Why the ‘Golden Visa’ May Be on Borrowed Time
In this Bloomberg Originals mini-documentary, we show how a Plan B for the rich is being reinvented—and why it may not be enough.
Carcavelos Beach near Lisbon, Portugal. The country is one of the prime destinations for seekers of a “golden visa.”
Photographer: Horacio Villalobos/Corbis NewsIn a world coming apart at the seams, there’s arguably nothing more alluring than the “golden visa,” a Plan B for the wealthy that allows them to effectively buy a second passport—or even full citizenship—with a large cash investment. The European golden visa became popular during the European debt crisis more than a decade ago, when countries like Spain, Greece, Portugal and Italy were in dire need of cash.
Those programs raised more than $25 billion in 12 years, a third of which went to Portugal, well known for its massive influx of tourists, digital nomads and elderly visa seekers. But as these arrangements became popular, blowback over corruption and real estate prices increased, leading many countries to tighten rules. In this Bloomberg Originals mini-documentary, The Golden Migration May Be on Borrowed Time, we explore how the golden visa is being transformed as a result, and why its days may nevertheless be numbered.