What is currently making headlines is that both Ireland and Portugal seem to be closing their immigration programs for investors.
Ireland’s is closing down for sure, explicitly due to EU pressure. The Portuguese Golden Visa also seems to have its days numbered. Also due to EU pressure.
- The EU loves to take in refugees that are generally a net negative for the budget.
- But the EU hates multimillionaires who are willing to invest a lot of money to obtain residency. These people are a net positive for the budget, which could help cover the other ones.
I expect more and more pressure on the EU’s other programs such as Greece and Latvia after the lobbyists’ success against Ireland and Portugal.
Feel free to reach out concerning any EU Golden Visa.
But even in Latin America obtaining residency is becoming harder
What most people missed is that Colombia recently changed its residency program for investors. Before, you just had to invest about $155,000 in Colombian real estate to obtain residency, which with minimal time on the ground could lead to citizenship after 5 years.
In Q4 of 2022 the rules changed and this special residency is gone. You now need to invest about $90,000, but need to spend more time on the ground, and the timeline to citizenship now takes about 10 years.
I had a chat with my lawyer Alan about all the latest immigration changes in Colombia, and how to obtain residency there.
If you want a Plan B, you need to act now
Look, I’m not trying to do fearmongering. New programs will appear, as they always do. But the reality is that we are seeing more programs either disappearing or becoming harder, than we are seeing attractive ones popping up.
Panama is another example of a great program that became harder (though there are creative ways that cost less than $10k to get in). More on this topic later.
If you want more information on how to obtain residency in Colombia or want to get in touch with Alan, you can do so here.
To a World of Opportunities,
The Wandering Investor
Services in Colombia:
- My favourite real estate agent in Medellin
- Real Estate Lawyer in Colombia
- How to obtain Residency in Colombia
Articles on Colombia:
- Making a Real Estate Investment in Medellin, Colombia
- Actual Capitalization Rates / Rental yields in Medellin
- Is it too early to make a Real Estate Investment in Bogota, Colombia?
- $100,000 investment house in Medellin, Colombia
- Is Colombian real estate still investable following the election of Gustavo Petro?
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