What’s going on:
The Portuguese government’s announcement of the end of its residency-by-investment program (otherwise known as golden visas) has had a considerable effect on digital nomads.
This news will dissuade digital nomads from picking Portugal as their destination, and has understandably caused alarm amongst the expat community, as border lockdowns and remote workers now have to find alternative places to move, according to SchengenVisaInfo.
Why it matters:
With the end of Portugal’s golden visa program, digital nomads are now turning to other nations that offer enticing alternatives. Popular locations include Dubai, Turkey, Singapore, Germany and Hong Kong, which provide a wide range of possibilities for those seeking a more permanent home abroad.
How it’ll impact the future:
Over the last decade, Portugal’s Foreigners and Border Service (SEF) granted 11,189 golden visas to foreign nationals, which amounted to an extra €5.87 billion in real estate investment and enabled 18,368 family members to gain visas.
Now that this visa program is ended, Portugal’s economy and real estate sector may suffer to some degree.
