When countries aren't doing so well, the 1% buys itself a new passport and jumps ship with its money. Regular people can't afford that luxury and are stuck.
Agree - surely raising the golden visa amount is just going to worsen the problem - a skilled based system would be much more beneficial in the long run. I have no idea btw, just my thoughts…
this type of system is broken. I can’t imagine how taking more and more $ / allowing freedom of movement only to the rich & privileged (who I would assume live longer??) could ever help anyone other than the rich & privileged
Portuguese here. We never had a problem with foreigners. The issue is getting a visa trough real estate purchase and not trough direct investment like the EB-5 visa in the US.
TBF that was only one of the six options available: €500,000 in real estate, a €1.5 million capital transfer into Portugal, creation of at least 10 jobs in Portugal, €500,000 investment in scientific research or technological innovation, a €250,000 donation to preserving national heritage or supporting artistic endeavors or a minimum investment of €500,000 in venture capital or private equity funds focused on Portuguese businesses. Can't blame people taking the one that would actually make them money in the long run
@@orangeninja912 I don’t see issues with someone buying a house and living there, but people buying houses as investment to sit empty or those buying +10 houses to put in AirBnB this is wrong.
There is the issue of government matching the infrastructure to the volume AND expectations of those incoming people. As you know public healthcare system have been degrading. If the people coming here do not find infrastructure as they expected (saying, as is has been “sold” to them) the effects will be devastating, sudden crash. So in my opinion this have to be carefully regulated.
The issue really is Government failing to build more homes and then blaming the easiest target for their lack of governance. . the article by Bloomberg clearly states that 0.4 percent of buyers were foreigners on a Golden visa..if 0.4 % can dictate the whole market pricing then it's due to a frenzy created by local real estate agencies rather than any actual buyers from abroad. You will notice that prices still haven't come down even though foreign buyers are not buying.. if they do come down then a lot of Portuguese are going to see a massive decline in their retirement pots because i suspect a lot of local have bought in this frenzy created by hype and plain old tall stories about foreigners buying at crazy prices and every local also wanting a piece of the action..There's a lot of pain to come
The issue really is Government failing to build more homes and then blaming the easiest target for their lack of governance. . the article by Bloomberg clearly states that 0.4 percent of buyers were foreigners on a Golden visa..if 0.4 % can dictate the whole market pricing then it's due to a frenzy created by local real estate agencies rather than any actual buyers from abroad. .. When prices do come down then a lot of Portuguese are going to see a massive decline in their retirement pots because i suspect a lot of locals have bought in this frenzy created by hype and plain old tall stories about foreigners buying at crazy prices and every local also wanting a piece of the action..There's a lot of pain to come
Buying real estate should not be incentivised any more than it already is. Other investments can go up and up in price and everyone's happy but ordinary people need homes. If a wealth tax is implemented it should only apply to real estate and land. Real estate should not be the piggy bank of the rich. They should be encouraged to put their money into other assets.
In Europe they have homes selling for 1 euro because the only people who live there are retirees. If people want to live there it’ll be expensive, but if it’s a city full of the old and soon dying it’ll be cheap. It’s all about location. It’s expensive because people want to live there, not because of that 0.4% in gold visa investment.
@lucaspm98 That's a flat out lie... It's a 1st world country afterall. There are a bunch of small companies that would probably be grateful for the funds to expand to foreign markets And again, we have a bigger unicorn system than Spain and Italy, so don't think Portugal is dead outside of tourism
It's not just property buying. They bring their high salaries with them, and are willing to pay much more for rent/goods/services than your Portuguese that was born there. This raises prices for everybody. Gentrification on a national scale.
A Golden Visa IS NOT citizenship. It's just a permit that allows you to stay in the European Union for as much as you want, not just the 3 months the tourist visa allows AND without being a fiscal resident. Can't believe Bloomberg got it SO wrong.
They didn’t say that it is equivalent. Although it offers residency at first, the golden visa IS a pathway to citizenship in certain countries, it just takes longer and has more requirements than regulation.
As I understand. The golden visa = permanent residence. And if you live full time in portugal for 3 or 5 years you get the citizenship and the eu passport.
@@notme943 the portugal is an exception to the residence rule. You don't need to have been a resident for the full 5 years but demonstrate enough ties at the end of the 5 years. Many Golden visa holders move to Portugal in year 3/4
@@notme943 need to know Portuguese to A2 standard, apply after 5 years of receiving permanent residency stays then wait around for a few years until they grant citizenship.
The golden visa should only exist through investment, the option to obtain it by purchasing property should have never existed. Not only that, it ended far too late. Portugal is facing a massive housing crisis, the last thing it needs is to further increase the demand for housing, especially from wealthy foreigners who can easily outbid locals.
On the other hand, the spiralling prices have led to major development and regeneration projects. It’s bizarre that a city like Lisbon has large run-down buildings that have been empty for decades, but they won’t stay that way now that they are valuable.
The housing crisis in Portugal is a result of the Portuguese Government building less housing than any other major government in Europe. Lisbon alone has 22,000 empty buildings. Foreign direct investment via real accounted for less than 3% of transactions but it was a convenient scape goat.
