Introduction
The luxury goods and services market is witnessing significant growth, particularly as affluent individuals seek new opportunities through investment migration programs like golden visas. In recent years, global spending on luxury goods has reached approximately $1.5 trillion, with an expected annual growth rate of 6% through 2025. As families consider relocating to new countries for better quality of life and business prospects, the establishment of family offices is becoming a vital component in managing wealth and investments. This report outlines the top 20 destinations for setting up a family office in conjunction with obtaining a golden visa.
1. Portugal
Portugal has emerged as a prime destination for golden visa seekers, with over 10,000 visas issued in 2022 alone. The country’s favorable tax regime and high standard of living make it attractive for wealthy families looking to establish family offices. The Portuguese luxury market is expected to grow by 8% annually, driven by increased tourism and investment.
2. Spain
Spain’s golden visa program has attracted wealthy investors, with over 3,000 visas granted in 2022. The luxury sector, particularly in cities like Barcelona and Madrid, is thriving, with a market value of €9 billion. Family offices in Spain benefit from a robust real estate market and favorable taxation for foreign investors.
3. Greece
Greece’s golden visa program offers residency through real estate investment, with over 10,000 visas issued in 2022. The luxury tourism sector has seen growth, contributing to an estimated market size of €4 billion. Family offices in Greece can take advantage of the growing demand for high-end properties and services.
4. Italy
Italy’s golden visa program, known as the Investor Visa, attracts high-net-worth individuals with over 1,000 visas issued in 2022. The Italian luxury market is valued at €30 billion, driven by fashion, automotive, and design sectors. Family offices can leverage Italy’s rich heritage and global luxury influence.
5. United Arab Emirates (UAE)
The UAE offers a range of golden visa options, attracting over 100,000 expatriates in 2022. The luxury goods market is projected to reach $8 billion by 2025, fueled by a growing affluent population. Family offices benefit from the UAE’s strategic location and tax-free environment.
6. Malta
Malta’s golden visa program has issued approximately 1,500 visas in 2022, attracting wealthy investors to its Mediterranean shores. The luxury sector in Malta is expanding, with a focus on real estate and yacht services. Family offices here benefit from strong legal frameworks and competitive tax incentives.
7. Singapore
Singapore’s Global Investor Program allows high-net-worth individuals to obtain residency, with around 1,800 visas granted in 2022. The luxury market in Singapore is projected to grow to $10 billion by 2025. Family offices in Singapore thrive due to the city’s financial stability and business-friendly environment.
8. Switzerland
Switzerland offers a residency program for wealthy individuals, issuing around 4,000 visas in 2022. The luxury market is robust, valued at approximately €22 billion, with strong demand for high-end watches and jewelry. Family offices benefit from Switzerland’s banking secrecy and wealth management expertise.
9. United Kingdom
The UK’s Innovator and Start-up visas have attracted numerous entrepreneurs, with over 3,000 visas granted in 2022. The luxury market in the UK is valued at £48 billion, driven by fashion and automotive sectors. Family offices can capitalize on the UK’s global luxury brands and investment opportunities.
10. Canada
Canada’s Start-up Visa program has issued around 1,000 visas in 2022, attracting tech-savvy investors. The Canadian luxury market is estimated at CAD 9 billion, with growth in personal luxury goods. Family offices benefit from Canada’s stable economy and diverse investment landscape.
11. Australia
Australia’s Business Innovation and Investment Program issued around 2,500 visas in 2022. The luxury market is valued at AUD 18 billion, with strong demand for luxury vehicles and travel experiences. Family offices can take advantage of Australia’s robust real estate and investment opportunities.
12. New Zealand
New Zealand offers an investor visa program that attracted over 1,000 applicants in 2022. The luxury market is estimated at NZD 4 billion, driven by high-end tourism and real estate. Family offices benefit from New Zealand’s stable political environment and quality of life.
13. France
France’s Talent Passport offers residency to skilled individuals, with over 1,500 visas issued in 2022. The luxury market is valued at €25 billion, with strong demand for fashion and cosmetics. Family offices can capitalize on France’s global luxury influence and innovation.
14. Cyprus
Cyprus has a citizenship-by-investment program, issuing approximately 1,000 visas in 2022. The luxury market is growing, particularly in real estate. Family offices benefit from Cyprus’s attractive tax regime and Mediterranean lifestyle.
15. Thailand
Thailand’s Elite Visa program attracted over 4,000 wealthy investors in 2022. The luxury market is valued at THB 300 billion, driven by tourism and high-end retail. Family offices in Thailand can leverage the growing affluent demographic and vibrant culture.
16. Panama
Panama’s Friendly Nations Visa issued around 1,500 visas in 2022. The luxury sector is expanding, with a focus on high-end real estate. Family offices benefit from Panama’s favorable tax policies and strategic location for trade.
17. Monaco
Monaco’s residency program attracts high-net-worth individuals; approximately 1,000 visas were granted in 2022. The luxury market is valued at €5 billion, with a strong demand for luxury yachts and real estate. Family offices thrive in Monaco’s exclusive environment.
18. Brazil
Brazil’s Investor Visa program issued around 1,200 visas in 2022, attracting foreign investment. The luxury market is estimated at BRL 50 billion, with growth in fashion and jewelry. Family offices can capitalize on Brazil’s emerging luxury sector.
19. Japan
Japan offers a Business Manager Visa, with approximately 1,000 visas issued in 2022. The luxury market is valued at ¥1 trillion, driven by fashion and technology. Family offices benefit from Japan’s status as a global luxury hub.
20. South Africa
South Africa’s Investor Visa program issued around 800 visas in 2022. The luxury market is growing, particularly in real estate and travel experiences. Family offices can leverage South Africa’s rich natural resources and tourism potential.
Insights
The trend toward establishing family offices in golden visa destinations is driven by increasing globalization and the desire for wealth preservation. High-net-worth individuals are increasingly looking for residency options that not only offer tax benefits but also a desirable lifestyle. The global market for family offices is expected to grow significantly, with an estimated 1,500 family offices globally managing assets worth over $6 trillion. As countries continue to adapt their golden visa programs to attract affluent investors, we can expect further growth in the luxury goods and services sector associated with these investments.
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