Photo: Pixabay (Dubai)Consulting Company Henley & Partners forecast figures in the Henley Global Citizens Report show the top 10 countries in terms of net inflows of HNWIs in 2022 will be the UAE, Australia, Singapore, Israel, Switzerland, the US, Portugal, Greece, Canada, and New Zealand. Large numbers of millionaires are also expected to move to Malta, Mauritius, and Monaco. On the flip side, the 10 countries where the highest net outflows of HNWIs are predicted are Russia, China, India, Hong Kong, Ukraine, Brazil, the UK, Mexico, Saudi Arabia, and Indonesia.
Independent.com.mt writes that Henley & Partners are the main advocates and concessionaires for Malta's controversial golden passport scheme.
There’s a similar arrangement in Montenegro, which announced that the program of economic citizenship, under pressure from the EU, will be abolished by the end of the year.
Through this program, more than 400 foreigners obtained citizenship on the basis of investments, and most of them are Russian citizens, writes investitor.me.
Malta is currently subject to European infringement proceedings owing to the scheme, though the government continues to defend it, saying that the matter of citizenship is one of national competence.
An investigation into the scheme - titled The Passport Papers - exposed how golden passport applicants used links which were tenuous at best in order to justify their ties to Malta as they sought to gain citizenship, often times submitting documents much akin to a tourist visit as proof of their "genuine links" to the country and renting the cheapest possible apartments which would then remain vacant.
A tsunami of private capital has left Russia and the Ukraine, after the beginning of invasion in February this year.
As expected, Russia has suffered the biggest emigration of millionaires over the past six months, with forecast net outflows of 15,000 by the end of 2022, more than in 2019, pre-pandemic.
Russia’s invasion is in turn driving a steep spike in outgoing HNWIs from Ukraine, which is predicted to suffer its highest net loss in the country’s history — 2,800 millionaires.
Source: investitor.me
