As we step into a new year, I wanted to pause to reflect on what was, without question, one of the most important years the residence and citizenship by investment industry has experienced in recent memory.
I’ve worked in the Residence and Citizenship by Investment industry long enough to know that a “busy” year doesn’t necessarily mean a meaningful one.
Some years are noisy. Others are filled with real change.
2025 was firmly the latter.
What stood out for me wasn’t any single announcement or headline, but more so the direction of travel. Across regions, political systems, and programme types, the same message came through to us repeatedly: investment migration is no longer a peripheral policy tool; it’s embedded in how governments think about capital, talent, and long-term engagement.
Strong Early Signals
Early in the year, this was evidenced with the launch of Sierra Leone’s Go for Gold citizenship programme. But why was this so interesting? It wasn’t necessarily the programme itself, but more what it represented; by linking citizenship to a globally recognised, tangible asset, the programme aligned investor priorities (capital preservation and mobility) with national objectives. It reflected an increasing change in the fundamentals of programme design, where governments are no longer offering access alone, rather, doing so through frameworks that resonate with contemporary investors.
Around the same time, Greece announced record Golden Visa applications, with nearly 9,300 filed in 2024. In my view, this was one of the clearest indicators of where investor demand is concentrating. In a world of political uncertainty and consistent regulatory change, investors generally gravitate towards programmes that offer consistency, clarity, and credibility. Greece’s performance reveals a fundamental truth of the industry: demand doesn’t disappear – it consolidates around programmes that inspire confidence.
Another early signal came from an unexpected direction. When Donalds Trump announced his plans to unveil a Trump Gold Card, the concept sparked widespread discussion across the industry. Regardless of its early-stage and conceptual nature, the significance was in the fact that investment-based migration was being openly discussed at the highest political level in the United States. That fact alone showed the growing acceptance of investor migration as a political tool for economic growth. When major economies begin treating investor migration as a legitimate economic lever, rather than a fringe concept, it validates the space globally. And so it did.
Mid-Year Developments and Growth
Midway through the year, almost all of the RCBI conversation focused on what some perceived as headwinds. I’ll be honest, Spain’s decision to close its Golden Visa programme was widely viewed as a negative moment for the industry. I saw it differently. In my experience, programme closures don’t tend to eliminate demand; they redirect it. In practice, Spain’s exit proved the importance of policy consistency and long-term planning, ultimately strengthening existing programmes elsewhere that have taken a more measured, sustainable approach.
The same theme emerged as data showed the UK experienced a record outflow of wealthy individuals, with over 11,000 millionaires leaving the country. Unfortunately for the UK, this wasn’t an isolated phenomenon, nor a sudden one. It actually showed the changing mentality among high-net-worth individuals: they are now planning much more proactively, rather than reactively. Investors today are thinking in terms of options, diversification, and contingency. And that mindset sits at the very core of why residence and citizenship planning exists.
Midway through the year developments in Europe continued with Gibraltar joining the Schengen Zone, subtly but meaningfully increasing the value of European residence strategies. At the same time, interest in the Trump Gold Card concept solidified, with more than 68,000 registrations of interest, confirming something we in the industry have long understood: when new and credible frameworks emerge, demand follows. Quickly.
New Programmes Disrupting The Traditional Market
Later in the year, the launch of São Tomé & Príncipe’s citizenship programme was one of the most impactful developments I saw in 2025. Its affordability and speed challenged assumptions about where viable programmes can exist, but beyond the extremely competitive pricing and processing time, the response from investors was telling; openness to contemporary and emerging countries is growing, provided the fundamentals are sound and governance is taken seriously.
In the Middle East, Saudi Arabia lifted its ban on foreign property ownership, a change with several long-term implications. While not a citizenship programme, this move shows a broader openness to international capital and deeper forms of residency engagement. My opinion? It’s the kind of policy change that often precedes more comprehensive mobility frameworks.
For me one of the most important (and underappreciated) developments of the year came from the Caribbean, where nations agreed to establish a joint regulatory framework, with Grenada named as host. From an industry perspective, this was a watershed moment. More coordination, stronger oversight, and unified standards don’t weaken programmes – they legitimise them. For serious investors, regulation is reassurance.
Year-End – Continued Strength
As the year came to an end, the signs of industry maturity became even clearer. The UAE introducing consular services for Golden Visa holders showed how deeply investment-based residency is now embedded within national systems. These programmes are no longer about entry alone, but about long-term engagement and service. I believe this could be the start of a new trend, and definitely one to watch in 2026.
Over in the Caribbean, Dominica joined a new free-movement pact with neighbouring Caribbean states, increasing the practical value of Caribbean citizenship, whilst showing how regional cooperation can multiply benefits beyond a single passport.
The last thing I want to talk about is Novak Djokovic’s Greece Golden Visa. Stories like this may seem symbolic, but they matter. High-profile individuals choosing these routes continues to normalise investment migration as a mainstream planning tool; not an exception, but an option. Somebody at the level of Djokovic could realistically choose any programme he desired, so his decision to make Greece his place of permanent residence speaks to the reputation and trust the programme holds.
Final Thoughts
The residence and citizenship by investment industry didn’t just grow in 2025… it grew up. And for investors who understand the value of planning early, thinking globally, and choosing substance over headlines, that’s a very positive place to be heading into 2026.
If you’re interested in exploring your Residence and Citizenship By Investment Options, or would like to discuss any of the stories in this blog in more detail, please reach out to me directly at felix.weinstok@passportlegacy.com or +971 50 374 1643.