@@chrisfranklin7547 The problem is that those projects are all for luxury housing, the locals are being driven out of their city where they can no longer afford to live. Lisbon is getting completely gentrified.
@@portugalgoldenvisa The housing crisis is a result of many factors, lack of construction particularly for affordable housing is one of them. But the increased demand for housing from wealthy foreign investors only further exacerbates the problem, even assuming that the 3% number, those transactions are concentrated in a small region. No golden visa investors where buying up property in the interior of the country, its was mostly in the regions where the housing crisis was already more severe.
Bloomberg: "Pessoal! Invistam agora que depois vai ser mais caro!" Portugueses: "Realmente o que o nosso mercado imobiliária precisa é de mais estrangeiros a comprar casa para ficarem vazias..." Well done Bloomberg 👏👏👏
According to the news report, the Portuguese prime ministre blocked buying houses to get the golden visa, so now foreigners have to invest in portuguese companies
Imagine you Invest in a company and get nationality because of that, are really not gonna buy a house close to your investment? (Btw, adoro a resposta em inglês para fazer parecer que o Montenegro fez alguma coisa sobre a crise de alojamento)
@@tonimendes Your first mistake is thinking someone would invest in a Portuguese company. If I had invested €100,000 in the Portuguese stock market (that represents the health of the Portuguese companies) in 2000, I would now have about €53,000. That is, a loss of approximately 47% over a 24-year investment. The Portuguese real estate market has been the safest investment in the last 40 years. Source: Euronext Portugal
Why 2000? So, for your example you go and choose the year where PSI-20 (a mix of the 20 most valuable companies in Portugal) was at its maximum? That looks reasonable ... The golden visa was introduced in 2012. If you invested 100k in January of 2012 ( close to the maximum of 2012) you would have 125k... Sure it's not the s&p500, but it's also not nothing... Also, since the pandemic, the PSI-20 has been growing at a steady 13% a year.
I am a golden visa resident in Portugal, it’s a lovely country and the people are the best . It is however very bureaucratic and it’s difficult to make reasonable amounts of money
@@lv3609 not from USA but have been told that if you lose your online job it’s difficult to get another one without first doing a face to face , in other words you have to go back
As a Portuguese I hate, hate, this program. Thanks to it I will not be able to buy a flat, everything is more expensive and I just hate it. The guy is saying that the people that want the golden visa have bought only 0.4% of the total real estate in a year. 0.4% TO GET A GOLDEN VISA! AND THEN ONCE THEY GET IT THEY BUY 4 MORE FLATS!!!!! BUT THESE 4 FLATS DONT COUNT TOWARD THE STATS! Millionaires from the States are "bribing" their ways into our country and making everyone lives terrivble.
I sympathize with you but please read the actual stats from the Portuguese government. The vast majority of golden visas have been issued to Chinese and Brazilians - not Americans. These stories are deceptive.
With all due respect, this is untrue. The challenge with housing is a combination of remote workers on nomad visas, and more crucially, Government ineptitude in not building homes. 22,000 empty homes in Lisbon alone, combined with the lowest percentage of social housing per capita in Europe. Portugal has a housing crisis for sure, like many places in the world, but the solution is not the abolition of the golden visa. If it was, house prices would be coming down since the ending of real estate golden visa in 2023. They’re not, they continue to go up.
Cypriot here. Up until scandals were revealed, our government gave citizenship to not only corrupt politicians or businessmen, also criminals wanted by Interpol. Property prices sky rocketed, I know cases where a so-called Chinese investor bought a whole apartment and renting it out. Once he secured his citizenship he sold ‘the investment’ to other corrupt Russian investors. Circular economy for you. I’m very proud of my new compatriots 😂
You're right. As a Russian born, I've been following various research into this by Navalny team and they had so much documentation to back it with. Shameful how Cyprus didn't kick out so many of these small to large size criminals and money laundering companies/people. I think Cyprus was getting greedy a bit, given its struggles. Been there in 95, wonderful Island with deep culture.
@@notaspectator This scam started with our communist president who was very fond of Putin. Then our center-right, pro-eu president got elected and continued the tradition. his law office -ehhhem- his daughter's law office was hugely involved in this scheme. It's a small country, and personal gains are more important than national gains. and lawyers have a huge influence in every aspect of the country.
Why can't golden Visas be tied to building housing for like 2 more families if you move in. Or yeah, making real investments into building up a local industry.
Terrible video. You start by talking about golden passports (i.e. citizenship) but then confuse things by suddenly switching to golden visas (i.e. residency). At least make the distinction to viewers.
The portuguese golden visa does eventually lead to citizenship in about 7-8 years time if you meet other requirements. Many other golden visas do also but there tend to be a ton of additional requirements.
The program takes 5 years, followed by an approximate 18 - 24 month wait for citizenship. Other than a €500,000 qualifying investment, you need to pass an A2 Portuguese exam to qualify.
The Portugal Golden Visa program is a Residency & Citizenship by Investment Program that enables the investor to apply for citizenship after 5 years in the program.
Saying that golden visa home buyers make up only a 0.4% of the national home sales and therefore can't make an impact on price is dishonest. If they all buy in Lisbon and you take inelastic demand in to account that surely moves prices.
