Displaying items by tag: Golden Visas

Lisbon’s rent is €2,000+. The minimum wage is €760. There are more houses than people, but prices don't go down. Comedian Diogo Faro posted a social media video about high rent. His inbox was flooded with messages like divorced couples who can't afford to move out, the elderly choosing between paying rent or buying medication; shortening their lives to have a roof. Lisbon's mayor said that housing is the biggest crisis in our lifetime. 1/3 of Lisbon's historical centre is unoccupied due to ‘touristification’ - holiday rentals diverting homes from residential use to tourism. Foreign investors with Golden Visas can reside in Portugal, renovate a house, and then allow it to remain empty. Houses are being sold over and over again, creating a distortion in the housing market.

Unscrupulous business people with close ties to government in countries with higher than average levels of corruption can make huge amounts of money from lucrative public contracts (awarded in processes that aren't exactly competitive). They don’t come under much pressure from activists or NGOs because corrupt politician friends ‘keep them in check’. These ‘business people’ choose to travel and live elsewhere. Many choose Europe. They do not approach their embassy for a Schengen visa. With enough cash, an array of European ‘Golden Visas’ - residence permits or passports - are at their fingertips. There has been a high demand for such documents in the past few years. The Golden Visa market has turned into a multi-billion-euro global phenomenon with price tags varying from country to country - anything from €250,000 to €10 million. Coast or mountains? Real estate or business investment? Recoup your money in five years? Background check? No problem.