtain, residency confers considerable lifestyle, educational, and business advantages. Hong Kong and Thailand also provide structured entry routes through financial investments, albeit with less political stability.

• Oceania: led by New Zealand and Australia, targets innovative entrepreneurs and venture capitalists through high-threshold programs tied to business creation and job development. These programs emphasize physical presence and active investment, aligning with broader national economic development goals. With top global rankings in quality of life, Oceania appeals to families and retirees seeking long-term relocation.

• The Americas:  including Canada, the U.S., and Costa Rica, provide pathways tailored to startup founders, real estate investors, and those seeking access to large consumer markets. Programs in Canada and the U.S. integrate residence with business acceleration and job creation, while Latin American options (Costa Rica, Panama) focus on sustainability and regional development. These programs appeal to global entrepreneurs and impact investors.

• Africa:  though less represented, features Mauritius and Namibia as emerging players. Mauritius attracts real estate and business investors with strong legal protections and tax incentives, while Namibia offers a streamlined property-based pathway with low barriers to entry. These programs serve as options for regional diversification and future mobility.

Country Overview

1st – Greece

The Greek Golden Visa Program, introduced in 2013, is a residence-by-investment scheme aimed at attracting non-EU/EEA investors by offering them a five-year renewable residence permit in exchange for a qualifying investment in Greece. Designed to boost the national economy, particularly through real estate and capital inflows, the program allows investors and their families to legally reside in Greece and travel freely across the Schengen Zone. The permit does not require physical residence in the country, making it highly attractive for global investors looking for EU access and lifestyle benefits without relocation commitments.

The core of the Greek Golden Visa Program is the real estate investment route:

• Requires a minimum investment of €250,000 in most of Greece.
• From August 1, 2023, the threshold increased to €500,000 in high-demand areas: Athens, Thessaloniki, Santorini, Mykonos and parts of Crete (in these areas, only one property per application is allowed).

Alternative investment options include:

• Leasing tourist accommodations for at least 10 years.
• Investing a minimum of €400,000 in: Greek government bonds, shares of local companies and capital contributions to local companies or real estate funds.

Eligible dependents include the main applicant’s spouse or registered partner, children under the age of 21 (extendable to 24 if they are students), and the parents of both the investor and the spouse, without age restrictions or proof of dependency.

Greek tax residency is not automatically granted with a Golden Visa; to become a tax resident, one must either spend more than 183 days per year in Greece or apply for tax residency through specific programs. Greece offers favorable tax regimes for new residents, including a flat tax option for high-net-worth individuals. However, rental income earned from Greek property is subject to local taxation.

Investors may apply for Greek citizenship after seven years of continuous residence in the country, during which they must spend most of each year in Greece (183 days annually). In addition, applicants must demonstrate integration into Greek society, including knowledge of the language, history, and culture, through a formal examination process. Merely holding a Golden Visa without residing in Greece does not count toward the naturalization requirement, making the path to a passport more demanding compared to the initial residence permit process.

With visa-free access to 181 countries, low physical presence requirements, and straightforward family inclusion, the program has become especially popular with Middle Eastern, Chinese, and Russian investors seeking EU access.

2nd – Malta

The Malta Permanent Residence Programme (MPRP) is a residency-by-investment scheme introducedin 2021 as the successor to the previous Malta Residence and Visa Programme (MRVP). The program has faced scrutiny under EU guidelines regarding investor migration⁵¹Global Citizen Solutions. (2024, February 9). A turning point for Malta’s Exceptional Investor Naturalisation program?Global Citizen Solutions. https://www.globalcitizensolutions.com/intelligence-unit/analyses/turning-point-for-malta-exceptional-investor-naturalisation-program/, prompting Malta to emphasize strict due diligence, source of funds verification, and the non-citizenship nature of this route. The government has also improved digital processing and ensured that applicants are thoroughly vetted by international standards.

It is designed for non-EU/EEA/Swiss nationals seeking permanent residency rights in an EU country without the need to physically relocate. The program grants a lifetime permanent residence permit, renewable every five years, allowing visa-free access across the Schengen Area for up to 90 days in any 180-day period. The MPRP is overseen by Residency Malta Agency, operating under the Ministry for Home Affairs.

The Malta Golden Visa is family-friendly and allows applicants to include spouses or long-term partners, children under 18, financially dependent adult children (including those over 18 if unmarried and still dependent), and dependent parents or grandparents of both the main applicant and the spouse. All included family members must pass due diligence checks and maintain valid health insurance. This broad inclusion criterion makes the MPRP especially appealing for multigenerational families seeking secure EU residency.

Residency under the MPRP does not automatically trigger tax residency unless the individual spends more than 183 days per year in Malta or declares Malta as their primary residence. Malta operates a remittance-based tax system for non-domiciled residents, meaning foreign income is only taxed if brought into the country. There is no inheritance tax, wealth tax, or real estate tax, but rental income and capital gains in Malta are taxed.<

The Malta Golden Visa does not lead directly to citizenship. However, after five years of residence and integration, individuals may apply for naturalization, though approval is at the discretion of the authorities and typically requires strong ties to the country, including language proficiency and proof of genuine connection. For those seeking a faster route to citizenship, Malta offers a separate, highly regulated citizenship-by-investment program known as the Maltese Exceptional Investor Naturalisation (MEIN) – 6^th in the 2025 CBI index – which requires significantly higher financial commitments and a longer due diligence process.

3rd – Switzerland

Switzerland does not operate a traditional Golden Visa program like many EU countries but instead offers an RBI pathway through its lump-sum taxation scheme. This program allows non-EU/EFTA nationals to obtain a Swiss residence permit by agreeing to pay a negotiated annual tax rather than declaring global income and assets. Designed for wealthy individuals who do not engage in gainful employment in Switzerland, the program is particularly attractive for retirees, entrepreneurs managing offshore assets, or high-net-worth individuals seeking a prestigious and secure European residence. Residence permits are issued at the cantonal level, with conditions varying by location.

The Swiss RBI program operates through a lump-sum taxation system (forfait fiscal), under which foreign nationals can obtain residence by paying a negotiated annual tax based on their living expenses rather than global income. The minimum taxable base typically ranges from CHF 400,000 to CHF 600,000, equivalent to about $440,000 to $660,000 USD. This results in an annual tax bill of approximately CHF 150,000 to over CHF 1 million ($165,000 to over $1.1 million USD) depending on the canton and personal circumstances. Among the most expensive cantons, Geneva stands out for its high prestige and financial thresholds. In contrast, Canton Valais is known as one of the most affordable, with entry-level lump-sum obligations of CHF 100,000–CHF 150,000 ($110,000-$165,000 USD). Valais, along with cantons like Fribourg and Neuchâtel, is often chosen by applicants looking for cost-effective pathways to Swiss residence while still enjoying a high quality of life.

Swiss RBI scheme allows the spouse and dependent children of the main applicant to be included in the residence permit. Family members receive the same residency rights and may benefit from Switzerland’s high-quality healthcare, education, and safety standards. The principal applicant must demonstrate sufficient financial resources to support the entire family without public assistance.

The program is ideal for those seeking residence without business activity, as it doesn’t require physical presence or local economic contributions beyond taxation. However, individuals are expected to maintain a residence in Switzerland and typically live there for at least part of the year.

Participants in the Swiss RBI program pay a negotiated flat tax instead of being taxed on global income and assets, provided they do not engage in Swiss employment or business. The forfait fiscal is based on estimated living expenses and agreed upon with cantonal tax authorities. While tax rates vary by canton, the overall structure allows wealthy individuals to significantly reduce tax exposure while complying with Swiss law. Residents must also contribute to Swiss social security and health insurance.

Regarding citizenship pathway, typically, individuals can apply for permanent residency after 10 years, and for citizenship after 12 years, though some cantons offer accelerated naturalization in as little as 5–10 years. Applicants must demonstrate language proficiency, cultural integration, and community involvement, and must meet cantonal and federal residency requirements. Importantly, mere possession of a residence permit through the RBI program does not guarantee a successful citizenship application.

Along with other programs, the Swiss RBI scheme has remained stable but under increased scrutiny from domestic political actors and the EU. In 2024/2025, the country has strengthened its transparency and due diligence framework under its program, particularly concerning the verification of applicants’ sources of wealth and funds. These reforms are part of Switzerland’s effort to comply with international standards set by the Financial Action Task Force (FATF), a global intergovernmental body that develops policies to combat money laundering, terrorist financing, and threats to the integrity of the international financial system. Switzerland has also aligned its procedures with OECD recommendations on tax transparency, including cooperation through the Common Reporting Standard (CRS) for automatic exchange of financial account information, and compliance with EU pressure on investment migration schemes, especially in areas linked to anti-corruption, tax evasion, and national security.

While the Swiss RBI program is among the most expensive in Europe, it remains a highly attractive option for HNWIs who prioritize discretion, stability, and lifestyle quality over cost efficiency. The program does not require any direct business activity or investment in real estate, offering instead a residence permit in exchange for an annual tax based on estimated living expenses. This model is particularly well-suited for applicants with substantial offshore income who seek predictable tax exposure, access to the Schengen Area⁵²Switzerland is a member of the Schengen Area, which allows passport-free travel across most of Europe, but this is separate from EU membership. Its non-EU status means that while Swiss residents enjoy many European benefits, they are not automatically entitled to the full rights and freedoms granted under EU citizenship., and residence in one of the world’s most secure and sophisticated jurisdictions.

4th – Luxembourg

The Luxembourg RBI Program, also known as the Investor Residence Permit (IRP), was established in 2017 to attract non-EU/EEA/Swiss nationals who wish to reside in one of Europe’s most stable and reputable jurisdictions. The permit is initially valid for three years and is renewable as long as the investment is maintained. It grants the right to live, work, and study in Luxembourg, while also offering visa-free travel across the Schengen Area. The program is designed to support both the national economy and long-term integration, with a pathway to permanent residence and citizenship available after five years of physical residence and successful civic and linguistic integration. Given Luxembourg’s international standing as a financial and legal hub, the RBI program stands out for its credibility and long-term strategic value rather than fast-track or mass-market appeal.

Applicants may choose from four investment options, each with different capital thresholds and requirements.

• Business Creation: Invest a minimum of €500,000 in a new company based in Luxembourg.The company must create at least five local jobs within three years.
• Existing Company Investment: Invest at least €500,000 in an existing Luxembourg-based company. The company must have its registered office in Luxembourg.
• Investment Fund Contribution: Contribute a minimum of €3 million to an approved Luxembourg investment fund.
• Bank Deposit: Deposit €20 million in a Luxembourg financial institution. Funds must be maintained for at least five years.

Regardless of the path chosen, the investment must be maintained throughout the residence period, and applicants must present clear documentation proving the legality and origin of the funds used.

The program allows the main applicant to include family members through reunification provisions. Eligible dependents include a spouse or registered partner, children under the age of 18, and adult children up to 25 if they are financially dependent and enrolled in education. In certain cases, dependent parents may also be included, though this requires additional justification and financial proof.

While the program does not guarantee citizenship or permanent residence by default, it provides a clear legal framework for achieving both, provided applicants meet the residence, language, and integration requirements. This makes Luxembourg especially attractive for investors focused on long-term EU access and legal certainty. Applicants may apply for permanent residence and citizenship after five years of continuous and legal residence in Luxembourg.

From a tax perspective, residency in Luxembourg does not automatically trigger tax liability unless the individual spends more than 183 days per year in the country or declares Luxembourg as their tax base. If tax residency is established, global income becomes taxable, though Luxembourg remains attractive due to its extensive network of over 80 double taxation treaties and absence of wealth taxes for individuals.  Luxembourg’s tax system is widely regarded as competitive and investor-friendly, particularly for high-net-worth individuals and international businesses. For companies, the standard corporate income tax rate in Luxembourg City is approximately 24.94%, which includes a base corporate tax of 17%, a 7% solidarity surtax on that base, and a municipal business tax of 6.75%. This structure, combined with the country’s extensive tax treaty network and participation exemption regime, makes Luxembourg an attractive hub for holding companies and fund structures. On the personal side, Luxembourg imposes no wealth tax on individuals, meaning that personal assets (such as global real estate, bank accounts, and investments) are not subject to annual taxation. Inheritance tax applies only to Luxembourg-based assets and is minimal for transfers between close relatives, typically ranging from 0% to 2.5% for spouses and children, with higher rates (up to 48%) for distant heirs. Gift tax is similarly lenient and only applies if the gift is formalized through a notarized deed, with exemptions or low rates for immediate family and more significant charges for unrelated beneficiaries.

The Luxembourg program is best suited for financially independent individuals, entrepreneurs, and family office clients who prioritize credibility, legal certainty, and access to a well-regulated European base. It is not tailored to fast-track or low-cost residency seekers but rather to those who are prepared to meet moderate to high investment thresholds and wish to integrate into an EU country with a strong rule of law. For clients who intend to reside, invest, and eventually naturalize, Luxembourg offers a highly strategic and respected pathway, especially for those who do not need to prioritize cost but instead seek quality, long-term benefits, and access to European markets and institutions.

5th – Portugal

The Portugal Golden Visa, officially known as the Residence Permit for Investment Activity (ARI), was introduced in 2012 as part of its broader strategy to recover from the Eurozone financial crisis and attract foreign direct investment into the country. At the time, Portugal was experiencing severe economic contraction, high unemployment, and fiscal austerity measures following a €78 billion bailout agreement with the EU and IMF.⁵³European Commission. (2014). Economic Adjustment Programme for Portugal: Third Review – Winter 2012. European Economy Occasional Papers 90. https://ec.europa.eu/economy_finance/publications/occasional_paper/2012/pdf/ocp90_en.pdf The Golden Visa program was designed as a tool to stimulate the real estate sector, create jobs, and inject capital into the Portuguese economy without relying on public spending.

The scheme has become one of the most successful and recognized residence-by-investment programs in Europe. It grants non-EU/EEA/Swiss nationals the right to reside in Portugal through qualifying investments and provides a flexible, low-stay requirement pathway to permanent residency and citizenship.

In response to unrelated concerns about housing inflation and speculative property purchases, Portugal implemented sweeping reforms in October 2023, officially ending eligibility for real estate-based Golden Visa applications.⁵⁴Global Citizen Solutions. (2023, October 6). Portugal Golden Visa ends for real estate investments – October 2023 update. https://www.globalcitizensolutions.com/portugal-golden-visa-ends-for-real-estate-investments/ The focus has shifted toward innovation, entrepreneurship, and cultural or scientific investment, aligning with EU directives and domestic socioeconomic goals.⁵⁵European Commission. (2019). Report on investor citizenship and residence schemes in the European Union(COM(2019) 12 final). https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A52019DC0012, European Commission. (2019). Towards a better implementation of the EU’s anti-money laundering and countering the financing of terrorism framework (COM(2019) 360 final). https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A52019DC0360, European Union. (2015). Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (Fourth AML Directive). Official Journal of the European Union, L 141/73. https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32015L0849 and European Commission. (2021). A new ERA for Research and Innovation (COM(2020) 628 final). https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A52020DC0628 Additionally, tax reforms in 2024 ended the NHR regime in its original form, though transitional benefits apply through 2026.[6]Authorities have increased scrutiny around source of funds verification, due diligence, and investment fund compliance, ensuring alignment with EU AMLD, FATF, and OECD CRS standards. Despite these changes, the program continues to attract high-quality applicants, maintaining its reputation as a transparent, EU-compliant, and strategically flexible residence route.

