As the global wealth landscape undergoes significant transformation, the industry for citizenship and residence by investment, commonly known as the “Golden Visa” industry, is expected to experience a dramatic surge. Multipolitan, a new platform based in Singapore and specializing in citizenship/residence-by-investment, forecasts that the market could reach over $100 billion in 2025, up from $21.4 billion in 2019 before the pandemic.
In their first Navigating the Future of Wealth Report for 2024, Multipolitan highlights the impact of technological advancements, demographic shifts, and a significant intergenerational transfer of wealth. Sandeep Jain, the senior managing partner at Multipolitan, emphasizes that these factors are unlocking new asset classes and markets. He notes that younger investors and a dynamic geopolitical climate are driving the need for alternative residency or citizenship as essential tools for navigating uncertainties and capitalizing on emerging opportunities.
The report points out that countries with favorable tax regimes, robust security, and stable governance are increasingly sought after. These nations offer not only an enhanced quality of life but also serve as strategic safeguards against political and economic risks.
This analysis arrives at a time when some nations like the UK are tightening controls on resident non-domiciled individuals, France is increasing taxes, and dissatisfaction with domestic politics in the US is growing. Historically, the interest in these visa/residency programs primarily came from individuals in emerging markets, according to Multipolitan’s CEO and co-founder, Nirbhay Handa.
Although these citizenship/residency-by-investment schemes have seen growth, they are not without controversy. Canada and Portugal, for instance, have suspended or limited their programs due to public concerns about the impact on housing prices. Similarly, schemes in places like Malta have faced criticism for potentially facilitating money laundering. The UK also suspended its Tier 1 Visa system in 2022 following Russia’s invasion of Ukraine.
Despite these challenges, proponents argue that with proper safeguards, these programs can significantly encourage foreign investment. Multipolitan, founded by Handa and Lee Smith (the latter having founded payment unicorn Paidy, later
acquired by PayPal), reflects a continued evolution in the marketplace, focusing on offering strategic advice to clients navigating this complex landscape.
