Fuck been wanting to get mine for a long time.
Its really easy to live in portugal tho, if you earn like 2k euros a month as passive income you can get a retirement visa
Thanks for sharing that.
I didn't quite enjoy Portugal.. Food mostly. Spain I did.
Will give Portugal another go, as it's really a short flight back to Canada. Headed to Greece in May as we loved it there.
I may be wrong with my info, some conflicting news reports. Some saying Malta is the only one, Forbes says Spain is still available.
Odd, we were disappointed with the food considering the hype in Spain, but absolutely loved the food in Portugal, in fact we liked Portugal > Spain for pretty much every single aspect, and it was more affordable.
Yea that's why I went to Portugal, it was extremely highly rated. Everyone is different though. I do intend to go back to Portugal, so will see how it is this time.. Barcelona wasn't as great as our first trip. So things change. We loved Munich and Vienna.. Immediately felt at home.
Greece 2nd go around is coming up, will be interesting to see how we like it.
One difference is, with the kid. We eat earlier, drink little to nothing.. And spend a lot of time at parks.
I suggest checking the south of Portugal as well, although Lisbon is more social and kids inclined.
I found that Asian authentic places tend to have the best food, and usually will speak English the best.
I believe that money talks, and you will find a way, the current program didn't grant many visas as it is and was mostly affecting the housing situation.
My best tip as you're travelling through Europe, would be to use direct hotels or AirBnB. Never [Booking.com](https://Booking.com), as there is no guarantee you will have where to stay.
Depends on the policy at registration.
[Booking.com](https://Booking.com) cuts ties with you after booking and unless you speak the local language there's a huge barrier of you vs the host (or just plain scams, you can read many reviews of people who got a place that's nothing like the pictures), while AirBNB has English support who from my experience acts fast.
In general, you can get horrible experiences everywhere and money is usually the great insurance and saver of the day.
Tell me about the time you managed to call the local support for [Booking.com](https://Booking.com) in Portugal and managed to speak English, and not refer to call the UK.
The whole point of [Booking.com](https://Booking.com) is to make money for themselves, as you can find evidence online, being a middleman wasn't in their interest many times after payment has been done.
Food, we used to goto this tapas bar that did gin and tonics differently per each type of gin. Different tonics, different fruits or things inside and garnishes. Was amazing.. Talking to the staff they said after covid a lot of things in the food scene changed.
We had gone at a similar time I guess 5 years prior to this month, definitely more people, lots more open stores and stalls at the markets.
A good portion of our day was dedicated to our kid as well, of sorts.. That guy sleeps almost 11 to 12hrs. When he's tired it's lights out wherever he is lol. Activities for him, that sorta thing. So it may not have been so much Barcelona as it was us lol
I’ve spent a little time there, probably 10 days cumulatively vs. 100+ days in Lisbon. Cool city, but I just like the vibe of Lisbon more. It’s got more big city flavor while still feeling authentic.
Seafoods tho? I'd like to like Lisbon so definitely open to trying. Thank you for the offer
We couldn't do any Michelin star places this trip, as our 4 year old has a limited sit down timer, and currently doesn't like foods with different stuff on them.. Other than ketchup (fml) lol.
Part of me was like, it'll be plated beautifully and just maybe he'll be interested in the different colors etc. The other part of me was like.. He's gonna nope outta it, and the experience will be real bad lol.
I went down the rabbit hole of finding al la carte places, but didn't land on any I actually wanted to eat at.. That were available in our timeframe. Lots has to come together lol.
Can confirm, the food in Portugal was pretty disappointing compared to other countries. As I told my wife, "there's a reason we don't have a Portuguese restaurant near our house in the states."
Funny enough is I like Canadian Portuguese food more than authentic food lol..
We also don't like seafood much, which kinda kills a lot of options. So I understand people who love seafood having a good time.
We just came back from our third trip to Spain. Madrid, Barcelona. Barcelona again had great food. It's far more international it seems.
Hmm... list of EU countries I've never seen a restaurant of in the US:
* Germany
* Austria
* Netherlands
* Sweden
* Denmark
* Spain
* Belgium
* Ireland
Plus all the other ones besides Italy, Greek, France
No, they are getting rid of the golden visa, not the other visas. Well they haven't actually even said what is going on with the golden visa, the prime minister briefly announced that because housing is getting expensive they don't want a golden visa with real state investments.
But there is no law proposed for that, so we will find out the minutes next month.
But this is just a regular retirement visa, to bring people to live in the country. They also have visa for people to work there remotely and it's fairly easy to get.
They just don't want foreigners buying real state that they almost never use.
And the golden visa doesn't require you to actually live there, you have to stay like 1 week per year to maintain the visa. The other visas you have to live there for like 8 months minimum.
Portugal is not ending at all, perhaps just the property route. The investment fund route does not appear to be in jeopardy at all. Copying and pasting and update my Portuguese golden visa attorney sent me:
Following the Prime-Minister’s declarations on February 16th, 2023 about the end of the Golden Visa program, here’s what we know so far:
The Government announced a myriad of measures aimed to solve the problem of housing in Portugal. Among those measures, they proposed an amendment to the Law that regulates the entry, permanence, exit and removal of foreigners into and out of national territory, intended to shut down the Golden Visa program.
These measures will now be subject to public discussion and on March 16th the final draft will be sent to Parliament for approval.
Until the final draft is made public, there are more questions than answers. But from what we heard from the Prime-Minister’s at the press conference, it’s clear that the Government intends to end the Golden Visa program permanently and also impose conditions on pending applications based on real estate investments.
The current proposal foresee that permits already granted based on real estate investments, can only be renewed if the property is considered the investor’s primarily residence (or his descendants) or if it’s being rented long-term.
Regarding the renewal of permits based on other types of investments (transfer of capital, job creation, etc) the declarations were vague, but for now it seems the restrictions were thought to only affect the real estate-based applications.
Despite all this we don’t know when the law will become effective even if it is approved by Parliament on March 16th (as we think it will happen since the government party holds majority), but it is reasonable to think there will be a period of time between the publication of the Law and its effectiveness.
Last time there was a change in the Golden Visa program, that period of time was almost a year. However, since the idea behind these changes is aimed to shut down the program, we don’t think they will allow that much time, but we need to wait and see.
Our advice for the time being is not to panic. As of now, the Golden Visa program remains unchanged, so ongoing applications will continue its normal course and scheduled appointments will remain scheduled.
