New Delhi, July 1 (SocialNews.XYZ) Immigration magnets are countries where wealth generation is seen to occur, which in turn attracts the people who are able to move -- mostly the young and the high-net-worth individuals.
The US houses more international migrants than any other country with 51 million migrants in 2020, according to Pew Research.
Germany follows the next with 15.8 million migrants.
While countries like the US, the UK, Canada and Germany continue to attract top talents and millionaires from across the world, new immigrant magnets have emerged post pandemic.
These countries have relaxed to zero taxation rates, their passports offer greater travel mobility, highly developed infrastructure and low levels of street crime among other benefits.
Apart from skilled immigration, the emerging magnets are also offering better visa pathways for business professionals, which include startup visa, investment visa, entrepreneur visa, golden visa, and self-employed visa.
These magnets, also called 'poles of attraction' by University of Birmingham professor Richard Black, are creating immense opportunities for skilled and business professionals alike.
Australia
Australia is on its way to wear the immigration magnet crown with the country expected to attract the highest net inflow of high-net-worth individuals in 2023 at 5,200, according to a Henley and Partners report
It has been the millionaires' migration destination of choice because of its climate and lifestyle, the world-class education and healthcare, the distance from global crisis hotspots, the report said.
Also, Australia has no inheritance taxes or death duties unlike the UK and the US.
Approximately 82,000 high-net-worth individuals have moved to Australia over the past 20 years, and another 5,200 are expected to arrive in 2023.
Australia announced this month that it will join the global competition for highly-skilled professionals by changing its immigration policy for the first time in a decade.
Singapore
The recent Global Wealth Migration Review report listed Singapore as the emerging "top wealth management centre" in Asia, marking its potential for attracting higher numbers of these individuals.
The city-state ranks third with a net inflow of 3,200 high-net-worth individuals -- its highest on record, followed by the US with an expected net influx of 2,100 millionaires.
Known as "Asia's Switzerland", Singapore is preferred for its stable political environment, low crime rates, and low corruption.
According to immigration experts, it is called the expat-friendly place with policies that welcome foreigners to live comfortably in the city.
It is also the most favoured destination for start-up businesses. Unlike India, Singapore does not impose a capital gains tax of 15-25 per cent, according to a Business Standar report.
The country has granted permanent residencies to 200 people in the last three years from 2020-2022 under its Global Investor Programme
Under this programme, foreigners can apply for permanent residency in Singapore by investing $2.5 million in expanding or starting a business there.
Singapore also offers a golden visa for high-net-worth individuals who can boost investments and contribute to economic activity.
The United Arab Emirates (UAE)
The UAE's low tax rates, high-quality healthcare, a luxury lifestyle, and personal safety makes it an instant magnet for the rich. With its highly diversified economy, Henley estimates a net inflow of 4,5000 millionaires in UAE in 2023.
Indians represent the largest demographic of expatriates at 27.49 per cent in Dubai. Known as the 'fifth city of India', Dubai attracts Indians because of its global investor "Golden Visa" program.
Portugal
According to Henley & Partners, the start-up community, keen on multiple residencies, are opting for the structured residency investment programmes in countries like Portugal or Malta.
Known for its Mediterranean climate and exquisite architecture, Portugal has seen a huge upsurge in immigration in recent years.
Since October 2021, 32,574 individuals from Brazil got their permit residence, which was followed by Indians (6,484) according to The Portuguese Foreigners and Borders Office (SEF).
India was among top four nations to covet the Portugal Golden Visa in 2022. The Portuguese Golden Visa Residence Permit provides a hassle-free and quick way to get a residence permit in the country.
The country's tourism and hospitality industry is growing by leaps and bounds, throwing the doors open for English-speaking professionals across the world.
Via Portugal Ventures, an investment initiative, it has been encouraging entrepreneurs to set up businesses. The initiative has invested 144 million euros since 2012 to fund new businesses and start-up centres.
Countries like Japan, Italy and Malta have also improved their immigration pathways and introduced immigrant-friendly schemes to emerge as magnets.
Source: IANS
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