Investment Migration in 2025: Global Overview, Key Shifts & What Comes Next

SPEAKER_01: 0:03

Hello, welcome back to the Be Global Podcast, where we explore the shifting landscape of global mobility, investment migration, and the policies shaping how people move across borders. I am your host, Shosani Campos, and today we are looking at global mobility and investment migration at a moment when the world feels anything but stable. We really don’t have to look far to see it. There’s geopolitical tension, economic fragmentation, the rise of nationalism, and declining trust in institutions. And yet, something interesting is happening parallel. When you look at this year’s investment migration in review briefing compiled by the Global Intelligence Unit here at Global Citizen Solutions, you will see a global mobility community that has improved its coordination. Even in the middle of uncertainty, there is a clear sense of purpose in how the industry is moving forward. And that brings us to today’s episode. With us is someone who has seen this industry evolve from every angle, from advisory and strategy to navigating policy developments and the realities of running a global mobility company. Please welcome Patricia Kasaburi, CEO of Global Citizen Solutions. Hi, Patricia.

Patricia Casaburi: 1:40

Hi, Gisani. Nice to be here today and closing the 2025 with key insights, hopefully. Definitely.

SPEAKER_01: 1:51

Yes, we’re all excited to dig into this briefing. So it’s only fair with our listeners that before we start unpacking the evolution of the industry, I think we should rewind a little. People hear words such as golden visa, CBI, RBI, entrepreneur visas, and it can get confusing very quickly. So, Patricia, when someone is trying to make sense of all these terms for the first time, what do you tell them?

Patricia Casaburi: 2:21

Hmm, okay. Let me break down in a kind of easy way, hopefully. There we think of it in three main pathways when it comes to residency and citizenship planning. So we hear a lot, which is actually a term that we are transitioning into, a lot more the concept of uh residency and citizenship planning. But you still see a lot in the media, and people refer to as, like you said, CBI, RBI. So when we talk about citizenship by investment, which is the most direct route, we’re talking about making a qualifying investment or donation, and then within months you receive a second passport from the country of your choice that has these types of programs. The Caribbean programs tend to dominate this space. Then we break go down to RBI, which is also aka residency by investment. And that’s what people commonly call as golden visas. Usually you would invest in active or passive types of um assets, being real estate, investment funds, uh bonds, different types of avenues to explore that. And you would get residency rights. And after a few years, depending on the country, maintaining your residency and investment, you would then apply for citizenship. So European programs are very, very popular. We have Portugal, Greece, and these are some of the classic examples. Malta has a very attractive program as well, so there’s quite a lot to explore. And then we have visas like entrepreneur visas or famous, we hear a lot about retirement visas, and they are slightly different. We are talking about often bringing talent, innovation, um, people into a country by either, you know, just moving here to enjoy the lifestyle to a country, or to build a business, create jobs, and and contribute towards uh the economy. These types of visas, different than than the other two we were exploring, they actually involve uh most of the time into the person moving, so fully relocating to the country of choice. They all serve different needs. So the citizenship by investment unlocks mobility immediately. Residency by investment is really good for lifestyle and long-term planning. And the different types of residency relocation visas are good for founders, innovators, or families looking to move into uh a new country.

SPEAKER_01: 5:27

Okay, Patricia. Now uh talking about, let’s go a bit into the investment migration um in review briefing that was recently compiled by the Global Intelligence Unit. Um, it makes me think why a global overview into the investment migration industry, why is it so important?

Patricia Casaburi: 5:49

There’s a lot of change in the industry is kind of transforming. Very, very fast. Countries um creating new programs, others tweaking theirs. You have you know some programs that close, others that are opening, and new types of investment are the focus of attraction. We have new programs launching in regions that we wouldn’t have predicted five years ago. But there’s a huge shift in how investment is being directed. We’re moving away from passive real estate, which was very popular a few years ago, towards purpose-driven funds. So climate resilience, business innovation, support for cultural activities. Governments are looking to attract capital that creates impact, not just uh transactions. At the same time, we have due diligence, which is tightening digital systems and potentially AI that we hear about everywhere, changing the pacing on how things are processed, it’s faster, more transparent, and definitely more accountable. So global mobility is more fluid, or has been more than ever. It’s responding to external forces, and this is an important overview because it shows not only where the industry has been, but where it’s going. And everything points to the industry moving in the right direction, towards maturity, responsibility, transparency, and with alignment with national development goals.

SPEAKER_01: 7:37

Okay, that is a very good point, Patricia. I’m going to dig a bit further because it looks like um investment migration is a um is very well organized and um you know in in terms of uh the digital advancement, due diligence, everything that you just explained so well now. But I know that investment migration didn’t always look this evolved. And I wanted to tap into you know those early ages that shaped the industry. Can you give us a quick overview on that?