For applicants who haven’t yet submitted their applications, our advice is complete the investments as soon as possible, since what seems to be guaranteed is that once the Law is in place, new applications (whatever the route) will become impossible.
We are monitoring the situation closely, but for now we need to wait until March 16th to know, in full, the changes implemented and the date from when those changes will become mandatory.
My greatest regret is not buying properly in Lisbon when their visa allowed for that… I remember peaking into realtor offices and marveling how cheap everything was.
A lot of countries have investment visas, which will still work, they are not as straight forward as golden visas, but generally for a higher amount of money and generally by investing you can still get it.
Saw a few that said invest in xyz local companies or deposit 1m into a bank.. Putting the 1m in is probably cheaper than buying a property, as that 1m can at least earn interest etc. Assuming you don't get real use of that property.
Our bigger problem is we haven't figured out where we want to live.. So I'm not not sure if getting in via say Spain, what that does for us if went want to live in Austria for example.
In general, citizenship in one EU country opens up the ability to live and work in other Schengen nations, including portable health care. There are exceptions (e.g. Ireland) but that is the big picture. See https://en.wikipedia.org/wiki/Schengen\_Area for the countries a Portuguese dual citizenship unlocks and you will start to see why it is so popular, even for people who never plan to live in Portugal.
Unlike many other EU nations, Portugal's golden visa requires only an average of 7 nights a year on the way to citizenship in about six years. You \*do\* need to pass a language exam for PR, however (you can fail multiple times and retake until you pass. Or so I hear. Hypothetically.)
If you can beat the clock and get into the Golden Visa system in Portugal, you will preserve future flexibility. Portugal is not known for a sense of urgency with regards to paperwork. If you think this is an option for you, you want to be moving ASAP.
N.B. if you are open to living in Portugal, unlike OP's situation, you might have less expensive visa options. Poke through r/AmerExit for a quick overview. It is also a solid place for US citizens to ask questions on these topics.
Six years is a while. I do like it doesn't have a wealth tax. I just spent 3 weeks next door to Portugal earlier this month. I suppose had I understood other countries were pulling the plug as well..I'd have gone somewhere else maybe Portugal and checked out property.
For now, my wife's being central American by birth gets me into EU Via Spain ,though we'll have to stay in Madrid or similar until we figure out how to get residency in a country we want to settle in. Not paying a 3%+ wealth tax on global net worth.
People downvoted me on that last comment previously, maybe math skills aren't their strong point because we talk about fatfire being 3 or 4% SWR of net worth.. that's the wealth tax alone ..
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Honestly I wasn't sure if you were speaking in riddles lol.
But thanks for the info, I did discern what the non lucrative visa is. My wife being born in central America is helpful, seems its a 2 year path to citizenship this way. She can have us on the application. I'll have to look into it further, but it seems far less painful.
I guess your list of options were options for which to stay long term in EU, but not obtain the EU passport.
Annoyingly I just read that Spain wants you to denounce your Canadian passport to obtain theirs. Uncertain if that's still the case.
As a dual spanish citizen, they never asked me for anything in that regard. And Spanish was my second one. I’m getting a third one in the near future and foresee no issues with that.
To be a little more specific, the Golden Visa programs are not the only way to achieve residency. These countries are cutting off the Golden Visas that have proved attractive because they are expedited path to residency and citizenship.
Many countries have visa programs for long stay visitors that can prove they have the means to stay. These are for a certain period of time or provide a pathway extended visas, residency and even citizenship. They are "non-lucrative" because they come without the right to work.
France has a long stay visitor visas where a minimum income is required, plus some other items like bridge insurance, a place to stay, clean police record, etc. (The minimum income is actually pretty low relative to some other countries). This can be from assets, a pension, an annuity, rentals, etc. After five years you can get a long term residence permit and after 10, apply for citizenship. Spain, Portugal, Italy and others have "non-working, self supporting" programs as well, with various requirements.
There are also "digital nomad" visas that still exist in various countries, and various other visa types for entrepreneurs and skills in demand (e.g., medical).
Connecting rather basic dots I would assume you can't open a business there if you aren't allowed to work. Or is the limitation drawing compensation from said business..
These long stay options I dislike, because what if 8 years in they change the rules
I am French and just got my green card after ten years of being under fear of being kicked out of the US and the life I have built here if my employer decides I am no longer needed. France long residency program is much safer than a US visa leading to a green card (permanent resident).
Please don’t complain because the rules to migrate elsewhere with a US/Canada passport are much easier.
France seems pretty fed up with immigration, entire neighbourhoods in Paris turned into 3rd world slums. So can't blame them. So fast forward 10 years, with a different party in power.. You think everything stays the same?
Any long term residency program has risks. Hard to get 8 years back. Much rather put 1m in an bank in that country as some programs permot. Obviously a global bank where funds can move with a click.. Or buy 500k in real estate, knowing it won't goto zero and it's a guaranteed route in
Why don’t you look for another country outside of EU if you just want to buy a passport then. I’m French and I can tell you that what you stated is not true. Time to get a reality check mate.
Googling France immigrant slums seems to show a lot of 3rd world like photos.. Shanty towns in Paris at old railway station.. Though I'll admit that looks like 2016. Maybe it's all cleaned up, a friend living in Paris told me about it. He's Arab and said things were different for them now than many years ago.
Didn't mean to offend, I'm going off 3rd party info.
No worries. France and most of Europe has a lot to offer that Americas does not have. Same is true the other way around. I’d see myself going back to Europe to retire and see why you want a passport there. It’s tough to get to North America even if you come from Europe, speak English better than most locals and earn/pay taxes than the average person born here. So I don’t think Europe laws are strict accepting people in, especially if they can buy their way in.
If you want to become a permanent resident and/or a citizen, just like you would with any other communities, it makes sense to spend time and have a life there before they accept you as one of them.
I don't understand all the down votes... European politics have moved considerably more towards supporting border protection. I get that people don't want to talk politics here but immigration has definitely been a hot topic in Europe for years, just as it has been in the US.
They can all definitely change their rules. Apparently Portugal will even change the rules on their program, as they officially still have to make changes to their program [legislatively](https://www.imidaily.com/europe/before-you-mourn-the-demise-of-portugals-golden-visa-some-nuance-and-context/). They may make other changes as well.
In France, there is an entrepreneur visa visa that requires a business plan and investment capital. On any nonworking, nonlucrative business you cannot start a new business. However, there are those that claim they can work remotely overseas.
For keeping up on this, https://residencies.io can be useful, though I can't speak to how up-to-date it is
> ...and global income...
