The number of British entrepreneurs looking to “buy” citizenship from countries offering visa-free access to the European Union has increased sharply, investment migration firms say, as prospects of a post-Brexit trade deal between Britain and the EU weaken.

Investment immigration firm Astons said it had seen a 50% and 30% year-on-year increase in interest from clients seeking Cypriot or Greek citizenship respectively this quarter, less than four months before UK passport-holders are likely to lose their rights to freedom of movement across the EU.

Henley & Partners also reported a rise in requests for advice on investment migration applications to Malta, Portugal, Austria and several Caribbean islands, which offer a range of residency rights, visa-free travel to the EU and citizenship to investors in local business or property.

“This isn’t about tourists. This is the UK high net worth community that have a constant need to travel to and spend significant time in the EU,” said Henley & Partners director Paddy Blewer, who added, “This is investment migration as a volatility hedge and a component in a high net worth portfolio value defence strategy.”

Cypriot residency can be secured in two months with a €300,000 property purchase. Securing citizenship takes six months and requires a minimum property investment of €2m.