Patricia Casaburi: 8:14

Yeah, sure. So I think migration, generally speaking, goes back a long, long way. Um even in Scotland in the early days, people would trade manners from title and citizenship. But officially, in the kind of modern format that we know nowadays, it was first launched in Tonga in 1982, and then Sankitsanivis followed it in 1984. And then through the 80s and 90s, uh the Caribbean countries refined the model using the investment migration to tackle challenges at home through, you know, not a lot of natural disasters, uh, infrastructure needs, and to build more resilience into their economy. But what we see is that the real boom came in in 2010, around 2010, uh, in Europe. We were facing the kind of Eurozone crisis, and then countries like Portugal, Greece, and Spain introduced the golden visas to attract foreign direct investment. It was definitely an inflection point and very successful. What had been a Caribbean focused niche suddenly became a global phenomenon. And this kind of past decade changed everything.

SPEAKER_01: 9:42

Um, that’s insightful. I always thought some kids and DVs had the first um CBI program, but turns out it was Tonga. But yeah, but I’m with you when you say that um the Caribbean dominates uh the citizenship programs. Actually, you know, just to give a factual data here, they dominate over 75% of citizenship programs. So now, Patricia, on your in in um your perspective, I’d like to know why did that region become the global leader?

Patricia Casaburi: 10:18

Thank you, Suzanne. That’s a really good question. There, I I think small island states low geographically um located very close to the US, not too far from Europe. They they recognized they’re also in the corridor of hurricanes and some natural disasters, and they soon spotted that this could the citizenship programs and the investment that it attracts could be used to towards a national development strategy. So in some cases, the the citizenship programs they support double-digit performances and percentages of this country’s GDP. And the funding is so crucial, it goes directly into infrastructure, helping with climate adaptation and building resilience into tourism, but also developing health care and education. Take uh Dominica, for example. After uh Hurricane Maria, if I’m not mistaken, which devastated the island in 2017, uh the citizenship and investment revenues were so critical in rebuilding schools, hospitals, and you know, climate-resilient housing. Uh so you see, it’s you know, it’s very tangible the impact that these programs uh have. So the Caribbean understood quite early on it is an essential tool for uh development capital. Great.

SPEAKER_01: 12:08

Patricia, thanks for giving us um an example of the positive impact of um uh an investment migration um that brings to the Caribbean island of Dominica. But that’s just one example, there’s a lot more. Um but now I’d like to move on from the Caribbean and focus on Europe and its golden visa boom, because it is a story in itself. I want to know how did we get from Bulgaria launching a program in 2009 to a wide range of options across the continent in just a few years?

Patricia Casaburi: 12:51

The Eurozone crisis at the back of the subprime mortgages, global crisis, forced governments to look for alternative um capital streams, really. Again, just to quote Portugal, Greece, and Spain, which were the first, let’s say, the pioneers, they designed programs that revived the real estate markets, injected foreign capital directly into the economy, and really helped to stabilize such domestic uh realities, all without the social tension that traditional immigration often triggers. And here’s what’s so fascinating, Giusani. The acceptance norm changed. Ten years ago, these programs were controversial. Today they are recognized as legitimate tools uh to enhance uh the GDP, to enhance the the quality of for an investment that E attracts. So the conversation shifted from shall we do this, to how do we design this responsibly? And and this shift in perception allowed the European residency planning, you know, through by investment market to expand very rapidly and mature quickly. That’s where I think we are now in a very mature stage of investment designing.

SPEAKER_01: 14:31

That’s very um I’m glad you brought that up because uh you can definitely see that how how the norm has changed in terms of acceptance and even in terms of um acceptance from media who tend to be um highly used to be more critical of the um the golden visa programs, they now are more biased towards explaining um the benefits. Um we can also see um even on the property market, you see uh renovations of uh buildings that were derelict in the past. So that there is quite a lot of um a lot of benefit that those programs have brought to these countries. Now, I want to highlight uh in this amazing briefing put together by our great team, Global Intelligence Unit, there’s also a uh topic about uh the changing of nationality patterns, which I really find fascinating. Patricia, who is driving demand right now?

Patricia Casaburi: 15:41

Oh, so well, that’s a really complex uh question. I’m gonna try to do my best here to answer in a concise and direct way. The patterns, like you pointed, Gisani, are absolutely fascinating. Um and they tell you, they paint a picture of what we see, where the world is both in geopolitical and events, big events, and in areas where the economic anxiety is building or is currently concentrated. So we’re seeing, and when we talk about economic anxiety, it doesn’t mean that you know we’re seeing it’s necessarily countries that uh the economy is doing badly. Sometimes it’s just uh you know how their citizens might be perceiving how the government is gonna make more barriers for the the you know free cash flow or movement of money. So, for example, we’re seeing Chinese nationals, which they have been dominating, the EB5 program in the US and the Greek program, uh, you know, more and more acting fast, diversifying, um, getting a flow of investment outside of China. We’re also seeing how Nigerians are rising sharply in the Caribbean citizenship programs. Americans for once are the number one nationality in the Portuguese Golden Visa program. And this has been hugely driven by political uncertainty, tax planning, and lifestyle preferences. We also see post-Brexit, the the British have actively looking into, you know, options outside the UK, which has become a little bit more isolated. And now they have another layer of concern which comes with the more kind of stringent tax regulations that they’re facing at home. Then you have Middle Eastern uh nationals which are seeking more stability and tax efficiency across Europe, the Caribbean, Canada. But the biggest shift, I guess, um is seeing how, you know, even Europeans and North Americans, which we already mentioned, having such a relevance in in Europe, for instance, with the European programs, how it’s a segment that’s so fast at growing. And this is certainly, you know, a few years ago would be most unexpected. So this is isn’t anymore about people from emerging markets seeking better passports. So like I said, you have Americans, Brits, Germans, Canadians, people from stable democracies building their plan B. So looking into residency planning as an essential toolkit.

