Investment Migration Experts Predict 2024’s Hotspots for Citizenship and Residency
DUBAI, UAE, March 9, 2024 /PRNewswire/ — As global mobility and contingency planning become more crucial for investors, the demand for investment migration programs has surged in popularity. According to reports from leading residency and citizenship by investment firm, Savory & Partners, application volumes have been growing exponentially for the past decade.
“Every year, we witness shifts in investment migration trends driven by factors such as price changes, regulatory updates, geopolitical events, and economic conditions,” says Jeremy Savory, CEO and founder, Savory & Partners. “In 2024, we anticipate significant developments in the landscape of investment migration programs.”
“Turkey’s Citizenship by Investment program has captured attention since its inception in 2017, attracting over 19,000 individuals in less than five years. Despite a recent increase in the real estate investment threshold, Turkey remains a lucrative option for investors seeking global mobility solutions, especially amidst geopolitical uncertainties affecting other regions.”
Last year, though, the government decided to raise the real estate minimum investment amount from $250,000 to $400,000. This increase in the investment threshold affected the number of applications but the firm opines that while the price increase may make a minor dent in the number of applications, the overall number is expected to continue growing for two main reasons.
The first is that the minimum investment amount no longer aligns with Istanbul’s housing market (the most popular real estate investment destination in Turkey). If $250,000 got a good property five years ago, that isn’t the case today.
The second issue is the acceptance of Russian and Belarusian applicants, who are now suspended from applying to Caribbean citizenship by investment programs and most of the EU’s Golden Visas. As Russians and Belarusians need global mobility solutions now more than ever, it seems that Turkey is primed to attract the majority of their interest, offering the program a massive boost and potentially giving it a semi-monopoly on the Russian outbound market.
Malta’s citizenship by investment program, the Maltese Exceptional Investor Naturalization program (MEIN), is unique. It has no direct competitor. While Portugal’s Golden Visa can lead to naturalization through minimal investment, it is, in essence, a residency by investment program. The MEIN, on the other hand, is all about citizenship.
“The benefits of becoming an EU citizen are also significant, meaning that demand for the MEIN will continue to grow, and since the program has no direct competition in the EU, expect it to perform admirably,” Jeremy added.
The Caribbean Five – Antigua & Barbuda, Dominica, Grenada, St Kitts & Nevis, and St Lucia – run some of the world’s most popular citizenship by investment programs.
The programs are quite similar in terms of structure, passport strength, and investment thresholds. There are differences, of course, especially in terms of qualifying dependents, processing times, and unique investment assets.
Antigua & Barbuda’s program continues to do all it can to protect and enhance its offerings while simultaneously continuously working on expanding its political alliance network.
In the EU, Greece’s Golden Visa has been one of the most popular citizenship by investment programs in the world since its introduction in 2013. Savory & Partners predicts that to remain the case as it enters its 11th year of operations, adding that there are two factors that will lead to a top-tier performance. The recent update about the government announcing a price hike in certain areas to €800,000 from €500,000
Last year, the Hellenic government decided to increase the property investment amount from €250,000 to €500,000 in Thessaloniki, Mykonos, Santorini, Varo, and the majority of Athens.
The country is also expected to raise the amount in the remainder of the country’s areas to match the €500,000 valuation.
The second reason is foreign. Portugal’s government decided to remove any real estate and property-adjacent investment assets from its Golden Visa. This new change may shift some investors who are adamant about investing in real estate to Greece’s option, growing the application volume further.
Every year, investment migration gets a surprise package, and if there is a dark horse to keep an eye on this year, according to Savory & Partners, it may be Egypt’s citizenship by investment program.
Starting at a donation of $250,000 or a real estate investment of $300,000, Egypt’s program is averagely priced in comparison with the rest of the world’s citizenship by investment programs.
“There are two reasons that make Egypt’s program a dark horse with great potential. The first is the Russian market. Much like Turkey, Egypt’s program is open to Russian applicants, and since Egypt has a lower price point and has been a popular tourist destination for Russians throughout the years, Russian investors may opt for Egypt as their destination of choice,” Jeremy explains.
“Secondly, Egypt falls outside of the Western-skewing citizenship by investment program conglomeration.
It offers an option leaning a bit more Eastern, which many may find attractive for various reasons, especially those who want to set up a robust contingency plan by obtaining citizenship or residency from countries on different ends of the global geopolitical spectrum,” he added.
Savory & Partners is an accredited agent for multiple governments where citizenship by investment is offered. The company has coverage in over 20 jurisdictions, including Europe and was the first firm to obtain all five authorised agent licenses for the governments of the Caribbean Islands. It has processed second passports for over 4,000 citizens with a 100 per cent success rate.
With a presence in 3 continents and 7 countries and more than 60 experts worldwide, the company’s multinational staff comprises advisors who guide clients in English, Arabic, Farsi, French, Spanish and Hindi.
To know more about Savory & Partners, visit www.savoryandpartners.com or email [email protected]. You can also call +971 04 430 1717 or send a WhatsApp message to +971 54 440 2955.
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