Malta has maintained its position at the top of the 2025 Global Citizenship Program Index for the 10th consecutive year, while Greece has climbed to the top of the 2025 Global Residence Program Index for the first time.
These results underscore the continued dominance of European residence and citizenship by investment programs in Henley & Partners’ annual rankings of the world’s most important investment migration programs.
Henley & Partners, the global leader in residence and citizenship by investment, onboarded clients from 94 different nationalities in 2024 and received inquiries from over 180 countries.
Notably, US nationals represented 23% of all applications processed, a figure nearly equal to the combined total of the next four largest client nationality groups — India, Turkey, the Philippines, and the UK.
When comparing 2024 US client numbers to five years ago (2019), there has been an extraordinary increase of over 1,000%.
The UK also saw record-breaking growth in 2024, with a 57% rise in applications from British citizens compared to the previous year.
The two indexes — featured in the 2025 edition of Henley & Partners’ annual Investment Migration Programs report — offer a thorough analysis and benchmarking of the world’s most attractive residence and citizenship by investment offerings.
This year’s edition includes 40 programs, chosen from over 100 global offerings, and evaluated by a panel of independent experts.
These experts, including leading academic researchers, economists, country risk specialists, and immigration and citizenship lawyers, assess a wide range of relevant factors to determine the rankings.
The 2025 Global Citizenship Program Index ranks 14 programs, with Malta maintaining its lead for the 10th consecutive year, scoring 76 out of 100.
Austria’s premium citizenship program takes second place, requiring significant contributions to the country’s economy.
The top five also include Grenada (3rd, 69), Antigua and Barbuda (4th, 67), and three Small Island Developing States (SIDS) tied for 5th place with a score of 66: Nauru, St. Kitts and Nevis, and St. Lucia.
Nauru, a new entry, offers significant mobility advantages, granting visa-free access to key global wealth hubs, with funds directed toward climate resilience and sustainable development projects in the South Pacific.
Dominica ranks 6th with a score of 65, followed by Türkiye at 7th, offering multiple routes to citizenship, including a real estate option. Egypt, Jordan, and North Macedonia share 8th place with a score of 63, while Vanuatu and Cambodia rank 9th and 10th, scoring 60 and 53, respectively.
In the 2025 Global Residence Program Index, which ranks 26 programs, Greece’s golden visa program tops the list with a score of 73, surpassing Portugal, which had held the top spot for the past nine years.
Portugal, Italy, and the UK share 3rd place with a score of 70, while Switzerland ranks 2nd with 72, offering a private residence option combined with favourable tax provisions.
Australia, Canada, Spain (which closes in early 2025), and the UAE all rank 4th with a score of 69. The UAE recently expanded its golden visa program to attract top talent.
Hungary and Costa Rica are new entrants to the Top 10, ranking 6th and 10th with scores of 67 and 63, respectively. Luxembourg and Singapore follow in 7th and 8th, with scores of 66 and 65. Jersey and Panama share the 9th spot, both scoring 64.
New Zealand and Malta share 11th place with scores of 62, followed by Monaco and the US in 12th position with 61. Hong Kong, Latvia, and South Korea share 13th place with 60, while Cyprus and Thailand are tied for 14th with 59, and Malaysia ranks 15th with a score of 51.
Mauritius rounds out the index in 16th place with a score of 49.
The two indexes evaluate 10 key factors, including Reputation, Quality of Life, Visa-Free Access, Processing Time, and Investment Requirements.
The Global Citizenship Program Index also assesses Residence Requirements and Relocation Flexibility, while the Global Residence Program Index additionally considers Tax, Costs, Time to Citizenship, and Citizenship Requirements.
In the 2025 Global Citizenship Program Index, Nauru excels in Investment Requirements with a score of 8 out of 10, while Australia, Hong Kong, and Switzerland receive top marks in the Global Residence Program Index for no upfront investment requirements.
Six countries score perfect 10s for Physical Visit Requirements, including Dominica, Grenada, Jordan, Nauru, St. Kitts and Nevis, and St. Lucia. Hungary, Panama, South Korea, Spain, and Thailand score 10s for Processing Time and Quality.
Monaco and the UAE also score perfect 10s for Tax, while all European Union countries, including Greece, Hungary, Italy, Latvia, Luxembourg, Malta, Portugal, and Spain, score 10 for Visa-Free/Visa-on-Arrival Access.
Malta and Austria score 10 for both Visa-Free Access and Relocation Flexibility in the Global Citizenship Program Index.
