Investment migration, in 2021, was a $25 billion-plus global industry. Residency and Citizenship by Investment (RCBI) are Government-approved initiatives allowing foreign nationals to acquire the permanent right to remain in an alternative country by making capital investments and contributions to that Sovereign-state. This is becoming an increasingly popular means of achieving individual and family security for many.
While societies are seemingly returning to pre-pandemic levels of familiarity, RCBI is becoming an increasingly feasible method of maintaining a safety net amid economic and political instability. The Portuguese Golden Visa regime has become one of the most successful of its kind, reviving the country’s economy after the financial crisis in 2008 and reinforcing its growing popularity.
2021 saw investors inject €60 million ($68,287,500) into Portugal’s economy
Shelley Wren, Business Development Director of Sovereign Portugal, commented: “Portugal’s Government has relied on foreign investors to attract a steady flow of capital since the launch of its Portuguese Golden Visa regime in 2012. Amid recent global events, the European Union is ramping up efforts to ensure such visa structures cannot be exploited and this will ultimately mean that applicants will need to take strong guidance and support in every step of their visa journey.”
Saudi Arabia and Portugal have strengthened their bilateral relations over the past half-decade by pinpointing prominent economic, social development and investment opportunities that foster cooperation- this includes Portugal’s Golden Visa regime. The minimum investment required across a variety of criteria (e.g. fund investment and real estate) increased in January 2022, largely to ensure the capping of zones in which one can invest.
The EU’s agenda of changing regulations in the Golden Visa regime is prompting many to make decisions sooner than expected
As the EU seeks to tighten borders and become more stringent with immigration, several restrictions are expected to be implemented, not only for Portugal’s RCBI but also for other residency programmes.
Shelleyadded: “Given current international affairs, the next few years will likely see changes that will shape the future of the RCBI landscape. With this in mind, we strongly urge clients to take guidance as soon as possible to ensure that are better prepared for the future.”