My aunt bought this Portuguese golden visa and my parents were really considering it but then didn’t after Portugal siad you also have to speak Portuguese to later become an actual citizen
You only need to speak an A2 level of Portuguese. The levels of Portuguese language are the following: A1 A2 B1 B2 C1 C2 So A2 is very very basic Portuguese. You can learn it in a couple of months
If you have a yacht and a private jet, why buy property in Portugal? Just use the Lisbon dock for a few hours to empty your sewage and buy some fresh fruit. Then you can sail to a civilized place.
I mean, you wanna charge for citizenship, instead of being socialist, be full form capitalist. Charge them as much as possible, may be off to bidding. What about $10M as starting price?
@@low-key4966 well, first, never say never. Secondly, isn't that the point? If you are auctioning your citizenship, you better get crème de la crème...
@ShakibAhmedMagurmach I understand your prospective, i think your blaming the wrong people you should instead blame the government for incentivesing rich people to purchase real estate inadvertently pricing out the locals so instead of that myopic policy they should instead tell them to invest in local businesses that should definitely help everyone
@@ShakibAhmedMagurmach "never say never" most of the reason for America's poor social services is exactly this false belief that one is meerly a Temporarily Embarrassed Millionaire. Statistics say you should err on the side of never. "crème de la crème" Billionaires are seldom the creme de la creme of society, often made by nepotism, and the majority of their wealth is never invested or functional. The creme de la creme are high skill professionals, and they are highly unlikely to be sitting on 10M liquid, let alone per person.
For every American buying a house in Portugal, there’s a Portuguese family who loses the chance to live in their own place as they are being bought out of their towns. This peaceful country might not stay so welcoming if its people are forced out of their homes. Don’t be surprised if one day they demand their homes back, and not with a handshake
@@jaad9848 Not apples to oranges at all. Some people relocate from a high cost area to a low cost one. Happens all the time. Look at all the Californians who have moved to Texas or Tennessee. Often, they have sold homes worth $1MM+ and were able to buy homes for cash elsewhere. Same has happened with Portugal - its just that its not only Americans who can carry out such arbitrage. Wealthy Chinese, Indians, Brazilians, Russians, etc. have been buying up property via golden visas for some time now. This is not news.
@@jimallen8238 It totally is apples to oranges you really think those people are statistically this group or is it instead investor class. Would you bet on it?
The impact of the golden visa is very unfair to young EU citizens trying to buy a home and raise a family in their home state. State and EU authorities need to fully stamp out this practice. EU passports should not be for sale and not to mention the money laundering and other security risks such a practice brings to Europe
The Portugal Golden Visa program is a Residency & Citizenship by Investment Program that enables the investor to apply for citizenship after 5 years in the program. The key benefit is that you can participate in the program with only 7 days in country each year. Hence the price of admission.
@@portugalgoldenvisa AIMA/SEF do not check on the number of days in Portugal per year. They are unable to - due to freedom of movement within Schengen.
all over the world rich people are creating a massive housing issue, why make it worse, change the rules, to get the visa you need to create a business and hire X number of locals
We sold the country but don’t worry gdp is going up😂 but don’t remember them we were left in the dust during 08. 10k us citizens with a lot of $$$ definitely increase prices in the areas they set up, fake investment what is helping the economy besides imi revenue for the government? Expats working for usa companies or usa customers, creating Minimum wage tourism jobs? A joke
Portugal is still offering ways of escaping your country (With enough money), just like in the movie Casablanca? The more things change, the more they stay the same.
US -> Europe isn't too much of a Risk Diversification though, unless you're going to Switzerland (Policy of Military neutrality) and a handful of similar relatively neutral countries.
Why doesn’t the government just charge €1,000,000+ and use it for direct social value? If it’s about not eating into their wealth it could be by selling government bonds. That’s a tangible commitment to the country.
exactly what i was thinking.. these countries would rather the people who want to move continue fighting their wars and supporting their home countries by staying back and becoming cannon fodder or killers
Second PP is more of better quality of life and some evading US taxes...I don't believe a small European country has the military to protect itself plus having enough fire power in the world.
All visas is discrimination by economic reason of people all people can have travelling around the world don't discriminate people from poor and corrupt country
Fun fact: Most of those Indians getting Portuguese passports are because if supposed Portuguese ancestry during the colonial rule in Goa state even if they speak zero Portuguese. Most get passports and move to other countries for better opportunities.
Second citizenship means nothing anymore. The secondary country can take that citizenship away at any time if they don't like you. For example, Russian oligarchs or the CEO of Telegram.
How dare they get upset about a foreign monopoly taking over the domestic tourism housing property! How dare they! Looking at the USA, giant monopolies buying up all American housing clearly has worked well for Americans - why don't those Europoors be more like the USA?
@@bigfisher4354 I think their complaints are valid, but it's still quite funny and ironic that a former colonial power is prostituting itself out as a doorway to Europe.
Hate how the locals are always blaming their laziness, their short comings and failures on the hard working, successful and talented immigrants Please stop ✋ and find a a better excuse 4 ur sh*t‼️🙄
Oh great a legitimised way of escape for rich people to ignore the problems they created back home. That’s the socioeconomic equivalent of farting in an elevator and then getting off at the next floor.
