In an effort to contribute more to social integration and public benefit, authorities in Portugal have unfolded plans to launch the new Solidarity Golden Visa.
Although it has yet to be approved when it will enter into force, this program would grant residency to wealthy internationals, provided they make an investment of at least €250,000 in social projects in Portugal, Schengen.News reports.
The investment would be allocated to infrastructure and equipment in order to support the integration of immigrants in vulnerable situations.
Luís Montenegro’s Executive told Portugal News that the objective is to boost capital for social investment.
Switching From Traditional Golden Visa
The traditional Golden Visa Program offers residency to wealthy foreigners who invest in one of the options offered through this scheme. The real estate investment option was the most famous one.
However, since the real estate investment option contributed to the difficulties with the housing crisis that Portugal has been dealing with, the route was discontinued last year following the approval of the “more housing bill.”
The decision brought into the spotlight several other options for this program, among them the cultural production, funds option, scientific research, and creation of ten jobs.
The new option under this program is also expected to bring significant benefits to Portugal. However, there is still no specific date for the measure to become effective.
In June this year, Portugal’s Minister of the Presidency, António Leitão Amaro, announcing the new decision, said that the proposal is part of the Action Plan for Migration, which aims to revamp the existing migration and integration policies.
Golden Visa Has Significant Benefits to Wealthy Foreigners
Acquiring residency through the Golden Visa Program of Portugal brings significant benefits to the applicants.
The most significant one is the freedom of movement. Holding a residence permit through the Golden Visa Program allows its beneficiaries to move freely to the EU and Schengen countries as well.
In addition, Portugal has the world’s seventh most powerful passport, based on the Passport Index of VisaGuide.World, which ranks passports of 199 countries in terms of the strength of their passport.
It means that holders of Portugal’s passports can travel visa-free to 105 countries and passport-free to 43 countries.
Source: https://schengen.news/what-is-portugals-new-solidarity-golden-visa-how-will-it-work/
