Portugal Golden Visa Demand Grow as EU Court Ruled Malta Golden Passport Contrary to EU Law
Malta Citizenship by Investment is under the radar due to a decision by the Court of Justice of the European Union declaring it contrary to EU law. Case Number Case C-181/23 of Commission v Malta (Citizenship by investment) states, “The acquisition of Union citizenship cannot result from a commercial transaction.” The court decision declared Malta citizenship by investment contrary, but that creates confusion, not a single word on Malta permanent residency by investment program. Meanwhile, queries about Portugal Golden Visa have grown by 4X due to the transparent and law-abiding policies.
Government of Malta Respond to EU Court Decision
The press release by the government of Malta states that the government respects the decisions of the courts and is observing the judgment in detail to ensure the regulatory framework on citizenship can be aligned with the court’s decision. This means Maltese government officials are working to align the Malta CBI program as per court directions. The press release also highlights the recommendations of the Advocate General of the European Court of Justice to dismiss the case against Malta.
Why Are People Rushing for Portugal Golden Visa Even After Long Waiting Time?
Portugal Golden Visa requires investors to choose a particular investment plan to get a 5-year residency. The good thing about Portuguese residency by investment is that the program meets the rules and regulations of the European Union, and thus, there’s nothing to worry about. As a result, people considering Malta as an EU citizenship route diverted to Portugal Golden Passport due to its credibility and trust by the EU Commission.
How is Portugal’s Golden Visa different and Secure?
Unlike Malta, Portugal’s Golden Visa is an indirect citizenship by investment plan that requires applicants to invest and spend at least 7 days a year in the country. Further, those who apply for Portugal citizenship after 5 years of residency have to pass a language test of basic level. These are the major differences between the two famous investment migration programs, where Portugal shines at a time when the future of Malta CBI is under serious threat.
Portugal Golden Visa History
Portugal Golden Visa was launched in 2012 to attract Foreign Direct Investment by offering 5-year residency to non-EU citizens. The country has generated substantial investment of over 7.3 billion euros and utilized the funds to support economic activities. Investors from China, Brazil, the US, the UK and India are leading in numbers.
Portugal Golden Visa Investment Options
Investment options for the Golden Visa of Portugal include:
- Research Activities
- Job Creation
- Capital Venture Funds
- Culture Activities
- Non-Real Estate Scheme
Investment Requirements for Portugal Golden Visa
The minimum investment requirement for Portugal Golden Visa residency is €250,000 via cultural activities or €500,000 for other options. Apart from minimum investment commitment, investors need to pay other dues, commissions and fees. Some investment options are donations, while others are refundable and offer ROI and capital gain. You have to visit the country for 7 days a year to maintain your Portugal residency status. Holding your investment for at least 5 years is a mandatory requirement.
Benefits of Portugal Golden Visa
Benefits of Portugal Golden Visa include the right to live, work and do business in the country. You can include family members in the Portugal residency by investment application. As per Serviço De Estrangeiros E Fronteiras, more than 13000 main applicants have got Portugal Golden Visa. Apart from being residents, investors also benefit from the 10-year NHR tax scheme, which makes Portugal a favorite for flat 20% tax rates.
Booming Real Estate, Businesses and 7th Safest Place to Live
Portugal is the favorite option for investors due to its multiple benefits. As per Eurostat, Portugal’s house prices grew by 9.8% during the third quarter of 2024 and 11.6% during 4th quarter when compared with the same quarter of the previous year. The ease of doing business in Portugal is yet another attraction for investors, entrepreneurs, industrialists, and businesspeople. The 2024 Global Peace Index ranks Portugal as the 7th safest country to live in.
Conclusion
Despite negative news about Malta citizenship by investment, there is no threat or concern about the Portugal Golden Visa program. The reason is quite simple: strict compliance with the rules of the European Union. This results in an overwhelming response from investors seeking a reliable and credible investment option that gives them EU residency and Schengen visa free access. Further, the high return on investment and, more importantly, a lavish lifestyle with family are key attractions for people to consider the Portugal Golden Visa as an alternative to the Malta Golden Visa.
