Welcome to the Passport Bros podcast, where we discuss all things related to travel, visas, and international living. In today's episode, we're joined by Mohamed Aboshanab, aka Mo, to talk about the new changes in the European Golden Visa program, specifically in Portugal and Ireland. With years of experience in the industry, Mo is an expert on visa and residency programs around the world, and we're thrilled to have him here to share his insights.
Overview of the European Golden Visa: The European Golden Visa program allows non-EU citizens to obtain residency or citizenship in Europe by investing in real estate, businesses, or government bonds. The program has been a popular choice for wealthy individuals and investors looking to diversify their portfolio and gain access to the European market. However, the program has also faced criticism for its lack of transparency and potential for abuse.
Changes in Portugal: In 2021, Portugal made significant changes to its Golden Visa program, including phasing out the real estate investment option in Lisbon, Porto, and the coastal regions. The government also introduced new requirements for investment in low-density areas, such as the Azores and Madeira islands. These changes aim to address concerns about the impact of the program on the housing market and promote investment in underdeveloped regions.
Changes in Ireland: Ireland also recently announced changes to its Golden Visa program, which will come into effect in 2022. The new rules will require investors to make a minimum investment of €1.25 million in a residential property, up from the current €1 million requirement. The government has stated that the changes are intended to ensure that the program benefits the economy and society as a whole, rather than just the wealthy.
How to Prepare for the Changes: With these new changes in mind, investors who are considering the European Golden Visa program should take a few steps to ensure that they are prepared. First, they should research the specific requirements for each country's program and consult with a qualified immigration lawyer. They should also consider alternative options, such as the investor visa programs in the UK or the US. Finally, investors should be aware of the potential risks and drawbacks of the Golden Visa program, such as the potential for fraud and the limited benefits of residency compared to citizenship.
Conclusion: The European Golden Visa program can be a valuable tool for investors looking to gain access to the European market, but it's important to stay up-to-date on the latest changes and requirements. By understanding the changes in Portugal and Ireland and taking the necessary steps to prepare, investors can maximize their chances of success in the program. Thank you for tuning in to this episode of the Passport Bros podcast, and be sure to subscribe for more insights and tips on travel and visas.
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