Residency investment programs have been used by many countries to attract foreign investors and stimulate economic growth. These programs allow you to obtain residency or even citizenship in the host country in exchange for a significant investment.
However, one of the most popular programs, Portugal's residency by investment program known as the "Golden Visa", will no longer be valid in 2023. The program was introduced in 2012 and has attracted thousands of investors to Portugal, primarily from countries such as China, Brazil, and Russia.
The "Golden Visa" allows you to obtain residency in Portugal in exchange for a minimum investment of 500,000 euros in real estate. In addition, residency permits can be obtained through investments in other sectors such as venture capital or job creation
Why is this programme being shut down?
The European Commission has criticized residency by investment programs as a threat to the security and financial integrity of the European Union. The Commission has argued that these programs enable money laundering and tax evasion and can be used by criminals and terrorists to enter the EU.
Therefore, the EU has urged countries that have residency by investment programs to review and modify them to ensure that they comply with transparency and security standards.
From what date will this programme cease to be in force?
Portugal has announced that its "Golden Visa" program will no longer accept new applications after 2021 and that the program will be completely phased out by 2023.
The end of the "Golden Visa" program in Portugal will be a major blow to investors seeking a way to obtain residency in the EU through a significant investment. However, other EU countries still have residency by investment programs, such as Spain, Malta, and Cyprus.
Although these programs have been criticized by the EU, some countries have defended their importance in attracting foreign investment and stimulating economic growth. However, residency by investment programs are likely to become increasingly strict and regulated in the future to ensure that they meet the EU's transparency and financial security standards.
In summary, Portugal's "Golden Visa" program will no longer be valid in 2023, marking the end of one of the most popular residency by investment programs in the EU. Although other EU countries still have similar programs, they are likely to become increasingly strict and regulated in the future due to pressure from the EU to ensure transparency and financial security.
So, if you are interested in finding out more about residency by investment program and its opportunities to develop business, contact us today! Below this article, you will find a link to set up a free fifteen-minute consultation with us to discuss your options further.
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