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Thomas Scott is Group Head of Real Estate and Group Head of the Caribbean at Henley & Partners.
As global economies shift and ultra-high-net-worth individuals seek diversification in both their assets and lifestyle options, investment migration has gained traction as a popular strategy. The appeal of owning multiple properties across the globe, particularly for those in the centi-millionaire bracket (those with liquid investable wealth of USD 100 million or more), cannot be overstated. Over 90% of centi-millionaires own more than one home, and approximately 65% own second homes outside their home country.
Investment migration programs tied to real estate present a unique opportunity for this elite group. Not only do they offer attractive returns on investment through property appreciation and rental yields, but they also provide the added bonus of alternative residence or citizenship benefits. Many countries that offer residence or citizenship by investment programs have attractive real estate markets, making them top destinations where centi-millionaires can invest in property, secure their second or third homes, and simultaneously gain the flexibility of additional residence or citizenship.
Malta, currently home to 45 centi-millionaires, has long been a favorite among wealthy investors looking for a reliable, high-quality real estate market combined with a strategic geographic location. Known for its stability and robust economy, the Maltese real estate sector has continued to demonstrate resilience even amid global economic downturns.
The Malta Permanent Residence Programme allows investors to secure Maltese residence through a minimum real estate investment of EUR 300,000, provided they invest in the country's southern regions or Gozo. Alternatively, properties in the more central areas of Malta require a minimum investment of EUR 350,000. The property must be held for a minimum of five years from the issuance of the residence card. While modest compared to other countries, Malta’s property market is characterized by consistent value appreciation, particularly for luxury residences.
The country also has a pathway to citizenship by naturalization. Malta’s Granting of Citizenship for Exceptional Services by Direct Investment Regulations, allow for the granting of citizenship by a certificate of naturalization to foreign individuals and their families who contribute to the country’s economic development. One of the requirements is the purchase of a residential property in Malta of at least EUR 700,000, or the lease of a residential property with a rental value of at least EUR 16,000 per annum. In either case, the property cannot be sublet at any stages of the application and must be held for five years from when citizenship is granted.
The island’s charm, year-round sunny weather, and vibrant culture make it an attractive destination not just for investors but for those seeking a peaceful Mediterranean lifestyle. Demand for high-end properties has seen an uptick, especially in the prime regions of Valletta, Sliema, and St. Julian’s, where waterfront apartments are highly coveted.
Spain’s real estate market has experienced a steady recovery since the global financial crisis, making it a top destination for centi-millionaires. The Spain Residence by Investment Program, which requires a minimum real estate investment of EUR 500,000, offers an accessible route to residence and eventual citizenship. Cities such as Barcelona, one of the Cities to Watch with a centi-millionaire population of 30, and Madrid, one of the Top 50 Cities for Centi-Millionaires with 74 calling it home, are brimming with vibrant cultural life and top-tier luxury properties, while coastal areas such as Marbella, the Costa del Sol, and the Balearic Islands continue to draw the affluent with their upscale beachfront properties.
The Spanish real estate market has also shown steady growth, particularly in the luxury sector, fueled by high-net-worth individuals looking to secure vacation homes. Demand for high-end real estate remains high, driven by low interest rates, appealing mortgage options, and the allure of Spain’s rich cultural offerings. The country’s large and diverse property market ensures a variety of investment opportunities, from city apartments in architectural marvels to sprawling estates overlooking the Mediterranean.
Montenegro is rapidly becoming a preferred destination for centi-millionaires seeking a combination of natural beauty and favorable real estate prices. Property acquisition is one of the options for acquiring residence in Montenegro, making this a perfect real estate–residence combination.
Montenegro’s burgeoning tourism industry, coupled with its strategic location between Western Europe and the Balkans, has spurred a thriving real estate market. The country’s Adriatic coastline, particularly in areas such as Budva, Kotor, and Porto Montenegro, offers some of the most scenic and sought-after properties. With Montenegro an official candidate for European Union membership, early investors in real estate stand to benefit from both rising property values and greater mobility within Europe’s Schengen Area.
The Caribbean region offers some of the most attractive real estate-linked investment migration options for centi-millionaires looking for a blend of luxury, lifestyle, and enhanced global mobility. The region’s stunning natural beauty, favorable tax regimes, and the opportunity to secure additional residence or citizenship make it an ideal destination.
Known as the "Spice Isle," Grenada has become a sought-after destination for affluent individuals. Through the Grenada Citizenship by Investment Program, centi-millionaires can secure citizenship by investing a minimum of USD 270,000 in government-approved real estate projects. Grenada’s real estate market is buoyant, with properties in resort-style developments and luxury villas gaining prominence. Moreover, the nation’s growing eco-tourism industry and robust hospitality sector present excellent investment prospects.
One of the options of the dual-island paradise of Antigua and Barbuda’s Citizenship by Investment Program is a minimum real estate investment of USD 300,000 in approved projects. Antigua and Barbuda has seen a steady rise in demand for luxury homes and villas in recent years, thanks to its pristine beaches and upscale lifestyle offerings. However, one stipulation for applicants is that they must visit the island nation at least once during the first five years after acquiring citizenship. This requirement, while minimal, aligns well with those already envisioning multiple vacation stays or investment opportunities in this sun-kissed destination. The real estate market here, especially in areas close to luxury resorts and marinas, continues to show potential for significant appreciation.
Portugal has long been a favorite destination for real estate-linked investment migration, thanks to its golden visa program. However, as of 2023, the country no longer offers residential real estate as a qualifying investment option. Despite this, centi-millionaires can still explore the Portugal Golden Resident Permit Program through other means, such as fund investment or donations, and once they have acquired their Golden Resident Permit, they are free to invest in any property of their choice.
Portugal’s real estate market remains resilient, especially in key cities such as Lisbon — one of the Cities to Watch with a centi-millionaire population of 37 — and Porto, and in the Algarve region, which is a Holiday Hotspot for centi-millionaires in season, when the centi population swells from the usual 48 to over 250. These areas continue to boom, with high demand for luxury real estate from international buyers driving up property values, and both are expected to see high wealth growth of 100% to 150% between now and 2040. The country’s climate, rich cultural heritage, and stable economic environment make it a desirable location for centi-millionaires who wish to expand their property portfolio after securing their golden visa. Furthermore, Portugal offers the added advantage of providing a pathway to citizenship after five years, with minimal physical stay requirements, allowing investors to enjoy both flexibility and security in their global residence planning.
Henley & Partners assists international clients in obtaining residence and citizenship under the respective programs. Contact us to arrange an initial private consultation.
