Investment migration firms have grown markedly more optimistic about the sector’s trajectory over the past two years. Concerns have eased across nearly every dimension, while expansion plans reveal strategic pivots toward emerging markets and source countries.
However, as the market evolves, new concerns come into play. This article dives into the future of investment migration, as per the results of IMI’s 2025 Executive Survey.
About the Survey
The Investment Migration Executive Survey©, the only industry-wide study of its kind, gathers data and sentiments from the heads of 40 of the largest multinational investment migration firms to help identify trends and market attitudes.
The sample size is small but representative of the broader market because of the selection criteria. Participation requires that firms meet two conditions:
- they source clients from many different countries and markets; and
- they help clients qualify for a wide array of investment migration programs.
These executives are positioned to identify fluctuations and trends in their clients’ preferences and in the relative demand for the programs in their portfolios. The corporate expansion plans and industry sentiment they reveal also provide a macro perspective on the directions in which the industry at large sees the market moving.
Now in its fifth edition, the 2025 survey builds on prior years’ data, adding new questions while maintaining continuity for longitudinal comparison. Respondents represent 40 multinational firms headquartered in 17 countries, with over 250 offices and 2,600 staff worldwide.
This year’s Survey was conducted in partnership with Arton Capital, an IMI Official Partner company.
The headquarters and global office locations of the firms surveyed make for a representative sample of the global investment migration industry, as exemplified by the IMI Rolodex – the world’s largest database of companies in the investment migration market (some 1,300 firms) – which point to Dubai as the industry’s de facto capital and London, Lisbon, Malta, Toronto, Singapore, Kuala Lumpur, and Hong Kong as major hubs.
Industry Developments That Worry Firms
Industry firms have grown less concerned about the future overall since 2023. Not on a single issue did firms report an increase in concern in 2025 relative to 2023.
Executives’ top concern remains the specter of Caribbean CBI countries losing visa-free travel to Schengen. But the share of firms worried about this particular eventuality has fallen from 63% in 2023 to 55% in 2025.
43% of firms cite the potential closure of major investment migration programs as a concern, but this represents a marked improvement from 2023, when this potential troubled 58% of respondents.
Part of the explanation is that some 2023 fears have already materialized: Spain’s Golden Visa and Malta’s MEIN policy have closed, validating those concerns.
35% of firms indicated potential harm to the industry’s reputation because of firms’ unethical conduct was a concern, while 38% are still concerned about the negative consequences of CBI discounting practices.
Predictions for the Next Year
Three-quarters of industry executives believed at least one new citizenship by investment program would open in the next year.
This is unsurprising since three new CBI programs opened in the preceding 12 months – in Nauru, São Tomé & Principe, and Sierra Leone – and several more have announced concrete CBI plans (Argentina, Solomon Islands, and Botswana).
Note that only half of the respondents believed all five Caribbean CBI countries would actually implement their planned 30-day physical presence requirements, despite repeated assurances from officials that this would be the case.
One-third of firms believed the EU would openly begin using the ETIAS system to discriminate against CBI citizens.
A quarter expect at least one CBI program to close in the next year, though only 15% foresee a Caribbean country losing Schengen access.
Where Firms Plan to Open Offices
A quarter of surveyed firms plan to open offices in North America in the coming year, corresponding to the data on North America becoming a major source market.
20% aim to establish a presence in Latin America, which could operate as both an inbound and outbound market, especially if Argentina opens its CIP. 30% do not plan on expanding.
Appetites for office openings on the African continent have abated sharply since 2023, falling from 33% of respondents to just 18% in 2025.
Only one firm planned to open offices in China.
Recalibration Over Retreat
The data reveal an industry in strategic recalibration rather than retreat. Firms are adapting to materialized risks, including program closures that once seemed hypothetical, while positioning themselves for growth in markets that reflect shifting global wealth patterns and regulatory realities.
