An IMGW News Report
For the tenth consecutive year, Malta has retained the top spot in the Global Citizenship Program Index, while Greece has, for the first time, claimed first place in the Global Residence Program Index. The latest rankings, published in Henley & Partners’ annual assessment of the world’s leading investment migration programmes, highlight Europe’s continued dominance in the sector.
Henley & Partners, which advises high-net-worth individuals on residence and citizenship planning, reported onboarding clients from 94 nationalities in 2024, with enquiries received from over 180 countries. American investors accounted for 23% of all applications processed last year—almost equalling the next four largest applicant groups combined: Indians, Turks, Filipinos, and Britons. The number of US clients has surged by over 1,000% since 2019, reflecting a pronounced shift in investment migration trends. The UK also experienced a record-breaking year, with applications from British nationals rising by 57% compared to 2023.
The Investment Migration Programs 2025 report evaluates 40 schemes deemed the most relevant from a pool of more than 100 worldwide. It provides a systematic benchmarking of residence and citizenship by investment (RCBI) offerings, with assessments conducted by an independent panel of academics, economists, country risk specialists, and legal experts. The report includes interactive comparisons, enabling investors and families to tailor their selection based on their priorities.
Dr Christian H. Kaelin, Chairman of Henley & Partners, describes the report as essential reading for anyone monitoring developments in the field or considering investment migration as part of a broader risk mitigation strategy. “In an era of heightened geopolitical and economic uncertainty, governments are leveraging RCBI programmes as innovative funding mechanisms to bolster fiscal autonomy and drive economic growth,” he notes. “For investors, alternative residence and citizenship provide a unique hedge, allowing them to be as globally diversified as their wealth portfolios.”
The Global Citizenship Program Index ranks 14 schemes, with Malta retaining the top position, scoring 76 out of 100. The country’s Granting of Citizenship for Exceptional Services by Direct Investment framework allows foreign nationals and their families to obtain citizenship after a residence period of 36 months (or 12 months by exception), provided they make a substantial economic contribution. Originally designed by Henley & Partners in 2013, Malta’s scheme remains the industry benchmark.
Austria holds second place with a score of 75, reflecting its stringent but highly regarded investor citizenship framework. The next two ranks are occupied by Caribbean nations— Grenada (69 points) and Antigua & Barbuda (67).
Malta’s Citizenship Scheme Maintains its Lead
A three-way tie for fifth place (66 points) includes St Kitts & Nevis, St Lucia, and new entrant Nauru. The latter’s citizenship programme, recently launched, not only provides visa-free access to key financial centres but also directs investment towards climate resilience and sustainable development projects, a critical concern for small island states.
Greece’s Residence Programme Dethrones Portugal
In the Global Residence Program Index, Greece’s Golden Visa has ascended to first place with a score of 73, ending Portugal’s nine-year reign at the top. Portugal now ranks joint third (70 points) alongside Italy and the UK, while Switzerland holds second place (72), benefiting from a residence structure that combines tax incentives with a high standard of living.
Australia, Canada, and Spain—despite the latter’s expected programme closure in early 2025—share fourth place (69 points each). The UAE, which has aggressively expanded its golden visa scheme to attract foreign talent and investment, takes fifth place with a score of 68.
Hungary and Costa Rica emerge as notable new entrants. Hungary debuts in sixth place (67 points) with a recently launched Guest Investor Residence Permit, allowing investors to secure long-term residence via real estate funds or donations to higher education. Costa Rica, entering at tenth place (63 points), presents an appealing combination of business-friendly regulations, favourable taxation, and political stability.
Other high-ranking jurisdictions include Luxembourg (7th, 66 points), Singapore (8th, 65 points), and Jersey and Panama (joint 9th, 64 points). Malta and New Zealand share 11th place (62 points each), while Monaco and the United States follow in 12th (61 points).
Investment Migration: A Tool for Diversification
Henley & Partners projects that 2025 will be a landmark year for global wealth migration, with 142,000 high-net-worth individuals expected to relocate—surpassing the 134,000 recorded in 2024. For the second consecutive year, the US remains the dominant nationality group seeking alternative residence and citizenship solutions.
Dominic Volek, Group Head of Private Clients at Henley & Partners, highlights the growing trend of geopolitical arbitrage among investors. “Faced with unprecedented instability, wealthy families are actively diversifying their residence and citizenship portfolios to hedge against jurisdictional risk,” he explains. “Tools like Henley Ultimate Portfolio, alongside our digital index comparisons, allow investors to construct bespoke global mobility strategies, ensuring long-term security and access to key markets.”
As nations recalibrate their policies in response to shifting geopolitical realities, investment migration remains a dynamic and evolving landscape—one where the strategic alignment of investor and state interests continues to shape global mobility.
