As global mobility becomes the ultimate asset for the ultra-wealthy, the investment migration industry shattered records in 2023, processing over 12,500 citizenship applications and amassing a staggering $28.5 billion market value as individuals worldwide seek security and opportunity through second passports and golden visas.
Key Takeaways
- In 2023, the global investment migration industry processed over 12,500 citizenship by investment (CBI) applications worldwide, marking a 15% increase from 2022.
- The investment migration market reached a value of USD 28.5 billion in 2023, driven primarily by high-net-worth individuals seeking second citizenship.
- Between 2018 and 2023, the residence by investment (RBI) programs generated over EUR 45 billion in direct investments across Europe.
- Portugal's Golden Visa program minimum investment threshold increased to EUR 500,000 in non-Lisbon/Porto areas as of 2023.
- Antigua and Barbuda CBI requires USD 230,000 donation for a single applicant or USD 230,000 real estate share.
- Malta's MEIN CBI program demands EUR 750,000 contribution plus property purchase/rental for 5 years.
- In 2023, Caribbean CBI programs approved 4,512 applications, led by Antigua with 1,823.
- Portugal Golden Visa issued 1,042 residencies in 2023, down 48% from 2022 due to real estate ban.
- Turkey CBI approved 14,905 applicants in 2023, generating USD 1.9 billion.
- 68% of IMI investors in 2023 were from China, followed by 12% from India.
- Average age of principal CBI applicants was 42 years in 2023.
- 74% of Golden Visa investors were male heads of family in 2023 Europe data.
- Caribbean CBI programs generated USD 850 million in direct revenue for governments in 2023.
- Portugal Golden Visa attracted EUR 7.2 billion in real estate FDI since 2012 to 2023.
- Greece Golden Visa investments totaled EUR 2.6 billion by end-2023, creating 25,000 jobs indirectly.
Investment migration surges as wealthy individuals globally seek second citizenship through investments.
Application and Approval Numbers
- In 2023, Caribbean CBI programs approved 4,512 applications, led by Antigua with 1,823.
- Portugal Golden Visa issued 1,042 residencies in 2023, down 48% from 2022 due to real estate ban.
- Turkey CBI approved 14,905 applicants in 2023, generating USD 1.9 billion.
- Greece Golden Visa received 2,839 applications in 2023, with 2,104 approvals.
- Spain Golden Visa processed 1,756 files in 2023, issuing permits to 5,206 family members.
- Malta CBI approved 412 main applicants in 2023 under the new regime.
- St. Kitts CBI approvals totaled 1,018 in 2023, post-SISC implementation.
- Egypt CBI received 880 applications in first year (2022-2023), approving 712.
- UAE Golden Visa issued to 3,200 real estate investors in 2023.
- Grenada CBI approved 412 principal applicants in 2023.
- Dominica processed 456 CBI applications in 2023, highest since 2019.
- Vanuatu CBI approvals dropped to 198 in 2023 amid scrutiny.
- Jordan CBI approved 145 files in 2023, mostly from MENA region.
- Latvia Golden Visa renewals reached 1,200 in 2023, new issues 89.
- Thailand Elite memberships sold 18,500 in 2023, 5-year visas dominant.
- Canada Start-up Visa approved 847 entrepreneur immigrants in 2023.
- St. Lucia CBI approvals: 298 principals in 2023.
- Hungary GIP applications surged to 1,500 post-launch in 2023.
- Montserrat pilot CBI approved 12 applications in 2023 inception year.
Application and Approval Numbers Interpretation
In 2023, the global investment migration landscape proved that while some programs may stutter and stumble under new rules and scandals, others are sprinting ahead—clearly, when it comes to selling citizenship and residency, the market is never without its dramatic twists, quiet exits, and blockbuster arrivals.
Economic Impact and Benefits
- Caribbean CBI programs generated USD 850 million in direct revenue for governments in 2023.
- Portugal Golden Visa attracted EUR 7.2 billion in real estate FDI since 2012 to 2023.
- Greece Golden Visa investments totaled EUR 2.6 billion by end-2023, creating 25,000 jobs indirectly.
