The “Great Millionaire Migration”: Investment Migration People in the News This Week - IMI - Investment Migration Insider (2024)

Investment migration people in the news this week included:

• Nuri Katz of Apex Capital Partners
• Stuart Wakeling, Peter Ferrigno, Dominic Volek, and Dmytro Chernega of Henley & Partners
• Jaime Chiew
• Anthony Liew of MM2H Consultants Association
• Soma Sundram of IQI Realty
• Varun Singh of XIPHIAS Immigration

Bloomberg – Best Places for Wealthy Expats as Elections Loom Across the Globe

But expats are also looking farther afield. Nuri Katz, founder of Canada-based immigration consultancy Apex Capital Partners, said his clients are now looking to Panama City and Singapore as both cities provide residence permits and low taxes. Stuart Wakeling, head of global consultancy Henley & Partners’ UK office, said he’s also noticed increased interest for Dubai and Cyprus.

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In general, if looking to move abroad, securing residence rights should come first, said Peter Ferrigno, tax director at Henley & Partners. He recommends focusing on countries with generous residence programs, then looking at tax benefits.

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“If people are worried about election outcomes, getting the legal residence sorted first is what takes time, the tax residence change will come afterwards,” he said.

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In the US, wealthy people on both sides of the political aisle are worried about the outcome of this year’s presidential election and seeking golden visas in Europe and the Caribbean in part to “diversify their financial assets,” Katz said.

Dominic Volek of Henley & Partners appeared in numerous mainstream media outlets this week.

Financial Times – Wealthy foreigners step up plans to leave UK as taxes increase

“A lot of the inquiries we’re getting at the moment in the London office are based on the fact that Labour will come in and what might happen on the back of that,” says Dominic Volek, group head of private clients at Henley & Partners.

Saudi Gazette – Millionaires to flock to Saudi Arabia in 2024: Henley & Partners

Dominic Volek, head of private clients at Henley & Partners, described 2024 as a pivotal moment in global wealth migration. He noted, “An unprecedented 128,000 millionaires are expected to relocate worldwide this year, surpassing the previous record of 120,000 set in 2023. As the world grapples with a storm of geopolitical tensions, economic uncertainty, and social unrest,” Volek said.

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Volek emphasized that the migration of these millionaires signifies a significant shift in the global wealth and power landscape, with profound implications for both the countries they leave and those they choose as their new homes.

Gulf Business – Wealth Migration Report 2024: The UAE remains a millionaire’s favourite country

Dominic Volek, group head of Private Clients at Henley & Partners, notes the unprecedented scale of this migration: “An estimated 128,000 millionaires are set to relocate globally in 2024, surpassing the previous record of 120,000 in 2023. This mass movement is a clear indicator of the shifting dynamics in global wealth and power, prompted by geopolitical, economic, and social turbulence.”

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Volek points out, “Countries that have seen the greatest growth in high-net-worth individuals are those with policies specifically designed to attract millionaires. Nine of the top ten countries attracting the most millionaires in 2024 have formal investment migration programmes that encourage foreign direct investment in exchange for residence or citizenship rights.”

Arab News – Saudi Arabia set to welcome 300 millionaires in 2024: Henley & Partners

The Group Head of Private Clients at Henley & Partners, Dominic Volek, said that 2024 is shaping up to be a watershed moment in the global migration of wealth.

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He added: “In many respects, this great millionaire migration is a leading indicator, signaling a profound shift in the global landscape and the tectonic plates of wealth and power, with far-reaching implications for the future trajectory of the nations they leave behind or those which they make their new home.”

Business Standard – Millionaires flocking back to US: Why there is renewed demand for EB-5 visa

A new analysis by Henley & Partners shows that in 2024 the UAE will attract 6,700 millionaires while the US will see millionaire migration of 3,800 high net worth individuals. Millionaires’ and ‘HNWIs’ refer to individuals with liquid investable wealth of USD 1 million or more.

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“Against a backdrop of economic instability, ongoing conflicts in Ukraine and the Middle East and increasing divisions in societies around the globe, we’re experiencing an era of extreme uncertainty. Mindful of the dangers, many wealthy individuals are seeking to acquire residence rights in other countries to reduce the risk they are exposed to. Countries across the globe are seeing some of their wealthiest citizens leave in search of stability, security, and better opportunities elsewhere. One of the most popular countries for migrating millionaires and their families is the USA,” said Dmytro Chernega, IMCM, a Private Client Advisor.

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“The result of the program reforms has been a resurgence in demand, with significantly more applications being processed, and more being approved. The reserved visas for TEAs have been particularly beneficial in terms of helping Chinese and Indian investors to immigrate more quickly and backlogs for applicants from countries such as China, India, and Vietnam are clearing up. According to Invest in the USA’s EB-5 Data Dashboard, since 2000, almost 123,000 qualified investors and their family members have obtained legal permanent residence in the USA via the program, and in 2024 YTD almost 6,000 EB-5 visas have been issued,” said Chernega.

The Star – Agents give MM2H guidelines thumbs up

Jaime Chiew, a managing director of an MM2H consultancy, said the mandatory property purchase and 10-year holding period can be a significant financial commitment for Silver tier holders who have a five-year visa validity period. She said this could restrict their movements and ability to sell the property quickly if their circ*mstances were to suffer some changes.

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“It may also deter applicants who are unsure about a long-term stay or want to commit a significant amount of their money to real estate,” she said.

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MM2H Consultants Association president Anthony Liew expressed hope for the ministry to consider relaxing some fixed deposit and home ownership conditions in the updated guidelines.

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“Perhaps there could be a lower fixed deposit requirement as it is mandatory for MM2H holders to buy a house,” he said.

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“This is quite a big sum and can burden our agents, with the industry also having its ups and downs over the past few years,” he said.

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Real estate industry veteran K. Soma Sundram said areas like the Klang Valley, Penang, Johor and Perak could spark interest among prospective MM2H participants following the new requirement.

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“Generally, foreigners want to go to the main city centres, where activity is high. “If they’re looking for a place to unwind, they could even opt for quieter areas,” said the corporate strategic advisor for IQI Realty, a leading real estate agency in the nation.

Free Malaysia Today – New MM2H property rule makes it costlier for applicants, say agents

MM2H Consultants Association chief Anthony Liew said the primary concern was that the property requirement would make it more costly for applicants to secure a long-term stay visa.

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“The long holding period could deter applicants who might not want to commit to such a long-term investment,” he told FMT.

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With only about 200 agencies left in business, half the number that operated during the pre-pandemic years, Liew said the imposition of new conditions gave a distinct impression that the government was looking to further downsize the industry.

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“Some of these firms are nearly bankrupt. So RM200,000 is too much,” he said.

Financial Express – Golden Visas: Latvia and Portugal residency programs for entrepreneurs and investors

Varun Singh of XIPHIAS Immigration pens an article discussing the details of the Portuguese and Latvian Golden Visas.

However, a seismic shift is occurring in the landscape of European residency options, with countries like Latvia and Portugal pioneering more accessible pathways for entrepreneurs and smaller-scale investors.

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The global market for investment migration is estimated to be worth over $21 billion annually, with projections suggesting growth to $100 billion by 2025 (Investment Migration Insider, 2023). Experts predict that by 2030, up to 25% of high-net-worth individuals will hold a second passport or residency permit, driven by these evolving programs (Knight Frank Wealth Report, 2023).