Thailand, known as the land of smiles, is a popular destination in Southeast Asia renowned for its beaches, incredible landscape and friendly welcome. As the country recovers from tourism losses caused by COVID-19, the government has announced a new long-term visa programme that will allow ‘wealthy’ foreigners and certain highly skilled professionals to stay in the country for up to 10 years.
Following the launch earlier this year of 5-10-year visas for entrepreneurs, investors and specialised talents, the UAE has further announced the introduction of a new class of visas, marking the latest in a series of steps to liberalise its stringent residency rules with the aim of attracting talent, boosting economic growth and diversifying its oil-focused economy.
In a bid to combat the economic impact of the pandemic, Slovenia announces it is considering a proposal to launch a citizenship or residence by investment programme for 2021, making it the latest Balkan country to do so.
Portugal has seen an increasing number of Chinese and South African citizens rushing to purchase residency and ultimately citizenship in Portugal via the country’s successful residency by investment programme. This comes following a recent announcement that the popular Portuguese areas of Lisbon, Porto and the Algarve are set to be removed as investment regions from the programme at the end of this year.
With the aim of strengthening the Russian economy and creating new jobs, Russia’s Economic Development Ministry has put forward a draft bill for a residency by investment programme, which would allow foreigners to invest in the country via various routes in exchange for permanent residency.
In order to attract more foreign investment, the Italian government has implemented changes to its residency by investment (RBI) programme to make it both more attractive and competitive, including slashing some of its minimum investment thresholds by half, and opening it up to third-world country nationals.
South African citizens have the opportunity to invest in the five-star Rebello hotel in Portugal’s second city, Porto, as part of its popular residency by investment programme. For an investment of €350,000, investors can expect to receive 3% returns and a residency permit with citizenship and a Portuguese passport after five years.
Following the overhaul and suspension of the citizenship by investment programmes of Malta and Cyprus, respectively, Greece is reviewing its popular residency by investment programme, which has seen a surge of interest in the last few months, with proposed changes including a fee structure aimed at attracting investment to less touristy parts of the country.
Could Portugal’s recent record number of Residency by Investment programme applicants be attributed to the country’s quick handling of the pandemic? Or is it Portugal’s EU membership and powerful passport making it so popular? Or could it be the country’s first-class medical and educational offerings, relaxed pace of life, ideal climate, and affordable and speedy route to citizenship, that has garnered it so much pulling power.
From 2021, Portugal’s popular residency by investment programme, which offers an affordable route to Portuguese citizenship and EU membership and which has seen a record number of applications in 2020, will change its conditions, allowing applicants to invest in real estate only outside of Porto, Lisbon and the popular Algarve region.