Investment migration demand is shifting as wealthy applicants from the UK, Europe, the United States and Asia look for alternative residence, citizenship and tax-planning options. Recent industry commentary points to rising demand from Western applicants, pressure on due diligence, legal disputes around Portugal’s golden visa, a possible Argentina citizenship-by-investment launch, New Zealand tax-residence questions and closer scrutiny of U.S. EB-5 adjustment cases.
Wealthy Westerners are looking for more mobility options
Industry advisers report growing interest in migration among wealthy Westerners.
Many rich Britons began looking for options after the pandemic. In 2025, they applied to 23 investment migration programs run by foreign governments, including:
- the U.S. EB-5 program;
- Grenada programs;
- Thailand programs.
In Europe, concern about wealth taxes has become one driver. France, Germany and Spain appeared for the first time among countries that lost more wealthy residents than they attracted.
The largest shift is in the United States. The U.S. is home to more than one-third of the world’s people worth $30 million or more, according to Knight Frank. Ronald Klasko, a lawyer in Philadelphia, said the U.S. has moved from a minor source market to the primary market.
In 2024, after seeing more Americans seek advice on foreign citizenship and residence, Klasko set up Exodus Migration, an investment migration consultancy. He said most clients are interested in Europe because they are concerned about the political direction of the United States, want alternative residence, or want the ability to travel without relying on a U.S. passport.
Governments are also under pressure to increase due diligence in citizenship and residence programs. The central issue is whether countries know the background of people to whom they issue passports.
Portugal golden visa investors react to legislative changes
Portugal’s golden visa changes have led some investors to withdraw from funds and others to prepare legal action.
Pedro Lino, chief executive of Optimize Investment Partners, which manages one of Portugal’s leading golden visa funds, said around 40 investors had withdrawn their money since the start of the year because of the changes. Most were from the U.S. and Asia.
The withdrawals amounted to about €20 million, or $23.1 million.
Lino said the changes caused investor interest to cool and triggered redemptions. He said the fund continues to attract investment, but less than last year, and that some investors have exited the program.
Lawyers say thousands more investors are preparing legal action against the Portuguese state.
Madalena Monteiro, a Portuguese immigration lawyer at Liberty Legal representing some investors planning to sue, said golden visa investors “can no longer tolerate any further legislative changes.” She warned that Portugal could struggle to attract foreign investors if it does not reverse the situation.
Argentina’s proposed golden passport program
Argentina’s proposed citizenship-by-investment or “golden passport” program is expected by immigration and investment experts to launch officially by the end of 2026.
Armand Arton of Arton Capital said the program could appeal to investors and global citizens because of Argentina’s proximity to the United States and suspected visa-free access to the United Kingdom, Uruguay and Japan.
One expected advantage is speed. Applications are set to take 30 business days to process, according to Argentina’s Ministry of Economy. Arton said this could make the program competitive with fast Caribbean citizenship programs, including Saint Lucia, Grenada, and Antigua and Barbuda.
The exact investment options are unclear. Possible channels mentioned by experts include:
- technology;
- tourism;
- renewable energy;
- local business investment;
- a state-sponsored bond program;
- real estate purchases.
Martín Hecht of MH Legal Hub wrote that the next step would be the measure that actually opens the program, and that there was no obvious reason it should take much longer.
New Zealand AIP visa holders and tax residence questions
New Zealand advisers are discussing how the permanent place of abode test may affect Active Investor Plus visa holders.
Benjamin Walker, head of tax at McCulloch & Partners in Queenstown, said the issue may be less problematic than some discussion suggests.
Andrew Ryan, a partner and tax law adviser at MinterEllisonRuddWatts, said a basic case involving a holiday home in New Zealand and two to three months per year in the country, with no other connections, is generally fine. However, once an investor builds more connections with New Zealand, the extent of those connections needs to be reviewed.
U.S. EB-5 and adjustment of status scrutiny
EB-5 investors may be affected by a new memorandum on Adjustment of Status.
Nicholas Mastroianni III, president of U.S. Immigration Fund, said all green card applicants, including EB-5 investors, are affected by the new memo.
Ignacio Donoso of Donoso & Partners said the EB-5 Reform and Integrity Act of 2022 was the first law to give EB-5 investors the right to file Adjustment of Status concurrently with their I-526 or I-526E petition, even before petition approval, if a visa number is available and the EB-5 petition is filed concurrently, pending or approved.
Abhinav Lohia of Golden Gate Global said the directive does not remove adjustment of status as an option. Instead, it reinforces that USCIS officers may review an applicant’s facts and circumstances more carefully before granting adjustment.
Aarushi Gupta of Donoso & Partners said EB-5 investors are among the most thoroughly vetted participants in the U.S. immigration system, and that their investments create jobs, stimulate economic activity and contribute to local communities.
Donoso added that the memorandum reinforces existing USCIS discretionary authority rather than creating a new statutory standard. He said investors should prepare comprehensive evidence packages showing the economic benefits they bring to the United States.
Source article: www.imidaily.com
