It’s yet to be officially approved, but Portugal is about to end its golden visa scheme for foreign investors. This program has been very successful and has attracted many investors from around the world. The scheme, aimed at non-EU nationals ready to invest in Portugal, has attracted 6.8 billion euros since its launch in 2012, with investor choosing real estate investments on the Atlantic coast. Successful applicants were given residency rights and a path to the European citizenship.
The reasons why the Portuguese government might shut down the Portuguese Golden Visa program is mainly related to the country’s house-affordability issue. In fact, the Golden Visa program has led to an increase in property prices, making it difficult for local residents to afford a place where to live. Undoubtedly, shutting down the program would help bring prices back down to a more reasonable level.
However, on a more general picture, despite the fact that the European Commission is trying to limit access to these migration programs, these are in huge demands. A valid and open alternative to the Portuguese program is represented by Italy. The Italian Elective Residence Visa allows non-EU citizens to live in Italy potentially indefinitely, without making any sort of investments. All they need in order to apply for this visa is to prove they have sufficient financial resources – a passive income – to support themselves without working. Passive income usually comes from real estate investments, brokerage accounts, pensions, annuities. Following five years of physical presence in Italy, applicants are eligible for a European permanent residency and, after ten years, EU citizenship. This Italian program targets retirees and high net worth individuals.
Italy is known for its beautiful landscapes, rich history, culture, food, lifestyle, design, and stunning cities like Rome, Milan, Florence, and Venice. Overall, if you meet the eligibility criteria and are looking for a way to experience Italy’s culture, the Italian Elective Residence Visa could be a fantastic option for you.
Davies & Associates works with Italian licensed attorneys (the main office is located in Florence) and has Italian desks in the U.S., India, and Vietnam.
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