The World’s Best Cities For Obtaining Citizenship Or Residence Permit And Doing Business In 2023

In the last few years, global post-COVID-19 consequences, geopolitical unrest, and various restrictions have caused both corporations and highly qualified individuals to relocate. In this connection, international entrepreneurs and investors need to be able to strengthen and scale their businesses. One of the ways to do that is by participating in citizenship by investment programs.

However, not all citizenship programs may coincide with individual preferences: the country offering the most advantageous programs may not have the most sensible requirements for opening a company or the most comfortable conditions for living. In 2023, Henley & Partners (a strategic adviser to the authorities and governments of many countries) presented two significant studies: one on citizenship programs and the other rating countries according to living conditions. The ratings are different and do not strike a lot of matches with the lists of the best cities for business.

The best countries for permanent residence and residence permit – rating in 2023

The study and ranking of countries carried out by Henley & Partners was based on more than 40 key parameters, which are usually taken into account by business owners and high-net-worth people when they make the final decisions about relocation.

The top 10 of these parameters are as follows:

1. RBI rating;
2. Safety;
3. Lifestyle;
4. Taxation;
5. Education;
6. Real estate;
7. Health system;
8. Financial sector;
9. Infrastructure;
10. Stability. 

A special tool developed by the agency allows any investor or businessman to independently select up to three parameters that are of the greatest importance when choosing a city for relocation through a citizenship for investment program. However, we should note that, in addition to the general analysis, it is very important to take into account the particulars of the legislation of the country where you are planning to choose to move or place the headquarters of your company.

To get a better understanding as to why a country that is great for business may not be the best place for obtaining citizenship and residence permits, we offer you some information about several ratings provided by Henley & Partners.

#	Rating of Citizenship Programs in 2023	Rating of residence programs in 2023, including Residence Permit Programs
1	Malta	Portugal
2	Austria	Austria
3	Montenegro	Greece, Italy, Switzerland
4	Grenada	Great Britain
5	Saint Lucia	Canada
6	Antigua and Barbuda	Latvia, Luxembourg
7	Saint Kitts and Nevis	Malta, Spain
8	Dominica	Australia, Singapore
9	Türkiye	Cyprus, Ireland, Jersey, Panama
10	Egypt	UAE, USA
11	Jordan	New Zealand, Thailand
12	North Macedonia	Hong Kong, South Korea
13	Vanuatu	Monaco, Mauritius
14	Cambodia	Malaysia

At the same time, a completely different rating of the best cities for business was published by another analytical group. In their rating, London remains on top of the list. Based on this, we can conclude that the choice of citizenship by investment program may not always cover all the applicant’s needs regarding business planning and company registration.

To make the right decision, it is a good idea to make a comparative analysis along all the criteria and be sure to take into account the latest changes in the legislative framework of the target countries and on the global level. We also recommend you look into the rating of countries with the best taxation policies in 2023.

Rating of best locations for doing business in 2023

The ratings of cities cannot be the only grounds for judgment if we aim at strengthening and developing our business. Professional investors should always consider additional factors and criteria that may differ from case to case.

For this reason, the opportunity to use the professional support of our experts is really important. We are always honest with our clients and offer them options only after a thorough consideration and analysis of the current situation and their ultimate goal. 

According to Resonance, the following cities are the best for investments and business development in 2023: 

1. London, the UK.
2. Paris, France.
3. New York, the USA.
4. Tokyo, Japan.
5. Dubai, the UAE.
6. Barcelona, Spain.
7. Rome, Italy.
8. Madrid, Spain.
9. Singapore.
10. Amsterdam, the Netherlands.

Generally, over a thousand different data parameters and some sophisticated technologies are used when compiling the ratings. All of that allows investors and businessmen around the world to use up-to-date market information and to some extent predict business development. Each of the cities on the list certainly has its strengths and weaknesses, but each of them is well-suited for nurturing international capital and talent. 

Top-5 cities for living in 2023

Following is a more detailed description of the opportunities offered by the cities included in the Top-5 of great places for relocation:

1. London was voted the best city in the world for the seventh year in a row, despite the concerns related to Brexit. Today, the UK capital continues to attract talent and business. It scored highly in the Programming, Promotion, Product, and Prosperity categories. Also, foreign businessmen can start building their own businesses, open companies, form partnerships and use banking products in London. For wealthy investors, there is a chance to make profitable investments in real estate on the outskirts of the British capital and receive passive income from this kind of business.

2. Paris has remained ahead of New York owing to its ambitious sustainability policy. For business, Paris can become the best place for various reasons, including favorable conditions for registering a company and the country’s high rating in the world market. Here you can also get a visa and build a business by purchasing real estate, which may be the best investment due to the high demand and favorable locations for tourists and foreign migrants.

3. New York takes third place in the rating thanks to many Global-500 companies, as well as the vibrant nightlife and world-known attractions. If we consider New York as a place for business relocation, it is important to remember that it’s the world’s largest financial center with the stock exchange and NASDAQ. The city also features the prestigious Manhattan district, where the best American financial companies, banks, and media are concentrated within a dozen square blocks. Registering a business in the United States is a serious and costly business both in terms of time and finances. But our experts are ready to provide you with comprehensive support in this matter and try to make it as hassle-free as possible.