Some of these stories are poorly researched and sensationalist. The vast majority of Portugal's golden visas have been issued to Chinese and Brazilians - not Americans. To imply otherwise is deceptive.
The lad running the solar panel bs industry with zero competitive advantages and getting a nice salary while he runs it, this is one example of all the leeches fostered by this. The money injected by rich foreigners into a failed state which has one the highest levels of bureaucracy and inefficiencies you can find in the world. If it weren’t by the Brazilians and all the other foreigners who are lured by EU passport, Portugal would be another Albania.
@@portugalgoldenvisa yeah, and greece and italy are run by literal fascists atm lol. I believe greece is still under crippling debt from their IMF loan via germany, as well.
Warning: the whole video is about Portugal
based
Ａｔ ｌｅａｓｔ ｉｔ＇ｓ ｎｏｔ ＦＲ＊ＮＣＥ
I thought abt dubai ..bye
Thanks
@@rawsupershow123what is “based”
When countries aren't doing so well, the 1% buys itself a new passport and jumps ship with its money. Regular people can't afford that luxury and are stuck.
And that's why the 1% do not really care so much about the well-being of their country.
And the reasons why countries don’t do well is because of the greed of these same 1%. They ruin things, profit off of it and then flee.
It is the wealthy that cause the problems in the first place
Agree - surely raising the golden visa amount is just going to worsen the problem - a skilled based system would be much more beneficial in the long run. I have no idea btw, just my thoughts…
this type of system is broken. I can’t imagine how taking more and more $ / allowing freedom of movement only to the rich & privileged (who I would assume live longer??) could ever help anyone other than the rich & privileged
Portuguese here. We never had a problem with foreigners. The issue is getting a visa trough real estate purchase and not trough direct investment like the EB-5 visa in the US.
I moved to Estoril, Portugal last year on the D7 visa. Lovely country but the real estate will soon be out of reach for locals if it isn't already.
TBF that was only one of the six options available: €500,000 in real estate, a €1.5 million capital transfer into Portugal, creation of at least 10 jobs in Portugal, €500,000 investment in scientific research or technological innovation, a €250,000 donation to preserving national heritage or supporting artistic endeavors or a minimum investment of €500,000 in venture capital or private equity funds focused on Portuguese businesses.
Can't blame people taking the one that would actually make them money in the long run
@@orangeninja912
I don’t see issues with someone buying a house and living there, but people buying houses as investment to sit empty or those buying +10 houses to put in AirBnB this is wrong.
There is the issue of government matching the infrastructure to the volume AND expectations of those incoming people.
As you know public healthcare system have been degrading. If the people coming here do not find infrastructure as they expected (saying, as is has been “sold” to them) the effects will be devastating, sudden crash.
So in my opinion this have to be carefully regulated.
The issue really is Government failing to build more homes and then blaming the easiest target for their lack of governance. . the article by Bloomberg clearly states that 0.4 percent of buyers were foreigners on a Golden visa..if 0.4 % can dictate the whole market pricing then it's due to a frenzy created by local real estate agencies rather than any actual buyers from abroad. You will notice that prices still haven't come down even though foreign buyers are not buying.. if they do come down then a lot of Portuguese are going to see a massive decline in their retirement pots because i suspect a lot of local have bought in this frenzy created by hype and plain old tall stories about foreigners buying at crazy prices and every local also wanting a piece of the action..There's a lot of pain to come
The issue really is Government failing to build more homes and then blaming the easiest target for their lack of governance. . the article by Bloomberg clearly states that 0.4 percent of buyers were foreigners on a Golden visa..if 0.4 % can dictate the whole market pricing then it's due to a frenzy created by local real estate agencies rather than any actual buyers from abroad. .. When prices do come down then a lot of Portuguese are going to see a massive decline in their retirement pots because i suspect a lot of locals have bought in this frenzy created by hype and plain old tall stories about foreigners buying at crazy prices and every local also wanting a piece of the action..There's a lot of pain to come
0.4 means 4% in 10 years, 8% in 20 years, 12% in 30 years. Does anyone even live in these apartments? What a waste if they are just sitting empty.
Buying real estate should not be incentivised any more than it already is. Other investments can go up and up in price and everyone's happy but ordinary people need homes.
If a wealth tax is implemented it should only apply to real estate and land. Real estate should not be the piggy bank of the rich. They should be encouraged to put their money into other assets.
In Europe they have homes selling for 1 euro because the only people who live there are retirees. If people want to live there it’ll be expensive, but if it’s a city full of the old and soon dying it’ll be cheap. It’s all about location. It’s expensive because people want to live there, not because of that 0.4% in gold visa investment.
Yes, wealth taxes should only apply to land… we call it property taxes
They removed the real estate component of the golden visa program in 2023. It is no longer eligible.
they should invest in real companies with real jobs not just buy houses...
Exactly. Typical gullible Democrats media😊
Frankly, there’s little to no industry outside of tourism to invest in.
Innovation, Tech.
@lucaspm98 That's a flat out lie...
