Times of Change - Investment Migration Trends 2024
We are seeing significant shifts in the world of investment migration, at a rate we have never seen before. Governments notoriously make amendments to their programmes from time to time, and occasionally programmes close. However, in the first four months of 2024, we have seen several major programme amendments.
You only have to look through La Vida’s News page, to see there is a clear trend: prices are climbing, and application requirements are tightening across the board. And we’re not talking about minor increases; we’re witnessing price jumps of 50-60%, sometimes even doubling. This underscores the growing allure of a second residency or citizenship in today’s global landscape.
Recent Changes
Portugal: It all started last year when the Portuguese government decided in February 2023 to conclude the real estate investment route for the Golden Visa. After nine long months of Government toing and froing, the law eventually changed at the end of the year. During that period, there was a rush of investors eager to finalise their property purchases in time, many of whom successfully secured their Golden Visa under lower-cost conditions. Yet, some investors overlooked the widespread warnings and notices and missed out. With the real estate option now off the table, the fund route remains, but with a €500,000 price tag, it’s become a stretch for some budgets. For those looking beyond Portugal, options in Greece or the Caribbean were alternatives, but now these programmes are about to see major price hikes too.
Caribbean: A notable update just last month came from the Caribbean. Dominica, Antigua, St Kitts, and Grenada all signed a mutual agreement to increase the minimum investment to $200,000 by June 30th, 2024. This is double the current starting cost!
Greece: The Greek Government have also increased their Golden Visa investment from €250,000 to €400,000, and as high as €800,000 in some regions. However, it is possible to apply under Greece’s current terms until August 2024.
Spain is now on the radar as potentially the next country to adjust, or close their Golden Visa programme, following a recent announcement from the Spanish Prime Minister this week. Watch this space for further updates.
Positive Trend
Whilst escalating costs are not ideal; there are positives to these changes. These changes signal a broader trend: the value and demand for second residency and citizenship are soaring. Governments are implementing these changes to enhance and maintain the integrity, security and longevity of these programmes. For investors, time is critical. The landscape is shifting, and while these changes come with challenges, they also offer a window of opportunity that is quickly narrowing.
Golden Opportunity to Act Now
Now is the time to act. For those who have been considering such an investment, waiting could mean missing out on current conditions before they become more stringent and expensive. There is nothing worse than putting that exciting new item in your online shopping cart, only to discover you forgot to check out in time and now the item is sold out.
As always, La Vida’s experts are here to guide you through these changes, helping you make informed decisions that align with your long-term investment goals and lifestyle aspirations.
