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Best Economy in the World Accessible by Residency by Investment
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RIF Trust on the Economic Advantages of a New Residency
RIF Trust CEO Mimoun Assraoui knows that being able to tap into the best economy in the world will stimulate interest in Residency by Investment amongst our HNWI readers. He points out the entrepreneurial benefits: “The majority of our clients run their own businesses, so they will target a base with a strong economy.”
“As The Economist illustrates, 2024 has been the year of the PIIGS” acclaims Mimoun.
He explains further: “Portugal, Italy, Ireland, Greece and Spain have demonstrated significant growth in the past 12 months.”
“In this article, we’ll describe how Residency by Investment can allow you to set up shop in 3 of these 5 countries.”
Spain Is the Best Economy in the World in 2024
The Economist study cites the IMF in declaring that “global GDP will grow by 3.2%” by the end of the year. It examines 5 factors to determine the best economy in the world. They are as follows:
- GDP
- Stockmarket Performance
- Core Inflation
- Unemployment
- Government Deficits
Spain’s GDP is tipped to go above 3% in 2024, mirroring the global figure, thanks, in part, to a robust labor market. This ties in with the 4th factor, with Spain’s unemployment figures the lowest in more than 10 years. Spain is outperforming Europe’s economic powerhouses, the likes of France and Germany.
The Spanish Golden Visa is your access point to The Economist‘s 2024 best economy in the world. It requires a minimum investment of €350,000 and, as well as its financial advantages, you can travel freely around the 29 countries that make up the Schengen Area. After 10 years of residency (2 if you come from Latin America or the Philippines), you qualify for Spanish citizenship and the number 1 passport in the world.
So, you enhance your global mobility firstly through the visa-free Schengen Zone travel. Then, you can travel without a visa to 126 countries including China, Türkiye, and the United Arab Emirates. You can enter 31 destinations with a visa on arrival and 26 with an eVisa, with a mere 15 countries requiring a Spanish passport holder to solicit a visa in advance.
Greece Is a Top 10 Economy
Although Greece loses out to Spain, the best economy in the world, it finishes a creditable joint 3rd. It’s level with Denmark. The Greek economy is just below Ireland in The Economist‘s top 10 and one place above Italy.
As the study describes: “Greece and Italy, once emblematic of the euro zone’s woes, continue their recoveries.” These two countries also have seen employment figures reach their highest totals in more than a decade. Greek GDP records a 3.7% upswing from Q4 2023-Q3 2024 while there has been a 26.7% rise in stock market prices in the last year.
The Greek Golden Visa is your entry guarantee for this number 3 economy. You need to invest at least €250,000 in Greek real estate to apply for this European Residency by Investment program. Again, you secure Schengen Area access.
There is a 7-year route to citizenship but it’s trickier to navigate due to strict language and physical residence stipulations. The prize is a Greek passport. Our Passport Index ranks this the 3rd most powerful international travel document.
With a Greek passport, you can visit 122 destinations without a visa. 31 countries are reachable through a visa attained on arrival. That leaves 28 destinations you can travel to with an eVisa and 17 that need a Greek passport holder to arrange a visa beforehand.
Portugal Is a Top 20 Economy
Despite being a long way behind neighbor Spain, the best economy in the world, Portugal’s economic situation is still superior to the likes of Australia, the Netherlands, and the United Kingdom. The Economist acclaim Portugal, along with Denmark, for “achieving rare budget surpluses through fiscal discipline.” The Portuguese economy is in 16th place in the table.
Portugal has witnessed a 1.4% increase from the 4th quarter of 2023 to the 3rd quarter of 2024. There’s not so good news regarding stock market prices, owing to a 7.6% decline in the last 12 months. In terms of core consumer prices, these have risen by 2.6% since last year.
With a Portuguese Golden Visa, you can tap into this top 20 economy. The minimum investment required is €325,000. This allows you to travel freely across the Schengen Zone.
The countdown to Portuguese citizenship starts 5 years after your Residency by Investment application date. This enables you to claim a Portuguese passport. According to the RIF Trust Passport Index, this is joint third with the Greek passport.
There are 124 countries available to visit without a visa as a Portuguese passport holder. You can enter 30 destinations with a visa on arrival. 27 countries require an eVisa whilst 17 need you to have sorted out acquiring a visa ahead of your date of travel.
How to Enter the Best Economy in the World
As an investor, you keep a close eye on the financial pages. Your next step is to consult a Residency by Investment specialist to facilitate a move to a country with a stronger economy. So, contact us now, and we’ll show you how to begin your application for a new residency today without delay.