Portugal continues to grant the best golden visas in the world. The sunshine country offers an affordable and high-quality quality of life, easy access to other European countries and a clear path to EU citizenship, according to an index by consultancy Henley & Partners, which examined factors such as the time needed For citizenship, taxes, costs and reputation of the country. Austria and Greece tied for second place in the rankings.
Golden visa boom
While there have been calls to stop residency-by-investment programmes, which allow foreign investors to gain permanent residency in a country by paying an initial amount, these so-called golden visas have continued to flourish.
“European Residency by Investment programs continue to dominate the top positions among the most popular investment migration programs around the world,” said Henley & Partners CEO Jörg Steffen. “These programs allow participation in some of the world’s leading economies and are a way to reduce exposure to their own volatility.” country”.
Strong criticism of visas
Golden visas have faced strong criticism amid concerns that they have contributed to rising property prices in cities such as Lisbon and Athens. This resulted in some countries restricting its provision, including Portugal last year and Greece last February.
Facing a housing crisis blamed, at least in part, on wealthy foreigners, Portugal has moved to halt tax breaks for expats. So far, though, global wealth advisors say the country continues to attract foreign investors. Other countries, such as the United Arab Emirates and Hungary, have recently launched their own residency by investment policies.
It is expected that 128,000 high-net-worth individuals around the world will move to a new country during 2024, according to Henley Partners, which added that holders of American citizenship were the top nationalities that applied for a golden visa through the consulting company during the past and current years.
