Investment migration people in the news this week included:
David Lesperance of Lesperance & Associates
Xiao Wang of Boundless
Rebecca Ellis of Titan Wealth International
Jeremy Savory of Savory & Partners
Chris Lean of Aisa International
Dominic Volek of Henley & Partners.
Wissam Keyrouz of Citizenship Invest
Nofisatu Mojidi of Fragomen
Alex Ohnona of VIDA Capital
Alexander Varnavas of Varnavas Law Firm
William Cooper of William Russell
David Lesperance, a lawyer based in Poland who works with ultra-wealthy clients, said he’s heard from some who would be interested in Trump’s immigration gold cards — “Saudis, Emiratis and Qataris, Bahraini nationals; two Indian long-term residents of the [United Arab Emirates] and a South African client. That’s 10 — and three Chinese families. That’s in two weeks.” All the interested parties have more than $50 million in investable assets, he says, and many seem interested in gold cards for their children.
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“My clients don’t care if it’s called the Trump card, the gold card, the platinum card, the emerald card or R2-D2,” says Lesperance, who was born in Canada and once worked as a customs officer at the Detroit-Windsor tunnel.
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Xiao Wang, CEO and co-founder of Boundless, a digital company that assists with immigration applications, says the programs are likely to be challenged in court and may not survive. Even so, the company said 150 people have signed up to a wait list to learn more once details become available.
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After years of labor, Wang’s parents finally earned the freedom to live as they pleased in America. But with the gold card, he says, “you could pay this money, come to the U.S. and not do a day of work in your life.”
David Lesperance, managing director at Lesperance & Associates, believed Meloni’s decision to increase the payment from €100,000 (£86,873) to €200,000 last year was “viable” but a further increase would now make the country uncompetitive.
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“If Italy moves to €300,000 then it will be uncompetitive with the Swiss lump sum arrangements. In short, instead of moving to Milan, wealthy individuals will move to Lugano,” he said.
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Rebecca Ellis, head of advice at Titan Wealth International, said Italy’s flat tax was attractive due to its flexibility, given it does not require individuals to invest locally.
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Jeremy Savory, founder of Savory & Partners, felt that raising the flat levy on foreign income actually signalled the international competitiveness of Italy and that HNWIs were willing to continue paying for access to Europe’s regulatory framework, even when lower tax alternatives, like the UAE exist.
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“Unlike some other countries, including the UK, which are experiencing a continued exodus after ending their non-dom regimes, Italy has opted to reform and reprice in their favour.
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Chris Lean, director at Aisa International, added: “For very wealthy individuals with large foreign income streams, Italy may still represent a strong relocation option under these incentives.
Jeremy Savory, CEO and founder of Savory and Partners, a global wealth mobility company, says, “the impact of this decision has far-reaching implications. The sheer number of candidates who are in the process of applying for golden visas in Portugal means that the unwinding of some of this will take a long time. Those at the start of their journey will immediately look at other jurisdictions, while those further down the line will be weighing up whether that time and financial commitment is worthwhile. Unfortunately, wherever they sit in that timeline, for many, the decision taken by the Portuguese government will leave a bad taste and question future investment into the country.”
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Savory adds that, “Portugal’s residency program once symbolised efficiency and innovation in Europe. Today, it risks becoming a cautionary tale on how administrative inertia can erode both confidence and capital.”
“The top five nationalities applying for these programmes in 2025 are US, Turkey, India, China and the UK. This is owing to rising interest among high-net-worth Americans in diversifying their residence and citizenship options,” says Dominic Volek, group head of private clients at Henley & Partners.
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“When looking at applications by address country, the UAE is the second highest after the US, indicative of the high number of expats living in the Emirates who recognise the many benefits of acquiring alternative residence and citizenship options.”
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Wissam Keyrouz, deputy chief executive at advisory firm Citizenship Invest (which was acquired by global visa outsourcing company BLS International in 2024), says his company has seen a “higher momentum” of applications from the US and the UK. He attributed this to clients reporting a decline in quality of life as high taxation takes hold.
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“The Caribbean remains the cornerstone of the global CBI market, with Grenada, Saint Kitts & Nevis, Antigua & Barbuda and Saint Lucia consistently ranked among the top performers for efficiency, reputation and visa-free travel access,” says Nofisatu Mojidi, senior private client manager at immigration services company Fragomen.
Op-ed by Alex Ohnona of VIDA Capital.
VIDA Capital has seen a 571% increase in American traffic since January. California and Florida residents – already traditional retirement havens – lead the demand, and Pennsylvania, Massachusetts, and Washington – cold-weather states retirees typically flee from – round out the top five sources of Golden Visa inquiries. The geographic breakdown suggests a broader recalibration of risk among both established retirees and would-be U.S. snowbirds.
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When even the highest-profile celebrities (including Nicole Kidman) seek hedges against the very American system that supported their success, it signals declining confidence in core institutions. Many of these investors will never relocate permanently from America. They’re purchasing optionality insurance, while still investing in American businesses, hiring American workers, and living American lives.
“The second residency program gives non-EU residents a sense of freedom and this is what many US nationals are seeking in Greece right now,” Alexander Varnavas, Managing Partner at Varnavas Law Firm, told Kathimerini English Edition.
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“Up until recently US applicants mostly came from the East Coast areas like New York and Chicago but this is broadening out. Now we have an increase in applicants from the West Coast,” he added.
As enticing as these goals may be, packing up your life and heading overseas can be quite the endeavor. “Relocating in 2025 has become increasingly more challenging,” William Cooper, marketing director at William Russell, told USA TODAY. “Moving to a new country often means navigating evolving visa regulations, particularly as countries adjust their immigration policies to balance local and global workforce demands.”