As chatter about Portugal increases, and the number of new foreign nationals arriving to these shores grows (I know because school places are becoming scarce and rents are going up!), I’m reminded of the reasons why I’m so keen for my children to hold a European passport.

Of course, you’ve heard about Portugal’s famous “Golden Visa”.  You should also know that it lets you invest in real estate and get a residency permit which leads to an EU passport.  But have you considered how this might fit into your (and your children’s, children’s children etc.) future, especially as we see a significant rise in remote working?  

In this article, I’ll explain the benefits of the Portuguese Golden Visa program and how this can be obtained, and why I think a European Passport is so important for you, your family and future generations to come.

Predicting the Future

Both my wife and I originate from the UK. We moved to Malaysia in 2008 then on to Hong Kong in 2011, where both of our children, now 3 and 8yrs old, were born.  My primary identity is British, as are our children’s.  And yet, neither the UK, Hong Kong or Kuala Lumpur are places we would select as ideal for our children to settle now, or in future.

Of course, the difficulty with trying to predict the future is quite often we’ll get it wrong.

In recent years, the way in which we work has been redefined, facilitated by advances in technology, more flexible attitudes towards remote working and the proliferation of online business.  There is reduced commuting, and fewer roles that require us to be in the same room (physically at least) as our bosses, colleagues, and clients. Being digitally aware, and mobile, is becoming more important.

In parallel, the lifestyle of a digital nomad has become more accessible through an ability to freely travel, reside and move across borders.  So called ‘nomad villages’ are popping up all over Europe in particular Spain, Italy, Croatia and Portugal. Digital connectivity infrastructure is being improved and regulations are drawn up by governments to facilitate this growing trend and our changing work environment.

By some estimates up to 85% of jobs that today’s college students will have in the next decade, haven’t yet been invented. And most of these are expected to be remote and digitally based.  By 2030, we’ll likely be living in a world where artificial assistants help us with almost every mundane task (much like spell-check and how it likes to finish words for us!). 

The U.S. Bureau of Labor Statistics says today’s students will have 8 eight to 10 jobs by the time they are 38. This will be made possible by partnering with machines for on-the-job learning and wearing VR headsets with Augmented Reality to engage with colleagues and learn new skills in real-time, to get jobs done.

There will be little justification to live where the work is.  The work will be where you are. 

Providing my children with the freedom to pick where they work: the warm climate of Spain, the fresh mountain air of the French Alps or the Pyrenees, the history and culture of Italy’s ancient cities or remote Portuguese islands (or all of these depending on the time of year), is as valuable as a good education, or a deposit for their first home.

Future Proofing

The Portuguese Golden Visa is one of the few remaining ways to gain access to an EU passport for non-EU nationals and your children, without physically moving to Portugal or Europe.

As a reminder, Portugal’s GV Program provides you with a permit, and the right (not obligation), to live in Portugal for five years.  After this time, you become eligible to apply for an EU passport, Portuguese citizenship and with that, the freedom to live, work and travel within the EU’s 26 Schengen countries.

The GV is issued by the Portuguese Immigration and Borders Service (SEF) and to apply (by means of real estate investment), you must invest in a property worth at least €280,000.  The processing time for GV is currently around six months, although applications can be processed much faster if your investment is pre-approved by SEF and meets all their required criteria. 

But time is of the essence as this opportunity is unlikely to last.  Portugal’s GV Program has proven wildly popular with almost 20,000 applicants and EUR 6bln of investment, over the past 10 years. 

There is increasing pressure on Portugal to stop or dilute the attractiveness of its Program, with areas for investment already restricted (with potential to restrict further) and entry level investment size set to increase, to become more aligned with other, similar EU visa programs.

Speak to us today about qualifying GV options that could prove to be not only the best investment you’ve ever made but also the most lasting gift, for your children.

We are based on the ground in Portugal and can assist with all aspects of your property and GV application, setting you on a path to obtain EU passports for you and your family.