South Africans planning a move to Portugal through a Golden Visa scheme will face increased pressure as the country has made it increasingly difficult to gain access.
Originally created in 2012, the Golden Visa is issued to non-EU nationals who have made a specific investment in the country. Investors can gain Portuguese citizenship through residency-by-absence and gain EU citizenship after holding temporary residency status for five years.
Real estate investment for residential purposes will be limited to interior areas of the country as well as Madeira and Azores islands; It added that this practice, which is common in places like Portugal, Malta, Bulgaria and Cyprus – is a form of ‘free-riding’, as member states sell what was never intended to become a commodity.
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