Following reforms enacted in 2023, the Portugal Golden Visa offers a range of non-real estate investment options, requiring minimum capital contributions of €250,000 to €500,000, or approximately $270,000 to $540,000 USD:

• Venture Capital or Private Equity Fund Subscription: Minimum of €500,000 in a regulated Portuguese fund that invests in local companies or startups, with oversight by the Portuguese Securities Market Commission (CMVM).
• Scientific Research Contribution: A minimum donation of €500,000 to a public or private institution engaged in scientific or technological R&D.
• Support for Artistic or Cultural Heritage: Minimum investment of €250,000 in the preservation of Portuguese arts and cultural heritage.
• Business Incorporation and Job Creation: Creation of at least 10 jobs in a Portuguese company fully owned by the investor, or capital injection of €500,000 into an existing company that preserves or creates at least 5 jobs.

All investments must be maintained for a minimum of five years, and applicants must prove the legal origin of funds, which must be transferred from abroad to a Portuguese bank account.

The Portugal Golden Visa offers broad family reunification rights, allowing the main applicant to include close relatives under a single application. Eligible family members include a spouse or legally recognized partner, children under 18, and dependent children over 18, provided they are unmarried, financially dependent, and enrolled in education. Additionally, dependent parents of either the main applicant or their spouse may be included, as well as minor siblings under guardianship.

Portuguese RBI id one of the fastest and most transparent pathways to citizenship among EU Golden Visa programs. Golden Visa holders can apply for permanent residence and citizenship after 5 years, provided they meet legal requirements including basic knowledge of the Portuguese language, a clean criminal record, and proof of integration, such as maintaining the qualifying investment and minimal physical presence. There is no requirement to live full-time in Portugal, and time spent under the Golden Visa fully counts toward the citizenship timeline. Once naturalized, individuals gain Portuguese and EU citizenship, with full rights of residence, work, and mobility across the EU/EEA and Switzerland, as well as visa-free access to over 190 countries globally.

The country also offered an attractive tax treatment for new residents, especially under the Non-Habitual Resident (NHR) regime, which was reformed in 2024. While the NHR scheme is being phased out, transitional benefits and alternative tax incentives remain available to qualified individuals. Importantly, holding a Golden Visa does not trigger tax residency by default, one must spend more than 183 days in Portugal or declare it as their main residence. If tax residency is established, Portugal applies a progressive income tax system ranging from 14.5% to 48%, though foreign-source income may be exempt or taxed at reduced rates under applicable treaties. Capital gains and dividends are generally taxed at a flat 28%, and Portugal imposes no wealth tax, making it attractive for asset holders. Corporate income tax is 21% at the national level, plus potential municipal surcharges that can bring the effective rate up to 31.5% for high-profit businesses.

The Portugal Golden Visa is an excellent fit for globally mobile investors, entrepreneurs, and families seeking flexible EU residency with minimal relocation requirements. It particularly suits clients who wish to maintain a legal EU base for mobility, education, and long-term planning, without immediately changing tax residency. Investors with interests in innovation, tech, ESG-aligned funds, or cultural initiatives will find tailored pathways under the current framework. It is also well-suited to high-net-worth individuals preparing for future EU citizenship, asset diversification, or legacy planning, while benefiting from Portugal’s political stability, EU membership, and welcoming environment.

6th – Italy

Italy introduced its Golden Visa program, officially known as the Investor Visa for Italy, in 2017 under the Budget Law of that year (Law no. 232/2016), with the goal of boosting foreign direct investment, stimulating innovation, and enhancing Italy’s global competitiveness. The program was conceived as part of broader national reforms aimed at revitalizing the Italian economy in the aftermath of the Eurozone debt crisis and years of sluggish growth. Unlike programs centered on real estate, Italy’s Golden Visa prioritizes productive capital, offering pathways through company investment, innovation, philanthropy, or sovereign bonds. It is tailored to individuals who seek both residence and economic engagement in one of Europe’s largest economies, known for its rich culture, geographic diversity, and central location within the EU.

The Italy Golden Visa program offers four main investment routes, each with specific thresholds and policy objectives. As of 2025, investment amounts range from €250,000 to €2 million, equivalent to approximately $270,000 to $2.2 million USD:

• Innovative Startup Investment: Minimum investment of €250,000 in a certified Italian innovative startup, which promotes early-stage technology and entrepreneurship.
• Capital Investment in Italian Company: Minimum of €500, in shares or equity of an established Italian limited company.
• Philanthropic Donation: At least €1 million donated to a public-interest initiative in the fields of culture, education, immigration, research, or heritage preservation.
• Government Bonds: Purchase of at least €2 million in Italian government bonds, to be held for at least two years.

The Italian Investor Visa allows the main applicant to apply for family reunification under standard immigration rules, once the initial residence permit is granted. Eligible family members include the spouse or legally recognized partner, children under 18, dependent adult children (if financially dependent due to health or education), and dependent parents. Family members receive a residence permit for family reasons, which allows them to live, study, and work in Italy. Although the process for including family members is not as automatic or simultaneous as in some other programs, it is straightforward once the principal applicant’s permit is activated.

The Investor Visa for Italy grants the holder and included family members the right to reside, study, and work in Italy, with visa-free travel throughout the Schengen Area for up to 90 days in any 180-day period. There is no minimum stay requirement to maintain the investor visa itself, although physical presence will be necessary to qualify for long-term residence or citizenship.

Tax residency in Italy is determined by spending more than 183 days per year in the country or by registering it as the center of vital interests. For those who become tax residents, Italy applies a progressive personal income tax system ranging from 23% to 43%, plus regional and municipal surcharges. However, Italy offers a very favorable flat-tax regime for new residents, often referred to as the Non-Domiciled Tax Regime, under which foreign residents can opt to pay a flat annual tax of €100,000 on all foreign-source income, regardless of the amount. This regime is valid for up to 15 years and can be extended to family members for an additional €25,000 annually. There is no wealth tax, though there are annual reporting obligations and asset-based surcharges on foreign assets and accounts. Corporate income tax is levied at a combined rate of approximately 24–27.9%, depending on the nature and location of the business.

Holders of the Italian Investor Visa may apply for permanent residence after five years of continuous legal residence in Italy, and for citizenship after ten years. Citizenship applicants must demonstrate effective integration, including language proficiency, proof of financial stability, and a clean legal record. Unlike programs such as Portugal’s, Italy requires actual physical presence and active residence to qualify for citizenship. Time spent under the investor visa counts toward the 10-year requirement, provided the individual maintains legal and physical residency during that period. Once naturalized, individuals obtain EU citizenship, with full rights to live and work anywhere in the EU/EEA and Switzerland, and access to over 190 visa-free countries globally.

The Italy Golden Visa is particularly well-suited for entrepreneurs, technology investors, philanthropists, and wealthy individuals seeking long-term EU access through a non-real estate investment pathway. It appeals to clients who value Italy’s cultural and lifestyle advantages, combined with a stable legal framework and tax incentives for foreign residents. The program is ideal for those who do not need expedited citizenship but are instead focused on legacy, strategic residency, and access to Europe’s business and financial systems. It also complements broader estate planning, particularly for clients able to benefit from the flat-tax regime, making it attractive to global family offices, retirees, and international executives who wish to base themselves or their family in Europe over the medium to long term.

7th – UAE

The UAE Golden Visa is a long-term residence visa program launched in 2019 by the United Arab Emirates government to attract foreign investors, entrepreneurs, scientists, skilled professionals, and outstanding students to live and work in the country without the need for a local sponsor. The program was created as part of the UAE’s Vision 2021 strategy to transition from an oil-based economy to a knowledge-based, innovation-driven economy, and to attract global talent and capital. The visa allows individuals and their families to reside in Dubai, Abu Dhabi, or any other emirate, and enjoy access to business, education, healthcare, and real estate markets in one of the Middle East’s most dynamic hubs.

There are several qualifying categories under the UAE Golden Visa program, each with distinct financial thresholds. As of 2025, the key investment and professional criteria include:

• Real Estate Investors: Invest at least AED 2 million (~$545,000 USD) in a property in the UAE. Mortgaged properties qualify if the bank financing is approved.
• Public Investments: Minimum AED 2 million (~$545,000 USD) in investment funds, company shares, or a deposit in a UAE bank account.
• Entrepreneurs: Must own or partner in a UAE-based startup with capital of at least AED 500,000 (~$136,000 USD), or be accepted into an approved business incubator.

The UAE Golden Visa offers full family inclusion, allowing the main applicant to sponsor a spouse, children of any age(no age limit as of recent reforms), and domestic staff under the same permit. This is notably more generous than many European schemes. Dependents enjoy full access to residence, healthcare, education, and other public and private services in the UAE. Family members’ visas are valid for the same duration as the main applicant’s (5 or 10 years) and are renewable without additional investment as long as eligibility is maintained.

Holders enjoy multi-entry visas, the ability to open bank accounts, establish businesses, buy real estate, and access education and healthcare without local sponsorship. Crucially, investors and skilled professionals are no longer tied to a company or employer to maintain legal residence. The 10-year visa grants a high degree of autonomy and lifestyle flexibility in one of the world’s fastest-growing business hubs, especially in sectors like finance, logistics, real estate, renewable energy, AI, and blockchain. Unlike short-term residency visas, there is no risk of cancellation due to job loss or inactivity, making the Golden Visa ideal for digital nomads, remote investors, or semi-retired individuals.

The UAE is renowned for its favorable tax environment. There is no personal income tax, no capital gains tax, and no inheritance tax on individuals. As of 2023, the UAE introduced a federal corporate tax of 9% on net profits above AED 375,000 (~$102,000 USD), primarily targeting large businesses. However, individuals’ foreign income and investments are not taxed, and many free zone businesses continue to benefit from 0% corporate tax, depending on their structure and activities. The UAE also does not impose a wealth tax, and it maintains over 130 double tax treatieswith countries around the world. Golden Visa holders can also benefit from tax residency certificates, which can be used for treaty benefits, provided they stay at least 183 days per year in the UAE.

This scheme does not offer a direct path to citizenship. Emirati citizenship is rarely granted and remains at the discretion of the President of the UAE or ruling authorities, typically reserved for individuals who demonstrate exceptional service to the country (e.g., scientists, doctors, or strategic investors). A legal framework to allow the naturalization of select foreigners was introduced in 2021 and it requires 30 years of residency to apply, but the process remains highly selective and non-automatic.⁵⁶UAE – The Official Portal of the UAE Government. (n.d.). Provisions allowing foreigners to acquire the Emirati nationality. https://u.ae/en/information-and-services/passports-and-traveling/emirati-nationality/provisions-allowing-foreigners-to-acquire-the-emirati-nationality For most Golden Visa holders, the benefit lies in long-term renewable residence rather than eventual citizenship, although the UAE continues to evolve its stance on attracting elite global talent on a long-term basis.

This premiun and exclusive Golden Visa option is ideal for HNWIs, real estate investors, entrepreneurs, and skilled professionals seeking tax-free, long-term residence in a global business hub with high lifestyle standards and world-class infrastructure. It appeals to remote workers, digital nomads, and executives who want to establish a base of operations in the Middle East, with proximity to Europe, Asia, and Africa. The program also suits families seeking access to elite international schools and healthcare while retaining flexibility in travel and investment. Its no-tax framework, combined with residence security and low regulatory burden, makes it especially attractive to those coming from high-tax jurisdictions. For clients not focused on citizenship but prioritizing luxury lifestyle, privacy, mobility, and business scalability, the UAE offers a top-tier Golden Visa framework.

8th – Cyprus

The Cyprus Permanent Residence Program (PRP), commonly referred to as the Cyprus Golden Visa, grants non-EU/EEA/Swiss nationals the right to obtain permanent residency in Cyprus through a qualifying investment. Cyprus offers permanent residence status from day one, making it one of the more direct and stable options for relocation or second residency in the EU (though Cyprus is not part of the Schengen Area). Introduced under Regulation 6(2) of the Aliens and Immigration Regulations and enhanced by the Ministry of Interior, the program aims to attract foreign capital, stimulate the real estate and business sectors, and promote Cyprus as a regional hub for investment, living, and retirement. Residency is valid for life with no renewal requirement, provided investment and other conditions are maintained.

In response to the discontinuation of its Citizenship by Investment program in 2020, Cyprus has reinforced and modernized its permanent residence scheme. Recent updates include enhanced due diligence requirements, source-of-funds verification, and mandatory annual documentation to prove continued income and maintenance of the investment. As of early 2024, applicants are required to submit an annual certificate of clean criminal record, proof of income, and ownership confirmation of the qualifying investment. In 2023, the minimum income requirement was also formalized and indexed to inflation. These changes align Cyprus with EU anti-money laundering directives, FATF guidelines, and increasing international pressure for transparency and compliance in investor migration programs. Despite stricter controls, the Cyprus PRP remains one of the fastest and most straightforward paths to permanent EU residence.

As of 2025, the minimum investment threshold remains at €300,000 and must be made in one of the following categories:

• Residential Real Estate: Purchase of new property from a developer for a minimum of €300,000 + VAT with at least €200,000 paid before application. Properties must be new (not resale) and can be used by the applicant and their family.
• Commercial Real Estate: Purchase of office space, shops, or hotels (new or resale) worth at least €300,000.
• Cyprus Company Investment: Investment of €300,000 in the share capital of a Cyprus-based company, employing at least 5 Cypriot or permanent resident staff.
• Cypriot Investment Funds: Subscription of €300,000 into units of a Cyprus-registered Alternative Investment Fund (AIF) or Registered Alternative Investment Fund (RAIF) licensed by CySEC.

The Cyprus PRP allows for the inclusion of the main applicant’s spouse and dependent children up to age 25, provided they are financially dependent and unmarried. Additionally, parents and parents-in-law can be included under the same application, provided each parent maintains an additional €100,000 in investment value. All family members receive permanent residency under Regulation 6(2), enjoy the same rights as the primary applicant, and have access to private healthcare and education. Adult children applying separately may benefit from the main family’s investment if it’s sufficiently increased (e.g., €600,000 for two nuclear families).

Cyprus has a highly attractive and transparent tax regime, particularly for new residents and foreign investors. The country imposes no tax on worldwide income for non-domiciled residents, and no inheritance, gift, or wealth taxes. Personal income tax is progressive, with the first €19,500 tax-free, and capped at 35% for income above €60,000, though significant exemptions apply. Dividends and interest income are exempt from Special Defence Contribution (SDC) for non-domiciled residents. Cyprus also offers non-dom status for 17 years to new residents, allowing extensive tax optimization for foreign income and wealth. The corporate tax rate is 12.5%, among the lowest in the EU, and the country has over 65 double taxation treaties, making it a strategic jurisdiction for international tax planning.