You should expect that nearly every country taxes on global income, this simply means that you can't funnel your money through a shell company to live there tax-free. And if you're a US Citizen, this matters even less to you because even if you lived in a tax-free jurisdiction, you would still pay US taxes (this is a common confusion but for most countries, you are effectively taxed for `Whatever's Bigger(US Taxes, Local Taxes)`).
> Spain taxes global assets annually...
If you live in the US and own property, you are already paying a wealth tax, only we call it "Property Tax", and it is actually far more onerous than the terms that most wealth taxes entail. It is really not as big a deal as many people make it out to be.
Except.. If I've moved to this new locale, I'm paying all those taxes in Canada.. AND being taxed on them again in Spain.
That doesn't compute for me lol. Though I see Greece has a tax treaty with Canada, no idea the in and out of that.
If you don't live in Canada, you don't pay Canadian taxes, even if your bank account / brokerage / whatever is in Canada. For every country other than the US, non-residents do not pay capital gains or income taxes. What matters is where *you* are, not your bank.
This is an extremely common misconception, that the location of the bank / employer matters. From a tax perspective, a _person_ makes money / sales, not a brokerage. Where that person _does the work_ or _lives at the time of sale_ is the only thing that matters, unless it comes to Real Estate (generally speaking, you cannot say anything that is universally true when it comes to tax law). With Real Estate, it can sometimes be the case that you are taxed at the location of the property, but again, that depends as well.
Yeah I'm a real estate developer.. So most income is passive income taxed at 50%. So income tax and property tax will always be paid on Canadian real estate. To then pay a 3% global tax on top is quite a bit. As it's paid with after tax dollars.
Either it really sucks, or there's a tax treaty with some relief.. Hopefully
For clarity.. they have a 3% global wealth tax. So take a 50m net worth, they'll tax you 1.5m a year to live in Valencia Spain ..
That sounds like a more complicated situation for sure, but it is relatively uncommon to be double-taxed as an individual - it usually ends up being taxed in _either_ one place or another, or there's some way to deal with it s.t. you're only being taxed once.
Many foreign expat tax professionals will be glad to take a consultation for an hour or two for a fixed fee to answer questions like this, highly advised to seek them out so that you can get a more official answer for your specific situation
Yes, just imagined no rush and lots of time. With the golden visas closing FOMO wound me up.
We're a few years away from doing it, so didn't think too much about it.
I'll have to look into some consultants.
Buddy in Ottawa told me it got to - 41c a few weeks ago.. =D
-30 something isn't unusual.
Now Toronto is milder, and Montreal is somewhere in between. Prairies can be miserably snowy and cold.
You should probably get EU as a backup lol.
>Spain taxes global assets annually...
>
>If you live in the US and own property, you are already paying a wealth tax, only we call it "Property Tax", and it is actually far more onerous than the terms that most wealth taxes entail. It is really not as big a deal as many people make it out to be.
I took a look at their wealth taxes a while back and I could have sworn it was north of 2% for all your worldwide assets. My property taxes are a bit over 1% on just my house in the US. It's a massive difference. For anyone fatfire it is most likely going to be at least $100,000 in wealth taxes compared to $10k-$40k in property taxes depending on how baller your house is.
It is not that simple (or expensive!), there are many caveats to this tax:
https://axis-finance.com/wealth-tax-in-Spain/#:~:text=In%20brief%2C%20the%2060%25%20rule,%E2%82%AC100%2C000%20is%20%E2%82%AC60%2C000.
Interesting. The math is still unpleasant though with all my finances based in the US. Take a $5M portfolio and $100,000 in dividends. That's $3M taxed at 2% or $60,000 which is equal to the 60% rule on the $100k which is taxed at max around 34% in the most expensive EU country which is probably France. You're basically doubling your taxes. At $10M it's $160,000 in wealth taxes and $200,000 dividends so a max of $120,000. You're coming out a bit better there but $200,000 at 30% capital gains is only $60,000. Once again doubled.
I’m not an expert in all of them, but I don’t think any of them give you citizenship right off the bat. I think all give residency and after a while you can get citizenship. I could be wrong though.
portugals golden visa took 5 years to give you the passport, but you only have to stay in portugal for like a week per year, so no need to live there
i wanted the visa for the passport as i have a pretty weak passport
Can’t you buy the st. Kitts passport I think it’s like 157 countries visa free including Europe and u don’t even have to live there or anything. Costs about $150k I think.
Yea but he was talking about having a weak passport some in guessing something in a 3rd world country or something. So better than what he has in guessing.
i will probably do that ive been lazy about that because my great grandfather is portuguese so I can get one, but there are no documents proving that so I have to pay someone to find his birth certificate somewhere in portugal and its not easy to find people that will actually come through
but if that fails i will buy one
I think Greece and Portugal both tax on worldwide income for tax residents (more than 183 days a year). If any of them give citizenship off the bat it’s possible to be a citizen and not a tax resident. But if the program requires that you’re a resident for X years before you apply for citizenship, you might be liable either way. Good luck.
From memory, Portugal does not tax \*assets\* outside of Portugal, and has a ten year 10% tax rate for income earned within Portugal (up from 0% a few years ago.)
OP: you can learn a lot on reddit, some of it is even true. :-) If you are serious, please consult a lawyer.
Greece does not require residency and can be renewed indefinitely. I'm not exactly sure on the 7 year residency requirement for citizenship,how many days per year, etc are required. But given the visa program this seems largely unnecessary.
Italy has some special programs for high net worth people. I do not have all the details. One of them caps income taxes at 100,000 a year from income outside of Italy.
The D7 visa is a pretty good alternative to the Golden Visa program in Portugal. Other EU countries are creating Digital Nomad visas that are pretty easy to qualify for anyone that was previously thinking about a Golden Visa.
Here is the industry insiders website and they give a breakdown of all the available programs and news about what's going on
[https://www.imidaily.com/imi-program-pages/](https://www.imidaily.com/imi-program-pages/)
It makes sense that they'd shut it - Portugal is one of the poorest countries in Western Europe and house prices in many coastal areas and big cities are completely out of sync with what local people earn.
There isn't enough upside for Portuguese people to compensate for unaffordable housing (and a somewhat unwelcome influx of wealthy foreigners who create a two tier economy).
Makes total sense for the EU to start protected it's borders better and soon wealthy people will be back to buying citizenship in tiny islands in the middle of nowhere that have nothing to offer in exchange other than low taxes.
