This blog originally appeared at The Street.
Soon, affluent ex-pats may be shut out of this popular European bourse – and easy access to Europe as a home.
A long-standing visa program in Portugal, known as the Golden Visa, may be facing termination, prompting a warning from the country’s president for prospective citizenship applicants to act promptly.
The Golden Visa program, also utilized by other European countries such as Greece and Ireland, has been used to attract business and investment to the EU. Portugal, in particular, has been successful in drawing high-net-worth individuals to its picturesque landscapes, historic architecture, and charming towns. In 2022, Portugal saw an influx of 1,300 millionaires, as reported by Henley & Partners and New World Wealth.
However, critics of the Golden Visa program have raised concerns about the rising property prices resulting from the influx of wealth, which has made it increasingly difficult for Portuguese nationals to afford homes. Additionally, critics point out that the program not only grants citizenship in Portugal but also allows foreign nationals to establish legal residency in other EU countries, such as France and Italy.
The Portuguese parliament has voted to terminate the Golden Visa program, with only a potential veto from Portuguese President Marcelo Rebelo de Sousa keeping the program alive. The clock is now ticking, and there is a limited window for expatriates to qualify for the program before it is potentially discontinued.
The legislature intends to reintroduce the legislation with a potentially veto-proof majority in September or October at the latest. Since the Golden Visa application process takes approximately a week to complete, individuals who submit their paperwork in the coming weeks have a good chance of being approved for the program just before its anticipated termination.
For affluent foreigners seeking an attractive destination, Portugal’s Golden Visa program has long been an appealing option. Eligible expatriates need to spend only 14 days in the country to meet residency requirements and invest around $300,000 in the country to fulfill the program’s investment criteria.
Click to see full blog: https://www.thestreet.com/lifestyle/travel/portugal-golden-visa
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