The Cyprus Golden Visa program does not lead directly to citizenship, but permanent residents may apply for naturalization after 5 years of physical residence in Cyprus out of 7 years, with at least 12 months of continuous residence before the application. To qualify, applicants must prove integration into Cypriot society, including basic Greek language skills, cultural knowledge, and a clean criminal record. Importantly, time spent outside Cyprus does not count, so passive investors who do not relocate will not be eligible. Citizenship applicants must also demonstrate legal and financial residence, making Cyprus a viable long-term path to EU citizenship, but only for those who plan to reside physically in the country.

The Cyprus Golden Visa is best suited for middle- to high-net-worth individuals who want fast, secure, and low-maintenance EU residency. It appeals particularly to families, retirees, and entrepreneurs seeking a Mediterranean lifestyle, stable tax base, and permanent residence without relocation obligations. Investors who do not prioritize citizenship but value lifetime residence, asset protection, and tax optimization will find Cyprus uniquely positioned. The program is also ideal for clients in the Middle East, Asia, and Africa looking for a regional foothold in the EU, as well as those needing backup plans, wealth structuring, or private education access in an English-speaking and business-friendly jurisdiction.

9th – Costa Rica

Costa Rica’s Inversionista Visa (Investor Visa) is designed to attract foreign capital, stimulate local development, and encourage economic participation through real estate, business, or financial investments. This visa grants temporary residence to non-Citizens who make a qualifying investment in the country and is valid for two years, renewable indefinitely as long as the investment is maintained. After three years of continuous residence, investors may apply for permanent residence, with the possibility of naturalization after seven years. The program complements Costa Rica’s long-standing reputation as a stable democracy, a biodiversity leader, and a destination for sustainable tourism and eco-friendly investment.

In 2023/2025, administrative improvements were made to reduce approval times through the Dirección General de Migración y Extranjería (DGME). There has also been greater alignment with OECD standards on financial transparency, including mandatory reporting of foreign income for tax residents. In response to growing demand, especially from North American and European investors⁵⁷EY. (2023, October 5). Costa Rican Ministry of Finance and Tax Authority publish regulations amending the Income Tax Law and the Law to Combat Tax Fraud. EY Global. https://www.ey.com/en_gl/technical/tax-alerts/costa-rican-ministry-of-finance-and-tax-authority-publish-regula and OECD. (2024). Country-by-Country Reporting – Compilation of 2024 Peer Review Reports: Costa Rica. Organisation for Economic Co-operation and Development. https://www.oecd.org/en/publications/country-by-country-reporting-compilation-of-2024-peer-review-reports_f3d3f36f-en/full-report/costa-rica_f630bf89.html, the government has increased oversight on source of funds verification, real estate valuations, and environmental compliance for project-based investments.

As of the July 2021 reform, the minimum investment threshold for the Inversionista Visa is $150,000, reduced from the previous $200,000 threshold to make the program more accessible and competitive regionally. Qualifying investment options include:

• Real Estate Investment: Purchase of property (residential, commercial, or land) worth $150,000 or more. The property must be registered and taxed in the applicant’s name.
• Business Investment: Investment of $150,000 or more in a Costa Rican business, either existing or newly created. This includes shares or direct ownership.
• Sustainable Tourism Projects: Investment in tourism or eco-development projects that are aligned with Costa Rica’s Plan Nacional de Desarrollo Turístico may also qualify.
• Investment in Government-Approved Projects: Large-scale infrastructure or strategic sector investments may be approved on a case-by-case basis.
• Deposit in a Local Bank: As of recent practice, passive deposits in Costa Rican banks do not count unless linked to business use or tied to a project.

The Inversionista Visa allows the main applicant to include immediate family members under the same application, including a spouse and dependent children under 25 (or older if disabled and financially dependent). Family members receive the same duration of residency and are entitled to work, study, and access public services. As with the main applicant, dependents must maintain valid health insurance and proof of income or support. Additional dependents, such as elderly parents, may be included under special application conditions with financial support evidence. There is no physical presence requirement for maintaining temporary residence, only one visit per year is technically required, although more frequent presence is advisable for citizenship eligibility.

Costa Rica applies a territorial tax system, meaning only income generated within the country is subject to taxation. This is a major benefit for global investors, retirees, and remote workers with foreign income, as offshore income (salaries, dividends, rent, etc.) is tax-exempt. The personal income tax rate on Costa Rican-source income is progressive, ranging from 0% to 25%. Corporate income tax varies based on gross revenue and is capped at 30% for large companies. Capital gains on Costa Rican assets are taxed at 15%, unless arising from a habitual business activity. There is no wealth tax, no inheritance tax, and real estate taxes are modest, typically 0.25% of assessed value annually, plus municipal service charges.

After seven years of continuous residence (or five years for nationals of other Central American countries, Spain, or Ibero-American nations), Inversionista Visa holders may apply for naturalization as Costa Rican citizens. Applicants must demonstrate integration, economic self-sufficiency, basic Spanish language skills, and a clean criminal record. Time spent as a temporary resident under the Inversionista Visa counts toward citizenship eligibility, provided the applicant meets the physical presence requirement, which is typically interpreted as at least 183 days per year for each qualifying year. Upon naturalization, individuals may hold dual citizenship, depending on their home country’s policies, and gain access to visa-free travel to over 150 countries, including the EU and Latin America.

This program is best suited for mid- to high-net-worth individuals who value simplicity, lifestyle, and tax efficiency over EU mobility or expedited citizenship. Compared to European Golden Visa programsm, which often appeal to investors seeking Schengen access, asset protection within the EU, or minimal physical presence, Costa Rica attracts clients who are willing to spend time in-country and prioritize territorial taxation, ecological sustainability, lower entry costs and, in the case of some nationalities territorial proximity to the origin country. It is particularly ideal for digital nomads, retirees, remote entrepreneurs, and North American families seeking a stable, affordable, and environmentally conscious residence option in the Western Hemisphere, without the regulatory complexity or financial thresholds typically associated with EU programs.

10th – New Zealand

New Zealand offers a structured and highly respected enterpreneurial visa  framework under the Active Investor Plus Visa, introduced in September 2022, replacing the earlier Investor 1 and Investor 2 categories. The program is designed to attract high-value investors who can contribute to the country’s innovation, sustainability, and growth-focused sectors. It grants a three-year initial residence visa, extendable to permanent residence upon fulfilling investment, time-in-country, and integration requirements.

The Active Investor Plus Visa requires a minimum investment of NZD 5 million (~$3 million USD), with an emphasis on direct investment in New Zealand businesses. The minimum investment amount is weighted based on the investment type, as follows:

• Direct investment into a New Zealand business: Weighted at 3x—the most encouraged category. A minimum direct investment of NZD 5 million (~$3M USD) qualifies under this stream alone.
• Indirect investment (managed funds): Weighted at 2x—includes investment in private equity or venture capital funds supporting NZ startups or scaleups.
• Listed equities: Weighted at 1x—investment in NZX-listed companies is permitted but not preferred.
• Philanthropic donations: Weighted at 0.5x—used to top up the total, but not sufficient on their own.

Applicants must spend at least 117 days in New Zealand over a 4-year investment period and maintain their investment for the duration of the visa. Active engagement (such as business governance or board participation) is encouraged but not mandatory.

This modality allows the inclusion of the main applicant’s spouse or partner and dependent children under the age of 25, provided they are unmarried and financially dependent. All family members receive residence visas with the same conditions and timeline as the principal applicant and have full access to public education and subsidized healthcare. Family members are not required to meet English language or health requirements separately, unless applying for independent visas later.

New Zealand’s tax system is competitive, particularly for new migrants. Individuals who become tax residents are taxed on worldwide income, but those using the transitional resident regime are exempt from paying tax on most foreign income for the first 4 years. This includes foreign dividends, interest, rental income, and capital gains. There is no inheritance tax, no wealth tax, and no general capital gains tax, although some gains (e.g., from property speculation) may be taxed. Corporate tax is a flat 28%, and personal income tax is progressive, ranging from 10.5% to 39%. New Zealand has a broad network of double taxation agreements to minimize global tax exposure for investors structuring their affairs appropriately.

After five years of lawful residence, including 240 days of physical presence per year in at least four of those five years, investors may apply for New Zealand citizenship. Citizenship requirements include basic English proficiency, good character, and commitment to New Zealand, demonstrated through residence, social integration, and tax compliance. Dual citizenship is permitted. The timeline is longer and more presence-based than many EU programs, but the process is straightforward and policy-driven, without arbitrary rejections.

Since its launch in 2022, the Active Investor Plus Visa has undergone minor procedural improvements, including greater clarity around fund eligibility, approved business sectors, and improved digital submission tools. The government has reinforced its emphasis on productive and innovation-led investment, favoring applicants who directly contribute to New Zealand’s technology, agritech, sustainability, and health sciences sectors. Immigration New Zealand has also increased scrutiny on source of funds, compliance monitoring, and residency presence requirements, ensuring the program maintains its integrity and policy focus. Despite its higher cost compared to other RBI programs, it is increasingly viewed as a premium residence option for those seeking a serious long-term commitment.

The New Zealand investor visa is ideal for ultra-high-net-worth individuals, family offices, and entrepreneurs who prioritize lifestyle, political stability, and access to a highly developed Anglophone country with a transparent legal system. It appeals to families seeking education, safety, and a clean environment, as well as to investors looking to deploy capital into scalable, impact-driven ventures in a country that values sustainability and innovation. It is particularly suited to clients who are willing to spend significant time in-country, engage with the local economy, and pursue permanent relocation or citizenship over the medium to long term. Compared to European RBI programs, New Zealand’s investor visa is significantly more demanding in terms of capital commitment, physical presence, and integration, but also offers deeper long-term benefits for those seeking true relocation and lifestyle transformation. This scheme is a better fit for clients prioritizing safe, English-speaking environments and OECD stability. It is best suited for clients who are not cost-sensitive and  value substance over form.

11th – Jersey

The Jersey High Value Residency (HVR) Program, officially known as the “21E Status”, offers a residency route for high-net-worth individuals who wish to establish a long-term base in Jersey, one of the Channel Islands. Although not part of the United Kingdom or European Union, Jersey is a British Crown Dependency with a distinct legal and tax system, offering political stability, regulatory transparency, and proximity to both the UK and continental Europe. The HVR program is designed to attract individuals who will make a substantial economic contribution to the island through tax payments and local investment, rather than through passive real estate acquisition. It is tailored for wealthy individuals seeking UK access without the UK’s global taxation rules, while still benefiting from a safe, English-speaking jurisdiction within close reach of London. Between 2023 and 2025, the Jersey government has taken steps to clarify and reinforce the tax-based eligibility structure of the HVR program. Revisions to application guidelines emphasize economic substance, long-term commitment, and real presence on the island, discouraging applications purely for tax optimization without genuine relocation.

Jersey’s HVR program does not require a fixed investment threshold in the form of real estate or business shares. Instead, it is structured around minimum tax contributions and residency commitments, with the following core conditions:

• Minimum annual tax payment:  £170,000 (~$210,000 USD) on worldwide income, based on Jersey’s 20% income tax rate. This implies a minimum taxable income of £850,000 (~$1.05M USD).
• Purchase high-value real estate: typically with a minimum value of £2.5 million (~$3.1M USD). The property must be approved by the Jersey government and located on the open market (not restricted housing).

Jersey’s High Value Residency permits the inclusion of a spouse or civil partner and dependent children, typically under the age of 18 (or up to 25 if in full-time education and financially dependent). Family members receive residence rights linked to the primary applicant and are granted access to Jersey’s healthcare system, private education options, and the right to live and work on the island. There are no additional investment thresholds per family member, but applicants must demonstrate sufficient income and housing arrangements to support their family.

Jersey is a low-tax jurisdiction with no capital gains tax, no inheritance tax, and no wealth tax. The standard personal income tax rate is 20%, but under the HVR program, income above £850,000 (~$1.05 million USD) is taxed at just 1%, offering a highly competitive effective tax rate for high earners. Corporate tax is generally 0%, except for regulated financial services and utility companies. Non-Jersey-source income is not taxed separately, and residents benefit from a transparent, OECD-aligned tax system with strict compliance and anti-avoidance rules. Jersey also maintains strong financial privacy, while participating in international automatic exchange of information standards (e.g., CRS).

HVR residents may apply for British citizenship after five years of continuous residence in Jersey, provided they meet the UK’s general requirements for naturalization, including English proficiency, physical presence, and good character. Applicants must also have held Indefinite Leave to Remain (ILR) or settled status for at least one year before applying. Jersey residents are treated as British citizens for nationality purposes, and once naturalized, they gain full rights of movement and settlement in the UK, but not in the EU, unless dual nationality is held with an EU member state.

The Jersey HVR program is designed for ultra-high-net-worth individuals, senior executives, and family office principals seeking a prestigious, discreet, and tax-efficient residence within close reach of the UK and Europe. It appeals especially to individuals with UK or Commonwealth ties who want to maintain access to London without being subject to UK global tax obligations. The program is particularly well-suited for clients looking to combine wealth preservation with lifestyle relocation, and who value regulatory certainty, English language, and a low-profile environment.

Switzerland’s Residence by Investment scheme and the Joersey HVR  share key similarities as exclusive, tax-based residency routes tailored for ultra-high-net-worth individuals seeking a long-term base in a low-tax, politically stable jurisdiction. Both programs focus on annual tax contributionsrather than fixed investment amounts, offering residence rights without the need for business activity or real estate purchase (though property ownership is common and often expected). They emphasize discretion, compliance, and integration over mass-market accessibility, and neither offers a direct or fast-track path to citizenship, though naturalization is possible over time with residence and cultural integration. However, they differ in geography and international mobility: Switzerland offers Schengen access and greater regional flexibility, while Jersey provides proximity to the UK without EU or Schengen benefits.

12th – Canada

The Start-Up Visa (SUV) Program is Canada’s flagship entrepreneur-based residence-by-investment pathway, designed to attract innovative foreign entrepreneurs with the potential to build globally competitive businesses in Canada. Introduced in 2013 and made permanent in 2018, the SUV emphasizes economic contribution through innovation, scalability, and job creation. It is the only national program in Canada offering direct permanent residency (PR) from the outset, without requiring a provincial nomination or conditional business performance. The SUV aligns with Canada’s long-term economic development goals and stands out among global investment migration schemes in that it prioritizes intellectual capital and market potential over passive financial assets.

The SUV does not have a mandatory minimum investment set by the government. Instead, eligibility is based on securing a Letter of Support from one of three types of Designated Organizations:

• Venture Capital Fund: Must confirm a commitment of at least CAD 200,000 (~$150,000 USD).
• Angel Investor Group: Must invest at least CAD 75,000 (~$56,000 USD).
• Business Incubator: Must accept the applicant into a government-approved incubation program.

Applicants must also demonstrate sufficient settlement funds based on family size, as per IRCC’s Low-Income Cut-Off (LICO), and meet basic language proficiency (CLB 5 in English or French).