It's a 1st world country afterall.
There are a bunch of small companies that would probably be grateful for the funds to expand to foreign markets
And again, we have a bigger unicorn system than Spain and Italy, so don't think Portugal is dead outside of tourism
Yes in Portugal we open legs to anyone.
lol
Especially the rich?
Well at least you guys are self aware😁
Not anyone. Only those with the means.
It's not just property buying. They bring their high salaries with them, and are willing to pay much more for rent/goods/services than your Portuguese that was born there. This raises prices for everybody. Gentrification on a national scale.
I'm confused, is it a golden visa or a golden passport, they are different things after all
First you get a golden visa, and after 7 to 8 years you become eligible for citizenship
@@jstasrcsticguy I see, thank you for the reply!
u get the visa then citizenship and bec its part of the eu you get to move anywhere in the eu
It's a visa programme. You can get a passport without a citizenship.
@@njm543
No need for citizenship to get a passport.
And some say that "money doesn't matter!" 🙄
Well it gives you more time, opportunity, flexibility, and so on
A Golden Visa IS NOT citizenship. It's just a permit that allows you to stay in the European Union for as much as you want, not just the 3 months the tourist visa allows AND without being a fiscal resident. Can't believe Bloomberg got it SO wrong.
They didn’t say that it is equivalent. Although it offers residency at first, the golden visa IS a pathway to citizenship in certain countries, it just takes longer and has more requirements than regulation.
As I understand. The golden visa = permanent residence. And if you live full time in portugal for 3 or 5 years you get the citizenship and the eu passport.
@@notme943
Nothing wrong with an investor visa. The idea of opposing such a concept is absurd.
@@notme943 the portugal is an exception to the residence rule. You don't need to have been a resident for the full 5 years but demonstrate enough ties at the end of the 5 years. Many Golden visa holders move to Portugal in year 3/4
@@notme943 need to know Portuguese to A2 standard, apply after 5 years of receiving permanent residency stays then wait around for a few years until they grant citizenship.
The golden visa should only exist through investment, the option to obtain it by purchasing property should have never existed. Not only that, it ended far too late. Portugal is facing a massive housing crisis, the last thing it needs is to further increase the demand for housing, especially from wealthy foreigners who can easily outbid locals.
On the other hand, the spiralling prices have led to major development and regeneration projects. It’s bizarre that a city like Lisbon has large run-down buildings that have been empty for decades, but they won’t stay that way now that they are valuable.
The housing crisis in Portugal is a result of the Portuguese Government building less housing than any other major government in Europe. Lisbon alone has 22,000 empty buildings. Foreign direct investment via real accounted for less than 3% of transactions but it was a convenient scape goat.
@@chrisfranklin7547 The problem is that those projects are all for luxury housing, the locals are being driven out of their city where they can no longer afford to live. Lisbon is getting completely gentrified.
@@portugalgoldenvisa The housing crisis is a result of many factors, lack of construction particularly for affordable housing is one of them. But the increased demand for housing from wealthy foreign investors only further exacerbates the problem, even assuming that the 3% number, those transactions are concentrated in a small region. No golden visa investors where buying up property in the interior of the country, its was mostly in the regions where the housing crisis was already more severe.
In September 2023, I met a young Israeli in Cusco, Peru on vacation. He said he's a Portugal citizen. A week after I return to the US, Oct 7 happened
Bloomberg: "Pessoal! Invistam agora que depois vai ser mais caro!"
Portugueses: "Realmente o que o nosso mercado imobiliária precisa é de mais estrangeiros a comprar casa para ficarem vazias..."
Well done Bloomberg 👏👏👏
According to the news report, the Portuguese prime ministre blocked buying houses to get the golden visa, so now foreigners have to invest in portuguese companies
Imagine you Invest in a company and get nationality because of that, are really not gonna buy a house close to your investment?
(Btw, adoro a resposta em inglês para fazer parecer que o Montenegro fez alguma coisa sobre a crise de alojamento)
@@tonimendes Your first mistake is thinking someone would invest in a Portuguese company. If I had invested €100,000 in the Portuguese stock market (that represents the health of the Portuguese companies) in 2000, I would now have about €53,000. That is, a loss of approximately 47% over a 24-year investment. The Portuguese real estate market has been the safest investment in the last 40 years.
Source: Euronext Portugal
Why 2000? So, for your example you go and choose the year where PSI-20 (a mix of the 20 most valuable companies in Portugal) was at its maximum? That looks reasonable ...
The golden visa was introduced in 2012.
If you invested 100k in January of 2012 ( close to the maximum of 2012) you would have 125k... Sure it's not the s&p500, but it's also not nothing...
Also, since the pandemic, the PSI-20 has been growing at a steady 13% a year.
Euronext Portugal nem sequer existe...
I am a golden visa resident in Portugal, it’s a lovely country and the people are the best . It is however very bureaucratic and it’s difficult to make reasonable amounts of money
If you’re from USA, come to Portugal to live and do remote work, you’ll have USA level of salary and Portugal’s level of expenses.
