Many wealthy individuals are turning to citizenship-by-investment (CBI) and residency-by-investment schemes to secure a second passport as the effects of Brexit become a reality.
According to investment immigration and relocator provider Astons, Montenegro, Switzerland and Portugal are currently top of the list when investors look to apply for a golden visa.
This is due to the close link between CBIs and the property market, especially considering that many programmes require investments in their country’s real estate sector.
Astons explained that Montenegro’s citizenship-by-property scheme requires a contribution of at least €250,000 in the north of the country and €450,000 (£400,000, $546,000) in the southern region.
According to the firm’s analysis, many countries offering golden visas with property investment requirements have stepped up the construction of residential homes.
Montenegro tops the ranking so far with 36% of new builds put up for sale, followed by Switzerland (21%); Portugal (19%); Spain (17%) and Turkey (16%).
The UK has some of the lowest levels of newly built residential property at 7%. Only Grenada (5%), Ireland and Italy (both 4%) and the US (2%) have placed lower.
Overcoming ‘Brexit roadblocks’
Arthur Sarkisian, managing director at Astons, said: “The availability of real estate plays a huge role in the decision-making process when investing in citizenship or residency, not just commercially but also from a residential standpoint.
“This is largely due to the fact that it’s often a decision made for the benefit of the whole family rather than the individual, and so a family home is an essential part of the process when laying strong foundations in their chosen location.
“Of course, all golden visa locations will have residential purchase options available. However, analysing your options based on the level of new homes reaching the market is also a good indicator of which locations are currently thriving economically.
“We’re currently seeing high demand for residency and citizenship in Montenegro, Portugal, Spain and Turkey. This interest is largely coming from UK investors keen to overcome Brexit roadblocks although these programmes were already growing in popularity before this point.
“So, it comes as no surprise that this uplift is starting to filter through to the domestic property market with each nation seeing some of the largest levels of new homes reaching the market.”