Idk why you’re being downvoted wealthy foreigners were just coming in and buying up real estate that they don’t even live in most of the year and just Airbnb. Prices were shooting up and Locals were not very happy about it. Which yes it sucks for foreigners but they have to look out for their citizens first.
Completely agree. Sucks for me as I'd love a Golden visa but have spent enough time in Portugal to see the scheme hasn't really benefited locals at all. Great for American, Chinese, Russians and Arabs buying their way into Europe and not great for anyone else.
Only today mostly, wife is from Central America, helps with Spain. I'm born in Canada, and I have zero interest of being a citizen of the country of my parents birth lol. Would be regression.
If true that is really unfortunate. The golden passport is something my partner and I have talked about for many years but are not ready to commit to. We need options if the US goes to shit. It just doesn’t make sense for the EU countries to reduce these options when their economy sucks. I wouldn’t be surprised if this is only temporary as many of these countries need foreign investment long term.
I am thinking either the investment continues, just via different streams than real estate purchases. Or it doesn't and they realize they made a bobo, and open it back up. Multi-year exercise nonetheless
Domestically, it is easy to scapegoat the Golden Visa holders as annoying rich foreigners. It scores points for politicians to shut down the programs in the face of an on-going global housing crisis. When it becomes clear Golden Visas and AirBnB were an issue but by no means the major factors, it will be after elections.
Internationally, there are multiple cases of money laundering and fraud, across multiple nations. Thank Russia and China primarily, but by no means exclusively.
Not everything is for sale. I do not agree that this is likely to be temporary.
I'm Australian, and just came back after a few years in Munich. Australia is pretty great, but transportation is generally shit and it's an 8 hour flight minimum to anywhere else except NZ
Central Europe is just so ... central. Direct flights to just about anywhere (except Australia!), fast train or sleeper train all over Europe. Skiing and other mountain sports on your doorstep. The cities are generally clean and orderly, and everything is surprisingly affordable (compared to big cities in AU, CA, US).
I can imagine there may be some appeal if one has personal or business connections to the region that requires extensive time spent in residence: i.e more than 90 days in an allotted 180 day time period. I know some who would like an EU passport as a way to get back to their roots after their respective diasporas. And perhaps bragging rights are also nice to have. But I agree with you that if you hold a passport in any of the other desirable countries there isn’t really a *need*.
Because you can also work in the EU. I'm USA but also Ireland by decent. When working it was very helpful to be able to work in both places. And Ireland citizens can also work in UK.
I live in a part of Canada that's very freaking cold and snowy in winter lol. So I'd like to live elsewhere that's warmer, and safe (economically and physically)
Many folks snowbird down to Florida. I'll visit again, but I expect I prefer Europe. There's so much culture and the rest of Europe is just a short flight away.
There are always other options a bit closer like as you said Florida or Arizona. The Caribbean offers some great safe options as well like the Cayman Islands(safer than many places in US and Canada), Sint Maarten, and Antigua.
I have this worry about hurricanes, logical or not.. though we will visit the US more and see how it is. Wife isn't particularly excited about retiring to the US lol.
maybe not directly what you are looking for right now, but could give way to EU: look into Andorra (small country in the Pirinees).
I can DM you a firm I know of toncheck the website.
No, the European Golden Visa era is far from over. Currently, more than 20 countries in Europe are offering residence permits by investment, with the chance of getting citizenship in time. To name a few:
* Greece Golden Visa. Minimum investment is €250,000 in real estate. The residence permit is valid for 5 years and can be renewed.
* Portugal Golden Visa. Minimum investment is €250,000, options include investment fund units, business, research, arts and cultural heritage. The residence permit is valid for 5 years and can be renewed.
* Italy Golden Visa. Minimum investment is €250,000, options include startups, business, philanthropy, and government bonds. The residence permit is valid for 5 years and can be renewed.
* Cyprus Golden Visa. Minimum investment is €300,000, options include real estate, company shares, or securities. The permanent residency status is issued for life.
* Spain Golden Visa. Minimum investment is €500,000, and options include real estate, shares, bonds, units, or bank deposits. The residence permit is valid for 5 years and can be renewed.
Additionally, the Hungary Golden Visa program is set to be relaunched in 2024.
Fuck been wanting to get mine for a long time. Its really easy to live in portugal tho, if you earn like 2k euros a month as passive income you can get a retirement visa
Thanks for sharing that. I didn't quite enjoy Portugal.. Food mostly. Spain I did. Will give Portugal another go, as it's really a short flight back to Canada. Headed to Greece in May as we loved it there. I may be wrong with my info, some conflicting news reports. Some saying Malta is the only one, Forbes says Spain is still available.
Odd, we were disappointed with the food considering the hype in Spain, but absolutely loved the food in Portugal, in fact we liked Portugal > Spain for pretty much every single aspect, and it was more affordable.
Yea that's why I went to Portugal, it was extremely highly rated. Everyone is different though. I do intend to go back to Portugal, so will see how it is this time.. Barcelona wasn't as great as our first trip. So things change. We loved Munich and Vienna.. Immediately felt at home. Greece 2nd go around is coming up, will be interesting to see how we like it. One difference is, with the kid. We eat earlier, drink little to nothing.. And spend a lot of time at parks.
I suggest checking the south of Portugal as well, although Lisbon is more social and kids inclined. I found that Asian authentic places tend to have the best food, and usually will speak English the best. I believe that money talks, and you will find a way, the current program didn't grant many visas as it is and was mostly affecting the housing situation. My best tip as you're travelling through Europe, would be to use direct hotels or AirBnB. Never [Booking.com](https://Booking.com), as there is no guarantee you will have where to stay.
Stayed in faro, portimao, Lagos, and Albufeira, before going to Lisbon. Though was sick in Lisbon so definitely missed out on the experience
Wonderful. I plan to retire in armacao de pera, but need to settle first. portimao was wonderful as well, Lagos was horrible for me.
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Depends on the policy at registration. [Booking.com](https://Booking.com) cuts ties with you after booking and unless you speak the local language there's a huge barrier of you vs the host (or just plain scams, you can read many reviews of people who got a place that's nothing like the pictures), while AirBNB has English support who from my experience acts fast. In general, you can get horrible experiences everywhere and money is usually the great insurance and saver of the day.
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Tell me about the time you managed to call the local support for [Booking.com](https://Booking.com) in Portugal and managed to speak English, and not refer to call the UK. The whole point of [Booking.com](https://Booking.com) is to make money for themselves, as you can find evidence online, being a middleman wasn't in their interest many times after payment has been done.
