Portugal Golden Visa Program Ends: What You Need to Know
The End of Portugal's Golden Visa Program Marks a Global Trend Towards More Limited and Expensive Residency and Second Citizenship Options, Urging People to Act Now for a Secure Future.
The End of the Portugal Golden Visa Program: Why and What It Means for Residency and Citizenship Programs Worldwide
The Portugal Golden Visa program, which allowed foreign investors to obtain residency in Portugal through property investment, ended on January 1, 2022. This move comes as residency and citizenship programs around the world are closing or becoming more expensive and difficult to obtain. It's time to act now and get a Plan B ticket out of town before the tidal wave of inflation hits.
The Portugal Golden Visa program was a popular way for wealthy individuals to obtain residency in Europe by investing in property in Portugal. However, the program faced criticism for creating a real estate bubble and driving up housing prices in major cities like Lisbon and Porto. In response, the Portuguese government decided to end the program and replace it with a new program that focuses on investment in less developed regions of the country.
The end of the Portugal Golden Visa program is part of a larger trend of countries around the world closing their residency and citizenship programs. Many governments are tightening their immigration policies in response to the global pandemic and rising concerns about security and sovereignty. In addition, these programs are often seen as a way for the rich to buy their way into a country without contributing to the local economy or culture.
This trend is also leading to a rise in the cost and difficulty of obtaining residency and citizenship in other countries. For example, the cost of the US EB-5 investor visa program has increased from $500,000 to $900,000, and the processing time has increased from 12 to 18 months. Many other countries are also increasing their investment requirements and processing times, making it more difficult for individuals to obtain a second passport or residency status.
Given this trend, it's important to act now and obtain a Plan B ticket out of town before it's too late. Inflation is on the rise, and it's important to protect your assets and diversify your portfolio. A second passport or residency status can provide the freedom and flexibility to travel and invest globally, and can also provide a sense of security in uncertain times.
In conclusion, the end of the Portugal Golden Visa program is a sign of the changing global landscape for residency and citizenship programs. These programs are closing or becoming more expensive and difficult to obtain, making it important to act now and obtain a Plan B ticket out of town. A second passport or residency status can provide freedom, flexibility, and security in uncertain times.