SPEAKER_01: 18:54

Oh wow, that’s a very good point. So advanced economies are now also leveraging the investment migration market. So yeah, I don’t know if this brings me to the next question, but I think you will be able to link it. But tell me, the some in the industry treat um entrepreneur visas almost as their own category in itself. I want to know why and what’s the difference between the entrepreneur visa and the Golden Visa? Yeah, sure.

Patricia Casaburi: 19:26

I mean, if you look at, you know, the the citizenship and residency uh by investment programs, they they definitely are uh crucial and invaluable for a number of host countries, but they serve a slightly different purpose than the entrepreneur visas, for instance. I think the focus on entrepreneur visas is on human capital. And that you know, that’s kind of I would say the main difference. So from it’s more than financial contributions or donations. You have programs like the Canadian startup visa that they’re very, very active in seeking innovation-driven immigration. So these countries, you know, a lot of the countries now realizing that they need more than capital. They need talent, you know, founders, disruptors, people that will be building the future. These programs are essential for economies aiming to attract innovation rather than passive investment. They’re not just immigration pathways. They are, again, economic development strategies. They are designed to position countries as global hubs for entrepreneurship, technology, and obviously the lifestyle that comes with it from moving to a new country.

SPEAKER_01: 21:09

I see, that’s clear now. That was a very good overview, and thank you very much. Patricia, what stands out to you as the single most important development in investment migration?

Patricia Casaburi: 21:21

I think more and more uh countries are really looking at these programs as an opportunity to apply like a mission-driven um focus to enhance uh their ecosystem and economies. So you have um architect programs being created in a way to attract um you know funds that will be developed to climate, innovation, cultural heritage, and investment. So again, shifting away from real estate, um trying to create foster areas of real um expansion. We’re seeing that in the MENA region, Saudi Arabia, Oman, um Abu Dhabi all following and on the you know footprints of uh what the UAE has done so successfully in Dubai. And then just not too let me just try to think, not to repeat a lot of the things that we said. Um we are seeing you know programs being redesigned. I think big trend here is climate migration, which has been influencing policy in these programs. Um Dubai, again, they launched the kind of digital residency and and which and we see it kind of expanding and popping up in different parts of the world. Um more, you know, Latem and Asia countries that have been launching very well structured um residency and citizenship programs. And overall, the the kind of mobility portfolios, they are more widespread.

SPEAKER_01: 23:34

Now, fine. So that’s an overview of um what happened this year, and uh, and that was very good. Now I want you to zoom out five years and tell me, where do you think investment migration is heading?

Patricia Casaburi: 23:50

It uh is a tough one. We see uh migration is always an emotional topic as well. So I think there will be a more laser-focused effort to attract um exactly the kind of migration that countries want. That’s where I see primarily um the industry going. So the design and architecture of such programs being highly linked to the desired outcomes that these governments want to attract. And the most what we see in practice is that the most successful programs are the ones that actually have value for the investor and equal value for the country.

SPEAKER_01: 24:53

Okay, I’m glad you mentioned the country here, because um, you know, when programs are redesigned instead of being closure or closed, or um programs will be more uh focused at getting the the uh results that the country wants. So now I want you to think hypothetically if a government came to you tomorrow and said, Patricia, we want to build or redesign an investment program, what is the one thing you would tell them?

Patricia Casaburi: 25:26

Good question, Gisani. I think it’s really important for them just to understand you know what their long-term national development goals, and then use the investor programs to attract capital strategically to feed exactly the areas they wish to enhance. There might be you know from climate uh resilience, innovation funds, uh better, you know, bigger ecosystem of startups, whatever it is, they can you know redirect it uh in such a way. I see.

SPEAKER_01: 26:06

Wow, that was very good, Patricia. Thank you. Um, I will let you go because we’ve been speaking for quite a while now, and you’re very busy, but I’d like to thank you. This was incredibly insightful. Um, you gave us a full walk through the history, the design, and the future direction of the industry. And thank you so much for sharing this perspective with us. Well, thank you for having me. Great, always good to have you here. And um, and again, a shout out to the uh Global Intelligence Unit team. This briefing gives the industry a level of clarity and data and uh that it hasn’t had before. And for those listening, you will find the full um global overview in the show notes. It’s worth exploring if you want a deeper understanding of where the field is heading. And if you enjoyed today’s episode, I’d like to invite you to subscribe, share it with someone curious about global mobility, and leave us a review. It always helps to get more people to find these conversations. And that’s all from us. Until next time, this was Be Global. Bye now.