The latest edition of the «Residence and Citizenship Programs» report by Henley & Partners, published on Tuesday, once again places European jurisdictions at the top. Malta retains first place in the citizenship index for the 11th consecutive year (followed by Austria), while Greece leads the residence ranking. Switzerland’s position reflects the cantonal forfait tax provisions available to wealthy new residents.

The growing global mobility of multimillionaires, along with cross-border domicile and tax planning, has become an increasingly relevant factor for wealth management. In that sense, the report is instructive. It introduces a degree of structure and comparative transparency into a business that is often opaque, politically sensitive, and difficult to grasp.

A Supply-Side Ranking

That said, the index remains, by design, a supply-side assessment. It evaluates programs according to objective criteria such as investment thresholds, processing standards, compliance frameworks, and the overall appeal of the country.

What it does not measure directly is actual demand or approval volumes. A top ranking therefore does not necessarily mean that a significant number of individuals can — or will — benefit from a program.

Malta: From Mass Program to Merit

Malta’s continued leadership comes under materially different conditions than in previous years. Following jurisprudence from the European Court of Justice, the island’s former citizenship-by-investment scheme has effectively been reshaped into a far narrower «citizenship by merit» framework.

In industry circles, expectations are restrained. Rather than processing hundreds of applications annually, the Maltese route is widely expected to evolve into a highly selective mechanism — potentially granting only five to ten citizenships per year. In that sense, it may begin to resemble the ultra-exclusive naturalization model in Austria, where approvals are rare, discretionary, and strategically significant.

Austria: Low Volume, High Value

Henley & Partners, headquartered in Zurich, acted as Malta’s central partner during the program’s peak years. Today, the firm is widely regarded as the leading intermediary in Austria’s small-volume but high-value segment.

The conclusion is clear: Malta may still hold the top position in qualitative comparisons. Yet the program’s practical footprint has shifted from a volume-driven model to a far more exclusive instrument.

Dubai Rises, New Entrants Gain Ground

The most striking movement in the residence ranking comes from the United Arab Emirates, which climbs sharply and enters the top tier. Dubai in particular has positioned itself as a hub for globally mobile entrepreneurs, family offices, and crypto investors.

Elsewhere, jurisdictions such as Singapore, Uruguay, and Saudi Arabia are gaining prominence, underscoring a broader geographic diversification of competitive residence offerings.

The Quality Gap in Residence Programs

Comparing residence programs is arguably even more complex than evaluating citizenship schemes. Some jurisdictions offer immediate permanent residence. Others provide renewable temporary permits. Some operate on a strict criteria-based model, while others — such as Singapore — retain substantial discretionary authority in final approvals.

Another decisive factor for wealth planners is how easily a residence status opens a credible and predictable pathway to citizenship and ultimately to a passport. In some countries, residence is a clear first step toward naturalization within a defined timeframe. In others, the bridge from residence to citizenship is uncertain, politically sensitive, or difficult to access in practice.

Europe Still Leads — But Less Unchallenged

In other words, two programs may rank closely in formal scoring, yet offer very different levels of long-term security for multigenerational planning.

For wealthy families and their advisers, the 2026 rankings illustrate a dynamic global competition among governments for entrepreneurs, tax base, and strategic investors.