In an increasingly interconnected world, high-net-worth individuals are exploring new avenues for global mobility and asset diversification. A recent report by Henley & Partners found out the top destinations where the ultra-Wealthy are seeking citizenship through property investments, Hindustan Times reported. Portugal has emerged as a significant player in this arena.
The Henley Private Wealth Migration Dashboard projects that Portugal will be the ninth most popular destination for relocating millionaires in 2024. The country's appeal is evident in its growing foreign resident population, which exceeded one million in 2023, representing over 10% of the total population. Thomas Scott, Group Head of Real Estate and Group Head of the Caribbean at Henley & Partners, emphasises the growing trend: "As global economies shift and ultra-high-net-worth individuals seek diversification in both their assets and lifestyle options, investment migration has gained traction as a popular strategy.
The appeal of owning multiple properties across the globe, particularly for those in the centi-millionaire bracket (those with liquid investable wealth of $100 million or more), cannot be overstated. Over 90% of centi-millionaires own more than one home, and approximately 65% own second homes outside their home country." The report identifies five key destinations attracting wealthy investors: Malta The Mediterranean island nation offers a path to citizenship through significant property investmen.