Where Are The World’s Wealthiest Migrating To?

A dual citizenship is not a luxury, but a necessity. When it comes to ensuring your family’s safety and quality of life, safeguarding your assets, and gaining access to world-class health care, the best education opportunities, tax benefits, greater banking privacy and visa-free travel, an alternate passport is an invaluable investment for the future.

Covid-19 has been a big driver of what was an ongoing trend of wealthy individuals seeking to “globalise their lives and assets”. In an article, Dominic Volek, Group Head of Private at Henley & Partners told the BBC, the pandemic could be a game changer, because it is making the wealthy think about migration in a more holistic fashion. It is no longer just about visa-free travel, or ease of access to global markets, but about wealth diversification, better healthcare and education, to protect against the uncertainties brought about by the pandemic.

Supported by the recent Global Wealth Migration Review, Australia has repeatedly held the top spot as a wealth migration destination and ranked the highest for inflows of the world’s high net-worth individuals (HNWIs). Amongst popular places to move in Australia included: Sydney, Melbourne, Brisbane, Perth, Gold Coast and Sunshine Coast.

Today, HNWIs move to Australia on a variety of visa classes, but a growing number are taking advantage of the Business Innovation and Investment visa (subclass 188). This visa provides a pathway to permanent residency for entrepreneurs, investors and business owners who are willing to invest a significant amount of money in the Australian economy. Alternatively, it has also been a high priority for the Global Talent Independent program (GTI) visa which is designed for exceptionally talented professionals.

One impressive country that is expected to attract more wealthy individuals in the future is New Zealand. Currently ranked 7th on the list of top countries for global wealth migration. Having a Resident or Permanent Resident Visa in New Zealand also provides you with benefits such as education, healthcare, and support.

New Zealand is known for its excellent public and private healthcare and quality of schools. Furthermore, the country provides a lot of support to help their residents going through unemployment, retirement, and in need of household support, which will also be accessible to you. With appealing geographical isolation, political stability, and some of the lowest corruption levels in the world, the rich tend to consider the country a safe haven. The two major visa pathways attracting high net-worth individuals are the Entrepreneur resident visa and Investor resident visa.

Another contender we should not miss out on from the top 10 rankings is Portugal. With its popular residency-by-investment visa program, Portugal continues to attract a steady number of HNWIs largely coming from countries like China, Brazil, South Africa, Turkey, Russia just to name a few.

Investors, business owners, entrepreneurs among others seek “second residency” to fill up their passport gaps and most commonly enjoy local benefits in multiple countries. One of which, Portugal, has ranked high for these reasons;

1) Obtaining European residency
2) Access to any 27 European countries
3) Flexible residency requirement – visit only 7 days a year for 5 years
4) Attractive real estate investment as low as €280,000

Are you interested to know more about our upcoming webinars covering these popular migration destinations?

If yes, contact Global Migration Solutions today. +6010-2292114 | enquiry@globalmigrationsolutions.com

 

References

https://www.bbc.com/news/world-asia-56659615
https://issuu.com/newworldwealth/docs/gwmr_2020
https://www.internationalinvestment.net/news/4002106/108-millionaires-world-migrated