Blog • Published on:March 28, 2025 | Updated on:March 28, 2025 • 14 Min
The movement of wealth across borders is undergoing a dramatic transformation. Countries that once eagerly welcomed affluent investors are now shutting down or tightening their residency and citizenship programs, citing economic and social concerns.
Meanwhile, other nations are capitalizing on this shift, offering attractive new pathways for high-net-worth individuals (HNWIs) looking for stability, tax advantages, and global mobility.
So, what’s behind this change? Why are some governments pushing wealth away while others are strategically positioning themselves as magnets for the ultra-rich? And most importantly, where can those seeking new opportunities go next?
The answers lie in shifting political landscapes, economic pressures, and the evolving priorities of global elites.
Several countries that once welcomed affluent investors through residency and citizenship programs are now pulling back or tightening their policies. The reasons range from national security concerns to rising housing prices and shifting political priorities.
While some nations argue these changes are necessary to protect their economies and local populations, others are seizing the opportunity to attract wealthy migrants looking for alternatives.
For years, Australia has been a hotspot for wealthy migrants seeking stability and economic opportunity. However, the government plans to scrap the Significant Investor Visa (SIV), which allowed individuals to obtain residency by investing AUD 5 million in Australian assets.
The Netherlands has moved to restrict foreign investments, particularly from non-EU countries, in industries deemed vital to national security.
France has been tightening its investment migration policies, particularly in real estate and business investment programs.
While the EB-5 Investor Visa Program remains a pathway for foreign investors, the bigger concerns for wealthy migrants in the U.S. are rising taxes and political uncertainty rather than visa access itself.
As traditional investment migration destinations tighten their policies, high-net-worth individuals (HNWIs) are exploring alternative countries that offer favorable conditions for relocation. Here are some of the top destinations attracting wealthy immigrants in 2025:
Today, a significant percentage of the world’s private wealth is concentrated in the UAE, a country that continues to attract high-net-worth individuals (HNWIs) with open arms.
With zero income tax, a robust financial ecosystem, and a prime geographic position, the UAE has cemented itself as a top destination for wealth migration.
As the landscape of global wealth shifts, the UAE is leading the pack. Only recently, following a major exodus of millionaires from the UK, investors have turned to Dubai and Abu Dhabi for financial security, economic opportunities, and a superior lifestyle.
The surge in HNWIs moving to the UAE is driven by political and tax stability, a booming real estate market, and an expanding network of world-class banking services.
Golden Visa Program: The UAE Golden Visa offers long-term residency (up to 10 years) for investors, entrepreneurs, and highly skilled professionals.
These programs offer HNWIs diverse options to secure residency or citizenship in countries that provide strategic advantages, lifestyle benefits, and global mobility.
In recent years, Golden Visa programs worldwide have undergone significant transformations. Governments are reevaluating their policies, introducing stricter investment requirements, and in some cases, shutting down residency-by-investment schemes altogether.
These shifts come as policymakers balance foreign investment with economic stability and public sentiment, making it crucial for investors to stay updated on the latest developments.
Golden Visa programs have always been subject to policy changes, but recent trends indicate a stronger push toward regulation, transparency, and a shift away from real estate-based investment pathways.
With new restrictions emerging and alternative programs gaining traction, what happened in recent years, and where do things stand now?
One of the biggest criticisms of Golden Visa programs has been their impact on real estate prices. In many cities, an influx of foreign capital into property markets has contributed to housing shortages and affordability issues.
The backlash has led governments to restructure or discontinue real estate-based Golden Visa options, especially in high-demand regions.
Portugal’s Golden Visa program was once one of the most popular in Europe, largely due to its real estate investment pathway. However, this led to soaring property prices in Lisbon and Porto, sparking protests and calls for reform.
Spain has officially cancelled its Golden Visa program due to housing affordability concerns.
Greece continues to run one of Europe’s most accessible Golden Visa programs, but recent changes have increased the investment threshold in high-demand locations.
Golden Visa programs were initially designed as mutually beneficial arrangements, bringing in foreign capital while offering investors residency in stable economies. However, in recent years, public sentiment has turned increasingly negative.
As global investment migration evolves, several countries are refining their Golden Visa programs to create more balanced, long-term economic benefits.
Instead of focusing purely on real estate, these nations are introducing new investment pathways, enhancing program integrity, and directing foreign capital into areas that drive economic growth.
Portugal has transitioned away from real estate-based Golden Visas, shifting focus toward business development, research, and cultural investments. Investors can now obtain residency through:
This shift aligns foreign investment with national development priorities, ensuring capital actively contributes to Portugal’s economy while still providing residency benefits to investors.
