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According to local media, all new applications for Golden Visas lodged after February 16th, 2023, are no longer valid.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.
In the past, some applicants adopted a "financial sponsorship" approach, where a third party covered part or all of the SISC contribution on behalf of the applicant. This practice is now disallowed by the St Kitts and Nevis Citizenship by Investment Unit (CIU). As of a recent announcement, "financially sponsored" applications are no longer accepted by the Unit.
St. Kitts and Nevis, a serene Caribbean haven, extends its citizenship by investment program to global investors seeking a second passport. Established in 1984, this reputable program enables passport holders to access over 150 countries visa-free or with visa-on-arrival status, including influential destinations like the UK, EU, and Canada. Yet, eligibility for the St. Kitts […]
As of August 2023, Dominica has been added to the list of countries whose citizens need a visa to enter the UK. U.S. citizens who hold dual citizenship with Dominica should apply for a UK visa before traveling to the UK.
In a move to prioritize national security, defense, and public safety, the government of Saint Christopher and Nevis has implemented crucial changes to its citizenship by investment process. According to the latest regulations, citizens and individuals ordinarily residing in specific countries will now be excluded from applying for citizenship in St. Kitts & Nevis. The […]
Copyright 2020 CTrustGlobal Ltd. | All Rights Reserved | Working under the umbrella of Trust Group
