Greece and Italy, "champions" in the Golden Visa - Historical high level in wealth migration
Greece and Italy are emerging as the top global destinations for Golden Visa investment programs in 2026, according to the Economist. The new trend reflects an era of international capital mobility, as more and more wealthy investors, entrepreneurs and high-net-worth families seek out countries that offer security, stability and favorable tax environments.
The development comes at a time when global wealth migration is at an all-time high. Estimates show that more than 165,000 millionaires will change their place of residence in 2026, a 14% increase from last year and almost double the number a decade ago.
Greece holds one of the highest positions in the international rankings thanks to its highly competitive program. The Greek regime offers residence permits to investors who invest in real estate or other eligible activities, without requiring permanent residence in the country. Beneficiaries hold the permit for as long as they maintain the investment, while enjoying free movement within the Schengen area, which significantly increases the value of the program for investors from third countries.
Italy is also proving an attractive destination for foreign capital, with a particularly competitive tax regime for high-net-worth residents. The Italian system provides for a flat annual tax on the worldwide income of beneficiaries, regardless of the actual size of their wealth, attracting businessmen and international figures seeking predictable tax treatment.
In fifth place in the international ranking is Portugal, which, after significant reforms, is now focusing on attracting specialized professionals, researchers and high-tech executives. Despite restrictions on the real estate market, it remains a popular destination for international investors.
In contrast, Spain has retreated from international competition after the abolition of the Golden Visa program in April 2025. This decision, combined with the new tax burden on large assets, has reduced the country's attractiveness to wealthy foreign investors, leading to net losses for high-net-worth individuals.
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