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Alternatives to the canceled Portugal Golden Visa
With the alternatives to the canceled Portugal Golden Visa, an individual can now get the same benefits of the Canceled Portugal Golden Visa.
Where because of the innumerable advantages and benefits of the Portuguese Golden Visa. It is not easy to find similar programs. However, after careful study and research, we have found for you some programs and options that the investor can choose.
Note: The Portuguese Golden Visa Program was recently restored with the abolition of the real estate investment method and the introduction of new investment methods including investing $500,000 in non-real estate funds.
About the canceled Portugal Golden Visa
The Portuguese government, through its Prime Minister Antonio Costa, announced on February 16, 2023 during a press conference, the abolition of the Golden Visa programme. As one of the other package of decisions to solve the deteriorating housing situation. And high real estate prices in the country.
The Golden Visa program is closely linked to the real estate market in Portugal. Investors are allowed to obtain residency and passport in Portugal through investment, especially real estate investment. This program, in turn, led to a rise in housing prices and rents in the country, according to analysts.
First, Ireland canceled the Golden Visa program due to the housing crisis and introduced it to stimulate investment at a time when the country was going through economic hardship. Then Portugal closed the curtain on this program 10 years after its introduction.
In the same week, the Spanish left-wing political leader of the Mas País party introduced a bill to the Spanish Congress to cancel the Spanish Golden Visa program on the grounds of high housing prices. But things are still the same until now.
Canceled Portugal Golden Visa reasons
Most people think is that Portugal canceled this program because of the high housing prices, which is not true. The main reason for its cancellation is real estate speculation. And
The other reason is the fear of the risks of tax evasion and money laundering.
As the percentage of real estate in Portugal increased by 37% just in 2022. The Portuguese President explained that the housing problem affects all people of all classes, not just the needy class.
Where the abolition of the Portugal Golden Visa did not happen suddenly. But after several adjustments over the past three years. And in 2021, Portugal canceled real estate permits and excluded the purchase of real estate in the capital, Lisbon, and other major cities.
The Portuguese Golden Visa Program was designed to restore the economic situation and address the housing crisis in the country after the economic crisis in Europe in general and Portugal in particular in 2011. After the bailout plan issued by the European Union and the International Monetary Fund.
In the years since the establishment of the Portuguese Visa Program, Portugal has collected revenues estimated at around €6.5 billion from this programme.
Any exceptions to the canceled Portugal Golden Visa Program?
As we mentioned, Spain looks like Portugal a lot. As of now, it is not clear if the revocation will only be for the real estate investment option, or if it will include all options. And final decision not has been taken in this regard yet. Where the Portuguese Prime Minister submitted the abolition file to Parliament. For approval in mid-March.
The President stated that people who already have a golden visa can renew their residency without any problem. Provided that the property is for personal ownership or a long-term lease.
In addition to canceling the golden visa, Portugal introduced a package of other decisions to overcome the obstacles that limit this problem. The most important of which is to expedite and facilitate the granting of real estate licenses. and encourage long-term rentals by lowering their taxes. Restrictions on increasing rents in new contracts. Encouraging homeowners to sell the property they do not need to the state, and in return, waive the capital tax for them.
Best alternatives to the canceled Portugal Golden Visa
Spain
If there is a program like Portugal Golden Visa, it is the Spain Visa Program. Which has an integrated program similar to the Portuguese Golden Visa.
The biggest advantage that makes a person hurry and choose Spain as a destination for the Golden Visa program is that Spain is also subject to possible cancellation after a possible period, this is the best alternatives to the canceled Portugal Golden Visa right now.
Because the leftist political leader of the party, Mas País, submitted signatures to cancel the golden visa for Spain. Which can be applied months from now. This means that now is the best time to apply for a unique and comprehensive, Portuguese visa program alternative.
We also mentioned that when the file is submitted and the initial approval is obtained from the government, the Spanish government does not have the right to cancel any previously submitted file. As with the similar program in Portugal, the program was canceled but investors who had already received approval were retained.
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Advantages of the golden visa for Spain
As we mentioned, Spain look a lot like Portugal. Starting from its geographical location next to Portugal, where they share a border. And the character of the people, and the language of Spanish which similar to Portuguese, as well as the atmosphere, customs and traditions.
Portugal’s Golden Visa, with the Spain Visa, you can obtain a European passport from Spain after 10 years of providing residency. Where the investor gets permanent residence in Spain and Europe after 5 years. Through it, the person has obtained residence in all European countries forever. And after another 5 years, the possibility of obtaining a passport ranks third in the world. Which comes on top passports in all European countries. Through it, one can enter 193 countries without a visa.
The requirements for investing in Spain are the same as for investing in Portugal. With an investment of €500,000, you will be able to obtain a golden visa for Spain and the possibility of residence in all Schengen countries. With the advantages of opening business ventures, bank accounts and companies in any country in Europe.
With a Spain visa, the investor can add his children and spouse with him so that they can benefit from the excellent European educational and health systems. By virtue of the presence of many prestigious universities in Spain. By making points, we have shown why Spain is the best alternative to Portugal for obtaining residency by investment, especially nowadays.
Greece
Greece is another preferred option for obtaining a passport and residency in Europe. By investment is the lowest among all the Golden Visa programs. It is valued at around 250,000 Euros by investing in Greek real estate. And the possibility of selling the property used in the investment after 5 years and obtaining a potential financial return from it.
The reason we chose Greece is that Greece will double the investment value from €250,000 to €500,000 soon. This reason is sufficient for the investor to quickly submit the application.
Greece also grants a Greek passport after 7 years of residence. It also occupies distinct locations in the world by occupying the seventh place in the list of the most powerful global passports. With the ability to enter 175 countries without a visa.
Grenada
Grenada is a Caribbean island nation that also has a unique program to obtain permanent residence and the World class Passport. With very suitable investment values and endless benefits.
True, Grenada is not in Europe. But it is one of the best and most convenient ways to get to Europe. Meaning, when you have a Grenada passport, it will enable you to enter all European countries without a visa. Hence the possibility of studying, working and living in any European country.
We chose Grenada because it provides many benefits to investors at a much lower cost than the Golden Visa Programs. Which starts with a non-refundable contribution of $150,000 or an investment of $220,000 in real estate with the possibility of selling the property after 5 years. Thus obtaining a strong passport and not just residency. Thus, obtaining a strong passport and not just residency.
No residency is needed in Grenada before or after getting a visa, and there are no citizenship tests of any kind. Which will give you and your family after 6 months a passport that will allow you to enter 143 countries without a visa. Which includes all Schengen countries, Britain and China. And the possibility of obtaining a work visa for America for a period of 10 years.
Alternatives to the canceled Portugal Golden Visa
The reason we chose these three programs in particular is because Spain looks like the Portuguese Visa Cancellation in many sides. And Greece, after several months, will double investment values. While Grenada has several features that make it a complete program with simple requirements and a strong passport.
With this, we have completed the best programs that can replace the Golden Visa Program for Portugal.
We have dozens of articles related to citizenship by investment and residency by investment, take a look at them.
About Author
Taher Shehab
As co-founder and CEO, Taher Shehab has guided Global Citizen Consultants to be a leader in providing citizenship by investment in over 20 territories, including the Caribbean.
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