Portugal's Golden Visa is working as it should, and the government is considering scrapping it Termination of the Residency by Investment Program
Something big is going on in the immigration world.In early November 2022, Portugal's Prime Minister António Costa (Antonio Costa) said that the government is currently considering abolishing the country's Golden Visa as it has served its purpose. Portugal's Golden Visa is a residency visa issued to non-EU nationals who have made significant investments in Portugal such as real estate investments, capital investments and the opening of companies. Through the Golden Visa, investors can apply for Portuguese citizenship in as little as five years, so the Golden Visa is viewed as an alternative to theFast Track Naturalization ProgramA fast track to permanent residence and citizenship in EU countries in addition to the European Union.
Residency program in Portugal
Portugal's Golden Visa, also known as the Residence in Portugal Investment Program (RIP), is one of the most sought-after visas by wealthy foreigners, and has been in place for 10 years, starting in 2012. Prime Minister Costa said that the Portuguese government is currently re-evaluating a number of programs, including the Golden Visa; the mission of the Golden Visa in Portugal has been completed and there is no need for the government to continue with the program.
Three mainstream: Portugal Golden Visa Greece Golden Visa Spain Golden Visa
Currently, the three mainstream golden visa countries are Portugal, Spain and Greece. TakeGreece Golden VisaFor example, if you live in the country for 4 years within 5 years, you can apply for permanent residence, and after 7 years, you can apply for naturalization by passing the language test, becoming a Greek citizen and obtaining a Greek passport. Through traditional channels to seek international protection, legal immigration or naturalization, often need to live in the country or region for a certain number of days, commonly known as "immigration supervision", while Portugal, Greece and other countries of the Golden Visa to maintain the right of abode in the "immigration supervision" of the number of days does not require, or The requirement is particularly low, so it is a fast way to get the right of residence or citizenship in EU countries. Once approved, theGolden VisaThe beneficiaries of this program immediately begin to enjoy freedom of movement within the Schengen area.
The advantages of the Golden Visa for the European Union
The Golden Visa program has been repeatedly and harshly criticized by the European Commission, despite its significant contribution to the economies of Portugal, Greece and other countries. Pressure is mounting on governments such as Portugal's as countries announce the suspension of golden visa and passport programs for Russian nationals. The European Commission's call for the termination of such programs is due to the fact that they are often used for illegal activities - mainly money laundering
Beyond that.Golden VisaIt has also pushed up local house prices and rents in Portugal (especially in the capital Lisbon and other popular areas). In order to control the influx of speculators, the Portuguese government has previously raised the threshold for citizenship by increasing the minimum property investment to 500,000 euros and limiting the range of countries that allow such investments. The threshold for the Greek Golden Visa has also been raised, previously available through an investment of €250,000 in Greek property, but the latest newsIt is possible that from January 1, 2023, the threshold for home purchase immigration to Greece will be raised to 500,000 eurosThe
Portugal's termination of the Golden Visa appears to be a response toEuropean ParliamentThe response to the new initiative, which seeks to downsize and regulate the multi-billion euro citizenship and visa industry, which the EU has long considered a security risk and "repugnant from both moral, legal and economic perspectives." A European parliamentary report argues that the investment threshold is too low and that EU residency should only be granted to legitimate investors who invest in the real economy, are trustworthy and have no criminal record.
Portugal's Golden Visa Applications More Than Twice as Many as This Time Last Year
Immigration to Portugal andBorder Service (SEF)The data show that by the end of July 2022, the amount of investment obtained by Portugal through the Golden Visa has increased to 78 million euros, more than twice the 36 million euros obtained in the same period last year; by the end of September, the number of applications for the Golden Visa has also exceeded twice the number of applications in the same period last year. Portugal golden visa investors mainly from China, Brazil, South Africa and the United States, 10 years to attract a cumulative total of more than 6.5 billion euros of investment, most of the funds used to buy real estate.
New Visa for Portugal - Digital Nomad Visa
Immigration to Europe is becoming increasingly difficult
This year since the war in Ukraine, the European Union has made urgent demands for a moratorium on the sale of visas to Russians and Belarusians. According to Reuters, there are concerns that people sanctioned by the EU over Russia's invasion of Ukraine may hold EU golden visas or passports, including to travel freely in the Schengen area. The European Commission has advised member state governments to check whether sanctioned individuals hold golden visas issued by them. Malta, which also operates a Golden Visa program, was also sanctioned forcorruption scandal, along with Cyprus and Bulgaria have committed to ending the Golden Passport program.
Opportunities for fast-track immigration to Europe are fading
Immigration policy big change in the sky, want to take the European identity of friends, in addition to prepare the cash in hand, arrange the funds out of the country, can be left to consider the time is not much. Portugal's golden visa may be terminated at any time, and the current waiting period is up to a year or more. In a number of previous articles, we have shared with you that theGreece Golden VisaThe investment minimum is still 250,000 euros, and the bad news is that in 2023 the threshold for home buyers in Greece will be raised to 500,000 euros. According to this trend, the situation will become more and more serious. Costs, time, and risk will all increase, and some people will be forced to leave the industry.
Other ways to immigrate to Europe
If you do not intend to buy or invest in Greece, but have a stable source of non-working income and want to get permanent residence, you can apply to become a financially independent person (FIP) in Greece. If you want to get your permanent residence in Greece in one step.400,000 euros in a Greek bankThe government will immediately grant permanent residence in Greece. Moreover, if one person deposits money, three generations of parents and children can apply for a permanent residence card. Deposits also have the advantage of retaining cash and increasing the liquidity of your assets.
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If you want to do further identity optimization, we propose for youGreece Golden VisamaybeFinancial Independents (FIP)add sth. into a groupDominica Citizenship by Investment ProgramThe solution.Dominica Citizenship by Investment ProgramIt is the king of value for money and has been recognized by the Financial Times for six consecutive years as "Best Naturalization Program". Dominica does not levy personal income tax, property tax, capital gains tax, property gift tax, etc. on overseas citizens, so you can utilize your Dominica status for tax planning. Holding both a Dominica passport and a Greek Golden Visa or being an Independent Financial Individual gives you a triple identity, combining the advantages of a visa-free country, asset planning, and life in the European Union. This is the second layer of the identity planning structure, after building, you can freely pass through the North America Caribbean 8 countries, the European Union 27 countries, but also let the children to receive international top education, live for a certain number of years to apply for permanent residence and many other benefits.
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