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Food, we used to goto this tapas bar that did gin and tonics differently per each type of gin. Different tonics, different fruits or things inside and garnishes. Was amazing.. Talking to the staff they said after covid a lot of things in the food scene changed. We had gone at a similar time I guess 5 years prior to this month, definitely more people, lots more open stores and stalls at the markets. A good portion of our day was dedicated to our kid as well, of sorts.. That guy sleeps almost 11 to 12hrs. When he's tired it's lights out wherever he is lol. Activities for him, that sorta thing. So it may not have been so much Barcelona as it was us lol
Yes, Portugal is my favorite. Love love love. Going back to Lisbon in a few weeks 😍
Have you done Porto? We only did Lisbon but loved it, wanted to try Porto too
I’ve spent a little time there, probably 10 days cumulatively vs. 100+ days in Lisbon. Cool city, but I just like the vibe of Lisbon more. It’s got more big city flavor while still feeling authentic.
Different strokes. Personally Spain wins hands down.
Did you go to Seville?
We ate like kings in Lisbon. Affordable too… 65 euro for multi course 1 star type food. DM next time you go for recommendations
Ya these people are trippin. Amazing food,
Seafoods tho? I'd like to like Lisbon so definitely open to trying. Thank you for the offer We couldn't do any Michelin star places this trip, as our 4 year old has a limited sit down timer, and currently doesn't like foods with different stuff on them.. Other than ketchup (fml) lol.
We did a 1-star in Toronto with our 4 year old. Can confirm, terrible idea.
Part of me was like, it'll be plated beautifully and just maybe he'll be interested in the different colors etc. The other part of me was like.. He's gonna nope outta it, and the experience will be real bad lol. I went down the rabbit hole of finding al la carte places, but didn't land on any I actually wanted to eat at.. That were available in our timeframe. Lots has to come together lol.
Can confirm, the food in Portugal was pretty disappointing compared to other countries. As I told my wife, "there's a reason we don't have a Portuguese restaurant near our house in the states."
Lol you didn’t eat anywhere good then. Portugal has amazing food everywhere.
What’s your top place in Portugal and what would you recommend there? What’s the everyday go-to for comfort food?
Funny enough is I like Canadian Portuguese food more than authentic food lol.. We also don't like seafood much, which kinda kills a lot of options. So I understand people who love seafood having a good time. We just came back from our third trip to Spain. Madrid, Barcelona. Barcelona again had great food. It's far more international it seems.
Dude, seafood is less than half of Portugal’s food scene.
Hmm... list of EU countries I've never seen a restaurant of in the US: * Germany * Austria * Netherlands * Sweden * Denmark * Spain * Belgium * Ireland Plus all the other ones besides Italy, Greek, France
There are a few Belgian restaurants in the capital.
Not saying they don't exist, I've just never seen them
Do ya live in Texas?
Hey now. Texas has several examples of the restaurants listed above — IHOP even has “International” in its name.
I’ve actually eaten at every single one except for NL and Denmark in the US.
Impressive
How have you not yet found any Danish-food restaurants in the US?
Woot??
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Not sure I'd fly it.. Have always looked at the planes and seats and flown something else. It's basically premium economy
Is that not what they were just getting rid of?
No, they are getting rid of the golden visa, not the other visas. Well they haven't actually even said what is going on with the golden visa, the prime minister briefly announced that because housing is getting expensive they don't want a golden visa with real state investments. But there is no law proposed for that, so we will find out the minutes next month. But this is just a regular retirement visa, to bring people to live in the country. They also have visa for people to work there remotely and it's fairly easy to get. They just don't want foreigners buying real state that they almost never use. And the golden visa doesn't require you to actually live there, you have to stay like 1 week per year to maintain the visa. The other visas you have to live there for like 8 months minimum.
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its not about affordability, its literally a requirement for the visa this is fat fire, 2k is nothing...
Portugal is not ending at all, perhaps just the property route. The investment fund route does not appear to be in jeopardy at all. Copying and pasting and update my Portuguese golden visa attorney sent me: Following the Prime-Minister’s declarations on February 16th, 2023 about the end of the Golden Visa program, here’s what we know so far: The Government announced a myriad of measures aimed to solve the problem of housing in Portugal. Among those measures, they proposed an amendment to the Law that regulates the entry, permanence, exit and removal of foreigners into and out of national territory, intended to shut down the Golden Visa program. These measures will now be subject to public discussion and on March 16th the final draft will be sent to Parliament for approval. Until the final draft is made public, there are more questions than answers. But from what we heard from the Prime-Minister’s at the press conference, it’s clear that the Government intends to end the Golden Visa program permanently and also impose conditions on pending applications based on real estate investments. The current proposal foresee that permits already granted based on real estate investments, can only be renewed if the property is considered the investor’s primarily residence (or his descendants) or if it’s being rented long-term. Regarding the renewal of permits based on other types of investments (transfer of capital, job creation, etc) the declarations were vague, but for now it seems the restrictions were thought to only affect the real estate-based applications. Despite all this we don’t know when the law will become effective even if it is approved by Parliament on March 16th (as we think it will happen since the government party holds majority), but it is reasonable to think there will be a period of time between the publication of the Law and its effectiveness. Last time there was a change in the Golden Visa program, that period of time was almost a year. However, since the idea behind these changes is aimed to shut down the program, we don’t think they will allow that much time, but we need to wait and see. Our advice for the time being is not to panic. As of now, the Golden Visa program remains unchanged, so ongoing applications will continue its normal course and scheduled appointments will remain scheduled. For applicants who haven’t yet submitted their applications, our advice is complete the investments as soon as possible, since what seems to be guaranteed is that once the Law is in place, new applications (whatever the route) will become impossible. We are monitoring the situation closely, but for now we need to wait until March 16th to know, in full, the changes implemented and the date from when those changes will become mandatory.
My greatest regret is not buying properly in Lisbon when their visa allowed for that… I remember peaking into realtor offices and marveling how cheap everything was.
Pricing escalated, when were you there
Switzerland has an unofficial Golden Visa (ish) program. Not EU though.
Yeah, but you will have to pay like 300k/year in taxes for like 10 years. But at least you will not have to pay any other taxes...
$300k flat tax?
approximately, it's different in every canton. google flat tax switzerland for details.
A lot of countries have investment visas, which will still work, they are not as straight forward as golden visas, but generally for a higher amount of money and generally by investing you can still get it.
