Investors in Portugal’s golden visa program are facing significant delays, prompting legal action against the government. Many applicants, including families who invested their life savings, are still waiting for residence permits that should have been issued within 90 days. The recent changes in citizenship rules have extended the waiting period for non-EU citizens, causing frustration and uncertainty for around 12,000 applicants.
The golden visa scheme, which allows individuals to gain residency through investment, has been controversial due to concerns about its impact on local housing markets and the potential for attracting individuals with questionable backgrounds. As housing prices soar in cities like Lisbon, the program’s critics argue that it exacerbates inequality and drives locals out of their homes.
Investors like Luke Strzegowski and Servet Tasman have expressed their discontent, feeling cheated by the government’s abrupt changes. They are now prepared to take their grievances to court, claiming that the government is violating its own laws regarding processing times. A petition has already garnered over 1,200 signatures, and a class action lawsuit is on the horizon.
The outcome of this legal battle could have broader implications for similar programs across Europe, as it raises questions about the fairness and transparency of citizenship by investment schemes. If successful, it may prompt other countries to reevaluate their own golden visa policies and the rights of investors within the EU.
Source: DW News