@@lv3609 not from USA but have been told that if you lose your online job it’s difficult to get another one without first doing a face to face , in other words you have to go back
@@rickstainton2255
Yeah, we probably are as poor as you’re, or worse
@@rickstainton2255 I know that there is a risk, but do the math. It's worth it
What’s property tax rate?
As a Portuguese I hate, hate, this program. Thanks to it I will not be able to buy a flat, everything is more expensive and I just hate it. The guy is saying that the people that want the golden visa have bought only 0.4% of the total real estate in a year. 0.4% TO GET A GOLDEN VISA! AND THEN ONCE THEY GET IT THEY BUY 4 MORE FLATS!!!!! BUT THESE 4 FLATS DONT COUNT TOWARD THE STATS! Millionaires from the States are "bribing" their ways into our country and making everyone lives terrivble.
I sympathize with you but please read the actual stats from the Portuguese government. The vast majority of golden visas have been issued to Chinese and Brazilians - not Americans. These stories are deceptive.
With all due respect, this is untrue. The challenge with housing is a combination of remote workers on nomad visas, and more crucially, Government ineptitude in not building homes. 22,000 empty homes in Lisbon alone, combined with the lowest percentage of social housing per capita in Europe. Portugal has a housing crisis for sure, like many places in the world, but the solution is not the abolition of the golden visa. If it was, house prices would be coming down since the ending of real estate golden visa in 2023. They’re not, they continue to go up.
I'm from Portugal. I love this program. It's thanks to this program I can demand an higher wage from my employer 📈
Cypriot here. Up until scandals were revealed, our government gave citizenship to not only corrupt politicians or businessmen, also criminals wanted by Interpol. Property prices sky rocketed, I know cases where a so-called Chinese investor bought a whole apartment and renting it out. Once he secured his citizenship he sold ‘the investment’ to other corrupt Russian investors. Circular economy for you. I’m very proud of my new compatriots 😂
You're right. As a Russian born, I've been following various research into this by Navalny team and they had so much documentation to back it with. Shameful how Cyprus didn't kick out so many of these small to large size criminals and money laundering companies/people. I think Cyprus was getting greedy a bit, given its struggles. Been there in 95, wonderful Island with deep culture.
@@notaspectator This scam started with our communist president who was very fond of Putin. Then our center-right, pro-eu president got elected and continued the tradition. his law office -ehhhem- his daughter's law office was hugely involved in this scheme. It's a small country, and personal gains are more important than national gains. and lawyers have a huge influence in every aspect of the country.
Why can't golden Visas be tied to building housing for like 2 more families if you move in.
Or yeah, making real investments into building up a local industry.
What's what half a million for
@@Q_QQ_Q right now it's just about owning a house, but they forgot building and providing two more units for other families
thankfully I already had dual citizenship since birth 🙌
Moving to a new country is hard, assimilation to culture, language, participating in community. People only want this for collateral purposes.
Great video Sabine.
Terrible video. You start by talking about golden passports (i.e. citizenship) but then confuse things by suddenly switching to golden visas (i.e. residency). At least make the distinction to viewers.
Golden Visa is the catch all term for RCBI programs. Residency & Citizenship by Investment programs.
Why does this video confuse residency with citizenship? Golden visa = passport???
The portuguese golden visa does eventually lead to citizenship in about 7-8 years time if you meet other requirements. Many other golden visas do also but there tend to be a ton of additional requirements.
The program takes 5 years, followed by an approximate 18 - 24 month wait for citizenship. Other than a €500,000 qualifying investment, you need to pass an A2 Portuguese exam to qualify.
Because it is poorly researched and just meant to capitalize on media hype.
The Portugal Golden Visa program is a Residency & Citizenship by Investment Program that enables the investor to apply for citizenship after 5 years in the program.
@@portugalgoldenvisa Anyone can apply once permanent residency status is received. Do not need a golden visa to apply.
Saying that golden visa home buyers make up only a 0.4% of the national home sales and therefore can't make an impact on price is dishonest. If they all buy in Lisbon and you take inelastic demand in to account that surely moves prices.
But they do not 'all' buy in Lisbon - there are plenty of other cities or regions.
My aunt bought this Portuguese golden visa and my parents were really considering it but then didn’t after Portugal siad you also have to speak Portuguese to later become an actual citizen
You only need to speak an A2 level of Portuguese. The levels of Portuguese language are the following:
A1
A2
B1
B2
C1
C2
So A2 is very very basic Portuguese. You can learn it in a couple of months
The solve for being concerned about fascism rising, fascism
If you have a yacht and a private jet half million bucks is peanuts.
If you have a yacht and a private jet, why buy property in Portugal? Just use the Lisbon dock for a few hours to empty your sewage and buy some fresh fruit.
Then you can sail to a civilized place.
Americans en masse? Yeah, it won't take long before Portugal starts building a wall. Make Portugal great again! 🇵🇹
I mean, you wanna charge for citizenship, instead of being socialist, be full form capitalist. Charge them as much as possible, may be off to bidding. What about $10M as starting price?
You lost your mind. 10 million dollars is more money you'll ever make in your lifetime
@@low-key4966 well, first, never say never. Secondly, isn't that the point? If you are auctioning your citizenship, you better get crème de la crème...