Main applicants can include spouses or common-law partners and dependent children under 22, or over 22 if financially dependent due to a disability. All family members are included in the same permanent residence application and receive full PR status upon approval. This grants them the right to live, study, and work anywhere in Canada, access public healthcare and education, and eventually apply for citizenship. There are no additional financial thresholds for dependents beyond standard proof of funds required for settlement.

This programe offers direct permanent residence, making it one of the most attractive global immigration options for entrepreneurs. It enables applicants and their families to live anywhere in Canada, with unrestricted access to public services. Importantly, it does not require prior business experience or the creation of a business before applying, entrepreneurs can develop the venture in Canada after receiving support.

Once permanent residency is granted, SUV holders who become tax residents (typically after 183 days in-country) are subject to worldwide income taxation. Canada applies progressive income tax rates from 15% to 33% federally, plus provincial rates up to an additional 25%, depending on the jurisdiction. However, many startup founders benefit from tax planning opportunities, including:

• Small business tax rates on Canadian-controlled private corporations (CCPCs),
• Access to lifetime capital gains exemptions (up to CAD 1 million+),
• The use of corporate structures and trusts for income splitting and succession planning.

There is no wealth tax, no inheritance tax, and no tax on foreign-source income for non-residents. Canada has an extensive tax treaty network to avoid double taxation. Entrepreneurs are advised to structure their entry carefully, particularly if they hold global assets.

SUV holders may apply for Canadian citizenship after 5 years, provided they have accumulated at least 1,095 days (3 years) of physical presence in Canada within the previous five years provided they fulfil language and integration requirements.

The Start-Up Visa is best suited for early-stage entrepreneurs, tech founders, and innovators with a scalable business model who are seeking permanent residency in a G7 country with a vibrant startup ecosystem. It is ideal for individuals or small teams with disruptive ideas and access to capital or venture networks, who want to establish operations in Canada and gain immediate PR for themselves and their families. The program also appeals to immigration-conscious founders in politically unstable or heavily regulated markets (e.g., China, Russia, the Middle East) looking for a secure base for global expansion. However, it is not suitable for passive investors, clients looking for residency without business involvement, or those unwilling to spend meaningful time in Canada.

13th – Hungary

Hungary is re-entering the investment migration landscape with a new Golden Visa-style program expected to take effect in July 2024, following the government’s approval of the Guest Investor Visa (GIV). This program marks Hungary’s return to the RBI space after its previous Hungarian Residency Bond Program was suspended in 2017. The renewed offering aims to attract third-country nationals (non-EU/EEA/Swiss citizens) by providing residency rights in exchange for qualifying investments that support national development objectives. The new framework is designed to align with EU security, due diligence, and anti-money laundering standards, while offering a low-entry-cost, high-flexibility residence pathway within the European Union. Successful applicants will be issued a guest investor residence permit valid for 10 years, extendable once for another 10 years, without requiring permanent relocation to Hungary.

Under the Guest Investor Visa, applicants must choose from three investment options, each with a minimum threshold of EUR 250,000 to EUR 500,000:

• Funds investment:  €250,000 in units of a real estate investment fund registered and approved by Hungarian authorities.
• Real estate: €500,000 provided the property is retained for a minimum of five years.
• Donation: €1 million donation to a designated Hungarian public interest trust foundation, typically linked to academic, cultural, or scientific initiatives.

The program does not currently require physical presence or language proficiency, making it especially attractive for global investors seeking a foothold in the EU.

The Guest Investor Visa allows the main applicant to include close family members under the same application. Eligible dependents include the spouse or legal partner, minor children, and in some cases, dependent adult childrenand parents, subject to financial dependency and individual assessment. All family members receive residence permits with the same 10-year validity and access to Hungary’s public infrastructure, education system, and healthcare services.

Holders of Hungary’s Guest Investor Visa benefit from the right to live, study, and conduct business in Hungary, and travel visa-free throughout the Schengen Area for up to 90 days in any 180-day period. While the visa does not automatically grant permanent residency or citizenship, it creates a stable legal residence base within the European Union, supported by a low cost of living, high safety, and central geographic position within Europe.

Hungary’s tax system is not automatically triggered by residence permit status. Tax residency is only established if the investor spends more than 183 days per year in Hungary, has a permanent home there, or declares Hungary as their primary tax domicile. For tax residents, Hungary offers a flat 15% personal income tax rate, one of the lowest in the European Union. Dividends and capital gains are also taxed at 15%, though additional contributions may apply for social security in certain cases. There is no wealth tax, inheritance tax (between close relatives), or net worth declaration requirement. Corporate income tax is extremely competitive at 9%, making Hungary one of the most business-friendly jurisdictions in the EU for entrepreneurs or holding structures.

The Guest Investor Visa does not provide a direct or accelerated path to Hungarian citizenship. However, investors who physically reside in Hungary for eight consecutive years may become eligible for naturalization, provided they demonstrate language proficiency, cultural integration, and a clean criminal record. While dual citizenship is permitted, the process is more stringent than in jurisdictions like Portugal or Malta, and long-term residents must prove strong personal or economic ties to the country. That said, for clients willing to spend time in Hungary and integrate, eventual EU citizenship remains a possibility.

Hungary’s residence-by-investment program is ideal for global investors, digital entrepreneurs, asset managers, and families looking for residency within the European Union at a relatively modest cost. It appeals particularly to individuals who do not wish to relocate full-time, but want a long-term legal presence and Schengen access from a safe, centrally located EU country. Clients seeking tax-efficient structures, EU market entry, and lifestyle diversification will find Hungary’s 10-year visa an attractive solution. It is less suitable for those focused on immediate citizenship, but offers long-term optionality for those who may later choose to reside and integrate.

14th – Mauritius

Mauritius offers one of the most flexible and investor-friendly residence-by-investment frameworks in Africa, combining low tax rates, political stability, and a well-regulated financial and legal environment. Governed by the Economic Development Board (EDB), the country provides multiple immigration options for high-net-worth individuals and entrepreneurs through Investor Occupation Permits, Real Estate Schemes, and residence-by-retirement or profession. Applicants can obtain long-term residence permits (10 years, renewable) or even permanent residence (20 years) through qualifying investments in real estate, businesses, or financial assets. Strategically located between Africa and Asia, Mauritius is a full member of the African Union, SADC, and COMESA, with strong legal and economic ties to India, Europe, and the UK, making it a rising destination for global investors seeking a secure base in a tax-advantaged, English- and French-speaking jurisdiction.

As of 2025, the most popular route to residency is through property investment, which requires:

• Real estate: Purchasing of a new-build residential property under an approved real estate scheme, with a minimum value of USD 375,000.
• Investment in government approved sectors: Investment of USD 375,000 in one of the government-approved sectors also qualifies for a 20-year permit.

Mauritius allows successful applicants to include their immediate family members in their residence status. This includes spouses or legal partners, dependent children up to age 24, and dependent parents. Family members enjoy the same residence rights and access to healthcare, education, and legal protections. The family component makes Mauritius especially appealing for long-term relocation and intergenerational planning.

The program’s benefits go beyond legal residence. Mauritius offers a stable, secure, and transparent jurisdiction with world-class infrastructure, including high-quality private healthcare, international schools, and growing innovation hubs. Investors enjoy unrestricted rights to live and work in the country, access to a safe and multilingual society, and the ability to freely repatriate profits and capital. While Mauritius is not part of the EU or Schengen Area, it maintains strong diplomatic ties with Europe, Asia, and Africa, and has established itself as a leading platform for cross-border financial services and investment migration.

From a tax perspective, Mauritius is one of the most appealing residence destinations globally. The country imposes a flat personal and corporate income tax rate of 15%, with numerous exemptions, including the absence of capital gains tax, inheritance tax, or wealth tax. Foreign-source income is taxed only if remitted to Mauritius, and residents benefit from a broad network of over 45 double taxation agreements. Individuals who do not spend more than 183 days per year in the country are not considered tax residents, allowing significant flexibility for wealth and tax planning. Mauritius’ territorial system means non-domiciled individuals and retirees are taxed only on Mauritian-source income or on foreign income that is remitted into the country. There is no global income declaration requirement for non-residents or non-domiciled residents, and even tax residents can benefit from planning opportunities through careful management of remittances.

While Mauritius does not offer direct citizenship through investment, permanent residents may apply for naturalization after seven years of continuous residence, including at least two years under a permanent residence permit. Applicants must demonstrate knowledge of English or French, integration into Mauritian society, and maintain a clean criminal record. Dual citizenship is allowed, and naturalized citizens of Mauritius enjoy visa-free or visa-on-arrival access to over 140 countries, including the United Kingdom, the European Union’s Schengen Area, Hong Kong, and most African nations.

Mauritius’ residence-by-investment program is best suited for mid- to high-net-worth individuals, retirees, entrepreneurs, and international business professionals seeking residence in a secure, low-tax jurisdiction with strong regional connections. It is particularly attractive to those interested in relocating to an English-speaking, tropical island with high living standards and a robust legal and financial infrastructure. The program is an excellent fit for individuals seeking tax optimization, asset diversification, and personal security, without needing fast-track citizenship or Schengen mobility. It is less appropriate for those seeking EU work rights or high-volume capital investment, but offers outstanding value for globally mobile families and wealth holders who prioritize lifestyle, flexibility, and long-term stability in a neutral, business-oriented setting.

15th – Monaco

Monaco, the glamorous principality on the French Riviera, does not offer a conventional Golden Visa or a formal residence-by-investment program like many other countries. However, it does provide a highly attractive and exclusive pathway to long-term residency for individuals who can demonstrate substantial financial self-sufficiency, a clean legal record, and a genuine intent to establish residence in the country. Rather than emphasizing investment into government funds or businesses, Monaco’s residency process centers on three core pillars: proving financial independence, securing suitable accommodation within the principality, and undergoing thorough background checks.

To begin the process, applicants must show that they possess sufficient financial resources to support themselves and any dependents without relying on the Monegasque state. This typically involves placing a minimum of €500,000 into a Monaco-based bank account, although in practice, some banks may require significantly higher deposits, especially for applicants with dependents or those who are not earning active income. In addition to this financial requirement, the applicant must either purchase or rent a property in Monaco.

Another critical requirement is the presentation of a clean criminal record. Applicants must obtain police clearance certificates from all countries where they have lived in the past five years. Non-EU/EEA/Swiss nationals must also apply for a long-stay Type D visa from a French consulate before submitting their residency application in Monaco. The process concludes with an in-person interview with the authorities, during which the applicant’s documentation and intentions are assessed. If approved, the individual is issued a residence permit initially valid for one year, which can then be renewed for successive periods of two and ten years, depending on the duration of stay and integration into the community.

Taxation is one of Monaco’s most appealing features for high-net-worth individuals. The principality levies no personal income tax, no capital gains tax, and no wealth tax for individuals, making it one of the most tax-efficient jurisdictions globally. The sole exception to this rule applies to French nationals, who are taxed in Monaco under a bilateral treaty between France and Monaco. For those who establish a company in Monaco, corporate tax is only applicable if more than 25‰ of the business revenue is generated outside of the country, in which case a flat rate of 33.33‰ t may apply. To be considered a tax resident, an individual must reside in Monaco for more than 183 days per year or demonstrate that the principality is their primary home. This makes it an ideal location for individuals who seek to optimize their global tax planning in a highly regulated yet protective environment.

While Monaco’s residency regime is straightforward for qualified applicants, the path to citizenship is considerably more complex and discretionary. Citizenship applications require the applicant to have lived continuously in Monaco for at least ten years and to demonstrate full integration into Monegasque society, including fluency in French, cultural assimilation, and financial independence. Applicants must also renounce any other citizenship, as Monaco does not recognize dual nationality. All applications are reviewed by the Department of Justice and must be approved by the Sovereign Prince. As such, naturalization remains rare and is considered a privilege rather than a right.

Residency in Monaco is best suited for financially independent individuals and families who value stability, security, and access to a world-class lifestyle in a safe, prestigious location. It is especially attractive to high-net-worth individuals, retirees, and businesspeople seeking a legally sound, low-tax base within close proximity to Europe’s major cities. Monaco offers its residents an unparalleled quality of life, with access to luxury amenities, excellent healthcare, and a thriving international community, all in a jurisdiction renowned for its discretion, financial strength, and political neutrality.

16th – Montenegro

As of April 2025, Montenegro offers a structured pathway to residency and eventual citizenship through RBI program.

The RBI program allows foreign nationals to obtain temporary residency by making qualifying investments in Montenegro.

• Real Estate Investment: Minimum investment of €250,000 in government-approved real estate projects. Property must meet official valuation and approval standards.
• Business Investment: Minimum investment of €200,000 in a Montenegrin business venture. Typically requires incorporation, job creation, and local economic activity.
• Contribution to National Development Fund: One-time non-refundable donation of €100,000 to a designated national development fund. Intended to support infrastructure or strategic public initiatives.

Temporary residency permits are typically valid for one year and can be renewed annually. After five consecutive years of temporary residency, individuals may apply for permanent residency, provided they have maintained continuous residence and meet other requirements such as a clean criminal record and sufficient financial means. Permanent residency permits are valid for five years and can lead to eligibility for citizenship after an additional five years of continuous residence.

Montenegro’s tax system is notably favorable for residents and investors. The country offers a flat personal income tax rate of 9%, one of the lowest in Europe. Corporate income tax is also set at a flat rate of 9%. There is no wealth tax, and capital gains are taxed at the same flat rate. This tax regime, combined with Montenegro’s strategic location and growing economy, makes it an attractive destination for investors seeking residency in Europe.

While the CBI program is no longer available, the RBI program provides a structured and attainable route to Montenegrin citizenship over time. Applicants must demonstrate a genuine commitment to residing in Montenegro, including meeting physical presence requirements and integrating into the local community. The process emphasizes long-term investment and contribution to the country’s development, aligning with Montenegro’s broader goals of economic growth and integration into the European Union.​

It is relevant to mention that as of 2025, Montenegro does not operate an active CBI program. The country previously offered a CBI scheme that enabled foreign investors to acquire Montenegrin citizenship by making substantial financial contributions, typically involving a combination of real estate investments and donations to government development funds. However, this program was officially terminated on December 31, 2022, following pressure from the European Union and concerns related to due diligence and alignment with broader regional policy goals.⁵⁸Ministry of Internal Affairs of Montenegro. (n.d.). Official website. https://mia.gov.me/en/ Since its closure, Montenegro has shifted focus toward its RBI pathways, which allow foreign nationals to obtain temporary or permanent residency through property acquisition or business establishment, but without a direct route to citizenship.

The Montenegro Residence by Investment program primarily attracts upper-middle-class to emerging high-net-worth individuals from regions such as the Middle East, Turkey, Russia, Ukraine, India, and parts of Southeast Asia, who seek an affordable, EU-adjacent residence option with long-term potential. These clients are typically motivated by strategic real estate investment, business expansion, or the desire for a secondary residence in a safe, low-cost European country. Many are drawn by Montenegro’s flat 9% tax rate, low bureaucratic barriers, and speculative appeal tied to future EU accession. Whether for lifestyle flexibility, family planning, or geopolitical diversification, applicants are generally financially self-sufficient individuals aiming to secure mobility, security, and European accesswithout the high price tags or complexity of Western European programs.

