Record-Breaking Demand for Alternative Residence and Citizenship
LONDON--(Business Wire / Korea Newswire) December 09, 2022 -- The number of high-net-worth individuals enquiring about investment migration options has more than doubled since the coronavirus was first reported three years ago, with record numbers of wealthy international investors now looking to diversify their residence and citizenship options amid unprecedented global volatility. Henley & Partners has also seen a huge surge in interest and applications from citizens of highly developed countries such as Canada, the UK, and the US compared to pre-pandemic times, with Americans now the top client nationality seeking alternative residence and/or additional citizenship.
Henley & Partners CEO Dr. Juerg Steffen says with many economies now in a post-pandemic phase plagued by security, political, and economic risks, wealthy families are revisiting their priorities to ensure that their legacies, wealth, and lifestyles are protected and future-proofed. “For high-net-worth investors, the optionality of living in or conducting business in a country of their choice is a prime concern. Many are exploring residence and citizenship by investment portfolios that offer them location fluidity and the option to relocate at any given moment between two or more ‘home’ nations, often many thousands of miles from each other.”
In terms of the most sought-after alternative residence options, both Spain and Greece have shot up in popularity over the past six months. Applications for the Spain Residence by Investment Program have increased by 240% this year compared to 2021, and there has also been a significant 125% spike in applications for the Greece Golden Visa Program, with investors able to apply for Greek citizenship after seven years of residence.
Both Spain and Greece rank among the world’s top vacation destinations and offer a highly desirable laid-back Mediterranean lifestyle, with vibrant, cosmopolitan cities and leading educational institutions. Each program offers several investment options but the most popular way to secure residence rights is through purchasing real estate: a minimum investment of EUR 250,000 is required for Greece and EUR 500,000 for Spain. As a resident of either country, you have the right to live and study there as well as free movement across the EU and Europe’s Schengen Area.
Henley & Partners Group Head of Private Clients Dominic Volek says because the single property purchase secures residence for the whole family, it’s a legacy investment across generations. “International real estate has always been a reliable asset class for global investors due to its long-term staying power. Real estate-linked investment migration programs have the additional advantages of enhancing your global mobility through multiple passports and expanding your personal access rights as a citizen or resident of multiple jurisdictions, creating optionality in terms of where you and your family can live, work, study, retire, and invest. The potential gains over the lifetime of the investment include the core value of the asset, rental yields, and global access as an ultimate hedge against both regional and global volatility.”
Notes to Editors
About Henley & Partners
Henley & Partners is the global leader in residence and citizenship by investment. Each year, hundreds of wealthy individuals and their advisors rely on our expertise and experience in this area. The firm’s highly qualified professionals work together as one team in over 35 offices worldwide.
The concept of residence and citizenship planning was created by Henley & Partners in the 1990s. As globalization has expanded, residence and citizenship have become topics of significant interest among the increasing number of internationally mobile entrepreneurs and investors whom we proudly serve every day.
The firm also runs a leading government advisory practice that has raised more than USD 10 billion in foreign direct investment. Trusted by governments, the firm has been involved in strategic consulting and in the design, set-up, and operation of the world’s most successful residence and citizenship programs.
View source version on businesswire.com: https://www.businesswire.com/news/home/20221208005062/en/
Henley & Partners
Group Head of Public Relations
Mobile: +27 72 464 8965
This is a news release distributed by Korea Newswire on behalf of this company.