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Emigration of millionaires, at record levels. What are the main destinations?

2024-04-13 13:44:02Lifestyle SHKRUAR NGA REDAKSIA VOX

Emigration of millionaires, at record levels. What are the main destinations?

Globally, millionaire emigration is expected to hit a new high in 2024 as wars, government crackdowns on wealth and political uncertainty push more wealthy residents elsewhere. About 128,000 millionaires are expected to move to a new country this year, up from 120,000 in 2023 and 51,000 in 2013. According to the latest data, the US remains the top destination for global millionaires leaving other countries, with a net inflow of 2,200 millionaires in 2023 and a projected inflow of 3,500 in 2024.

China remains the largest source of millionaire immigration, sending out 13,500 millionaires last year. In Greece, the "golden visa" investment residency program continues to grow at a record pace, as the country appears to be closing some of the gap left by Portugal's rule change, attracting more applicants. Motivated by the residence permit and freedom of movement in the European Union, more and more Britons are investing in Greek real estate.

The figures show that from 2021 to 2023 the funds that have entered the country from abroad through the Golden Visa have exceeded a total of 4.3 billion euros, while the submitted applications have reached 14,875 and the final approvals for membership in the program are 7,387.

The Chinese are consistently first in the ranking for the purchase of real estate through the Golden Visa, while a significant increase is noted in the three years 2021-2023 from the countries of the Middle East and also from the United Kingdom. The top ten at the end of 2023 are: China, Turkey, Lebanon, Iran, United Kingdom, Egypt, USA, Israel, Russia and Ukraine.

Meanwhile, wealthy American families are increasingly applying for second citizenships and a new place of residence as a way to offset their financial risk, and Greece is at the top of their preference list. The rich create "passport portfolios", collecting second, even third or fourth citizenships in case they have to leave their country.

Henley & Partners, a law firm specializing in high-net-worth citizenships, reports that Americans now outpace any other nationality in securing alternative residences or additional citizenships. There are several main reasons for the growth of the US passport portfolio or "residence diversification".

An alternate passport makes travel easier for Americans traveling to parts of the world that are less friendly to the U.S. According to Henley & Partners, the top destinations for complementary passports among Americans are Portugal, Malta, Greece and Italy.


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