Are you interested in getting a second or third citizenship? If so, it’s important to know that the opportunity to do so may be limited. Many citizenship programs, such as those offered by the EU, are relatively recent and some may soon be canceled. In this article, we’ll take a look at what major citizenship by investment programs may be canceled, what it means for those looking to get a second or third citizenship, and what you can do to prepare for these changes.

First, let’s talk about the two most common ways to get a citizenship. The first is by filiation, which means that you are a direct descendant of a particular country through your father or mother. The second is by investment, where you can invest passively in real estate or funds without the need to reside in the country. This is the case for most EU Golden Visa programs and may soon be the case for the Portugal Golden Visa.

The Portugal Golden Visa program is, in our opinion, the best EU citizenship program. It’s a fast-track process for getting permanent residence and citizenship in an EU country through investing in real estate or real estate funds. The program offers a path to Portuguese/EU citizenship for foreign investors and their families without the need to reside in the country, and you can become eligible for Portuguese citizenship in as little as five years.

If you’re interested in learning more about the Portugal Golden Visa or other citizenship by investment programs, watch our video:

Some of the benefits of the Portugal Golden Visa include:

• An expedited way for qualified foreign investors to get the Portuguese/EU Permanent Residency and citizenship.
• No need to live in Portugal.
• No language, business, or education requirements for applicants.
• Permission to work and live anywhere in Portugal or Schengen Europe.
• Access to good healthcare and education systems on the same basis as Portuguese citizens.
• Easy family reunion, with spouses, children, and dependents able to apply for residency for the purpose of reunification and citizenship.
• One of the lowest investment fees, with the lowest real estate program costing €280,000.
• Popularity among Americans looking to live in Portugal for quality of life, stable institutions, and safety.

So, why does the Portuguese government want to close down the Golden Visa scheme? Portugal’s Prime Minister, Antonio Costa, has said that the country is considering canceling the 11-year-old program because it has fulfilled its function. The program was introduced in 2012 to boost foreign direct investment and has attracted 6.5 billion euros in investment by foreigners, mainly from China, Brazil, and South Africa, with the bulk of the money going into real estate. Vietnamese are the number 5 investors in the Portugal Golden Visa investment ranking.

If you’re considering getting a second or third citizenship through investment, it’s important to act quickly. With many citizenship by investment programs facing cancellation, the window of opportunity may be closing.

So what are you waiting for? You need to continue to find out options if you want a second or third citizenship, or even a residence permit to live where you want to be, as options may keep shrinking in the coming months. That is why you may want to create those options NOW, so that if a citizenship or residency program is canceled, you are already set up. Even with the world and businesses going global, individuals have less options when it comes to living in other countries or getting another citizenship. So create your options on your terms NOW before it’s too late! Contact us and our legal team will contact to you soon!