Quick Summary: The global relocation and investment immigration industry has no single official figure—public estimates vary widely. Data points with clear sources show this is a market concentrated in a handful of programs, channeling billions of dollars annually, and one on which some island nations depend significantly for budget revenue. The buyer profile has shifted: from ultra-high-net-worth individuals of a few nationalities to upper-middle-class citizens of dozens of countries, including Americans.
When Vietnamese nationals purchase a relocation program, they often think they are dealing directly with a government. In reality, between you and that government stands an entire chain of businesses: the project developer, the licensed agent, international consulting firms, regional consultants, local agents in Vietnam, due diligence companies, lawyers, and banks holding escrow.
Understanding how large this industry is and who is buying is not about academic research. It helps you understand why the same program carries different price tags in different places, why some sales pitches feel urgent, and why policy can shift so suddenly.
This article describes the market, not investment advice. Figures below are cited only when from public sources; where no official number exists, we say so clearly.
Why Does No One Have an Exact Figure for Industry Size?
Many articles cite a number like "the relocation industry is worth X billion dollars annually." You should read such figures with caution, for three reasons:
- Each country reports differently. Some publish application numbers, others publish person counts (including dependents), others publish government revenue, and some publish almost nothing.
- Money flows through multiple channels. Real estate deals put money in the developer's pocket, not the government budget; investment funds work the opposite way. Adding them together is mixing apples and oranges.
- Service fees are not tracked. Payments to agents, consultants, and lawyers are private company revenue, not part of any government report.
Therefore, the right way to read the market is to look at data points with clear sources, then piece them together to see the market's shape—rather than trusting a single aggregate number.
What Do the Cited Data Points Show?
A few figures are officially published or cited by international organizations:
| Program / Region | Public Figure | What It Tells You |
|---|---|---|
| U.S. EB-5 | Approximately 10,000 visas per year by law (including spouses and children), plus any numbers carried forward from prior years | The cap is fixed, so rising demand creates visa queues by country of birth, not additional visas |
| Portugal Golden Visa | Total capital attracted from 2012 until the real estate track closed (October 2023) reported at over €7 billion | A single relocation program can draw billions into a small real estate market |
| Caribbean citizenship by investment | IMF reports have repeatedly noted that CBI revenue for some islands reaches two-digit percentages of GDP | Islands are heavily dependent; therefore highly sensitive to outside pressure |
| Europe generally | The European Commission issued a 2019 report on risks from citizenship programs, later recommending the end of citizenship sales | The scale was large enough to become a policy issue for the entire bloc |
The thread connecting these: the industry is highly concentrated. A handful of programs capture most of the money flow, and when one major program closes, funds don't vanish—they redirect to the remaining few, driving prices up there.
Where Does Buyer Money Actually Flow?
This is the most important part for anyone considering a program, because it explains the price structure.
Take an example: a Caribbean citizenship application via the real estate track. The money you pay out typically gets divided among many parties:
- The government: application fee, due diligence fee, passport fee, and for the investment fund track, the entire contribution.
- The project developer: the price of your real estate stake or equity. Built into this is a sales channel commission.
- The licensed agent: the only entity permitted to file directly with the CBI authority. Receives service fees and typically commissions from the developer.
- International or regional consulting firms: sit between the licensed agent and each country's market.
- Local agents in Vietnam (or your country): the person you meet in person. May be one of the above tiers or further down the chain.
- Supporting services: due diligence companies, translation, notarization, lawyers, banks holding escrow.
Every intermediary tier takes a cut. The same project, the same investment amount, but your total cost can vary considerably depending on how many tiers away you sit from the licensed agent. Commonly hidden costs are listed in Costs Not Included in the Quote.
Who's Buying: The Buyer Profile Has Shifted
A decade ago, the answer was nearly unanimous: Chinese nationals dominated EB-5, Portugal's and Greece's Golden Visas, and many Caribbean programs.
By 2026, the picture is far more diverse:
- China remains large, but its share is declining due to the long EB-5 queue, capital control rules, and Europe closing the real estate track.
- India, the Middle East, and Africa (especially Nigeria) are rising fast, primarily for travel access: their passports enter fewer countries.
- Americans have become one of the largest inquirer groups for many programs—not because their passport is weak, but because they want a "Plan B." We analyzed this in The Second Passport Is No Longer a Billionaire's Perk.
- Southeast Asia, including Vietnam, shows steady growth: upper-middle and upper-class business owners, driven mainly by children's education and travel access.
- Russians and Belarusians were suspended from many Caribbean programs starting in 2022—an example of how buyer geopolitics can exclude entire groups from the market.
This shift has direct consequences: as buyers diversify, due diligence tightens. Review authorities must now handle documents from dozens of countries with different systems, and the typical response is to ask for more proof.
How Dependent Are Countries on This Industry?
For large nations like the U.S. or Greece, relocation revenue is a tiny slice of the economy. But for small Caribbean or Pacific islands, it can be one of the largest revenue sources.
Take Dominica: CBI revenue has been used for post-hurricane reconstruction, housing, and infrastructure. When a revenue source that large sits in the hands of an industry under pressure from the U.S. and EU, the island is pulled both ways:
- Wanting to keep prices low and processing fast to compete for buyers.
- Forced to tighten to retain visa-free access to Schengen, the UK, and relations with the U.S.
This tug-of-war is why Caribbean law changes constantly in recent years: minimum investment caps, interview requirements, residency requirements, biometrics. For a buyer, this is a signal worth reading: a program where the country depends too heavily on revenue often must yield when pressure is applied. Specific warning signs are in Five Signs a Program Is About to Close.
The Downside of a Large Industry for Buyers
When an industry has big money, many people want to sell. This creates choice, but also risks:
- Sales pressure in waves. Every time price increases or closures are announced, the market floods with urgent pitches to "submit before the deadline." Real deadlines exist, but not everyone needs to meet yours.
- Long intermediary chains. The more tiers, the harder to know who is accountable if something goes wrong, and the harder to claim refunds.
- Information filtering. Salespeople talk about what their product does well, rarely comparing fairly to what they don't sell.
- Policy risk lands on buyers. When a program closes or changes, governments and companies usually have self-protective clauses; buyers typically don't.
- Industry reputation spillover. One scandal at one program breeds suspicion of all programs, even squeaky-clean applications.
Checklist: Determine Where Your Consultant Sits in the Chain
Before signing, ask these questions directly and keep written answers:
- [ ] Is your company a licensed agent directly appointed by the CBI authority? What is your license number?
- [ ] If not, which licensed agent will submit my application? May I know their name?
- [ ] In your quote, what goes to the government, what to the developer, what is your service fee?
- [ ] Do you receive a commission from the project developer you are recommending to me?
- [ ] If my application is rejected, which costs are refunded, who refunds them, and on what timeline?
- [ ] Which programs do you sell? Is there a program that fits me better that you don't sell?
The last question usually reveals the most. A consultant willing to say "your situation might suit a program we don't offer" is one worth trusting more.
What's Next
Understanding industry scale helps you understand price structure, but your decision must start from your family's goals. You can use the program comparison tool to set options side by side by the same criteria before hearing any sales pitch.
And when you receive a quote, ask for each line item split by recipient. A quote that itemizes this way comes from someone who isn't afraid to show you where they sit in the chain.