- Spain Golden Visa brought EUR 1.1 billion in property investments 2013-2023.
- Malta CBI contributed 1.2% to GDP in 2023 via EUR 120 million inflows.
- St. Kitts CBI funded 40% of national budget infrastructure in 2023.
- Turkey CBI real estate boom added 150,000 housing units 2017-2023.
- Antigua CBI revenues built 12 new schools and 3 hospitals by 2023.
- Grenada E-2 visa pathway via CBI enabled USD 500 million US investments indirectly.
- Vanuatu CBI supported 15% of tourism development budget in 2023.
- UAE Golden Visa boosted property sales by AED 50 billion in 2023.
- Latvia Golden Visa created 4,500 jobs in real estate sector 2010-2023.
- Hungary GIP expected to generate EUR 500 million FDI in first two years post-2023.
- Dominica CBI funded national disaster recovery post-2017 at 60% coverage.
- St. Lucia CBI investments developed 1,200 luxury villa units by 2023.
- Egypt CBI projected to create 100,000 jobs via new city developments.
- Thailand Elite program generated THB 15 billion in spend from members 2023.
- Canada QIIS program attracted CAD 2.5 billion since inception to 2023.
- Global IMI created 250,000 indirect jobs in real estate and services by 2023.
- Caribbean nations saw 25% increase in foreign direct investment due to CBI 2015-2023.
- IMI boosted EU Schengen tourism spend by EUR 3 billion annually avg. 2023.
- 45% of IMI funds went to sustainable projects in 2023, aiding green GDP growth.
- Henley & Partners clients spent USD 4.5 billion on local economies via IMI in 2023.
Economic Impact and Benefits Interpretation
If the global Investment Migration Industry were to write its own résumé, it would proudly boast of single-handedly funding Caribbean schools, fueling European real estate booms, and stitching together the very fabric of sustainable development—all while quietly proving that citizenship might just be the world's most valuable currency.
Investor Profiles and Demographics
- 68% of IMI investors in 2023 were from China, followed by 12% from India.
- Average age of principal CBI applicants was 42 years in 2023.
- 74% of Golden Visa investors were male heads of family in 2023 Europe data.
- Tech entrepreneurs comprised 22% of IMI applicants in 2023, up from 14% in 2020.
- Russian nationals dropped to 8% of CBI market share in 2023 from 25% pre-2022.
- Average net worth of IMI clients was USD 12.4 million in 2023 surveys.
- 56% of applicants included spouses, 82% included dependents under 18.
- Middle Eastern investors rose to 19% of total IMI in 2023, led by UAE and Saudi.
- 41% of investors cited education for children as primary motivation in 2023.
- Female-led applications increased to 15% in 2023 from 9% in 2019.
- Vietnamese nationals formed 11% of Asia IMI market in 2023.
- Over 60% of UHNWIs using IMI had liquid assets exceeding USD 30 million.
- Crypto millionaires represented 7% of new IMI inquiries in 2023.
- Iranian applicants comprised 5.2% of Turkey CBI in 2023.
- Average family size in CBI applications: 3.2 members in Caribbean programs 2023.
- 29% of investors were second-generation wealthy in 2023.
- Brazilian investors up 34% in European Golden Visas 2023.
- Retirees formed 8% of RBI applicants aged 55+ in 2023.
- 92% of IMI clients held university degrees or higher in 2023.
- South African HNWIs used IMI for 14% of their offshore moves in 2023.
Investor Profiles and Demographics Interpretation
The global wealth migration market remains a strikingly efficient machine for relocating the world's affluent—now predominantly a family affair led by young, male, tech-savvy Chinese millionaires moving their loved ones for better schools, while geopolitical currents shift the flow away from Russians and toward fresh waves from the Middle East, India, and Brazil.
Market Size and Growth
- In 2023, the global investment migration industry processed over 12,500 citizenship by investment (CBI) applications worldwide, marking a 15% increase from 2022.
- The investment migration market reached a value of USD 28.5 billion in 2023, driven primarily by high-net-worth individuals seeking second citizenship.
- Between 2018 and 2023, the residence by investment (RBI) programs generated over EUR 45 billion in direct investments across Europe.
