In a few nations with schemes known as "Golden Visas," you can currently purchase real estate and become a citizen of the European Union.
For instance, a minimum investment to become a resident of Portugal is 280,000 euros, or $296,317.
Spending up to 14 days a year in the nation is one of the requirements.
The criterion fluctuates during the course of the five-year investment period, though.
The government of Portugal, led by Prime Minister Antonio Costa, recently declared its intention to evaluate the Golden Visa program, with a focus on the real estate investment option, and to make some preliminary revisions.
Foreign investment driving up real estate prices and potential security threats of money laundering in transactions, according to Costa, are two factors that prompted the study.
As a strategy to draw tourism and investment to Portugal, the program was introduced in 2012.
The initiative has generated 6.5 billion euros (about $6.8 billion) in investments over the past ten years and has granted more than 11,000 residency permits.
A Portuguese Golden Visa can be quite profitable if you're seeking for a means to live, work, or study in the EU, as traveler Brian Kelly described in his road to EU citizenship.
Your immediate family is also eligible for the advantages, and you may eventually obtain a Portuguese passport and obtain dual citizenship.
A Portuguese passport was ranked sixth (the United States is seventh) in the list of the world's most powerful passports according to the 2023 Henley Passport Index, allowing you to travel to 187 countries without obtaining an additional visa.
The program underwent changes in 2022, but this latest disclosure may signal that the entire program—or at least some of its components—will be discontinued.
Prior to the law change, candidates must complete a number of stages.
Prior to the meeting to develop the final proposal, which will be submitted to Parliament for a vote, there is a month-long feedback period that runs through March 16.
The suggestion can then be delivered to the president of Portugal.
The Constitutional Court will next decide whether to approve, modify, or review it.
Hence, if you've been considering obtaining dual citizenship, this is the time to start. It is anticipated that any modifications to the current program will only affect new applications and not current participants.
Brian described his own interactions with the program and the Mercan Group, which links investors to Portuguese real estate development projects, in detail.
On its website, you can find out additional information and register your interest in receiving it.
The price has been reduced from 5,000 euros ($5,290) to 500 euros ($529 approximately).
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