Latin America is entering a new era of wealth expansion and migration. According to the BRICS Wealth Report and data from New World Wealth, the next decade will see significant wealth growth across the region’s most dynamic economies, with projections of 45% in Brazil, 50% in Mexico, 60% in Colombia, and 65% in Chile. This surge will drive the number of millionaires, centi-millionaires, and billionaires to record highs, further integrating Latin America into the global wealth landscape.
As these high-net-worth and ultra-high-net-worth individuals (HNWIs and UHNWIs) increasingly engage with international investment opportunities and sophisticated wealth management systems, they also face growing concerns around political instability, economic volatility, and changing financial regulations.
These uncertainties are accelerating outbound millionaire migration. According to reports, Brazil, Mexico, Colombia, and Argentina were among the top countries to experience net losses of millionaires in 2023. Brazil alone saw 1,200 millionaire departures last year and is expected to lose another 800 in 2024, making it the world’s sixth-largest source of outbound HNWIs. Mexico followed with 700 departures, while Argentina, Colombia, and Chile each saw between 100 and 200 exits.
Wealth security and asset protection
This shifting tide in wealth distribution highlights a clear preference among Latin American high-net-worth individuals for more stable, opportunity-rich destinations. Countries like Australia, the UAE, Singapore, and the United States have become top recipients of this mobile wealth, offering security, strong economies, and business-friendly environments. Meanwhile, Portugal and Spain remain especially attractive to Latin Americans—not only for their cultural affinity and high quality of life but also for their favourable investment landscapes.
A key driver behind this migration is the region’s evolving tax landscape. Increasing tax burdens, complex amnesty programmes, and heightened financial transparency regulations across Latin America are prompting many wealthy individuals to seek second citizenship or alternative residency. In this context, citizenship and residency-by-investment programmes effectively protect assets, diversify holdings, and gain greater financial and personal freedom.
Why Spain and Portugal as favoured destinations
As mentioned, Spain’s Residence by Investment Program remains a top choice among Ibero-American nationals, largely due to its accelerated path to citizenship—just two years for citizens of countries with historical and cultural ties to Spain. Madrid, in particular, often dubbed the “new Miami,” has seen a surge in Latin American investment in recent years, driven by favourable legal reforms.
One of the most notable recent developments is the introduction of the “Mbappe Law” effective from January 1, 2025, which grants a 20% regional deduction on personal income tax for non-residents who establish tax residency in Madrid and meet specific investment criteria. This adds to the benefits of the existing “Beckham Law,” which allows qualifying individuals to be taxed as non-residents during their initial years in Spain, offering clear tax advantages depending on their professional activity and residency status. Unfortunately, the program came to an end at the beginning of April 2025.
In parallel, Portugal’s Golden Visa Program has seen exceptional uptake from Brazilian investors, who now represent the second-largest applicant group after Chinese nationals. Between 2022 and 2023, visa applications from Brazil to Portugal rose by 89%, jumping from 11,686 to 22,126. This momentum is driven by deep cultural and linguistic ties between Brazil and Portugal, along with the Golden Visa’s key benefits by investing at least EUR 250,000—residency rights, visa-free travel within the Schengen Area, and a pathway to EU citizenship—all of which continue to make Portugal a strategic choice for Brazilian investors seeking security, mobility, and global access.
Opportunities in the Caribbean
The Caribbean continues to attract high-net-worth individuals worldwide, thanks to its attractive CBI programmes starting from just USD 200,000 and favourable tax environments. Countries like St. Kitts & Nevis, Saint Lucia, Dominica, Grenada, and Antigua & Barbuda offer second citizenships with significant financial advantages, including zero taxes on capital gains, gifts, wealth, and inheritance. These jurisdictions also impose no income tax on non-residents, making them ideal for global investors seeking tax efficiency.
Beyond tax exemptions, passport holders from these nations can open bank accounts in reputable financial institutions worldwide, ensuring secure international banking. Countries such as St. Kitts & Nevis, Dominica, and Antigua & Barbuda also offer duty-free trading within the Caribbean, allowing unrestricted repatriation of profits and imported capital. Grenada, in particular, adds corporate tax incentives, import duty exemptions, and export allowances, making it especially appealing for business owners and entrepreneurs.
Underlying trends
These trends are further underpinned by lifestyle considerations are increasingly central to the decision-making process for wealthy families. Safety, access to quality healthcare, and top-tier education for their children often take priority. Much of the interest in Spain, for example, can be attributed to this, offering a family-friendly environment and access to renowned public and private universities. Its appeal is evident: 17% of residents in Madrid’s affluent Barrio de Salamanca are wealthy Latin Americans, and nearly 15,000 Latin American students enrolled in Madrid universities during the 2022–23 academic year.
Smoother international trade, access to new markets, and expanded investment opportunities are other key drivers. Many Latin American passports offer limited visa-free access to key global economic centres, which can restrict mobility and business growth. RBU programmes in countries like Portugal, Spain, and the United States allow investors to travel more freely and operate internationally more easily. Meanwhile, CBI programmes in the Caribbean and beyond offer broader global mobility and visa-free access to over 140 countries. Together, these pathways empower Latin American investors to compete confidently on the world stage.
The future of residency by investment for Latin America
As global economic landscapes shift, the demand for second citizenship among Latin American HNWIs is expected to grow. Residency and citizenship by investment are no longer just contingency plans—they are forward-thinking strategies for financial security, expanded business opportunities, and enhanced global mobility.
Learn more about your options with Citizenship Invest today.
