CTrustGlobal - Citizenship by Investment Government Authorized Agent

CTrustGlobal

Portugal's Golden Visa Scheme Comes to an End

After a successful ten-year run, Portugal's Golden Visa scheme has officially come to an end. This decision has caused mixed reactions among locals and international investors alike.

The Golden Visa programme enabled foreign investors to obtain residency in Portugal by making financial investments in the country. However, after a recent housing crisis and concerns about the scheme's effectiveness, Portuguese Prime Minister António Costa has confirmed the programme's termination.

According to local media, all new applications for Golden Visas lodged after February 16th, 2023, are no longer valid. Residence permits for investment will remain effective, but Costa notes that "nothing justifies a special regime for Golden Visas."

The termination of the scheme comes after 89% of residence permits were exclusively for real estate purchases. There were only 22 cases where investors created jobs, making the programme's effectiveness debatable.

However, Golden Visas for entrepreneurship will still be available. This type of visa enables foreign entrepreneurs who want to develop a project in Portugal to do so. These new visa applications are assessed by taking into account the economic, social, scientific, technological, or cultural relevance of the investment.

A report by El Pais notes that Chinese nationals are the main beneficiaries, representing 45% of total Golden Visas obtained. Brazilians come in second at 10%, followed by a large number of beneficiaries from the United States, South Africa, and Turkey. In total, the number of non-EU foreigners who obtained a Portuguese residence permit, including their family members, has reached around 31,000.

Golden Visas have brought Portugal an additional €5.9 billion during the last decade, according to data from the Foreigners and Border Service (SEF). This figure highlights the potential economic impact that the scheme had on the country.

Terminating the programme poses a potential risk to Portugal's digital nomads, as the cancellation of one form of visa could cause uncertainty to others. However, Portugal is determined to become a more attractive country for digital nomads, who are now heading towards other countries like Dubai, Singapore, Turkey, Germany, and Hong Kong.

In conclusion, Portugal's Golden Visa scheme has ended, bringing to a close a ten-year period that saw billions of growth in the national economy. The decision to terminate the programme follows a housing crisis and concerns about its effectiveness. However, Golden Visas for entrepreneurship will still be available, enabling foreign entrepreneurs to develop a project in Portugal.

Article written by CTrustGlobal
CTrustGlobal is a Government recognized and Authorized Immigration and Investment Program agent, representative, promoter and marketer. We are the leading name in providing investor immigration services as per the guidelines offered by The Governments of the Dominica, Grenada, Saint Lucia, Antigua & Barbuda and Saint Kitts & Nevis and Cyprus.

CHECK ELIGIBILITY


April 4, 2024
Caribbean Citizenship by Investment Experiences Significant Price Increases

In a significant development within the Caribbean Citizenship by Investment (CBI) landscape, four out of five countries have recently announced substantial price increases for their citizenship programs. These adjustments come in response to mounting pressure from the EU and the US and aim to standardize the minimum investment threshold for citizenship applications. While this move […]

March 1, 2024
Canada Updates Travel Requirements for Mexican Citizens

The Canadian government has announced revised travel requirements for Mexican citizens traveling to Canada, aimed at maintaining the integrity of the immigration system while easing travel for eligible individuals. Key Changes Why the Changes? The Canadian government cites a rise in the number of asylum claims from Mexican citizens, many of which are ultimately refused, […]

December 12, 2023
30 Years of Excellence: Dr. Aly El Dakroury's Immigration Firm Marks a Milestone

In the vast landscape of immigration and citizenship consulting, few names shine as brightly as Dr. Aly El Dakroury, a distinguished entrepreneur with an Engineering Background, and his immigration firm headquartered in Ontario, Canada. Driven by a passion for helping individuals and families realize their dreams of global citizenship, Dr. Aly's journey is nothing short […]

November 28, 2023
Important New Quebec Immigration Changes Effective November 23

A pivotal shift has occurred in Quebec's immigration landscape with the enforcement of crucial changes on November 23, 2023, prompted by the by-law amending the Québec Immigration Regulations. These modifications aim to address labor-force challenges, foster economic development, and elevate the prominence of the French language across Québec. Key Changes: Annual Quebec Immigration Targets (2023-2025): […]

HEAD OFFICE

Copyright 2024 CTrustGlobal Ltd. | All Rights Reserved | Working under the umbrella of Trust Group

CHECK ELIGIBILITY
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram