Sep 23, 2024 03:50 PM IST
Portugal is projected to be the ninth most popular destination for relocating millionaires in 2024, with over one million foreign residents in 2023.
Portugal is projected to be the ninth most popular destination globally for relocating millionaires in 2024, as per Henley Private Wealth Migration Dashboard which also showed that in 2023 more than one million foreign people lived in Portugal, over 10% of the total population.
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Thomas Scott, Group Head of Real Estate and Group Head of the Caribbean at Henley & Partners, said, “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 same dashboard showed that at the end of December 2023, there were 62,700 millionaires calling Portugal their home, including 108 centi-millionaires. The top destinations for the super rich as per consultancy firm Henley and Partners are:
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1. Malta
Malta is currently home to 45 centi-millionaires and the country’s real estate sector has continued to demonstrate resilience even amid global economic downturns. Malta’s Granting of Citizenship for Exceptional Services by Direct Investment Regulations allows for the granting of citizenship by a certificate of naturalization to foreign individuals and their families who contribute to the country’s economic development. The requirement for this is the purchase of a residential property in Malta of at least EUR 700,000, or the lease of a residential property with a rental value of at least EUR 16,000 per annum.
2. Spain
The Spain Residence by Investment Program requires a minimum real estate investment of EUR 500,000.
3. Montenegro
Thomas Scott said, “Montenegro’s burgeoning tourism industry, coupled with its strategic location between Western Europe and the Balkans, has spurred a thriving real estate market. The country’s Adriatic coastline, particularly in areas such as Budva, Kotor, and Porto Montenegro, offers some of the most scenic and sought-after properties. With Montenegro an official candidate for European Union membership, early investors in real estate stand to benefit from both rising property values and greater mobility within Europe’s Schengen Area.”
4. Antigua and Barbuda and Grenada
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Thomas Scott said, “One of the options of the dual-island paradise of Antigua and Barbuda’s Citizenship by Investment Program is a minimum real estate investment of USD 300,000 in approved projects. Antigua and Barbuda has seen a steady rise in demand for luxury homes and villas in recent years, thanks to its pristine beaches and upscale lifestyle offerings. However, one stipulation for applicants is that they must visit the island nation at least once during the first five years after acquiring citizenship. This requirement, while minimal, aligns well with those already envisioning multiple vacation stays or investment opportunities in this sun-kissed destination. The real estate market here, especially in areas close to luxury resorts and marinas, continues to show potential for significant appreciation.”
5. Portugal
Thomas Scott said that Portugal’s “climate, rich cultural heritage, and stable economic environment make it a desirable location for centi-millionaires who wish to expand their property portfolio after securing their golden visa. Furthermore, Portugal offers the added advantage of providing a pathway to citizenship after five years, with minimal physical stay requirements, allowing investors to enjoy both flexibility and security in their global residence planning.”
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