17th – Singapore

Singapore’s Global Investor Programme (GPI) is a permanent RBI scheme aimed to attract UHNWIs, successful entrepreneurs, and established business owners. Administered by the Singapore Economic Development Board (EDB), it is not a real estate-driven program or a short-term visa. Instead, it is one of the most exclusive and economically productive RBI models globally.

In March 2023, Singapore implemented significant reforms to its GIP, tightening eligibility criteria to increase the program’s economic substance and alignment with national development objectives. One of the most notable changes was the increase in the minimum local investment requirement under the family office route, alongside enhanced reporting obligations for asset deployment. The EDB also introduced clearer evaluation standards for single-family offices, emphasizing governance structures, local staffing, and regulatory compliance. These reforms were designed to attract serious, long-term investors and deter passive applicants. As a result, Singapore has reinforced its reputation as a premier hub for family offices and global wealth management, with over 1,500 single-family offices established by early 2025, collectively managing hundreds of billions in assets.

Singapore’s GIP offers three pathways, each catering to different investor profiles:

• Business Investment: requires an investment of at least SGD 10 million (~ $ 7.4 million). This option targets active entrepreneurs and business owners who are looking to relocate operations or expand to Singapore. It requires the business to employ at least 30 people, including 10 Singapore citizens. The investor must be actively involved in business operations, demonstrating both intent and substance.
• Fund Investment: This option requires an investment of SGD 25 million (~ $ 18.5 million) into a GIP-approved private equity or venture capital fund that is managed by experienced fund managers vetted by the Singapore Economic Development Board (EDB). These funds typically invest in sectors such as fintech, healthcare, sustainability, and advanced manufacturing.
• Single-Family Office (SFO):  This route allows ultra-high-net-worth families to set up a Singapore-based SFO with a minimum of SGD 200 million (~$ 150 million) in global assets under management, of which SGD 50 million (~$ 37 million) must be deployed into qualifying Singapore-based investments such as listed securities, bonds, and eligible funds. This path emphasizes substance, governance, and domestic capital allocation.

The GIP allows the main applicant to include their spouse and unmarried children under 21 years old in the PR application. Older children and parents are not eligible for PR but may apply for a 5-year Long-Term Visit Pass (LTVP), subject to sponsorship and approval. This family inclusion policy makes Singapore’s GIP appealing to investors who prioritize education access, healthcare, and a safe environment for dependents. It also facilitates long-term settlement planning, especially for clients intending to educate their children in top-tier international schools or universities in Singapore.

Singapore’s reputation as a global financial hub is reinforced by its transparent and investor-friendly tax regime, which is particularly advantageous for HNWIs and internationally mobile entrepreneurs. Personal income is taxed progressively at rates from 0% to 22%, while foreign-sourced income remains untaxed unless received through a Singaporean partnership. The absence of capital gains tax, inheritance or estate tax, and wealth tax further enhances its appeal. Corporate income is taxed at a flat 17%, but a wide range of incentives (especially for startups, fund managers, and family offices) can significantly reduce effective tax exposure. Notably, family offices operating under the Section 13O or 13U tax exemption schemes may benefit from tax-free treatment on qualifying investment income.⁵⁹Dentons Rodyk. (2023, January 5). Singapore tax incentives for funds – Section 13U, 13O and 13D. Dentons Rodyk & Davidson LLP. https://dentons.rodyk.com/en/insights/alerts/2023/january/5/singapore-tax-incentives-for-funds–section-13u-13o-and-13d These features make Singapore a compelling relocation destination for individuals from high-tax jurisdictions such as the US, UK, India, and much of Europe, offering a stable, low-tax environment for wealth management and business growth.

GIP permanent residents can apply for citizenship after two years of residency; however, the process is highly selective and subject to considerable discretion by the government. Applicants must demonstrate meaningful integration into Singaporean society, including a sustained economic contribution, a long-term commitment to living in the country, and adherence to local cultural and civic norms. They must also meet language and character requirements and be prepared to renounce their existing nationality, as Singapore does not permit dual citizenship. Due to these stringent conditions and the loss of prior citizenship, many HNWIs opt to retain their permanent residency status without pursuing naturalization, finding that PR offers sufficient stability, rights, and long-term benefits.

The program attracts a highly selective group of applicants characterized by significant wealth, active economic engagement, and long-term strategic planning. These individuals typically have net worths exceeding USD 10 million, with many operating cross-border family enterprises, investment firms, or foundations.⁶⁰The Business Times. (2023, August 10). Smaller family offices may face ‘onerous’ challenges due to proposed tweaks to GIP: Observers. https://www.businesstimes.com.sg/companies-markets/smaller-family-offices-may-face-onerous-challenges-due-proposed-tweaks-gip-observers In recent years, over 60% of GIP applicants have pursued the family office route, driven by Singapore’s tax efficiency, rule of law, and growing reputation as Asia’s leading wealth hub, factors reinforced by the more than 1,500 single-family offices established by 2025, according to EDB reports.⁶¹The Business Times. (2023, August 10). Smaller family offices may face ‘onerous’ challenges due to proposed tweaks to GIP: Observers. https://www.businesstimes.com.sg/companies-markets/smaller-family-offices-may-face-onerous-challenges-due-proposed-tweaks-gip-observers Academic research and financial industry white papers highlight Singapore’s appeal as a jurisdiction that combines capital preservation, tax neutrality, and geopolitical neutrality, making it especially attractive to investors fleeing political risk, succession challenges, or aggressive taxation in their home countries.⁶²How Singapore is becoming Asia’s family office hub. EDB Singapore.https://www.edb.gov.sg/en/news-and-events/insights/innovation/how-singapore-is-becoming-asias-family-office-hub.html, Early Asian family offices sink deep roots in Singapore. https://www.edb.gov.sg/en/business-insights/insights/early-asian-family-offices-sink-deep-roots-in-singapore.html and  Family offices in spotlight over how much value they bring to Singapore. https://www.edb.gov.sg/en/business-insights/insights/family-offices-in-spotlight-over-how-much-value-they-bring-to-singapore.html

As of 2025, the Singapore Economic Development Board (EDB) has not publicly disclosed detailed demographic data regarding the nationalities of applicants to the Global Investor Programme (GIP). However, it is widely recognized that the GIP attracts high-net-worth individuals from various regions, including Greater China, Southeast Asia, the Middle East, India, and North America.

18th – USA

The EB-5 Immigrant Investor Program (IIP) is a U.S. residency-by-investment pathway that grants foreign nationals and their immediate families lawful permanent residency (commonly known as a green card) in exchange for a substantial investment in the American economy that creates or preserves jobs. Established by Congress in 1990, the program is designed to stimulate economic development and attract foreign capital by offering a direct route to U.S. residency without the need for employment sponsorship or family ties.

The EB-5 IPP offers three pathways, each catering to different investor profiles:

• Standard Investment: A minimum of $1,050,000 in a new commercial enterprise.​
• Targeted Employment Area (TEA) Investment: A reduced minimum of $800,000 if the investment is made in a TEA, which includes rural areas or regions with high unemployment.

Each EB-5 investment must create or preserve at least 10 full-time jobs for qualifying U.S. workers within two years of the investor’s admission to the United States. These jobs must be direct for standalone investments, while indirect jobs may count for investments made through Regional Centers.

This visa allows the principal applicant to include their spouse and unmarried children under 21, all of whom receive conditional green cards that can be converted to permanent residency (granting them full rights to live, work, and study in the United States) provided eligibility is maintained throughout the process. Investors and their eligible family members receive conditional green cards and may apply for full permanent residency after two years, once the investment is sustained and job creation requirements are met. After five years of permanent residency, they may apply for U.S. citizenship through naturalization, provided they meet physical presence, good character, and integration requirements.

When EB-5 investors obtain U.S. permanent residency they become subject to the U.S. tax system, which includes worldwide taxation on all income (whether earned domestically or abroad) including salaries, dividends, interest, capital gains, and rental income. In addition, U.S. green card holders are exposed to estate and gift taxes on their global assets, with rates reaching up to 40%. To mitigate tax liability and preserve wealth, many HNW investors usually engage in pre-immigration tax planning, such as restructuring foreign holdings, establishing compliant trusts, or leveraging tax treaty protections.

This program primarily attracts HNWIs and families seeking U.S. residency for reasons ranging from business expansion and educational opportunities to political stability and asset protection. Typical applicants include entrepreneurs, family business owners, and professionals from countries with high taxation, limited mobility, or economic or political uncertainty who wish to secure long-term U.S. residency for themselves and their dependents. Demand is particularly strong among nationals from China, historically the largest applicant group despite visa backlogs, as well as India, Vietnam, Brazil, Russia, and several countries in the Middle East, where applicants often use structured investments through family offices. These individuals are often motivated not only by the chance to live and work in the United States but also by the ability to provide their children with access to world-class education and secure long-term lifestyle options in an economically dynamic environment.

Recently, in a surprising announcement, former President Donald Trump proposed replacing the existing EB-5 Immigrant Investor Program with a new initiative dubbed the “Trump Gold Card,” which would offer U.S. green cards and a path to citizenship for a $5 million fee per applicant. Trump claimed he would bypass Congress and begin selling up to one million green cards, aiming to generate $5 trillion in revenue, while simultaneously eliminating the EB-5 program.⁶³Bier, D. J. (2023, September 20). Trump’s “gold card” plan has benefits but legal and practical obstacles. Cato Institute. https://www.cato.org/blog/trumps-gold-card-plan-has-benefits-legal-practical-obstacles and CBS News. (2025, February 16). Trump proposes $5 million ‘Trump Gold Card’ to replace EB-5 visa program. https://www.cbsnews.com/news/trump-gold-card-eb5-visa-5-million-immigration-oligarch-cbs-news-explains/ However, the proposal faces immediate legal and practical hurdles, as immigration law and green card quotas are set by Congress, making it unlikely that such a plan could be enacted unilaterally or withstand judicial scrutiny.

While some aspects of the proposal (such as simplifying the system and generating fiscal revenue) may seem appealing in theory, Trump’s plan would eliminate the economic development benefits embedded in the EB-5 system, which requires investments in job-creating U.S. enterprises. The Gold Card proposal would demand a much higher upfront cost without limited potential for return, unlike EB-5 investments, which can often be recouped over time. Moreover, with only 2.3 million people worldwide holding more than $5 million in liquid net worth, and many already settled or uninterested in relocating, the notion of selling one million green cards appears wildly unrealistic, some critics say.⁶⁴Perry, B. (2024, March 26). Trump’s Gold Card proposal sparks debate over EB-5 visa replacement. Lexology. https://www.lexology.com/library/detail.aspx?g=55fe99e0-8cef-494d-9a46-1801922b84eb&utm_source=chatgpt.com

The EB-5 program, despite its bureaucracy, remains a structured, Congress-authorized pathway for foreign investors to obtain U.S. residency while contributing to regional development and job creation. Recent reforms have increased investment thresholds and added integrity safeguards, but they still allow for capital preservation and long-term security.

19th – Hong Kong

New New Capital Investment Entrant Scheme (CIES) is Hong Kong’s updated investor immigration scheme, officially relaunched on March 1, 2024, after being suspended in 2015. The program was originally created in 2003 as a strategy to attract HNWIs amid a post-SARS economic downturn. In 2015, it was paused due to concerns that it was driving up property prices and not generating sufficient economic benefit. In response to renewed interest in positioning Hong Kong as a global asset management and financial hub (particularly in the wake of post-pandemic economic recovery) the government revived the program in 2024 with tighter regulations and more targeted investment strategies. The revised program aims to attract capital while ensuring that funds are directed into productive areas of the economy.

As of early 2025, the CIES had received over 800 applications and approved HK$1.4 billion (approximately USD 3.07 billion )in investments⁶⁵ Invest Hong Kong. (2024). New Capital Investment Entrant Scheme (CIES). https://www.newcies.gov.hk/en/, with recent enhancements (such as reduced asset holding periods, acceptance of jointly owned assets, and investments via private companies) positioning it as one of Asia’s most accessible and sophisticated investor visa programs.

As to the investment structions, the CIES requires:

• Investment in government-managed CIES Portfolio: HK$3 million (approximately USD 385,000) overseen by the Hong Kong Investment Corporation Limited (HKIC).
• Investment Assets: HK$27 million(~USD 3.5 million) to be invested in any of the following options
  • Equities
  • Debt securities
  • Certificates of deposits
  • Eligible Collective Investment Schemes
  • REITs (Real Estate Investment Trusts)
  • Non-Residential Real Estate
  • Limited Partnership Funds

Under the New CIES, applicants may include their spouse and unmarried dependent children under the age of 18 in their application. These dependents are granted the same length of stay as the primary applicant and enjoy full residency rights, including the ability to live, study, and work in Hong Kong. Moreover, they are eligible to apply for permanent residency after fulfilling the same seven-year continuous residencerequirement, providing a secure and long-term relocation path for the entire family.

Successful applicants become eligible for permanent residency in Hong Kong after completing seven years of continuous ordinary residence, provided they maintain their investment and comply with all scheme requirements during that time. Permanent residency, granted under the Right of Abode Ordinance, allows individuals to live and work in Hong Kong indefinitely without visa restrictions. While Hong Kong does not offer a distinct citizenship path, foreign permanent residents may apply for naturalization as Chinese nationals. However, this process typically requires renouncing existing citizenship, as China does not recognize dual nationality. Consequently, many investors choose to retain permanent resident status.

Applicants to CIES predominantly comprise HNWIs from Mainland China, Southeast Asia, the Middle East, and increasingly from Western nations seeking strategic access to Asia. These applicants often include entrepreneurs, asset managers, and family office leaders attracted by Hong Kong’s robust legal infrastructure, low-tax regime, and unrestricted capital movement. Notably, a significant portion of early applicants have been Chinese nationals holding foreign permanent residency from countries such as Vanuatu and Guinea-Bissau, highlighting a trend where individuals acquire foreign residency to qualify for the scheme. As of February 2025, the CIES had received 918 applications, with 341 formally approved, collectively bringing over HK$27 billion (approximately USD 3.45 billion) into Hong Kong’s economy.⁶⁶Government of the Hong Kong Special Administrative Region. (2024, July 3). Government announces details of enhancement measures for New Capital Investment Entrant Scheme. https://www.info.gov.hk/gia/general/202407/03/P2024070300172.htm This influx underscores the program’s appeal to global investors aiming to diversify their wealth, secure long-term mobility for their families, and establish a foothold in the Asia-Pacific market.​

20th – Latvia

Launched in 2010, Latvia’s  RBI program, often referred to as the “Latvia Golden Visa,” is one of the most accessible and affordable RBI schemes in Europe. It offers third-country nationals (non-EU/EEA/Swiss citizens) the opportunity to obtain a renewable five-year temporary residence permit, with eligibility to apply for permanent residence after five years and citizenship after ten, provided residency conditions are met. The program is designed to encourage foreign capital inflows and stimulate local economic development through investment in real estate, business, government bonds, or financial deposits. One of its most compelling features is that it grants visa-free travel throughout the Schengen Area and requires minimal physical presence to maintain residency.

