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The investment migration landscape in 2025 is undergoing one of its most significant shifts in recent years. Programs that were once dominant have begun to lose momentum, while previously overlooked options are rapidly expanding their market share. The sector is recalibrating, driven by operational efficiency, pricing strategies, and regulatory stability.
Industry survey data shows a surprising resurgence of Portugal’s Golden Visa. Despite processing timelines extending into multiple years, the program has re-emerged as a client favorite. At the same time, Italy has unexpectedly stepped into the spotlight, gaining traction among advisors and investors alike.
In contrast, Caribbean programs have experienced uneven performance. Some jurisdictions that once led global demand saw significant declines, largely due to price adjustments, policy shifts, and administrative challenges.
These changes highlight a broader trend: clients and advisors are prioritizing reliability, transparency, and long-term stability over historical reputation.
The Investment Migration Executive Survey is the industry’s most comprehensive sentiment study, capturing insights from leaders of 40 major multinational firms operating across more than 250 offices worldwide. Each participating firm serves diverse global markets and offers a wide range of residency and citizenship programs, giving the survey strong representativeness across the sector.
Now in its fifth edition, the 2025 survey builds on previous years’ data to track long-term market behavior and emerging patterns. The findings reflect a sector centered around key global hubs including Dubai, London, Lisbon, Malta, Singapore, Toronto, Kuala Lumpur, and Hong Kong.
Two years after the closure of its real estate pathway, Portugal’s Golden Visa has staged a remarkable comeback. Nearly a quarter of surveyed firms named it their best-selling program in 2025, even while acknowledging long processing delays and a backlog of thousands of files.
In the Caribbean, however, momentum has shifted sharply. The Citizenship Programs of Saint Kitts and Nevis and Saint Lucia, which were among the top sellers in 2023, saw their demand drop significantly.
Saint Kitts and Nevis faced challenges following unilateral price increases and several high-profile disputes.
Saint Lucia, meanwhile, continues to work through a substantial application backlog, resulting in processing times now approaching two years.
When asked which program they expect to be next year’s top seller, 23 percent of firms again pointed to Portugal’s Golden Visa. This optimism may shift depending on the outcome of Portugal’s legislative changes, which could impact naturalization timelines and reshape demand.
The standout performer, however, is Italy’s Golden Visa. Thirteen percent of surveyed firms expect it to become their leading program in the year ahead, marking a significant jump from previous years.
Caribbean programs collectively still retain strong expectations, with 38 percent of firms forecasting them as next year’s top sellers.
The survey highlights notable contrasts in market sentiment:
Processing speed proved to be a defining factor in 2025. Grenada’s Citizenship by Investment Unit was rated the most efficient by surveyed executives, a significant improvement from earlier years. Programs that maintained predictable and timely processing gained traction, while those facing operational slowdowns experienced declining demand.
As the investment migration industry continues its transition, reliability and regulatory clarity are increasingly guiding client choices. Whether Portugal maintains its renewed momentum will depend heavily on the Constitutional Court’s review of the proposed naturalization timeline changes, a decision that could reshape the European RBI environment for years to come.
Across the sector, one theme is clear: 2025 marks a year of realignment. Programs that adapt to modern investor expectations through stable frameworks, transparent pricing, and efficient processing will lead the next chapter of global investment migration.
After you submit your request, our Commercial Team of Citizenship Advisors will personally contact you within 24 to 48 hours to guide you through the next steps.