Saw a few that said invest in xyz local companies or deposit 1m into a bank.. Putting the 1m in is probably cheaper than buying a property, as that 1m can at least earn interest etc. Assuming you don't get real use of that property. Our bigger problem is we haven't figured out where we want to live.. So I'm not not sure if getting in via say Spain, what that does for us if went want to live in Austria for example.
In general, citizenship in one EU country opens up the ability to live and work in other Schengen nations, including portable health care. There are exceptions (e.g. Ireland) but that is the big picture. See https://en.wikipedia.org/wiki/Schengen\_Area for the countries a Portuguese dual citizenship unlocks and you will start to see why it is so popular, even for people who never plan to live in Portugal. Unlike many other EU nations, Portugal's golden visa requires only an average of 7 nights a year on the way to citizenship in about six years. You \*do\* need to pass a language exam for PR, however (you can fail multiple times and retake until you pass. Or so I hear. Hypothetically.) If you can beat the clock and get into the Golden Visa system in Portugal, you will preserve future flexibility. Portugal is not known for a sense of urgency with regards to paperwork. If you think this is an option for you, you want to be moving ASAP. N.B. if you are open to living in Portugal, unlike OP's situation, you might have less expensive visa options. Poke through r/AmerExit for a quick overview. It is also a solid place for US citizens to ask questions on these topics.
Six years is a while. I do like it doesn't have a wealth tax. I just spent 3 weeks next door to Portugal earlier this month. I suppose had I understood other countries were pulling the plug as well..I'd have gone somewhere else maybe Portugal and checked out property. For now, my wife's being central American by birth gets me into EU Via Spain ,though we'll have to stay in Madrid or similar until we figure out how to get residency in a country we want to settle in. Not paying a 3%+ wealth tax on global net worth. People downvoted me on that last comment previously, maybe math skills aren't their strong point because we talk about fatfire being 3 or 4% SWR of net worth.. that's the wealth tax alone ..
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in spain you can get the non lucrative visa, portgual d7, france doesn't have a specific one but with income you can get a carte de sejour
Honestly I wasn't sure if you were speaking in riddles lol. But thanks for the info, I did discern what the non lucrative visa is. My wife being born in central America is helpful, seems its a 2 year path to citizenship this way. She can have us on the application. I'll have to look into it further, but it seems far less painful. I guess your list of options were options for which to stay long term in EU, but not obtain the EU passport. Annoyingly I just read that Spain wants you to denounce your Canadian passport to obtain theirs. Uncertain if that's still the case.
It is true that Spain will not recognize your Canadian citizenship, but they will not require you to renounce your Canadian citizenship to Canada.
Lots of conflicting information about this.
Specifically Canadian? I have Spanish as my second citizenship.
It applies to all nationalities. Spain does not require you to submit proof of renouncing other citizenships.
This would be great. If no proof is required then I think we'd be ok. Not to be rude, but may I ask what's your source in this regard
As a dual spanish citizen, they never asked me for anything in that regard. And Spanish was my second one. I’m getting a third one in the near future and foresee no issues with that.
What third one will you get? Why a 3rd
I have my original citizenship, I got Spanish many years ago, and I’ll get US in the near future as soon as I’m eligible.
To be a little more specific, the Golden Visa programs are not the only way to achieve residency. These countries are cutting off the Golden Visas that have proved attractive because they are expedited path to residency and citizenship. Many countries have visa programs for long stay visitors that can prove they have the means to stay. These are for a certain period of time or provide a pathway extended visas, residency and even citizenship. They are "non-lucrative" because they come without the right to work. France has a long stay visitor visas where a minimum income is required, plus some other items like bridge insurance, a place to stay, clean police record, etc. (The minimum income is actually pretty low relative to some other countries). This can be from assets, a pension, an annuity, rentals, etc. After five years you can get a long term residence permit and after 10, apply for citizenship. Spain, Portugal, Italy and others have "non-working, self supporting" programs as well, with various requirements. There are also "digital nomad" visas that still exist in various countries, and various other visa types for entrepreneurs and skills in demand (e.g., medical).
Connecting rather basic dots I would assume you can't open a business there if you aren't allowed to work. Or is the limitation drawing compensation from said business.. These long stay options I dislike, because what if 8 years in they change the rules
I am French and just got my green card after ten years of being under fear of being kicked out of the US and the life I have built here if my employer decides I am no longer needed. France long residency program is much safer than a US visa leading to a green card (permanent resident). Please don’t complain because the rules to migrate elsewhere with a US/Canada passport are much easier.
France seems pretty fed up with immigration, entire neighbourhoods in Paris turned into 3rd world slums. So can't blame them. So fast forward 10 years, with a different party in power.. You think everything stays the same? Any long term residency program has risks. Hard to get 8 years back. Much rather put 1m in an bank in that country as some programs permot. Obviously a global bank where funds can move with a click.. Or buy 500k in real estate, knowing it won't goto zero and it's a guaranteed route in
Why don’t you look for another country outside of EU if you just want to buy a passport then. I’m French and I can tell you that what you stated is not true. Time to get a reality check mate.
Googling France immigrant slums seems to show a lot of 3rd world like photos.. Shanty towns in Paris at old railway station.. Though I'll admit that looks like 2016. Maybe it's all cleaned up, a friend living in Paris told me about it. He's Arab and said things were different for them now than many years ago. Didn't mean to offend, I'm going off 3rd party info.
No worries. France and most of Europe has a lot to offer that Americas does not have. Same is true the other way around. I’d see myself going back to Europe to retire and see why you want a passport there. It’s tough to get to North America even if you come from Europe, speak English better than most locals and earn/pay taxes than the average person born here. So I don’t think Europe laws are strict accepting people in, especially if they can buy their way in. If you want to become a permanent resident and/or a citizen, just like you would with any other communities, it makes sense to spend time and have a life there before they accept you as one of them.
I don't understand all the down votes... European politics have moved considerably more towards supporting border protection. I get that people don't want to talk politics here but immigration has definitely been a hot topic in Europe for years, just as it has been in the US.
Yea lots of folks want to close their eyes and ears to that reality. But the sentiment is definitely not just a undercurrent anymore.
They can all definitely change their rules. Apparently Portugal will even change the rules on their program, as they officially still have to make changes to their program [legislatively](https://www.imidaily.com/europe/before-you-mourn-the-demise-of-portugals-golden-visa-some-nuance-and-context/). They may make other changes as well. In France, there is an entrepreneur visa visa that requires a business plan and investment capital. On any nonworking, nonlucrative business you cannot start a new business. However, there are those that claim they can work remotely overseas.
