The benefits of secondary residency for ultra wealthy individuals
Subscribe to enjoy similar stories. In an era of global mobility and economic uncertainty, the concept of secondary residency has gained significant traction among ultra-high-net-worth individuals (UHNWIs). This strategic move offers a multitude of benefits, ranging from enhanced lifestyle options to significant financial advantages.
Secondary residency involves an economic contribution to the host country or a real estate purchase in exchange for residency rights. There are residency by investment programmes, also known as Golden Visas, all over the world, but the most popular ones in UHNWI circles are in Europe, West Asia, and North America. In Europe, establishedresidency by investment programmes include the Greek Golden Visa (€250,000 minimum investment).
There's also the Malta Permanent Residence Programme (requiring UHNWIs to invest at least €150,000). Along with the Portuguese Golden Visa (available for a minimum investment of €500,000). Portugal's Iberian neighbour, Spain, offers the Spanish Golden Visa (also for an investment of at least €500,000).
Geographically European, but not politically, the UK provides another secondary residency option. This is in the form of the £200,000 Innovator Founder Visa. Elsewhere, West Asia is home to the UAE Golden Visa, which requires a minimum investment of $550,000.
One particular benefit of this second residence is that UNHWIs can include domestic staff, along with family, on their application. Finally, North America is the birthplace ofresidency by investment, with US EB-5 Investor Visa (with a minimum $800,000 price tag). Let's get into what benefits UNHWIs gain from secondary residency options.
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