The investment migration industry underwent a substantial realignment in 2025. Programs that dominated two years ago are losing ground while previously overlooked options are capturing market share.
Survey data from industry firms reveal Portugal’s Golden Visa reclaimed popularity despite processing delays stretching into years. Italy emerged as an unexpected winner, while Caribbean programs experienced sharp divergence in fortune.
Market dynamics shifted as processing efficiency, pricing strategies, and regulatory stability became decisive factors in program selection. The findings paint a picture of an industry recalibrating after years of regulatory turbulence.
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.
Best-Selling Programs by Case Volume
Two years ago, in the aftermath of the closure of the Portugal Golden Visa’s real estate option, no firm said the program was its best-seller. In 2025, however, despite multi-year delays and backlogs of thousands of files, nearly a quarter of firms said the program was their customers’ favorite.
In the Caribbean, meanwhile, fortunes have changed sharply. The CIPs of Saint Kitts & Nevis and Saint Lucia, both cited by 27% of firms as their best-sellers in 2023, saw their shares drop to just 5%.
The Saint Kitts & Nevis CIP’s decline is attributable to two factors:
It unilaterally raised its prices relative to its Caribbean peers (who raised theirs much later) and underwent several controversial episodes (MSR lawsuits, refusal to repay rejected Russian applicants, demands for back payments of discounted CBI investments, etc.).
Saint Lucia’s case is different. After taking on a record number of clients in 2023 and 2024, the program has struggled to clear a backlog of thousands of files, leading to extreme delays and processing times that are now nearing two years, a crisis that shows few signs of abating.
Expected Best-Selling Program in the Next Year
Questioned as to which program they expect to be their best-seller over the next 12 months, 23% of firms indicated Portugal’s Golden Visa. Note, however, that the survey responses preceded Portugal’s parliamentary vote extending naturalization timelines from five to potentially ten years, a legislative change that, unless stopped by the Constitutional Court, is likely to have a material impact on program demand.
In relative terms, the big winner in this year’s survey appears to be Italy’s Golden Visa, which 13% of firms said they expected to be their best-selling program in the next year. In previous surveys, no firms said they expected this program to be a best-seller.
38% of responders suggested one of the Caribbean (CIPs) would be their best-selling program next year.
Programs That Increased or Decreased in Popularity
As in previous years, the 2025 survey asked respondents to indicate which of the programs they offer had risen and fallen the most in popularity.
15% of respondents said the Saint Kitts & Nevis CIP had increased the most in popularity among their clients in recent years, but another 13% said it was the program that had decreased the most in popularity, showing a market that’s opinion of the program was split more or less evenly.
Italy’s Golden Visa logged the highest positive net change in popularity among the surveyed firms’ clients: 10% of firms said it was the program that increased most in popularity, while none said it had fallen out of favor, giving this program the highest net increase.
It was closely followed by New Zealand’s Active Investor Visa and Hungary’s new Guest Investor Visa, both new-look programs, which saw a net popularity gain of 8%.
Saint Lucia’s CIP, unsurprisingly, recorded the largest net decrease in popularity. The program lost the most popularity among clients, according to 23% of firms, while just 3% said it increased the most in popularity. This supports the finding that few firms identified it as a best-seller.
Most Efficient Processing Units
Executives gave Grenada’s Citizenship by Investment Unit (CIU) the most votes for “most efficient processing unit” in 2025, up from just 5% in 2023.
Saint Lucia’s CIU, which ranked most efficient 2021, was only rated most efficient by a single firm in 2025.
Shifting Market Preferences
Processing efficiency emerged as a critical differentiator in 2025, with Grenada’s handling of applications earning top marks from executives after years of middling performance.
The data suggest agents increasingly prioritize reliability over historical reputation when selecting programs. Programs that maintained consistent processing times gained ground, while those struggling with backlogs saw their market positions erode regardless of past success.
Whether Portugal’s legislative changes ultimately derail its renewed momentum remains an open question. The Constitutional Court’s decision on naturalization timelines could reshape the European residence-by-investment landscape for years to come.