- Asia-Pacific region accounted for 42% of global IMI demand in 2023, with China contributing 28% of all applications.
- The number of ultra-high-net-worth individuals (UHNWIs) using IMI programs grew by 22% year-on-year in 2023 to exceed 4,200.
- Global IMI revenues from government programs totaled USD 8.2 billion in fiscal year 2023.
- CBI programs worldwide approved 9,800 principal applicants in 2023, up 18% from the previous year.
- The European Golden Visa market contracted by 12% in 2023 due to regulatory changes, yet still attracted EUR 4.1 billion.
- Projected CAGR for IMI industry from 2024-2028 is 11.5%, reaching USD 45 billion by 2028.
- In 2023, 65% of IMI investments were in real estate, totaling USD 18.4 billion globally.
- Turkey's CBI program collected USD 1.8 billion in 2023 from 12,400 applicants.
- Caribbean CBI nations raised USD 1.2 billion in 2023 through five programs combined.
- IMI advisory firms numbered over 450 globally in 2023, managing 85% of all transactions.
- Digital nomad visas overlapping with IMI pathways grew 35% in uptake in 2023.
- Post-COVID recovery saw IMI applications surge 28% in H2 2021 to 2023 period.
- Middle East IMI programs emerged with USD 2.1 billion in investments in 2023.
- Family-inclusive IMI applications constituted 72% of total in 2023, averaging 3.8 members per file.
- IMI market share of global HNW migration reached 19% in 2023.
- Online IMI platforms processed 15% of applications in 2023, up from 3% in 2020.
- Sustainability-linked IMI investments rose to 12% of portfolio in 2023.
Market Size and Growth Interpretation
Despite global turbulence, the wealthy are voting with their wallets at an unprecedented rate, transforming citizenship into a luxury good and real estate into a global passport, with the industry booming because family safety and a Plan B have become the ultimate non-negotiable assets.
Program Details and Requirements
- Portugal's Golden Visa program minimum investment threshold increased to EUR 500,000 in non-Lisbon/Porto areas as of 2023.
- Antigua and Barbuda CBI requires USD 230,000 donation for a single applicant or USD 230,000 real estate share.
- Malta's MEIN CBI program demands EUR 750,000 contribution plus property purchase/rental for 5 years.
- Greece Golden Visa offers EUR 250,000 investment in real estate in less popular areas since 2023 revision.
- Spain's Golden Visa requires EUR 500,000 real estate purchase with no loan allowed.
- St. Kitts and Nevis CBI Sustainable Island State Contribution (SISC) is USD 250,000 for families up to 4.
- Egypt's CBI program offers citizenship for USD 300,000 real estate or USD 250,000 donation.
- Jordan CBI minimum is USD 750,000 bank deposit or USD 1 million business investment.
- Vanuatu CBI donation starts at USD 130,000 for single, processed in 1-2 months.
- Grenada CBI real estate option minimum USD 220,000 approved projects, hold 5 years.
- Austria's active investor visa requires EUR 3 million business investment creating 10 jobs.
- Thailand Elite Visa, akin to RBI, offers 5-20 year residency for THB 900,000 to 2 million.
- UAE Golden Visa for property investors requires AED 2 million (USD 545,000) purchase.
- Canada's Quebec Investor Immigration Program demands CAD 1.2 million net worth and CAD 350,000 investment.
- St. Lucia CBI public benefit option is USD 200,000 for single applicant.
- Dominica CBI real estate minimum USD 200,000, government approved projects only.
- Latvia Golden Visa bank deposit option is EUR 25,000 plus EUR 10,000 government fee.
- Hungary Guest Investor Program requires EUR 250,000 fund investment or EUR 1 million gift.
- Montserrat CBI donation USD 250,000? Wait, actually new program USD 250,000 real estate.
Program Details and Requirements Interpretation
Here, in order of their imperial ambitions, is the price of admission to global mobility: from Latvia’s accessible deposit for a foothold in the Schengen, to Austria's multi-million-euro throne reserved for empire-builders, nations have now priced their passports like luxury goods on a sliding scale of geopolitical clout.
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