The trend of reverse migration has been observed among many golden visa applicants, who are wealthy individuals who obtain residency or citizenship rights in a foreign country by investing a certain amount of money in its economy.

Golden visa programs have been popular among high-net-worth individuals (HNWIs) who seek to diversify their assets, access better opportunities, and enjoy a higher quality of life. However, in recent years, some of these investors have decided to return to their home countries for various reasons, such as personal, family, cultural, or political factors.

According to a report by Henley & Partners, a leading global citizenship and residence advisory firm, the number of golden visa applicants who have reversed their migration increased by 15% in 2023, compared to the previous year. The report also predicts that this trend will continue to grow in 2024, as more countries offer attractive incentives for their returning citizens.

Reasons for Reverse Migration

The main reasons for reverse migration among golden visa applicants are:

Economic recovery

Some of the countries that have experienced economic downturns in the past decade, such as Greece, Portugal, Spain, and Turkey, have shown signs of recovery and growth in recent years. This has encouraged some of their expatriates to return and contribute to their homeland’s development.

Cultural affinity

Some of the golden visa applicants who have lived in culturally different countries, such as the UK, the US, Canada, or Australia, have faced challenges in adapting to their new environments. They have also missed their native languages, cuisines, traditions, and values. Therefore, they have opted to go back to their countries of origin, where they feel more comfortable and connected.

Family ties

Some of the golden visa applicants who have left their families behind in their home countries have realised the importance of maintaining close relationships with their relatives and friends. They have also wanted to provide better education and health care for their children and elderly parents. Hence, they have decided to reunite with their loved ones and settle down in their native lands.

Political stability

Some of the countries that offer golden visa programs, such as Cyprus, Malta, and Montenegro, have faced political instability and uncertainty in recent years. This has raised concerns among some of their foreign investors, who have feared for their safety and security. As a result, they have chosen to relocate to their home countries, where they feel more confident and protected.

Benefits of Reverse Migration

The benefits of reverse migration for both the golden visa applicants and their home countries are:

Economic contribution

The golden visa applicants who return to their home countries bring with them their wealth, skills, knowledge, and experience. They can invest in various sectors, such as real estate, tourism, technology, and education. They can also create jobs, generate income, and boost the local economy.

Social integration

The golden visa applicants who return to their home countries can integrate more easily into their societies, as they share the same culture, language, and values. They can also participate in civic and political activities, and contribute to the social welfare and development of their communities.

Personal satisfaction

The golden visa applicants who return to their home countries can enjoy a higher level of personal satisfaction, as they fulfil their emotional and psychological needs. They can reconnect with their roots, identity, and heritage. They can also achieve a better balance between their work and life.

Navigating Challenges

Overcoming Preconceptions

While reverse migration offers a plethora of advantages, it comes with its own set of challenges. Overcoming preconceptions and changing the narrative around the potential of one’s home country is a significant hurdle. Golden Visa applicants are navigating these challenges with innovative approaches and collaborative initiatives.

Adapting to Local Dynamics

Successfully executing reverse migration requires a keen understanding of local dynamics. Golden Visa holders are immersing themselves in community engagement, understanding regulatory frameworks, and adapting their global expertise to fit seamlessly into the fabric of their home countries.

Conclusion

As 2024 unfolds, reverse migration is emerging as a key trend reshaping the Golden Visa landscape. The strategic return to ancestral roots is not just a nostalgic choice but a calculated move to capitalise on economic opportunities, cultural capital, and global networks.

Golden Visa applicants are navigating this uncharted territory with resilience and innovation, ushering in a new era of international mobility. As the numbers behind this trend continue to grow, it’s evident that the allure of home is becoming an integral part of the global pursuit of success.