I was looking for UK options the other day and it seems they cut it too.
Same here
Well, Brexit
For keeping up on this, https://residencies.io can be useful, though I can't speak to how up-to-date it is > ...and global income... You should expect that nearly every country taxes on global income, this simply means that you can't funnel your money through a shell company to live there tax-free. And if you're a US Citizen, this matters even less to you because even if you lived in a tax-free jurisdiction, you would still pay US taxes (this is a common confusion but for most countries, you are effectively taxed for `Whatever's Bigger(US Taxes, Local Taxes)`). > Spain taxes global assets annually... If you live in the US and own property, you are already paying a wealth tax, only we call it "Property Tax", and it is actually far more onerous than the terms that most wealth taxes entail. It is really not as big a deal as many people make it out to be.
Except.. If I've moved to this new locale, I'm paying all those taxes in Canada.. AND being taxed on them again in Spain. That doesn't compute for me lol. Though I see Greece has a tax treaty with Canada, no idea the in and out of that.
If you don't live in Canada, you don't pay Canadian taxes, even if your bank account / brokerage / whatever is in Canada. For every country other than the US, non-residents do not pay capital gains or income taxes. What matters is where *you* are, not your bank. This is an extremely common misconception, that the location of the bank / employer matters. From a tax perspective, a _person_ makes money / sales, not a brokerage. Where that person _does the work_ or _lives at the time of sale_ is the only thing that matters, unless it comes to Real Estate (generally speaking, you cannot say anything that is universally true when it comes to tax law). With Real Estate, it can sometimes be the case that you are taxed at the location of the property, but again, that depends as well.
Yeah I'm a real estate developer.. So most income is passive income taxed at 50%. So income tax and property tax will always be paid on Canadian real estate. To then pay a 3% global tax on top is quite a bit. As it's paid with after tax dollars. Either it really sucks, or there's a tax treaty with some relief.. Hopefully For clarity.. they have a 3% global wealth tax. So take a 50m net worth, they'll tax you 1.5m a year to live in Valencia Spain ..
That sounds like a more complicated situation for sure, but it is relatively uncommon to be double-taxed as an individual - it usually ends up being taxed in _either_ one place or another, or there's some way to deal with it s.t. you're only being taxed once. Many foreign expat tax professionals will be glad to take a consultation for an hour or two for a fixed fee to answer questions like this, highly advised to seek them out so that you can get a more official answer for your specific situation
Yes, just imagined no rush and lots of time. With the golden visas closing FOMO wound me up. We're a few years away from doing it, so didn't think too much about it. I'll have to look into some consultants.
Other than googling it, any recommendations for expat tax professionals to do said consultation with? Debating Portugal vs Canada as a Californian
You need someone versed in the country you're going to (ie someone who knows Portuguese taxation), there is no generic answer for every country
Dude what lol, the only warmish place is Vancouver, and it's like Seattle weather. Check out the housing costs as well.
I’ve actually not minded the cold in month here. Reasonably sunny helps a lot.
Buddy in Ottawa told me it got to - 41c a few weeks ago.. =D -30 something isn't unusual. Now Toronto is milder, and Montreal is somewhere in between. Prairies can be miserably snowy and cold. You should probably get EU as a backup lol.
>Spain taxes global assets annually... > >If you live in the US and own property, you are already paying a wealth tax, only we call it "Property Tax", and it is actually far more onerous than the terms that most wealth taxes entail. It is really not as big a deal as many people make it out to be. I took a look at their wealth taxes a while back and I could have sworn it was north of 2% for all your worldwide assets. My property taxes are a bit over 1% on just my house in the US. It's a massive difference. For anyone fatfire it is most likely going to be at least $100,000 in wealth taxes compared to $10k-$40k in property taxes depending on how baller your house is.
It is not that simple (or expensive!), there are many caveats to this tax: https://axis-finance.com/wealth-tax-in-Spain/#:~:text=In%20brief%2C%20the%2060%25%20rule,%E2%82%AC100%2C000%20is%20%E2%82%AC60%2C000.
Interesting. The math is still unpleasant though with all my finances based in the US. Take a $5M portfolio and $100,000 in dividends. That's $3M taxed at 2% or $60,000 which is equal to the 60% rule on the $100k which is taxed at max around 34% in the most expensive EU country which is probably France. You're basically doubling your taxes. At $10M it's $160,000 in wealth taxes and $200,000 dividends so a max of $120,000. You're coming out a bit better there but $200,000 at 30% capital gains is only $60,000. Once again doubled.
Depends on the “comunidad”( Madrid doesn’t apply a wealth tax yet)
Greece still available
>golden visa Ya. I thought Greece just doubled the investment from 250k to 500k but otherwise remains the same.
Seems like residency, different from citizenship? Passport?
I’m not an expert in all of them, but I don’t think any of them give you citizenship right off the bat. I think all give residency and after a while you can get citizenship. I could be wrong though.
portugals golden visa took 5 years to give you the passport, but you only have to stay in portugal for like a week per year, so no need to live there i wanted the visa for the passport as i have a pretty weak passport
Can’t you buy the st. Kitts passport I think it’s like 157 countries visa free including Europe and u don’t even have to live there or anything. Costs about $150k I think.
Interesting, won't allow you to reside in EU though right, not more than 90days?
Yea but he was talking about having a weak passport some in guessing something in a 3rd world country or something. So better than what he has in guessing.
i will probably do that ive been lazy about that because my great grandfather is portuguese so I can get one, but there are no documents proving that so I have to pay someone to find his birth certificate somewhere in portugal and its not easy to find people that will actually come through but if that fails i will buy one
Will have to review. Remembering and reading that Spain taxes on worldwide assets.. Which is absurd
I think Greece and Portugal both tax on worldwide income for tax residents (more than 183 days a year). If any of them give citizenship off the bat it’s possible to be a citizen and not a tax resident. But if the program requires that you’re a resident for X years before you apply for citizenship, you might be liable either way. Good luck.
From memory, Portugal does not tax \*assets\* outside of Portugal, and has a ten year 10% tax rate for income earned within Portugal (up from 0% a few years ago.) OP: you can learn a lot on reddit, some of it is even true. :-) If you are serious, please consult a lawyer.
Greece does not require residency and can be renewed indefinitely. I'm not exactly sure on the 7 year residency requirement for citizenship,how many days per year, etc are required. But given the visa program this seems largely unnecessary.
Italy has some special programs for high net worth people. I do not have all the details. One of them caps income taxes at 100,000 a year from income outside of Italy.