Applicants may qualify for Latvian residency through one of the following approved investment routes:

• Real Estate Investment: Purchase one or two properties in Latvia valued at a minimum of €250,000, subject to a 5% state fee on the property value. The property must be maintained for at least five years.
• Business Capital Contribution: Invest €50,000 in a Latvian company that contributes at least €40,000 per year in taxes, along with a €10,000 government fee.
• Government Bonds: Acquire non-interest-bearing special-purpose bonds worth €250,000, plus a €38,000 contribution to the state.
• Bank Deposit: Place a €280,000 fixed-term deposit in a Latvian bank for at least five years, with an additional €25,000 government fee.

Each investment must be retained for at least five years to maintain the validity of the residence permit.

Latvia’s RBI program allows for the inclusion of the spouse and dependent children under the age of 18 (or older if financially dependent and in full-time education). Family members are granted residence permits with the same validity as the main applicant and may access Latvia’s public healthcare, education, and social services. While physically residing in Latvia is not mandatory for maintaining residency, those pursuing citizenship must meet residence requirements for both themselves and any included dependents.

After holding temporary residence for five consecutive years, an investor may apply for permanent residency, provided they have spent at least four out of those five years physically in Latvia. For citizenship, the residency requirement is more stringent: applicants must have legally resided in Latvia for ten years, including five years as a permanent resident, and must demonstrate proficiency in the Latvian language, pass a constitutional knowledge test, and renounce any previous citizenship, as Latvia does not typically allow dual nationality.

Latvia taxes residents on worldwide income, while non-residents are taxed only on Latvian-source income. However, holding a residence permit does not automatically trigger tax residency, which only applies if one spends more than 183 days per year in Latvia or declares it as a tax home. Benefits of Latvian residency include visa-free Schengen travel, access to a European financial system, low-cost living, and an emerging real estate market, especially in cities like Riga and Jurmala. Latvia is also part of the EU, Eurozone, and Schengen Area, making it a strategic jurisdiction for regional business and family mobility.

The Latvia Golden Visa typically attracts mid- to high-net-worth individuals seeking cost-effective access to the European Union, especially those from Russia, Ukraine, China, Kazakhstan, Turkey, and the Middle East. Many applicants are motivated by geopolitical concerns, ease of mobility within Schengen, or educational access for their children. Unlike more exclusive European programs such as those in Portugal or Malta, Latvia’s scheme appeals to businesspeople, property investors, and globally mobile professionals seeking asset diversification, lifestyle options, or a low-cost entry point into Europe. It is also favored by investors seeking to establish a long-term foothold in the EU without the need to meet burdensome physical presence requirements.

21st – Panama

Panama offers a robust and flexible suite of  RBI options. The schemes combines low investment thresholds, fast-track processing, and a territorial tax system with a strategic geographic location between North and South America. The program is especially attractive for international investors, retirees, and professionals seeking regional mobility, access to global markets, and a lifestyle anchored in economic stability, dollarized currency, and personal freedom.

Panama’s RBI framework offers a tiered suite of pathways tailored to diverse investor profiles, balancing fast-track options with accessible alternatives:

• Qualified Investor Program (QIP): launched in 2020, is the most direct route, offering immediate permanent residencyfor applicants who invest at least $300,000 in real estate, $500,000 in securities, or $750,000 in a Panamanian bank deposit, with all investments requiring a five-year hold.

Panama’s QIP permits the inclusion of immediate family members, ensuring that the benefits of residency extend beyond the primary applicant. Eligible dependents include the spouse or legal partner, children under 18, and unmarried children up to age 25 if they are financially dependent and enrolled in full-time education, as well as dependent parents of either the main applicant or spouse. Once approved, family members are granted the same residence status as the principal investor, which entitles them to access Panama’s public healthcare system, educational institutions, and other social services, fostering a stable and inclusive environment for long-term settlement.

QIP’s appeal to international investors is strongly reinforced by its territorial tax system, which distinguishes it from most global jurisdictions. Under this model, only income generated within Panama is subject to taxation, while foreign-sourced income is completely tax-exempt. There are also no taxes on wealth, inheritance, or foreign capital gains, offering significant advantages for wealth preservation and asset protection. Domestic personal income is taxed progressively from 0% to 25%, but this only applies to local earnings. This structure makes Panama especially attractive to international entrepreneurs, digital professionals, and family offices seeking tax neutrality, asset protection, and a low-burden compliance environment, positioning it as a strategic base for wealth optimization.

Panama’s RBI program is further strengthened by the country’s geopolitical significance and economic infrastructure. As a dollarized economy, Panama uses the U.S. dollar as legal tender, minimizing currency risk and increasing financial confidence for foreign investors. Its position as the host of the Panama Canal and as a logistics and trade hub connects Asia, Europe, and the Americas, making it a prime platform for global business operations. The country also benefits from strong diplomatic ties with the United States, European Union, and Latin American neighbors, reinforced by trade agreements and bilateral cooperation.

This program is ideally suited for a wide range of globally mobile individuals seeking residency with flexibility, affordability, and long-term upside. It particularly appeals to mid- to high-net-worth individuals looking for a low-cost, tax-efficient second residence, as well as digital nomads and remote business owners who want to establish a global base without becoming subject to worldwide taxation. The country is also highly attractive to retirees, thanks to its low living costs, modern healthcare, and welcoming expat communities, while its robust infrastructure and easy access to international schools and services make it a logical choice for families. Investors from Latin America, North America, Europe, and increasingly Asia are drawn to Panama’s political stability, financial security, and the potential for citizenship after five years, giving them access to long-term residence and global mobility.

Although the Global RCBI Report focuses on the QIP, which is Panama’s premier RBI pathway, it is important to note that Panama offers specialized residency pathways tailored to applicants of specific nationalities, adding to the flexibility and appeal of its RBI framework. The Friendly Nations Visa, reformed in 2021, is available exclusively to citizens of over 50 designated countries (including the U.S., Canada, EU member states, and much of Latin America) offering a two-year temporary residency through either economic activity or a $200,000 investment in real estate or a fixed deposit, followed by eligibility for permanent residency. For environmentally conscious investors, the Reforestation Visa provides a longer-term route requiring a $100,000 investment in certified sustainable forestry projects, typically involving titled land, and leads to permanent residency after five years.

22nd – Thailand

Thailand’s Elite Visa (TEV) is a long-term, renewable visa issued by the Thailand Privilege Card Company Limited, a state-owned enterprise under the Tourism Authority of Thailand (TAT). Rather than a traditional investment-based visa, it operates more like a residency-by-membership program, granting residency rights in exchange for a one-time fee rather than an economic investment. The visa offers 5-, 10-, 15-, and 20-year residency options, along with exclusive privileges such as expedited immigration processing, concierge services, hospital check-up packages, and access to luxury lifestyle perks. It is a strategic solution for affluent individuals seeking hassle-free long-term stays in Thailandwithout the obligation of employment or traditional visa renewals.

TEV program is structured around membership packages, each offering different benefits and residency durations. Major packages include:

• Gold Membership: 5-year visa for a one-time fee of THB 900,000 (~USD 24,500).
• Platinum Membership: 10-year visa with a total of THB 1.5 million (~USD 40,800).
• Diamond Membership: 15-year visa for THB 2.5 million (~USD 68,000).
• Reserve Membership: Invitation-only 20-year visa at THB 5 million (~USD 135,000).

The investment is not recoverable but is seen as a premium residency subscription, offering immigration convenience and lifestyle perks rather than financial returns.

Main applicants in all TEV options include eligible dependents, such as a spouse or legally recognized partner and children under 20 years old, by paying additional fees that typically range from THB 700,000 to 1 million (approximately USD 19,000 to 27,000) per person. Each dependent is granted a visa with the same validity period as the main applicant and can enjoy many of the program’s VIP privileges, including expedited immigration services and concierge assistance, though the level of access to certain benefits may vary depending on the selected membership tier. This structure makes the program well-suited for families seeking long-term, premium residency options in Thailand.

Thailand’s territorial tax system provides significant advantages for global residents, especially Thailand Elite Visa holders, but requires careful attention to residency thresholds. Under this regime, only income earned within Thailand is taxable, while foreign-sourced income remains tax-exempt (unless it is remitted to Thailand in the same year of earning and the individual has spent more than 180 days in the country, thereby triggering tax residency). Thailand’s personal income tax rates are progressive, ranging from 0% to 35%, and there are no taxes on foreign wealth, capital gains, or inheritance. Importantly, Elite Visa holders are not automatically considered tax residents, offering a layer of flexibility for digital nomads, retirees, and internationally mobile entrepreneurs who seek residency without global tax exposure.

While the TEV provides long-term residency and a suite of premium lifestyle benefits, it does not offer a direct pathway to permanent residency or citizenship, as its primary function is to facilitate convenience rather than formal immigration transition. However, Elite Visa holders who reside in Thailand continuously for 3 to 5 years may be eligible to apply for permanent residency through a separate immigration process governed by stricter criteria. For those seeking Thai citizenship, the requirements are more demanding, including 10 years of uninterrupted residence, fluency in the Thai language, and demonstrable integration into Thai society.

The TEV is ideal for affluent retirees, location-independent professionals, digital entrepreneurs, and frequent business travelers seeking a convenient and flexible base in Asia. It also appeals to HNWIs from countries with limited visa-free access, as well as global families seeking a safe, culturally rich, and tax-efficient environment. While it does not attract classic investors in search of returns, it is perfectly suited for those valuing ease of living, VIP treatment, and regulatory simplicity, without requiring financial disclosure or active business management.

23rd – Malaysia

Malaysia’s Malaysia My Second Home (MM2H) program is a government-backed long-term residency scheme designed to attract foreign nationals seeking semi-permanent or permanent relocation. Relaunched in 2024 with revised terms, MM2H offers renewable visas valid for up to 20 years, depending on the financial tier selected. Unlike typical investment migration programs tied to real estate or job creation, MM2H is structured around proof of financial means, giving participants the right to live in Malaysia, open bank accounts, purchase property, and enjoy various residency privileges. While not a direct path to permanent residency or citizenship, MM2H is widely considered one of Southeast Asia’s most accessible and flexible golden visa-style programs, catering primarily to retirees, location-independent professionals, and global families.

The 2024 MM2H revision introduced a tiered structure based on fixed deposit thresholds, providing options for different investor profiles.

• The Silver Tier: requires a fixed deposit of RM 750,000 (≈USD 150,000) and grants a renewable 10-year visa.
• The Gold Tier: raises the bar to RM 2 million (≈USD 400,000), offering a 15-year visa, while
• The Platinum Tier: requires RM 5 million (≈USD 1 million) and delivers a 20-year visa.

All deposits must be placed in a Malaysian bank, and participants may withdraw up to 50% of the deposit after one year for approved purposes such as home purchase, education, or medical expenses. These flexible conditions make MM2H an attractive alternative to fixed real estate-based programs, particularly for those who prefer capital liquidity and simple compliance.

The MM2H program allows the inclusion of immediate family members under a single main applicant, making it well-suited for relocation planning. Eligible dependents include a spouse, children under 21, and parents or parents-in-law aged 60 and above. Children may be allowed to stay in Malaysia beyond 21 years old if they are unmarried, financially dependent, and enrolled in full-time education. Each dependent must be listed in the application and meet supporting documentation requirements. Once approved, family members receive MM2H visas with the same validity period as the main applicant, enabling full access to Malaysia’s public and private education systems, healthcare infrastructure, and residential benefits. This family-friendly structure is a core reason why MM2H remains popular among global families and multigenerational households.

Regarding taxes, Malaysia operates on a territorial tax system, meaning that only income derived from within Malaysia is subject to taxation. Foreign-sourced income is not taxable, even when remitted to Malaysia. This offers a powerful incentive for retirees and globally mobile professionals with offshore earnings. There are no wealth taxes, inheritance taxes, or capital gains taxes on foreign assets, which creates a tax-efficient environment for long-term residency. Malaysia’s progressive income tax rates range from 0% to 30%, applicable only to local income. This transparent and investor-friendly system makes MM2H a strategic base for tax residency planning, especially for HNWIs and digital entrepreneurs looking to balance lifestyle and financial optimization.

Although MM2H offers extended stays of up to 20 years, it is not an immigration pathway to permanent residency or Malaysian citizenship. Applicants must apply for permanent residency under separate criteria, which include long-term stay, marriage to a Malaysian citizen, or exceptional economic or cultural contributions to the country. Similarly, citizenship applications require 10 years of continuous residency, proficiency in Bahasa Malaysia, and government approval (a rare occurrence for MM2H holders). While it’s possible for long-term MM2H participants to eventually qualify for PR through separate avenues, the program’s design is primarily residency-based, and naturalization is not guaranteed or built into the visa’s lifecycle. As such, MM2H is best understood as a long-stay privilege visa rather than a migration or settlement program.

Consequently, the MM2H program is best suited for retirees, globally mobile families, digital nomads, and wealthy individuals seeking a low-tax, high-comfort base in Asia. It is particularly appealing to citizens from China, the UK, Japan, South Korea, India, and Middle Eastern countries, who are often drawn to Malaysia’s cultural openness, language accessibility, and affordable healthcare. The flexible financial requirements (especially at the Silver and Gold tiers) allow entry for middle-income earners as well as HNWIs, making MM2H more inclusive than traditional investment migration programs. It’s also a popular choice for remote workers and entrepreneurs looking for a central location in Asia that doesn’t impose global tax burdens or force rigid immigration compliance.

As of 2025, the global architecture of investment migration has entered a new era, shaped by increasing legal scrutiny, evolving political priorities, and a shift in investor preferences from simple access to a more meaningful contribution to the country. The twin pillars of this landscape (CBI and RBI) diverging in both design and regional dominance, reflect not only regulatory developments but also broader transformations in how mobility, belonging, and contribution are understood in a globalized world.
 

Global distribution of RCBI programs: Regional brakedown

The latest data from the Global Intelligence Unit (GIU) reveals that there are currently 14 active CBI programs globally, with the majority concentrated in the Americas, particularly the Caribbean, which accounts for 36% of all active programs. Asia follows with 29%, while Europe, once a major player—has reduced its CBI offerings to just 21%, and Africa maintains a 14% (Chart 1).

