With the expiration of golden visas, a large number of digital nomads are leaving Portugal

The Portuguese government announced the closure of its residence-by-investment initiative, often known as golden visas, which has impacted digital nomads considering Portugal as a destination.

According to local media, the announcement of the Golden Visa's demise has caused this community of expats to be concerned about future border closures and distant employees looking for other areas to relocate.

Although Portugal's Golden Visa programme is one of the most popular for digital nomads, other nations have begun to offer comparable programmes that are often even more appealing. When Portugal announces the termination of the golden visa programme, applicants are flocking to other countries such as Dubai, Turkey, Singapore, Germany, and Hong Kong.

What makes these programmes, such as Golden Visa and Digital Nomad Visa, appealing is the freedom, a life that is simple yet full of promise. The Golden Visa programme, on the other hand, was intended to attract more candidates, but instead, a rising group of digital nomads is joining the wealthy in a major exodus from Portugal.

There appears to be worry that cancelling one type of visa may frighten others, leading them to consider establishing a life in a place they may later regret, as happened with golden visa investors. Remote employees are now looking for destinations that provide Wi-Fi and a distinct way of life that provides them with more security.

On the other hand, Portuguese Prime Minister Antonio Costa earlier disclosed his government's decision to focus on digital nomads and make the country more welcoming to such persons.

“We have an open program so that we can be a factor in locating these digital nomads, as we have a program to attract Foreign Direct Investment. Each company that makes major strategic investments in Portugal also does so on a contractual basis. And, fortunately, Portugal has been increasingly attractive,” said the prime minister.

According to the Foreigners and Border Service (SEF), a total of 11,189 golden visas were given to foreign nationals in Portugal over the last 10 years, resulting in an additional €5.87 billion in real estate investment. Furthermore, 18,368 family members benefited from visas awarded to these nations.

According to SEF data, the most common nations to profit from the golden visa programme were Chinese, who accounted for half of all applicants, followed by Brazilians, South Africans, Turks, and Americans. Also, visas were provided to Russian and Angolan nationals.

By fLEXI tEAM