The Role of Investment Migration and the Trends Shaping Its Future

August 22, 2025 · Investment migration · 22 min read

In a globalized economy, investment migration has become one of the strategic tools many countries use to attract both capital and highly skilled talent. Beyond generating foreign exchange inflows, it also brings in knowledge, technology, and international management experience, creating momentum for sustainable economic growth. As immigration policy shifts worldwide, investment migration is playing an increasingly central role in the long-term development strategies of many economies.

Every country pursues prosperity, and lasting prosperity rests on three main foundations:

• Financial capacity
• Energy and natural resources
• People

Natural resources such as energy and minerals are a readily available form of capital, but they are finite and bound by geography, requiring efficient management and sustainable renewal. Meanwhile, people — especially highly skilled human capital (knowledge workers, specialists, and skilled tradespeople) — are increasingly becoming the most important driver of modern economic growth.

Economic research identifies human capital as a “fundamental determinant of economic progress,” driving productivity, creativity, and innovation. At the same time, capital — both domestic resources and foreign direct investment (FDI) — strengthens an economy when deployed wisely through sound investment policy and prudent financial management. Combining all three factors in a balanced, sustainable way is the foundation of a country’s long-term prosperity.

Human capital and investment migration policy

Amid global competition for talent and capital, many governments see investment and people as an essential pairing. Rather than relying solely on encouraging higher birth rates or conventional tax policy to grow the population, investment migration programs (investment in exchange for residence or citizenship) have become a fast and effective way to add highly skilled human capital and foreign capital. These programs attract experienced foreign entrepreneurs, specialists, and investors and offer them the opportunity to settle and contribute over the long term, rather than simply drawing financial capital into the economy. The host country thus gains both capital and advanced management know-how and technical skills.

Canada, for example, sharply expanded its immigration plans after the COVID-19 pandemic to support economic recovery and ease labor shortages, while Australia and the Caribbean have long maintained policies to attract investment and talent through programs that grant permanent residence or citizenship to applicants who meet set conditions. With aging populations and global competition for workers, attracting foreign talent and capital is a key strategy for supporting economic development.

Lessons from economic crises

Recent history shows that during financial and economic crises, investment migration policies have helped many countries recover quickly. The Greece Golden Visa, for instance, launched in 2013 during a severe recession; it has attracted billions of euros in foreign investment, mainly in real estate, helping revive the property market and contributing significantly to GDP. Similarly, the Portugal Golden Visa, introduced in 2012, brought in more than €5.8 billion in investment, playing an important role in helping the country move past its sovereign debt crisis. Ireland also established its Immigrant Investor Programme (IIP) during a difficult economic period (2012) to attract foreign capital and entrepreneurs; in February 2023, the Irish government announced the program’s closure as the economy had become more stable. The examples of Greece, Portugal, and Ireland show that investment migration can act as a stimulus, channeling capital and skilled people into an economy and supporting post-crisis recovery.

After the COVID-19 pandemic (2019–2021), the role of economic immigration policy became even clearer. Canada steadily raised its immigration levels from 2019 to 2022, when it admitted about 437,000 new permanent residents, to support economic recovery. Australia also introduced new innovation-focused visa programs in 2024 to attract top entrepreneurs and technology specialists. The Caribbean nations (Grenada, St. Kitts and Nevis, Dominica, and others), long known for their citizenship by investment programs (CIPs), have also seen steady inflows of remittances and foreign investment, rather than depending solely on a domestic tourism sector that still faces limitations and stagnation. These experiences further underline that combining residence with investment is an effective tool in post-crisis economic development strategies.

Opportunities and risks of investment migration

Investment migration policies bring many benefits to host countries:

• They provide substantial foreign capital and improve the balance of payments;
• They attract experienced investors and highly skilled professionals (engineers, doctors, business executives).

However, without a rigorous review process, these programs can carry risks. International bodies have warned of the potential for abuse and money laundering, which can threaten national security when entry requirements lack transparency. In addition, concentrating investment in real estate (as in many European residency programs) has fueled housing bubbles, pushing up prices and making homeownership harder for local residents. Spain is a prime example: in 2025, the government ended its Spain Golden Visa program over concerns that it was driving up property prices and making housing less affordable for local residents. The effectiveness of investment migration therefore depends on strict, transparent, and responsible screening and selection of applicants.

Global adjustments to investment migration policy

Over the past few years, many countries have tightened or ended investment migration programs that were not delivering results. Notable examples:

• United States (EB-5 RIA 2022): The EB-5 Reform and Integrity Act of 2022 (RIA) strengthened oversight and compliance requirements and tightened the rules on investment capital and program eligibility for immigrant investors.
• Australia: Australia’s Business Innovation and Investment Program (BIIP), which issued subclass 188 visas, closed to new applications in July 2024, and the government announced a new National Innovation Visa in late 2024.
• Canada: The government has raised requirements for skilled worker streams and provincial entrepreneur streams and restricted certain family visa categories. More recently, Canada introduced a series of measures to limit temporary visas, such as tightening the criteria for the Post-Graduation Work Permit (PGWP) and restricting work permits by occupation.