Europe’s retreat from CBI programs is particularly instructive, not only because of the legal shifts but because of the politicization of legal doctrine under the guise of value enforcement. The European Union has long signaled disapproval of programs that, in its words, “commodify” citizenship, arguing that citizenship must entail a genuine connection between the investor and the host nation, without ever defining what this means. This long-standing tension⁶⁷Global Citizen Solutions. (2024). A turning point for Malta’s Exceptional Investor Naturalisation program. https://www.globalcitizensolutions.com/intelligence-unit/analyses/turning-point-for-malta-exceptional-investor-naturalisation-program/ reached a judicial crescendo on April 29, 2025, when the  ECJ ruled that Malta’s Individual Investor Programme (officially known as the Malta Exceptional Investor Naturalisation (MEIN) schemes) violates EU law.⁶⁸Global Citizen Solutions. (2024). A turning point for Malta’s Exceptional Investor Naturalisation program. https://www.globalcitizensolutions.com/intelligence-unit/analyses/turning-point-for-malta-exceptional-investor-naturalisation-program/

However, this ruling has been widely contested by leading citizenship scholars, particularly Dimitry Kochenov, who argue that the ECJ’s interpretation constitutes an unprecedented encroachment on state sovereignty. Kochenov (2020, 2021, 2025) ⁶⁹Kochenov, D. (2020). Citizenship and residence sales: Rethinking the boundaries of belonging. Cambridge University Press. Kochenov, D. (2021). The oxymoron of ‘EU citizenship’ and how to fix it. European Law Journal, 27(1–3), 10–23. https://doi.org/10.1111/eulj.12333. Kochenov, D. (2024, April 29). Op-Ed: Never mind the law (again): Commission v. Malta, C-181/23. EU Law Live. https://eulawlive.com/op-ed-never-mind-the-law-again-commission-v-malta-c-181-23/ has repeatedly emphasized that nationality law remains the exclusive prerogative of the Member States, as long upheld by both the ECJ itself (in Rottmann, 2010) and the Treaty on European Union.⁷⁰European Commission. (2017, January 24). Strengthening citizens’ rights in a Union of democratic change: EU Citizenship Report 2017 (COM (2017) 30 final). Publications Office of the European Union. https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=COM:2017:0030:FIN; European Commission. (2019, January 23). Report on investor citizenship and residence schemes in the European Union(COM (2019) 12 final). Publications Office of the European Union. https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=COM:2019:0012:FIN and European Commission. (2019, June 5). Towards a better implementation of the EU’s anti-money laundering and countering the financing of terrorism framework (COM (2019) 360 final). Publications Office of the European Union. https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=COM:2019:0360:FIN Under international law and conventional constitutional doctrine, citizenship acquisition is inherently political, subject to national discretion, not EU-imposed normative thresholds like the so-called “genuine link.”

The very first EU‐wide reference to CBI schemes appeared in the European Commission’s 2017 EU Citizenship Report (COM (2017) 30 final), in which the Commission announced its intention to produce a dedicated study on national programmes granting Union citizenship to investors, examine existing laws and practices, and offer guidance to Member States on safeguarding the integrity of EU citizenship. As a consequence, Cyprus, which once ran one of Europe’s most prominent a CBI program, terminated its initiative in 2020 amid a wave of public backlash and allegations of abuse, many of which were politically weaponized during internal EU budget negotiations and anti-corruption discourses. Montenegro ended its own CBI scheme in 2022, largely as a symbolic gesture aligned with its EU accession trajectory, rather than due to any demonstrable legal incompatibility.

In contrast, RBI programs are overwhelmingly concentrated in Europe, which hosts half of the world’s 22 active programs. Asia, the Americas, and to a lesser extent Africa and Oceania, round out the global RBI distribution. This stark contrast underscores how regional legal frameworks and political philosophies have influenced the trajectory of each investment pathway.

According to the most recent data compiled by Global Citizen Solutions’ Global Intelligence Unit, Europe alone accounts for 50% of all active RBI programs worldwide, hosting 11 out of 22 programs as of 2025. This clearly signals that although EU institutions have cracked down on CBI schemes they have tolerated and even quietly enabled the continued residency programs.

Following Europe, Asia represents 23% of the RBI market with five active programs, revealing the region’s growing appeal as both a source and a destination for global mobility. These include dynamic regimes such as Thailand’s Elite Residence Program, Singapore’s Global Investor Programme, and Malaysia’s revamped MM2H, which, while more restrictive than before, still cater to high-net-worth individuals seeking stable jurisdictions with regional connectivity. The Americas account for 18%, reflecting a modest but steady interest in North and South American nations offering investor visas tied to business development or real estate, such as the U.S. EB-5 or Colombia’s new digital nomad and investor residency schemes. Africa and Oceania each host just one active RBI program, making up 4.5% each, underscoring a currently marginal but potentially emergent role for these regions, especially as the global South begins to compete for capital-rich migrants (Chart 2).

This distribution reveals two key realities. First, the dominance of Europe in the RBI market indicates that Member States have strategically prefered residence-based models. These programs often offer long-term residency with eventual access to citizenship. RBIs are typically framed as mechanisms for talent attraction, urban regeneration, and regional development.

Second, the growth of RBI programs in Asia points to a wider geographic diversification of investment migration, where countries with strong infrastructure and emerging innovation ecosystems position themselves as global hubs not only for capital but also for human potential. Unlike the European model, which is increasingly regulation-heavy, many Asian RBI programs offer more flexible conditions, reflecting a pragmatic approach to attracting international entrepreneurs, retirees, and digital workers.

Beyond Europe and Asia, the presence of RBI programs in Africa, the Americas, and Oceania is more limited but nonetheless strategically meaningful. In Africa, only one active program exists as of 2025, signaling the continent’s cautious but emerging engagement with investment migration. Mauritius, for example, offers residence pathways linked to property development and entrepreneurship, aiming to position itself as a financial hub and safe haven in the Indian Ocean, though uptake is still modest.

In the Americas, which account for 18% of global RBI programs, countries such as the United States (through the EB-5 program), Canada, and Latin American jurisdictions like Colombia and Panama continue to attract foreign capital through investor and entrepreneur visa schemes. These programs often emphasize long-term business investment or job creation and appeal to individuals seeking economic stability and access to large regional markets.

Oceania, representing just 4.5% of active RBI programs, is anchored by New Zealand, whose investor visa framework remains one of the more selective globally. The program prioritizes high-value investments in domestic innovation and sustainable industries, aligning with national development priorities while offering a secure and politically stable environment for international investors.

The reality is that individuals are more inclined than ever to secure enhanced mobility and strategic relocation options. Investment migration emerges not merely as a tool of privilege but as a rational response to global risk, a viable Plan B for those seeking security, opportunity, and long-term flexibility. Crucially, this is not a one-sided equation. Investment migration is a reciprocal avenue, where individuals gain access to new rights, protections, and markets, while host states secure inflows of capital, innovation, and demographic revitalization.
 

Minimum investment threshholds

As of 2025, the global RCBI landscape presents a complex and evolving map of mobility options, reflecting the intersection of migration policy, economic strategy, and global inequalities. Data from Chart 3 confirms that the Caribbean remains the most accessible and competitive region in the CBI sector. Countries such as Dominica, Antigua and Barbuda, Grenada, St. Lucia, and St. Kitts and Nevis maintain minimum investment thresholds between $200,000 and $250,000. These programs have solidified their reputations as high-volume, low-barrier options, particularly attractive to middle- and upper-middle-class investors from regions including Nigeria, Pakistan, Lebanon, and South Asia. Despite their affordability, these passports offer significant utility, granting visa-free or visa-on-arrival access to more than 140 countries, including the United Kingdom, Schengen Area nations, Hong Kong, and Singapore. These passports serve not only as travel facilitators but also as strategic instruments for access to international financial systems, education, and global business hubs.

In contrast, countries such as Jordan, Egypt, and Cambodia present similarly priced or higher investment thresholds but offer comparatively weaker mobility. These programs are often positioned as instruments of domestic economic policy or regional diplomacy rather than tools for global mobility. Egypt, for example, appears to target Gulf-based investors, while Jordan’s higher threshold seems more aligned with domestic prestige and regional influence. Cambodia’s offering functions largely under limited regulatory transparency, with its mobility benefits remaining relatively modest.

Positioned between the affordability of the Caribbean and the exclusivity of Europe, Türkiye presents a middle-ground CBI option with a $400,000 real estate investment requirement. The Turkish program has gained popularity among investors from Iran, Iraq, China, and Russia, leveraging its cultural proximity, robust property market, and strategic location. With access to over 110 countries and a customs union agreement with the EU, Türkiye is perceived as a transitional platform for investors seeking future integration into Europe.

European CBI options, such as those offered by Malta and Austria, represent the premium end of the spectrum. Malta’s program, while historically successful and offering a powerful passport, has faced significant legal challenges, including a 2025 ruling by the ECJ, declariont the MEIN violated European Law. Austria, though technically maintaining a pathway to citizenship, does so only through highly discretionary, exceptional services routes.
 

While CBI programs are relatively limited in number and policy design, RBI pathways are more numerous, flexible, and strategically diverse. A 2025 analysis of 23 RBI programs across Europe, Asia, the Americas, Oceania, and Africa shows a striking range in minimum investment requirements, from as low as €24,000 in Thailand to over €7.4 million in Singapore. These thresholds segment the market into three tiers: affordable (up to €150,000), mid-range (€150,000 to €500,000), and premium (above €500,000). Affordable programs, such as those in Thailand, Canada, Malta, Montenegro, and Latvia, attract middle-class professionals, retirees, and digital nomads seeking security, healthcare, and improved quality of life. Mid-range options, including Greece, Portugal, Cyprus, and Mauritius, appeal to investors from high-tax or unstable jurisdictions looking for real estate, EU access, or educational mobility. Premium-tier destinations such as Singapore, New Zealand, Hong Kong, and the United States are oriented toward high-net-worth and ultra-high-net-worth individuals offering capital, entrepreneurship, or innovation.

Asia is the most stratified region, offering both the lowest entry points and the most elite tiers. Thailand’s low-cost lifestyle visa contrasts sharply with Singapore’s innovation-centric Global Investor Programme. Europe remains the dominant geography for RBI schemes, with twelve programs offering a range of investment profiles. The average minimum investment in Europe is about €430,000, with countries like Latvia and Malta at the lower end and Jersey and Monaco offering more exclusive routes. In the Americas, programs in Panama, Costa Rica, and Canada provide moderate entry points, reflecting a focus on attracting lifestyle migrants, entrepreneurs, and retirees. Oceania and Africa offer fewer programs, but New Zealand and Mauritius distinguish themselves through strategic positioning, New Zealand via its high entry requirement and innovation focus, and Mauritius as a bridge between Africa and Asia.

RBI programs serve dual economic and strategic functions. Some countries, especially those with smaller economies or limited access to global capital markets, have used RBI revenues to stabilize budgets or fund infrastructure. The Caribbean, Vanuatu, and Nauru have pioneered development fund contributions through CBI programs that support healthcare, education, housing, and climate resilience. Malta’s MEIN, while now facing legal hurdles, stands as an example of high-value, high-compliance investment migration. According to the Maltese government, MEIN raised over €1.4 billion and funded major social initiatives including public housing and palliative care.

Portugal’s 2023 policy revision marked a turning point. By eliminating real estate as a qualifying category and redirecting investments toward venture capital and R&D, Portugal signaled a broader shift from asset-based to innovation-driven migration. Countries like Canada, New Zealand, Singapore, and the UAE have followed similar trajectories. Canada’s Start-Up Visa and New Zealand’s Active Investor Plus Visa now channel migration through entrepreneurial success and investor backing. Singapore’s GIP targets tech founders and family offices aligned with the nation’s innovation goals. The UAE has expanded its Golden Visa framework to attract not just investors, but scientists, engineers, and startup entrepreneurs in emerging industries.

Perhaps the most notable evolution in the 2025 landscape is the emergence of inclusive, lower-cost RBI schemes designed for a broader demographic. Programs in Panama, Malaysia, Costa Rica, and Thailand appeal to mid-tier investors and globally mobile professionals. Latvia, with one of the EU’s lowest thresholds, continues to attract entrepreneurs seeking EU access without the high capital barriers of Western Europe.

Overall, the 2025 RCBI environment illustrates a maturing sector. Real estate remains a dominant option in some jurisdictions, while sustainability-linked contributions underpin CBI programs in the Caribbean and Pacific. Innovation and entrepreneurship drive the future of migration in advanced economies, and increasingly, countries are designing migration policy to reflect their economic vision, social needs, and global competitiveness. As these programs evolve, their success will hinge not only on financial metrics but on how well they balance investor interest with national development priorities.

In conclusion, the RCBI environment in 2025 is marked by increased differentiation, both in terms of minimum investment thresholds and strategic goals. Real estate remains an anchor in Southern Europe, while development fund contributions dominate the Caribbean and Pacific models. Innovation economies are channeling migration into startup ecosystems, and more inclusive schemes are emerging for globally mobile professionals. As national strategies evolve, RCBI programs are no longer just about capital attraction but about shaping the profile of the future citizen and resident.
 

Building a Global Identity: Where Citizenship Is Fast, Flexible, and Dual-Friendly

In this context, the acquisition of a second citizenship is key to enhance international mobility. As the world redefines what it means to belong RBI programs have evolved into indispensable tools, specially for HNWIs and mobile entrepreneurs seeking to secure legal pathways for acquiring a citizenship indirectly. GIU’s data provides a layered perspective on the comparative flexibilty of RBI jurisdictions towards acquiring a second citizenship and holding multiple nationalities. The three key factors that determine the strategic value of these programs are: (1) the time required to acquire citizenship (chart 4), (2) whether dual citizenship is allowed or restricted (chart 5), and (3) whether the country offers a legal naturalization pathway at all (chart 6). When these variables are aligned, they define the most advantageous destinations for investment migration in 2025.

While most RBI programs offer long-term pathways to second citizenship, they require time, residence, and often substantial integration. For individuals seeking immediate mobility benefits, CBI programs (especially in the Caribbean) are unmatched in speed and convenience.

Regarding RBIs, from a temporal standpoint, Canada offers the shortest path to naturalization at just three years, followed by Singapore at two years. However, the crucial distinction lies in the policy toward dual citizenship. While Singapore ranks high for speed, it prohibits dual nationality, making it a strategic dead-end for many global citizens who do not wish to renounce their original nationality. By contrast, Canada, which both permits dual citizenship and fast-tracks naturalization, stands out as one of the most generous RBI jurisdictions globally.

Other top-tier jurisdictions include Portugal, Malta, Luxembourg, New Zealand, and the United States, each offering a five-year path to citizenship and a permissive stance on dual nationality. Among these, Portugal remains the most accessible and affordable option, with relatively low physical presence requirements, a high-quality visa-free passport. Malta and Luxembourg, while similarly generous, are more stringent in terms of residence and contribution criteria. New Zealand, though geographically remote, offers an innovation-driven ecosystem, political stability, and a clear legal framework for dual citizenship.

In contrast, countries like Italy, Switzerland, Monaco, and Jersey impose ten or more years before naturalization eligibility, even if dual citizenship is allowed. These long durations make them less appealing for those seeking timely access to a second passport. UAE, with its 30-year requirement and restricted dual nationality, ranks among the least feasible jurisdictions for strategic citizenship planning.

Additionally, Malaysia and Mauritius offer RBI schemes without any pathway to citizenship, effectively making them non-starters for anyone pursuing a second passport through residence.

As the dual citizenship policy chart shows, 61% of RBI countries allow dual citizenship, 13% restrict it, and 26% prohibit it outright. Countries in the Allowed category (such as Cyprus, Greece, Portugal, USA, Canada, Malta, Luxembourg, and New Zealand) represent the optimal blend of legal flexibility and high-quality travel documents.

