COVID-19 brought with it a number of unforeseen consequences with the most notable being restricted movement. Many Asian high-net worth individuals (HNWIs) found themselves without an alternative other than to wait the situation out. These challenges have highlighted the importance of a golden visa in the post-pandemic world.
Passports in Southeast Asia are among the weakest in the world. Thailand, Cambodia, Vietnam, Laos, Indonesia and the Philippines were all ranked in the bottom third of the Global Passport Power Rank 2021. However, HNWIs in countries with stronger passports, such as Malaysia, did not benefit from these when borders were closed and travel was limited to citizens or permanent residents.
The situation has caused many Southeast Asian HNWIs to actively begin exploring golden visa opportunities. It’s not that this group is worried about another global pandemic or future travel restrictions per se. Instead, they are looking at the current situations in both their home country and globally and seeing a need to diversify.
The importance of a golden visa in the post-pandemic world comes down to having more freedom and opportunity, both for yourself and your family. Holding one empowers you with the freedom to live, work and study overseas and all of the opportunities that come along with it, such as citizenship.
Golden visa schemes in the European Union draw the most interest and for good reason. These allow you to live, work or study throughout all Schengen countries, not just where your visa was issued. That being said, EU programs do vary quite a bit from country to country. It’s important to know the requirements of each one and understand how the differences will affect you.
Why do HWNIs choose the Portugal golden visa program?
The Portugal golden visa program started in 2012 and remains one of the most popular options to this day. Its stability and proven track record provide applicants with significant peace of mind.
For an EUR350,000 investment, you will receive the visa which immediately places you on the pathway to permanent residency after five years. There is also the possibility of applying for Portuguese citizenship and a passport, assuming you meet certain criteria. This is available to both the investors and their family members.
While there are a few different investment options, most HNWIs select real estate. For starters, it is a great way to diversify their property portfolio. Secondly, home prices in Portugal have risen by 86.5 percent over the past decade and the local market continues to perform well. For example, the value of home transactions reached EUR8.6 billion in the second quarter of 2021, the highest figure since 2009.
Learn more about the importance of a golden visa in the post-pandemic world
If you want to learn more about the importance of a golden visa in the post-pandemic world and real estate investment opportunities in Portugal, you can schedule a complimentary consultation with Falcon Pyramid, a leading investment company based in Lisbon. Their team of experts has assisted numerous HNWIs with the Portugal golden visa program.