Malta remains a top destination for investment migration, with its programs designed to prioritize high-value contributions to the economy. The country continues to offer both residency and citizenship options, emphasizing:
These refinements ensure that Malta’s residency and citizenship programs remain competitive, offering strong global mobility while directing investments into key economic sectors.
Greece’s investment residency program continues to attract international investors, offering a wider range of opportunities beyond real estate.
By broadening investment choices, Greece ensures foreign capital supports economic diversification, creating growth in multiple industries while maintaining an attractive residency-by-investment program.
As real estate-based investment visas decline, alternative residency and citizenship pathways are gaining traction.
Countries are adjusting their policies to prioritize business growth, innovation, and long-term economic benefits, rather than passive capital inflows into housing markets.
Many governments are replacing passive investor visas with programs targeting entrepreneurs and business leaders. These visas typically require:
Examples of Entrepreneur/Innovation Visa Programs:
These programs shift the focus from simply injecting capital into an economy to actively contributing to business development and employment generation.
Several Caribbean nations continue to offer citizenship in exchange for contributions to government-backed development funds. These programs provide fast-track nationality acquisition, without the need for business or real estate investment.
Unlike Golden Visas, these programs grant immediate citizenship, offering long-term security and visa-free travel to hundreds of countries.
While direct citizenship programs exist, some nations are extending residency timelines for investors before granting full nationality.
This trend indicates that immediate Golden Visa benefits are becoming less common, while governments encourage deeper economic engagement before granting citizenship rights.
The landscape of global wealth migration is rapidly evolving, requiring a more strategic approach from high-net-worth individuals (HNWIs) looking for the best destinations to preserve capital, enhance mobility, and secure long-term residency or citizenship.
With many traditional programs undergoing major changes, wealthy individuals are redirecting their investments toward countries that actively welcome foreign capital and offer strong economic incentives.
The primary reason for relocating—Is it tax efficiency, business expansion, global mobility, or securing a second passport for long-term security?
Investment types that align with new policies—Real estate is no longer the main pathway in most major programs, so business investment, innovation, and government fund contributions are now more relevant.
Jurisdictional stability and long-term benefits—Nations offering low-tax policies, strong financial infrastructure, and flexible business laws will continue to attract HNWIs.
As investment migration programs continue to evolve and tighten regulations, the key to successful wealth migration is preparation, timing, and selecting the right jurisdiction based on individual financial and lifestyle goals.
For expert guidance on navigating the latest investment migration opportunities, contact Savory & Partners for tailored solutions on securing residency or citizenship through strategic investments.
Several countries are reevaluating their Golden Visa programs due to concerns about national security, housing market inflation, and the effectiveness of these programs in promoting economic growth. For instance, Spain has moved toward ending its Golden Visa program, citing issues like rising real estate prices and limited economic benefits.
Several countries have recently reformed their investment migration policies:
In response to criticisms of traditional Golden Visa programs, some countries are introducing alternative pathways:
As traditional investment migration destinations tighten their policies, HNWIs are exploring alternative countries that offer favorable conditions for relocation. For example, countries like Malta and Greece have refined their programs to attract affluent individuals by offering diverse investment options and favorable tax regimes.
The departure of HNWIs can lead to a reduction in tax revenues and potential economic challenges for their home countries. For instance, the UK has experienced an exodus of millionaires, which could have implications for its economy.
Knight Frank. (2025). Global wealth trends: Knight Frank's 2025 Wealth Report. Retrieved from https://www.knightfrank.com/research/article/2025-03-05-global-wealth-trends-knight-franks-2025-wealth-reportKnight Frank
The Times. (2024). Where are the UK's wealthy homebuyers moving to?. Retrieved from https://www.thetimes.co.uk/article/are-the-uks-wealthy-on-the-move-3ngl8sbmhLatest news & breaking headlines
Financial Times. (2024). Do the very wealthy relocate because of tax rises alone?. Retrieved from https://www.ft.com/content/42327e45-5867-46b6-9ef2-22d6efe73349Financial Times
Business Standard. (2025). Wealth migration: Why 142,000 millionaires are likely to relocate in 2025. Retrieved from https://www.business-standard.com/finance/personal-finance/wealth-migration-why-142-000-millionaires-are-likely-to-relocate-in-2025-125010900178_1.htmlBusiness News India
Written By
Laura Weber
Laura Weber is a legal expert in international tax planning and citizenship by investment. With over a decade of experience, Laura helps individuals and families navigate complex legal frameworks to secure dual citizenship and global residency options, particularly in the Caribbean and Europe.