@ShakibAhmedMagurmach I understand your prospective, i think your blaming the wrong people you should instead blame the government for incentivesing rich people to purchase real estate inadvertently pricing out the locals so instead of that myopic policy they should instead tell them to invest in local businesses that should definitely help everyone
@@ShakibAhmedMagurmach "never say never" most of the reason for America's poor social services is exactly this false belief that one is meerly a Temporarily Embarrassed Millionaire. Statistics say you should err on the side of never. "crème de la crème" Billionaires are seldom the creme de la creme of society, often made by nepotism, and the majority of their wealth is never invested or functional. The creme de la creme are high skill professionals, and they are highly unlikely to be sitting on 10M liquid, let alone per person.
It's called competition, there are more countries and regions in the world where you can live and or invest in 😊
For every American buying a house in Portugal, there’s a Portuguese family who loses the chance to live in their own place as they are being bought out of their towns. This peaceful country might not stay so welcoming if its people are forced out of their homes. Don’t be surprised if one day they demand their homes back, and not with a handshake
Not really Americans' fault if they are following the laws and incentives set by your government.
You voted for the current government. Own your decisions and stop blaming Americans
It’s not exactly the super rich, you need to buy a $500,000.00 house to qualify, as of 2024 the median US home price is $412,000.00.
Apple to oranges. You cant compare the main house for Americans vs an investment house.
Plus I think you need to buy property outright/ have a high percentage of money down where as in the US much of that would be a mortgage
@@jaad9848 Not apples to oranges at all. Some people relocate from a high cost area to a low cost one. Happens all the time. Look at all the Californians who have moved to Texas or Tennessee. Often, they have sold homes worth $1MM+ and were able to buy homes for cash elsewhere. Same has happened with Portugal - its just that its not only Americans who can carry out such arbitrage. Wealthy Chinese, Indians, Brazilians, Russians, etc. have been buying up property via golden visas for some time now. This is not news.
@@jimallen8238 It totally is apples to oranges you really think those people are statistically this group or is it instead investor class. Would you bet on it?
@@jimallen8238just remember Texas has some of the highest property tax rates in the country though Tennessee is a better example.
All this will do is that those people will buy property in Japan or SE Asia.
Why the EU where their taxed to death, why not Argentina or Ecuador?
This Is a sales pitch for Portugal. A massive con job!
Foreign investment in housing shouldn’t be allowed. Having a property sit empty except one week a year is preposterous
The impact of the golden visa is very unfair to young EU citizens trying to buy a home and raise a family in their home state. State and EU authorities need to fully stamp out this practice. EU passports should not be for sale and not to mention the money laundering and other security risks such a practice brings to Europe
Golden visa aren't citizenship by investment programs, they are residency by investment programs with expedited citizenship by naturalisation
How much time to citizenship ?
@@Q_QQ_Q depends. Portugal is 3 years, Greece is three, Turkey is one and Malta (probably the hardest to get, residency that is) is three
@@Q_QQ_Q 5 years plus a few years bureaucracy - Portugal. Need to speak Portuguese too.
The Portugal Golden Visa program is a Residency & Citizenship by Investment Program that enables the investor to apply for citizenship after 5 years in the program. The key benefit is that you can participate in the program with only 7 days in country each year. Hence the price of admission.
@@portugalgoldenvisa AIMA/SEF do not check on the number of days in Portugal per year. They are unable to - due to freedom of movement within Schengen.
all over the world rich people are creating a massive housing issue, why make it worse, change the rules, to get the visa you need to create a business and hire X number of locals
They did change the rules, and you are no longer allowed to invest in real estate.
We sold the country but don’t worry gdp is going up😂 but don’t remember them we were left in the dust during 08.
10k us citizens with a lot of $$$ definitely increase prices in the areas they set up, fake investment what is helping the economy besides imi revenue for the government? Expats working for usa companies or usa customers, creating Minimum wage tourism jobs? A joke
Portugal is still offering ways of escaping your country (With enough money), just like in the movie Casablanca? The more things change, the more they stay the same.
US -> Europe isn't too much of a Risk Diversification though, unless you're going to Switzerland (Policy of Military neutrality) and a handful of similar relatively neutral countries.
Why doesn’t the government just charge €1,000,000+ and use it for direct social value? If it’s about not eating into their wealth it could be by selling government bonds. That’s a tangible commitment to the country.
They are raising the price I believe
It won't work. You have Madrid and Athens only asking for 400k. If you raise it too much, you'll loose the expats for other countries.
Imagine a world in which the rich have to live with the consequences of their actions, er, I mean, economic externalities, that's it.
Yeah that's right don't end the war, end the Golden Visa Program for those trying to escape the war. That makes a lot of sense.
@@crypto_que Anyone fleeing from the war can apply for asylum, that as nothing to do with the golden visa.
exactly what i was thinking.. these countries would rather the people who want to move continue fighting their wars and supporting their home countries by staying back and becoming cannon fodder or killers
Golden visa are fine, investment wise. But we should always be able to revoke them. Like for Russians or Chinese when they are sanctioned.
Second PP is more of better quality of life and some evading US taxes...I don't believe a small European country has the military to protect itself plus having enough fire power in the world.