On the other hand, Panama, Montenegro, Monaco, Malaysia, Singapore, and Thailand all do not allow dual citizenship, meaning applicants must renounce their original citizenship to naturalize, an unacceptable condition for most globally mobile individuals. In a strategic context, such countries are better positioned as temporary residencies or economic bases rather than endpoints in a citizenship accumulation strategy.

Restricted countries such as Hong Kong, Latvia, and UAE operate in a legal grey zone. These countries might allow dual citizenship in practice but under strict conditions, or in some cases, fail to enforce renunciation requirements, introducing uncertainty and legal risk.

GIU data confirms the assertion that Europe and the Anglosphere (particularly Canada, New Zealand, and the United States) stand out as the most advantageous jurisdictions for acquiring second citizenship through investment migration. These countries offer a rare alignment: relatively short naturalization timelines, permissive dual citizenship policies, strong passport rankings, and transparent legal systems. In contrast, other global regions (namely Asia, the Middle East, and parts of Latin America) generally impose restrictive or unclear naturalization processes and harsh dual citizenship rules. This global asymmetry is not accidental. Rather, it reflects deep-rooted historical trajectories, legal culture, and geopolitical orientations that have shaped each region’s approach to nationality law and migration policy.

Historically, European and Anglophone legal traditions have embraced civic models of citizenship, which emphasize legal equality and integration over ethnic or cultural exclusivity. This model (particularly robust in liberal democracies like Canada and the U.S.) traces its roots to Enlightenment political thought and colonial pragmatism. Legal scholar Rainer Bauböck describes these traditions as based on “residence, contribution, and civic participation,” rather than bloodline or religious identity.⁷¹Bauböck, R. (2006). Migration and citizenship: Legal status, rights and political participation. Amsterdam University Press. Aditionally, countries such as Portugal and Canada embrace dual citizenship not merely as a legal technicality but as a deliberate instrument of diaspora engagement and liberal pluralism.⁷²Vink, M. P. (2010). Dual citizenship in Europe: From nationhood to societal integration. Palgrave Macmillan.

Canada, for instance, was among the first to formally enshrine dual citizenship in its legal code with the Citizenship Act of 1977, reflecting its multicultural self-image and globalized citizenry. As Ayelet Shachar notes, liberal democracies increasingly view citizenship not as a zero-sum bond, but as a layered affiliation: “Citizenship has become unbundled, with rights and duties no longer necessarily confined to a single sovereign state”.⁷³Shachar, A. (2009). The birthright lottery: Citizenship and global inequality. Harvard University Press. This theoretical openness underpins practical policies such as Canada’s three-year naturalization timeline, Portugal’s five-year residence requirement, and New Zealand’s inclusionary immigration ethos, policies that make these jurisdictions highly attractive for globally mobile investors.

By contrast, many Asian countries maintain restrictive stances on dual nationality, rooted in post-colonial state-building and nationalist identity formation. Singapore, Thailand, and Malaysia all prohibit dual citizenship, even when offering highly competitive residence-based economic visas. This restriction is not just a bureaucratic relic, but a reflection of deeper political philosophies. In Singapore, for example, the rationale is both administrative and ideological: dual loyalty is viewed as incompatible with the state’s strategic need for cohesion and security. ⁷⁴Tan, K. P. (2015). Singapore: Identity, brand, power. Cambridge University Press.

The Middle East, particularly the Gulf States, presents another restrictive model. In the United Arab Emirates, long-term residence is accessible through investment, yet citizenship remains virtually unattainable (requiring 30 years of residence) and dual nationality is generally prohibited.

Latin America offers a more mixed picture. While some countries, like Costa Rica, have relatively liberal residency regimes, others, such as Panama, impose either unclear dual citizenship policies or long naturalization timelines. This inconsistency reflects broader institutional and bureaucratic challenges common in the region. As a result, while residency may be easy to obtain, citizenship acquisition can be slow or procedurally unpredictable, reducing the strategic utility of these jurisdictions for second citizenship seekers.

The comparative advantage of Europe and the Anglosphere is thus embedded in a confluence of legal transparency, democratic resilience, and historical openness to immigration. These countries have long balanced migration policy with national identity in a way that allows for pragmatic adaptation to global realities. Their willingness to accommodate dual nationality, combined with efficient and fair naturalization procedures, speaks to a broader political maturity. As Shaw emphasizes in her analysis of EU citizenship: “The move towards allowing multiple citizenships signals an acceptance that identity is increasingly layered, transnational, and dynamic”.⁷⁵Knight Frank. (2024). The wealth report 2024. Knight Frank LLP. https://content.knightfrank.com/resources/knightfrank.com/wealthreport/the-wealth-report-2024.pdf

In conclusion, Europe and the Anglosphere dominate the global investment migration landscape not simply because of economic strength or passport power, but because of historically rooted liberal traditions that view citizenship as an evolving social contract rather than a rigid status. For globally mobile individuals, these jurisdictions offer the most stable and inclusive environments for acquiring and retaining second citizenship. In a world where identity is increasingly transnational, and sovereignty is no longer defined solely by territorial boundaries, these countries represent the future of citizenship itself.
 

Tax optimization and implication

The tax system of a country plays a crucial role in shaping its attractiveness for investors seeking second citizenship or residence. Beyond mobility rights, visa-free access, and geopolitical stability, one of the most strategic considerations for individuals pursuing RCBI programs is the long-term tax exposure in their new jurisdiction. Our data sheds light on how CBI and RBI countries differ in terms of their tax regime classifications, offering a comparative lens on one of the most sensitive aspects of investment migration.

Tax regimes can broadly be classified into four categories:

1. Zero-Tax/Tax Haven: These jurisdictions impose no personal income tax, regardless of source. Such destinations appeal to ultra-high-net-worth individuals seeking absolute tax neutrality but often come with reputational concerns.
2. Territorial Taxation: Only income sourced within the country is taxed. Foreign-earned income is typically exempt, making it attractive for global entrepreneurs and investors with offshore income streams.
3. Worldwide Taxation: Residents and citizens are taxed on their global income, regardless of where it is earned. This system is predominant in advanced economies with well-developed welfare states.
4. Citizenship-Based Taxation: Uniquely, the United States taxes its citizens on global income, even if they are not residing in the country. This makes the U.S. tax regime highly distinctive and often burdensome for Americans living abroad unless they renounce citizenship.

As global citizenship and investment migration become more central to personal wealth and mobility planning⁷⁶Knight Frank. (2024). The wealth report 2024. Knight Frank LLP. https://content.knightfrank.com/resources/knightfrank.com/wealthreport/the-wealth-report-2024.pdf, tax policy has emerged as a critical factor influencing jurisdictional choice. GIU’s data shows that among CBI jurisdictions, 50% operate under a territorial tax system, 36% follow a worldwide taxation model, and 14% are considered tax havens or zero-tax environments (chart 7). This distribution is reflective of the Caribbean’s dominance in the CBI landscape, where countries like Antigua and Barbuda, St. Kitts and Nevis, and Dominica adopt either territorial or zero-tax regimes specifically designed to attract offshore investors, digital entrepreneurs, and HNWIs seeking asset protection. The minimal tax burden in these jurisdictions adds to the attractiveness of their citizenship programs, especially when combined with relatively low investment thresholds and fast processing times.

In contrast, RBI destinations tend to adhere more closely to the norms of developed tax systems. According to the most recent data, 61% of RBI jurisdictions apply worldwide taxation, while 26% use territorial systems. A much smaller group (around 4.3%) operate as zero-tax or hybrid jurisdictions, such as the UAE, which combines elements of both territorial and tax-neutral frameworks (chart 8). This divergence suggests that while RBI countries offer mobility and structured pathways to citizenship, they are more tightly integrated into traditional fiscal frameworks, often with extensive social welfare commitments that necessitate comprehensive income taxation.

Notably, some of the most highly ranked RBI jurisdictions from a mobility and residency perspective (Portugal, Malta, Canada, and Greece) are also countries with global income tax systems. This duality presents a challenge for tax-sensitive investors who must consider not just the legal rights conferred by residency or eventual citizenship, but also the fiscal obligations that accompany long-term presence. Portugal’s former Non-Habitual Resident (NHR) scheme had mitigated this concern by offering a decade of favorable tax treatment, but recent reforms have limited its scope, signaling a tightening of fiscal concessions in the face of domestic political and economic pressures.

That said, not all RBI jurisdictions impose such comprehensive tax obligations. Monaco and the UAE are the primary exceptions. Both are classified as zero-tax or zero/territorial jurisdictions. Residency in these countries can be obtained with minimal or no personal income tax exposure. However, their long-term value as citizenship destinations is limited. In the UAE, citizenship remains practically inaccessible to most foreigners, despite recent legal openings. Monaco, while attractive from a tax standpoint, exercises full discretion in awarding nationality and is not bound by standard residency-to-citizenship timelines.

A more realistic tax-efficient strategy for RBI applicants lies in territorial tax jurisdictions. Countries like Panama, Costa Rica, Hong Kong, Malaysia, Singapore, and Thailand all allow residency without taxing foreign-sourced income. For globally mobile individuals whose wealth is generated outside the host country, this offers a compelling balance between legal security and fiscal flexibility. These destinations combine moderate entry requirements with solid infrastructure and economic stability, making them particularly attractive for entrepreneurs and remote business owners. However, investors must carefully assess whether acquiring residence leads to tax residency based on physical presence or habitual abode criteria.

Conversely, RBI countries such as Canada, Portugal, Italy, Switzerland, and New Zealand apply worldwide taxation. While these nations provide exceptional quality of life, healthcare, and education systems, they also expose residents to global income taxation. For many investors, this means careful pre-arrival planning is essential—often involving trust structuring, asset relocation, or coordination with tax treaties—to avoid punitive outcomes.

Crucially, individuals must understand the difference between being a citizen and being a tax resident. Citizenship is a legal identity that does not inherently create tax obligations unless linked to a tax-residency rule. In most CBI countries, acquiring citizenship does not make one a tax resident unless the individual chooses to live there or maintains a sufficient nexus. For example, one can acquire citizenship in some countries without requiring physical presence on the island or triggering any tax liability. By contrast, in some RBI jurisdictions, acquiring residence rights may eventually lead to tax residency, especially when physical presence exceeds statutory thresholds or when personal, economic, or family ties become entrenched.

The sole outlier in the international tax landscape remains the United States, which imposes citizenship-based taxation. U.S. citizens and green card holders are taxed on their worldwide income regardless of their country of residence. While foreign income exclusions and tax credits exist, the burden of reporting and potential double taxation remains significant, and many American expats have resorted to renouncing their citizenship to achieve fiscal freedom, a rare and often costly legal route.

In conclusion, the most tax-friendly CBI programs are found in Caribbean countries operating under zero or territorial taxation regimes. These programs provide efficient, low-tax routes to second citizenship with limited compliance requirements. For those seeking residence rather than immediate nationality, Panama, Singapore, and Costa Rica present some of the most attractive fiscal options due to their territorial tax models and economic flexibility. Meanwhile, investors targeting long-term EU citizenship through RBI programs in Portugal, Italy, or Malta must weigh the mobility and geopolitical benefits of an EU passport against the broader tax exposure of worldwide taxation regimes.

Ultimately, the interplay between migration goals and tax obligations is complex and highly individualized. Tax laws are not static, they are subject to frequent revisions, treaty reinterpretations, and shifts in domestic political sentiment. As such, individuals considering investment migration should always consult with qualified international tax advisors and legal professionals to ensure their residency or citizenship path aligns with their broader financial strategy and compliance obligations.

In 2025, the pursuit of second residency or citizenship is no longer a reactive decision but a proactive strategy shaped by a multidimensional mindset. Investors are increasingly seeking more than just visa-free travel, they are pursuing personal security, tax efficiency, access to world-class education and healthcare, and legal refuge from political or economic instability. In this context, second citizenship has evolved into a vital form of global insurance: a “Plan B” that provides continuity and control in an unpredictable world.

This evolution is most evident among high-net-worth individuals, digital entrepreneurs, globally mobile families, and remote professionals. These groups are prioritizing jurisdictional diversification as a shield against regional conflict, regulatory overreach, currency volatility, and civil unrest. For them, RCBI programs represent not only a means of escape, but also an entry point to long-term opportunity, mobility, and generational resilience.

As this report shows, investment migration has transitioned from a niche policy mechanism to a core pillar of modern wealth and mobility planning. With over 37 active programs across 36 countries, the RCBI landscape now offers a dynamic array of solutions for individuals seeking legal, geographic, and economic flexibility, and for states aiming to attract global capital, skills, and innovation.

The Global RCBI Report 2025 sets a new standard in evaluating this evolving landscape. Its methodology—anchored in 18 indicators across five thematic indexes (Procedure, Mobility, Tax Optimization, Quality of Life, and Investment Environment)—offers a holistic and data-driven lens through which to assess program quality, strategic alignment, and investor relevance. By balancing analytical rigor with real-world priorities, the dual CBI and RBI rankings provide both breadth and depth for investors, policymakers, and advisors alike.

Among the report’s key findings, the Caribbean continues to lead the CBI space, offering fast-track, tax-advantaged citizenship options with minimal presence requirements, especially attractive to investors from Africa, Asia, and the Middle East. On the RBI front, Europe and the Anglosphere remain the most compelling destinations, combining legal certainty, quality of life, dual citizenship flexibility, and innovation-aligned investment pathways. Jurisdictions such as Portugal, Greece and Switzerland (following the European Court of Justice (ECJ) ruling that Malta’s MEIN scheme is incompatible with EU law) and Canada, and New Zealand stand out as global leaders.

Asia and Middle East emerging RBI markets (notably Singapore and the UAE) are drawing growing interest from entrepreneurs and high-net-worth individuals, though restrictive naturalization policies may limit their long-term appeal. In Latin America, accessible residence routes and favorable tax regimes, particularly in Panama and Costa Rica, are balanced against less predictable dual citizenship rules and bureaucratic complexity. New Zealand, within Oceania, continues to distinguish itself as a forward-thinking, sustainability-focused jurisdiction. Meanwhile, Africa, still an emerging player, shows promise through selective initiatives like Mauritius’s property-linked residency program, though success will depend on stronger governance and regulatory clarity.

Taken together, these regional dynamics highlight a diverse and increasingly sophisticated RCBI ecosystem, one where no single solution fits all, but where tailored pathways respond to investors’ distinct needs and aspirations.

Ultimately, the Global RCBI Report 2025 affirms that investment migration is no longer merely about acquiring documents, it is about building strategic resilience, future readiness, and global optionality. Those pursuing second residencies or citizenships are not simply wealthy; they are globally attuned, risk-conscious, and intent on securing mobility, stability, and opportunity for the next generation.

For host nations, the imperative is equally clear: programs that uphold transparency, align with development goals, and adapt to investor expectations will thrive in the years ahead. In an increasingly fragmented world, RCBI schemes serve as a bridge, linking human potential with national ambition, and private capital with global citizenship. Far from fading, investment migration is poised to become one of the defining forces shaping the 21st-century global order.