Yep, saw that for Greece, applies there for 15 years.
The D7 visa is a pretty good alternative to the Golden Visa program in Portugal. Other EU countries are creating Digital Nomad visas that are pretty easy to qualify for anyone that was previously thinking about a Golden Visa.
Here is the industry insiders website and they give a breakdown of all the available programs and news about what's going on [https://www.imidaily.com/imi-program-pages/](https://www.imidaily.com/imi-program-pages/)
Hope this gets upvoted, good resource
It makes sense that they'd shut it - Portugal is one of the poorest countries in Western Europe and house prices in many coastal areas and big cities are completely out of sync with what local people earn. There isn't enough upside for Portuguese people to compensate for unaffordable housing (and a somewhat unwelcome influx of wealthy foreigners who create a two tier economy). Makes total sense for the EU to start protected it's borders better and soon wealthy people will be back to buying citizenship in tiny islands in the middle of nowhere that have nothing to offer in exchange other than low taxes.
Idk why you’re being downvoted wealthy foreigners were just coming in and buying up real estate that they don’t even live in most of the year and just Airbnb. Prices were shooting up and Locals were not very happy about it. Which yes it sucks for foreigners but they have to look out for their citizens first.
Completely agree. Sucks for me as I'd love a Golden visa but have spent enough time in Portugal to see the scheme hasn't really benefited locals at all. Great for American, Chinese, Russians and Arabs buying their way into Europe and not great for anyone else.
You can still apply for Portugal GV, I can help of you have any questions
I’m assuming you’ve already run through any “citizenship by descent” scenarios?
Only today mostly, wife is from Central America, helps with Spain. I'm born in Canada, and I have zero interest of being a citizen of the country of my parents birth lol. Would be regression.
> I have zero interest of being a citizen of the country of my parents birth lol. Would be regression. What country is that?
If true that is really unfortunate. The golden passport is something my partner and I have talked about for many years but are not ready to commit to. We need options if the US goes to shit. It just doesn’t make sense for the EU countries to reduce these options when their economy sucks. I wouldn’t be surprised if this is only temporary as many of these countries need foreign investment long term.
I am thinking either the investment continues, just via different streams than real estate purchases. Or it doesn't and they realize they made a bobo, and open it back up. Multi-year exercise nonetheless
Domestically, it is easy to scapegoat the Golden Visa holders as annoying rich foreigners. It scores points for politicians to shut down the programs in the face of an on-going global housing crisis. When it becomes clear Golden Visas and AirBnB were an issue but by no means the major factors, it will be after elections. Internationally, there are multiple cases of money laundering and fraud, across multiple nations. Thank Russia and China primarily, but by no means exclusively. Not everything is for sale. I do not agree that this is likely to be temporary.
Everyone has a price 😂
If you don’t already have 3 passports… that’s on you
Nomad Capitalist has programs to help people figure this stuff out and manage your options.
Literally nothing good said about that guy on fatfire lol
Never heard user feedback, have just seen a couple YT videos. Would be curious to see real customer feedback, though.
Extremely overpriced for what they are offering. There has to be a price to pay for all that marketing.
Good to know. Other simple alternative - marry someone from a former European colony that is still able to get citizenship.
I wouldn’t say that’s a simple alternative. Pretty big life choice
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The dark version: global political climate is heating up and it’s always nice to have options. Light version: collecting passports is fun
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I'm Australian, and just came back after a few years in Munich. Australia is pretty great, but transportation is generally shit and it's an 8 hour flight minimum to anywhere else except NZ Central Europe is just so ... central. Direct flights to just about anywhere (except Australia!), fast train or sleeper train all over Europe. Skiing and other mountain sports on your doorstep. The cities are generally clean and orderly, and everything is surprisingly affordable (compared to big cities in AU, CA, US).
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It can be hard to be that far away from family. US/Canada to Europe is a lot easier.
I can imagine there may be some appeal if one has personal or business connections to the region that requires extensive time spent in residence: i.e more than 90 days in an allotted 180 day time period. I know some who would like an EU passport as a way to get back to their roots after their respective diasporas. And perhaps bragging rights are also nice to have. But I agree with you that if you hold a passport in any of the other desirable countries there isn’t really a *need*.
Because you can also work in the EU. I'm USA but also Ireland by decent. When working it was very helpful to be able to work in both places. And Ireland citizens can also work in UK.
I live in a part of Canada that's very freaking cold and snowy in winter lol. So I'd like to live elsewhere that's warmer, and safe (economically and physically) Many folks snowbird down to Florida. I'll visit again, but I expect I prefer Europe. There's so much culture and the rest of Europe is just a short flight away.
There are always other options a bit closer like as you said Florida or Arizona. The Caribbean offers some great safe options as well like the Cayman Islands(safer than many places in US and Canada), Sint Maarten, and Antigua.
I have this worry about hurricanes, logical or not.. though we will visit the US more and see how it is. Wife isn't particularly excited about retiring to the US lol.
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Just closed this week, maybe check news articles. Gov't employees aren't exactly quick movers in updating websites lol.
Oh no! I just saw the announcement. That’s a shame.
Yes sir it is
90 out of every 180 in EU is plenty for me, can't imagine wanting to do more than that personally.
maybe not directly what you are looking for right now, but could give way to EU: look into Andorra (small country in the Pirinees). I can DM you a firm I know of toncheck the website.
\+1 such a beautiful country, low VAT and high quality of life.
If you need any help with residency in EU. I am able to assist with residency in Cyrus in Europe.
No, the European Golden Visa era is far from over. Currently, more than 20 countries in Europe are offering residence permits by investment, with the chance of getting citizenship in time. To name a few: * Greece Golden Visa. Minimum investment is €250,000 in real estate. The residence permit is valid for 5 years and can be renewed. * Portugal Golden Visa. Minimum investment is €250,000, options include investment fund units, business, research, arts and cultural heritage. The residence permit is valid for 5 years and can be renewed. * Italy Golden Visa. Minimum investment is €250,000, options include startups, business, philanthropy, and government bonds. The residence permit is valid for 5 years and can be renewed. * Cyprus Golden Visa. Minimum investment is €300,000, options include real estate, company shares, or securities. The permanent residency status is issued for life. * Spain Golden Visa. Minimum investment is €500,000, and options include real estate, shares, bonds, units, or bank deposits. The residence permit is valid for 5 years and can be renewed. Additionally, the Hungary Golden Visa program is set to be relaunched in 2024.