Are current golden visa holders grandfathered in and if so, can they renew for life?
If you are in the program, you are grandfathered even if the program ends.
immediately get permanent residency then... after 5 years and a Portuguese test - you get a passport after a few more years.
All visas is discrimination by economic reason of people all people can have travelling around the world don't discriminate people from poor and corrupt country
Fun fact: Most of those Indians getting Portuguese passports are because if supposed Portuguese ancestry during the colonial rule in Goa state even if they speak zero Portuguese. Most get passports and move to other countries for better opportunities.
Its a big deal but less than 600 applicants to this visa program in Portugal? They are rabble rousers!
There are over 12,000 main applicants in the Portugal Golden Visa program.
@@portugalgoldenvisa Look at the US side. And 12,000 applicants in a country of 10 Million. America has WAY more visa applicants per capita
@@MonteLogic Simply updating you, there are 12,000 main applicants, not 600.
Funny, people against Golden visas but not against illegal inmigration 😂
Second citizenship means nothing anymore. The secondary country can take that citizenship away at any time if they don't like you. For example, Russian oligarchs or the CEO of Telegram.
Lol at Portugal being a former global power crying about Airbnb
How dare they get upset about a foreign monopoly taking over the domestic tourism housing property! How dare they! Looking at the USA, giant monopolies buying up all American housing clearly has worked well for Americans - why don't those Europoors be more like the USA?
@@bigfisher4354 I think their complaints are valid, but it's still quite funny and ironic that a former colonial power is prostituting itself out as a doorway to Europe.
00:07 - a pin badge that says "i have it all"
I was thinking to give away my Portuguese citizenship but now I changed my mind.
As long as they don’t tax you for having the passport, it’s only a benefit to have more than one
Criminals took advantage of this? Geez, what a surprise! I'm shocked... Wait, what happened in London in the 80s?
ECONOMIC IMMIGRANTS
Hate how the locals are always blaming their laziness, their short comings and failures on the hard working, successful and talented immigrants
Please stop ✋ and find a a better excuse 4 ur sh*t‼️🙄
They are not talking about UN passports... Looks like the WSJ's boss already has one.
Please don't take them senhor governo
For 1 person from the US coming to Portugal to "help the economy", there's 1k indians and brazilians coming here, rip portuguese ppl and our country
lol, lisbon themed escape plan...
vasco da gama first voyage to Kerala
If anything there will be more as governments balanced sheets shrink.
What about germany we are going. Cool countries!
1:50 uhm investment "scheme" ? v.poor choice of words right there
Oh great a legitimised way of escape for rich people to ignore the problems they created back home. That’s the socioeconomic equivalent of farting in an elevator and then getting off at the next floor.
bloomberg as usual is the last to the story. Everyone knew all this for over 10 months now.
a yacht. a private jet. a Banksy. The super rich can have a Banksy. Hummmmmmmm….
2:47 is that Terry O'Quinn's brother?
Who is that?
No human would participate in chaos infliction if offered an UBI
UBI can't work. It will only bring perpetual inflation.
Yep. Andrew Yang is the way to go
Thanks for shitting up Europe Portugal!
interesting
Why don't I just marry someone with the citizenship and save myself 500,000 euros
Then that will cost you more than 500.000 euros after divorce.
Brazil and Macau should be given special admission. they are brother nations after all
Well,in Macau,you can be easily extradited and disappeared....Portugal is at the centre of the west..very safe place
Not al brazilians are equal. Only the most productive should be allowed in.
I can realte to some degree me and my mum are probably moving to japan since europe is getting more dangerous with immigration and taxes
They buying an akiya?
Thank you for ruining my country
+1
Some of these stories are poorly researched and sensationalist. The vast majority of Portugal's golden visas have been issued to Chinese and Brazilians - not Americans. To imply otherwise is deceptive.
🎉
Nobody cares.
The lad running the solar panel bs industry with zero competitive advantages and getting a nice salary while he runs it, this is one example of all the leeches fostered by this. The money injected by rich foreigners into a failed state which has one the highest levels of bureaucracy and inefficiencies you can find in the world. If it weren’t by the Brazilians and all the other foreigners who are lured by EU passport, Portugal would be another Albania.
Why the negativity?
I tend to agree.
just disgusting
I heard china? I thought they arent allowed dual citizenship lol
they don't but MAYBE Hong Kong does?
Not allowed but people hide their passports well
@@hehe-mq2bk yeah but HK is not China
@@dbm88 hong kong is part of china
They can revoke their Chinese passport.
We go to Portugal 🇵🇹 Italy 🇮🇹 or Greece 🇬🇷
Portugal is the best program as you can convert to citizenship after approximately 7 years.
@@portugalgoldenvisa yeah, and greece and italy are run by literal fascists atm lol. I believe greece is still under crippling debt from their IMF loan via germany, as well.
Hallo pasport Switzerland Zurich ok, ceinc 1briks ok finans kriminal politice Interpol okk2024😊😊😊😊😊
Portugal? Seriously?
!
What if someone does something bad and escape to Mars in future 😮
Trump 2024
A lot of my Japanese customers would like to live in India forever.
I am not joking.