HNIs discover different international shores after EU’s citizenship blow, ETCFO
New Delhi: As Europe slams the door shut on one of the crucial sought-after fast-track citizenship programmes, that of Malta, India’s rich elite discover themselves looking out for brand spanking new ‘reasonably priced’ footholds overseas, whether or not it’s for residence or nationality.
The European Court docket of Justice just lately held that Malta’s golden passport scheme, which granted citizenship in trade for funding of about $672,500, successfully lowered the acquisition of nationality to a “mere industrial transaction,” violating European Union legislation.
In keeping with consultants, Indian excessive web value people (HNWIs) are recalibrating their methods, with rising curiosity in European residence-by-investment programmes as a substitute of citizenship-by-investment schemes in addition to the US EB-5 programme that requires an funding of $800,000 and the UAE Golden Visa, pegged at about $272,300. They’re additionally taking a look at such schemes within the Caribbean, Southeast Asia and New Zealand. To make certain, the Greek and Portuguese golden visa programmes are nonetheless in place, for now at the very least.
Malta was ranked No 1 in Henley & Companions’ 2025 World Citizenship Program Index.
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This made the ECJ’s ruling significantly consequential, because it disrupts what was thought of one of the crucial enticing citizenship-by-investment schemes globally.
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“This ruling will impression all EU states providing citizenship-by-investment, successfully closing the door for Indian HNIs searching for a fast-track to EU citizenship,” mentioned Poorvi Chothani, managing associate at LawQuest. “This may push buyers to discover various jurisdictions providing safety, mobility, and enterprise entry.”
Within the interim, purposes could also be delayed or subjected to stricter scrutiny.
“Whereas the ruling doesn’t retroactively invalidate citizenships already granted underneath Malta’s programme, it’s prone to topic these passport holders to elevated scrutiny… which can have an effect on their journey and residency rights,” mentioned Hemang Laaheru, director at UK immigration lawyer agency Conroy Baker Ltd.
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For Indian buyers, the shift is already underway.
“Curiosity continues to stay excessive in US programmes like EB-5, the UAE golden visa. People are additionally expressing heightened curiosity in life-style residencies in Southeast Asia,” mentioned Chothani.
In keeping with Henley & Companions’ 2024 Non-public Wealth Migration Report, 4,300 Indian HNIs relinquished their citizenship in 2023 to relocate overseas, putting India among the many high three nations, behind China and the UK, by way of millionaire outflows.
The Caribbean nations at the moment are thought of safer, extra secure routes for wealth migration. This listing consists of Grenada, Dominica and St Kitts & Nevis, whose citizenship-by-investment (CBI) programmes stay in style for visa-free or visa-on-arrival entry to many nations, together with components of the Schengen space.
“These nations additionally supply beneficial tax regimes — with no capital positive factors or inheritance taxes,” Laaheru identified, including that “Grenada’s CBI programme has already seen a excessive variety of approvals in 2024, reflecting sturdy demand.”
The price within the Caribbean varies.
“For instance, Dominica is the most cost effective at $200,000, and different nations can cost $250,000,” he mentioned.
New Zealand’s new programme can be gaining traction, mentioned David Lesperance, managing director of immigration advisor Lesperance Associates.
“It grants everlasting residence for investing ~$2.95 million and spending 21 days there over a three-year funding interval,” he mentioned. “No extra funding, bodily presence or tax residency required.”
The Malta crackdown underscores a rising bifurcation between golden passport (citizenship) schemes and golden visa (residency) programmes.
“India has historically been and continues to be a PR (everlasting residency) market, and never too many Indians dwelling in India had been shopping for the Malta passport,” mentioned Rajneesh Pathak, founder, World North Residency and Citizenship. “However quite a lot of international Indians take into account citizenship choices, particularly once they needed to surrender a US Inexperienced Card or citizenship and needed an equally sturdy one.”
After the ECJ ruling, they must both take into account Caribbean passports or take a look at the Portugal golden visa, which might result in EU citizenship within the sixth yr. Malta has a PR programme that continues, Pathak identified.
“Whereas direct citizenship-by-investment routes like Malta’s are being phased out, there continues to be vital curiosity in residency-by-investment (RBI) programmes supplied by Portugal and Greece,” mentioned Laaheru. “These supply a extra structured, long-term pathway to EU residency and, probably, citizenship.”
Greek and Portuguese golden visas value about $280,200, whereas the now-scrapped Spanish golden visa was about $560,400.
