Bloomberg Reports Europe’s ‘Golden Visa’ Programs Are Dying Out as Housing Costs Rise
On May 4th, Bloomberg Online posted an article about the impending death of Golden Visa programs in the EU, siting the driver for shutting down “golden visa” programs across Europe is rising home prices. These CBI (citizenship by investment) programs allow foreign investors to obtain residency or citizenship in exchange for significant investments in real estate or other assets. As property prices surge in cities such as Lisbon, Barcelona, and Athens, lawmakers throughout the EU are arguing that these programs are exacerbating housing shortages and driving up prices for local residents.
Bloomberg’s article highlights Portugal’s golden visa program, which has been particularly popular among Chinese investors, has already undergone significant changes in response to similar concerns, and other countries are likely looking to follow suit. In 2023, the Portuguese government announced that it would eliminate the real estate option for CBI, requiring investors to put their money into more productive assets such as research and development (this is where Portugal’s HQA Visa™ takes over for the Golden Visa).
Portugal’s new HQA Visa program, which is slated to be the best alternative to a Golden Visa, is currently attracting investors looking for a way to obtain residency in the country. Unlike the golden visa program, which was criticized for its focus on real estate, the HQA Visa program prioritizes investment in R&D, entrepreneurship, and innovation.
Here are some of the reasons why the HQA Visa may be a great alternative:
- The HQA Visa program is designed to attract investors, domain experts, entrepreneurs, and executives who are interested in obtaining Portuguese/EU citizenship.
- The HQA Visa Program aims to recruit highly qualified foreign professionals and investors, with domain expertise, business leadership, or entrepreneurial experience, to start and finance research projects at Universities and Polytechnics.
- Investors who obtain an HQA Visa will have access to a range of benefits, including tax breaks, residency rights, and fast-track citizenship options.
- The HQA Visa program is part of a larger government initiative to promote sustainable economic growth and development in Portugal, which could lead to even more opportunities for investors in the future.
Overall, Portugal’s HQA Visa program is a more sustainable and strategic approach to attracting foreign investment than the golden visa program. The focus on quality investment, critical sectors, and access to benefits can benefit both investors and the Portuguese economy in the long run.
What do you think?
Photo by Samuel Jerónimo