4. Tokyo: this city in Japan takes fourth place in the rating of the best Asian megalopolises. Featuring the biggest population, the latest cutting-edge technologies, and one of the best transportation systems, it is also considered the safest city in the world.

5. Dubai in the UAE is the best city for business and life. The Dubai Emirate is still highly attractive to wealthy foreigners looking for profitable locations for their investments, registering businesses, and optimization of taxes. It is important to remember that local companies in the UAE in 2023 will start paying income tax at a rate of 9%, while non-resident companies opened in the Free Zone will retain the right to zero taxes.

What is the right approach to choosing the best place in the world to expand your business, place your executives, and build your personal residence? You can always contact our experts for high-quality support in choosing the best options. 

Other good cities for business and relocation

When evaluating each particular location, we cannot expect it to be equally attractive to all investors and high-income citizens. Some people prefer living in Europe, some would love to move to Australia, and some other people have a preference for living in the UAE. In this article, we only look at an index of the world’s cities based on the most important criteria for citizens, but the final choice can only be made after a thorough assessment of the particular situation and the specific needs of a person.

Further on you can find information about some other cities and countries of interest to businessmen and foreigners looking for the best places to relocate in 2023:

• Barcelona is a perfect city in Europe with year-round great weather, miles of beaches, famous landmarks, and mesmerizing park areas. For business, Spain offers lucrative programs for start-ups, beautiful bungalows, and luxury holiday apartments for investment, a stable banking sector, and the opportunity to get a “Golden Visa” (issued with some limitations as to the investors’ home countries);
• Rome is the Italian capital with magnificent architecture and a lot of historical monuments. The city invites you to experience the history of two thousand years, however, it does not lose the pulse of modern times. It is quite popular among foreign business owners. Italy is not one of the countries that offer low taxes, but it remains one of the best for building a business and accessing the world markets through the EU. Today, foreign investors can buy a ready-made business, start a new company, buy a house, or get a long-term visa in Italy, which allows them to become legal citizens of the state (if they choose to apply) after 10 years of residence;
• Madrid is a city that continues to attract investments in its rich infrastructure and public assets. Comparatively recently, the city has taken steps to combat climate change and pollution. This has resulted in 47 miles of new forests and more than 500,000 trees planted there. The Spanish city is also attractive to foreign businessmen and those individuals who may want to move to the country for permanent residence because of its welcoming sunny and warm climate. Just like in Barcelona, you can take advantage of the Golden Visa, start your own business, or expand the existing one in Madrid. There are many different opportunities; all you need to do is to make the right choice!
• Singapore is a country and a city whose leadership actively reinvests in research, talent search, and recruitment. The city-state tries to make sure that it can offer a comfortable and safe home for businesses and wealthy citizens for decades to come. Today, Singapore’s popularity as one of the most prosperous places on the planet continues to grow; it has high rankings for safety and large diasporas of foreign immigrants, most of whom are engaged in business;
• Amsterdam is the smallest city on the list of the best places to live and do business in 2023. That said, the benefits for businessmen and foreign immigrants in this tiny city and the small country where it is located are immense. You can live and work here, find some favorable conditions for creating funds and partnerships, get a visa without much of a hassle, and stay in Europe for a long time. You can get a free consultation on starting a business in the Netherlands on our portal.  

For those who prefer doing business and living in Asian cities, it is worth looking into Bangkok. Thailand‘s capital can be called “an attractive gateway to Asia” because of the numerous incentives for foreigners from the local authorities. The city offers import duty exemptions, which is very profitable for multinational companies.

In conclusion, we would like to draw your attention to Mauritius. Port Louis has long been a stable and well-run city with well-developed and smoothly operated infrastructure. This African financial center boasts a very favorable location between the two continents, Asia and Europe, which creates excellent opportunities for international trade business. The center of Mauritius already houses dozens of headquarters, including online companies and cryptocurrency organizations.

Which is the most successful corporate city in the world?

We have reviewed a list of cities that are particularly active in attracting foreign capital and always welcome investors, businessmen, and wealthy foreign residents. Following significant changes in the global landscape, the interests of citizens and businessmen have shifted strongly toward safety, health, and asset protection (both in private finances and in the banking sector).
Today the choice of a country and a city to relocate to involves assessing not only the conditions for doing business and the stability of the state but also the key factors for safe living in decent comfort. Besides, it is very important to analyze the current policies of the authorities, including their political stance and taxation philosophy. Only if you are confident in the positive development of the political and economic systems in your country of choice will you be able to build long-term business and personal plans without worrying about the days ahead.
For many people, the presented rating does not matter much, especially if their goal is to register an offshore business and protect their assets. In such cases, we advise our clients to consider one of the offshore zones and areas where they can profitably start their business, create a trust or a fund, and take advantage of tax incentives.