The Portuguese government has announced the end of its investment residency program, also known as “golden visas”, which has affected the interest of digital nomads choosing Portugal as a destination.
According to local media reports, the announcement of the end of the Golden Visa has raised fears among this ex-pat community about future border restrictions and remote workers looking for other places to relocate.
While the Golden Visa program in Portugal is one of the most popular programs for digital nomads, other countries have started offering similar programs that can sometimes be more attractive. As Portugal announces the end of its golden visa program, applicants are heading to other countries such as Dubai, Turkey, Singapore, Germany, and Hong Kong.
What makes these programs like the Golden Visa and the Digital Nomad Visa attractive is the freedom, a life that is free of complications but offers potential. However, the Golden Visa program was expected to attract more applicants, but instead, a growing community of digital nomads is joining the wealthy in a mass exodus from Portugal.
On the other hand, Antonia Costa, Prime Minister of Portugal, previously announced his government’s decision to focus on digital nomads and make the country more friendly to such people.
“We have an open program, so we can be a factor in finding these digital nomads because we have a program to attract foreign direct investment. Every company that makes major strategic investments in Portugal also does so on a contractual basis. And fortunately, Portugal is becoming more and more attractive,” said the Prime Minister.
The Service for Foreigners and Border Guards (SEF) previously reported that 11,189 golden visas were issued to foreign nationals in Portugal over the past ten years, adding €5.87 billion to property investment. In addition, 18,368 family members used the visas issued to these citizens.
The SEF data shows that the main nationalities benefiting from the golden visa program were the Chinese, who accounted for 50 percent of the total, while Brazilians, South Africans, Turks, and Americans followed on the list. In addition, some visas were issued to citizens of Russia and Angola.