A rising number of US and UK citizens are seeking to escape the high taxes and political, social and economic uncertainty in their home countries, immigration specialists say. They are taking advantage of citizenship-by-investment (CBI) and residency-by-investment (RBI) programmes, which are currently attracting high interest.
Recessionary pressures and tariff wars have led to rising demand for such schemes, as the affluent seek a plan B for global mobility, minimising risk and access to favourable tax regimes.
Residence and citizenship advisory firm Henley & Partners has recorded significant growth in applications from US citizens in the past two years. These grew by 60 per cent in 2024 and have already exceeded last year’s total by 55 per cent year to date.
The US fell out of the top 10 rankings for the most powerful passports for the first time in 20 years as political polarisation and social unrest increase under President Donald Trump, the latest Henley Passport Index found. Ranked first in 2014, the US is now tied in 12th place with Malaysia.
The US lost visa-free access to six destinations since January, and a further two since July. It lost access to Pakistan, Burkina Faso, Mauritania, Brazil, Somalia and Myanmar. It was also not added to the visa-free lists of China, Papua New Guinea and Vietnam, while other top-ranking passports were, according to Henley & Partners.
“The top five nationalities applying for these programmes in 2025 are US, Turkey, India, China and the UK. This is owing to rising interest among high-net-worth Americans in diversifying their residence and citizenship options," says Dominic Volek, group head of private clients at Henley & Partners.
“When looking at applications by address country, the UAE is the second highest after the US, indicative of the high number of expats living in the Emirates who recognise the many benefits of acquiring alternative residence and citizenship options.”
Wissam Keyrouz, deputy chief executive at advisory firm Citizenship Invest (which was acquired by global visa outsourcing company BLS International in 2024), says his company has seen a “higher momentum” of applications from the US and the UK. He attributed this to clients reporting a decline in quality of life as high taxation takes hold.
The International Monetary Fund has described CBI and RBI as programmes that allow people to obtain residence permits or citizenship in exchange for making specific financial investments in immovable property, government bonds, or national development funds.
Applications for these programmes are subject to a review process, for which applicants must pay a non-refundable administrative fee.
CBIs and RBIs have been around since the 1980s but have increased in popularity during the past decade. The majority of countries offering CBIs are small, isolated islands, whose economies benefit from these lucrative schemes, while RBIs are offered by larger and wealthier countries, the IMF says.
Lure of the Caribbean
“The Caribbean remains the cornerstone of the global CBI market, with Grenada, Saint Kitts & Nevis, Antigua & Barbuda and Saint Lucia consistently ranked among the top performers for efficiency, reputation and visa-free travel access,” says Nofisatu Mojidi, senior private client manager at immigration services company Fragomen.
“Turkey has also emerged as an increasingly attractive CBI destination. Its relatively straightforward real estate investment route, robust infrastructure and visa-free access to over 110 countries have made it particularly appealing to Middle Eastern and Asian investors who value cultural proximity and business opportunities.”
In Europe, Portugal and Greece continue to dominate the RBI segment, attracting clients seeking EU mobility, lifestyle and long-term settlement options, she adds.
In the Middle East, the UAE remains a rising hub for residence pathways, including the golden visa, freelance visa and virtual work programme, which are widely viewed as flexible, long-term mobility tools, Ms Mojidi says.
Mr Keyrouz says Portugal remains popular, even with the removal of the real estate option, and other European programmes, such as those offered by Latvia and Italy, are gaining in popularity. Newly launched or revamped programmes such as those in Costa Rica or New Zealand are also very popular, he adds.
What’s driving demand?
The rising demand for CBI and RBI schemes is influenced by a number of factors, such as the need to mitigate the risks that threaten wealth, lifestyle and legacies; security, political, or lifestyle concerns that prompt the need for a plan B; and a desire for access to top-tier educational institutions for children, Mr Volek says.
However, in spite of the rise in applications from the US and the UK, expatriates based in the UAE and the broader Middle East continue to remain among the most active participants in citizenship programmes.
Citizens from South Asia as well as sub-Saharan Africa – particularly Nigeria, Ghana and Kenya – are motivated by "global mobility, family security and educational access”, says Ms Mojidi.
Caribbean CBI programmes are popular among North American families seeking legacy planning, while rising costs and complex documentation requirements in older programmes have nudged clients towards more agile, tech-forward jurisdictions and flexible RBI options, she adds.
Fragomen has seen renewed interest in emerging programmes, such as El Salvador’s Bitcoin-linked residency and citizenship options, and newer residence pathways across the Middle East, she says.
Rise in due diligence of applications
Five governments in the Caribbean (Antigua and Barbuda, Dominica, Grenada, Saint Kitts and Nevis, and Saint Lucia) signed an agreement in March 2024 to increase the minimum investment threshold for their CBI programmes to a standardised $200,000, effective from July 1, 2024.
Before then, the CBI market was peaking but since the price increase, especially in the Caribbean, “there’s been a drop in application volumes and in demand in general”, says Mr Keyrouz from Citizenship Invest.
On June 14, US Secretary of State Marco Rubio signed a memorandum giving 36 countries – including several with CBI programmes – a 60-day deadline to meet stringent vetting and information-sharing standards or face visa bans.
The EU has also called on countries such as Malta and Cyprus to end the practice, noting investor citizenship schemes carried “inherent” security issues, as well as risks of money laundering, tax evasion and corruption.
Spain stopped its golden visa programme in April, while Malta stopped its CBI scheme in July and introduced a citizenship-by-merit pathway. Immigration agents also report an increase in prices for RBI programmes in Portugal, Greece and Hungary.
“We are observing a natural recalibration in parts of Europe where regulatory tightening and EU-driven reforms have tempered demand,” Ms Mojidi says.
“There has been a dip in demand for certain European programmes such as Malta and Cyprus, largely due to heightened EU scrutiny and legal challenges to long-standing investor citizenship frameworks.”
Citizenship v residency
There is a “clear shift” towards flexible residence-by-investment pathways that offer mobility without the immediate cost or permanence of citizenship. Programmes in Portugal, Greece and the UAE exemplify this evolution, Ms Mojidi says.
Additionally, mobility alternatives such as digital nomad visas, investor residency permits and long-term freelancer visas are reshaping the landscape, she says.
However, citizenship remains highly sought-after for those prioritising family legacy and visa-free travel. Increasingly, people are pursuing hybrid strategies: securing residence now while planning for eventual citizenship, she adds.
Cost and documents
The cost of a new passport depends on the family size and the programme. If the applicant chooses to obtain citizenship by donating to a government-approved fund, the price for a single application would be around $230,000, including fees. Instead, if they choose to invest in real estate or a business, it would be above $300,000 per application, Mr Keyrouz says.
“The bigger the family, the higher the cost. These are prices in general but each programme has a different pricing structure,” he says.
When submitting a demand for citizenship, the applicant will need to prove proof of identity in the form of birth certificates, passports, IDs and driving licenses. Proof of residency is a property title deed, rental contract and a utility bill under your name with a clear address, he says.
If you are a business owner, you can prove source of funds by providing documentation on your company and your business. If you are an employee, you will provide an employment letter, proof of funds in the form of a personal bank statement and bank reference letter.
For proof of good conduct, you can submit a police clearance certificate from the country of birth and the country of residency. Proof of health is through a general blood test, HIV and any other diseases. You also provide any education certificates that you have, he says.
