Portugal has expanded its golden visa program and introduced a new asset class into which wealthy applicants can invest in to qualify for permanent residence in the country.
Introducing Green Visas
Portugal's legislature has approved the proposal to expand the golden visa program to include environment projects as an eligible asset class.
Going ahead, investors will have the option of qualifying for permanent residence by investing at least €500,000 into environment projects like organic agriculture, renewable energy, ecotourism, or other projects aimed at reducing carbon emissions and otherwise protecting the environment.
Against the backdrop of strident criticism of investment immigration programs, and golden visa program offered by EU nations in particular, Portugal's decision to reject a motion seeking the program's termination is a strong and clear message.
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The content of this article reflects the personal insight of Attorney Colin Singer and needs no disclaimer.