In Europe, many countries have closed or scaled back their European residency and citizenship programs. Specifically:

• Spain officially closed its Golden Visa (residency by investment) program in April 2025;
• Portugal overhauled its Golden Visa program, replacing the real estate option with investment in Portuguese funds from 2024, and more recently introduced a bill tightening the requirements for Portuguese citizenship with a number of additional conditions;
• Ireland closed its Immigrant Investor Programme (IIP), which granted Stamp 4 permission, in 2023;
• The United Kingdom ended its Tier 1 (Investor) visa entirely (2022);
• Cyprus abolished its citizenship by investment program in November 2020;
• Malta was forced to halt its citizenship by investment program following a ruling by the Court of Justice of the European Union (CJEU, April 2025).
• Other countries such as Greece and Türkiye have also raised their minimum investment amounts and tightened review requirements. Overall, the global trend is toward greater oversight and control of investment migration programs, balancing the benefits (investment, human capital) against the risks (security, market stability).

New migration trends and multiple citizenship

Alongside policy changes, thinking about migration is also shifting from “settling permanently in one desirable country” to “multiple countries and global mobility.” Today’s programs often grant more flexible visas or temporary residence but apply stricter naturalization requirements (rules on language, culture, and actual physical residence in the country).

Industry experts note that borderless living is becoming more widespread; immigration programs are expected to focus on digital nomad visas and more rigorous investment due diligence to ensure transparency and security. At the same time, a growing number of wealthy individuals are seeking multiple citizenships or residence in several countries to meet a range of objectives.

Holding multiple citizenships, for example, is seen as a way to enhance freedom of movement, access new markets, and safeguard personal security. Many ultra-high-net-worth families now combine pathways across several programs and countries rather than focusing on a single one.

Multiple goals, personalized solutions

The simple notion of “invest a little, naturalize quickly” no longer holds. Each country has its own strengths and suits specific legitimate needs (succession planning, education, business expansion, lifestyle, and more), so the choice of destination should be closely tied to each family’s goals.

For instance, one country may be attractive for children’s education, while another may offer advantages in tax policy or political stability. Wealthy families often build Plans B, C, and D across different visas and citizenships so they can respond flexibly to the future. What matters is defining your goals clearly (business, mobility, settling down) and researching the right program thoroughly, rather than looking for a one-size-fits-all solution.

Relocation abroad is also no longer seen narrowly as an emergency backup plan in case of a residence crisis; it is increasingly chosen by elites and globally mobile professionals as a forward-looking strategy. This choice is personalized and flexible, matching different needs at different times (freedom of travel; integration into a globalized workplace without geographic constraints; a hub well suited to technology and business ventures in fields such as AI, digital assets, and green energy).

This means that even countries regarded as “advanced and leading” in many respects have begun to see significant outward shifts over the past few years. Specifically:

• In the United States, a growing number of citizens are choosing investment options that offer favorable tax policies and a healthy, safe living environment. Destinations frequently chosen by U.S. citizens include Portugal, Greece, Italy, New Zealand, and Caribbean countries such as Dominica and St. Kitts and Nevis.
• Similarly, Germany and the United Kingdom have both seen a growing trend of citizens choosing countries outside the EU to better meet their education, business, and lifestyle needs, particularly after these countries reformed their tax rules, including changes to non-dom rules that extend worldwide taxation.
• Italy has also seen a rapid and worrying rise in “brain drain” (domestic talent seeking jobs and residence in other countries).

Global investment migration: why work with an advisory firm with real expertise?

The global investment migration market is constantly changing and increasingly complex. Investors need an advisory partner that not only helps build a strong application but also serves as a reliable anchor for the family’s future. That is why, across all our investment migration solutions, IMM Group sets itself apart as a strategic advisory partner, working alongside you with experience and integrity.

As a pioneer with more than 21 years of hands-on experience in Vietnam, IMM Group does not act as a sales agent. We do more than advise — we design investment migration solutions built on:

• Rigorous due diligence and risk management: Our experience successfully handling hundreds of cases, including complex ones, enables us to conduct multi-layered project due diligence and protect investors’ interests rigorously, even during market crises.
• In-depth professional consulting and full transparency: Every IMM Group advisor and case manager holds an investment migration advisory certification from the Investment Migration Council (IMC). Our team analyzes benefits and risks in full, so you can make decisions based on complete and accurate information. We put our clients’ long-term interests first.
• Integrity and commitment every step of the way: Guided by our philosophy, “Serving with Authentic Values,” IMM Group stays with you from the first step until you have settled in your new country. Integrity is our foundation, reflected in our readiness to stand up for clients’ interests and to proactively refund service fees when risks beyond the client’s control arise, as set out in the contract.
• Giving back: Since 2025, IMM Group has operated as a nonprofit enterprise, committing at least 50% of its annual profits to the Be Better Fund. By choosing IMM Group, you join us in supporting meaningful initiatives and the social responsibility and human values we pursue.

If you are considering investment migration programs, contact IMM Group or leave your details below. Our experienced advisors will provide detailed guidance and help assess your eligibility. We will keep your personal data confidential and use the information you provide only to advise on your family’s case.

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