I have come to the conclusion that my journey toward Portugal’s Golden Visa is coming to an end following the Constitutional Court ruling.
I began this process not too long ago, fully expecting delays and frustration with the Portuguese immigration system, based both on what I had learned from others and on what was promised by the system itself. Having gone through immigration twice over the past 30 years, my goal this time was to choose a simpler, more peaceful retirement. One where I could immerse myself in Portugal and the rich culture of Europe.
However, after this ruling, my trust in the integrity of the Portuguese immigration system has been fundamentally shaken. As Warren Buffett wisely said, “I learned to go into business only with people whom I like, trust, and admire” That absence of trust is now impossible for me to ignore. Changing the rules after making promises to thousands of applicants has made it clear that this path no longer leads to the comfortable and secure retirement I was seeking.
Given the uncertainty, the prolonged waiting, the stress, and the financial investment involved, I no longer believe it is worth continuing.
I sincerely wish everyone who decides to stay in this process the very best of luck.
My final step will be to speak with my lawyer, exit the investment, and continue the next chapter of my life where I am.
I am sorry to read this. Your reasons for choosing to emigrate to Portugal are very similar to ours, so we empathize with your decision to walk away. You won’t be alone in your decision either as I am certain many here are contemplating the very same thing (us included).
Good luck Ray and all the best for the next chapter.
Good luck Ray! Your decision is totally understandable. All reasons that you mentioned are correct. PTGV is the most vicious, stressful, and brutal process that one could ever imagine. You’ll surely enjoy your retirement much more by exiting PTGV.
We have also decided that, if there is no grandfathering in the final bill, we are closing up shop and relocating elsewhere in the EU. We won’t stand for our date in July moving out to 2035+, especially in light of 3-4 year processing times at IRN.
I emailed my fund managers and bank today asking for information about potentially selling positions in the funds, possibly selling the house, and closing our affairs.
15 posts were split to a new topic: Selling positions of closed-end Portugal Golden Visa funds
I chose open ended funds (IMGA and Optimize). I’m hoping there won’t be too much hassle when it comes time to sell them.
Ray, I had my money back from Optimize in about a week. It was pretty easy.
I thought, from a practical point of view, exiting the investment and closing the bank account - just to avoid recurring periodical charges - were the only two things required. Does one even need to speak to the lawyer, except that it would be a gentlemanly/ladylike and professional thing to do to tell the him/her that he/she can shut my file in their records ?
Thank you. Did you get your lawyer involved, or did you contact Optimize directly?
Also if you have a tax representative, notify them to cease services
I plan to speak with mine. He has been honest from the beginning, and I would like to formally close my file with him.
My lawyer helped reach out and helped move it along with Optimize. If you reach out yourself I would copy Pedro.
We will likely follow you out. Our old life in Britain is calling.
Understandable. Regrets and good wishes.
I wish that this program had lived up to its potential and promise.
Ignore this sentence which is necessary to mollify the spam filter.
Argh, why does it keep losing the reply attribution?! Replying to @rsade .
I totally understand everyone’s frustration with how this GV process is turning out as I’m experiencing it myself. But for all those who went into this with a definite intention of actually living in PT - perhaps you already moved there or you had concrete plans to do so - nothing in the law changes being proposed prevent you from continuing to do so.
For my part the PT GV was only ever to have an option, a so-called Plan B, the right to live in PT or some other EU country and more crucially also to get an EU passport for my kids (who btw are now rapidly timing out of FT education if the 10 year time line takes effect. Will need to seek the PR option as soon as they’re eligible).
Quite likely though I never will actually move to PT, unless circumstance or some serious life upheaval, as yet unforeseen, change the calculus.
So anyway point being that whilst I understand everyone’s frustration, if your plan was actually to live in Portugal, I’m not sure any of this makes any real practical difference, apart from the additional renewal processes and related fees that a 10 year timeline might now necessitate.
Other EU countries and also the UK have also all made significant legislative changes affecting residence, visa and citizenship in recent years, so I’m not sure there are really any cast-iron guarantees these days to be had from any country, especially given the somewhat dire social, political and economic issues facing many people in virtually every country, given also mass migration, the march of the far right and what have you. Given I at least have my foot in the door of the PT GV, I’m inclined to stick with the process, despite all it’s annoyances, until passport is in hand, even if it’s 10 years. By the way anyone noticing how time flies these days?
But certainly would like to offer well wishes to everyone, regardless of what each person decides. Everyone’s personal circumstances will be different.
I’m right here with you. I’m a little afraid to send the official email to my lawyers, but that’s where we’re heading.
I also came to this program for a Plan B, and I realize that after several years of no forward progress, I’m living in the US I was afraid of, and maybe it’s more important to stay. Also, if I manage to sell my house there (anyone want a fully furnished beach house with a happy lemon tree in a sleepy, beautiful town 30 minutes from Faro?), having that money back would be a real game changer for my day to day life here, allowing me to retire a bit earlier and buy an RV!
I’m just not sure it’s worth all this anymore, considering I haven’t even gotten a visa yet and it’s been three years.
This is where we are at @elle1 . Assuming we actually get the visas (which is the biggest if in the whole process), it gives me and my husband a place to live and ultimately, citizenship for us and our kids. Yes, it’s going to take longer, and yes it will be more expensive (assuming the pendulum doesn’t swing back the other way in a few years when Portugal realizes they actually do need immigrants). But the reasons we applied still hold true. We will stick it out for now.
Beyond being more expensive (in terms of more rounds of renewal fees, which btw will probably increase most every year!) and more renewal grief, delays, living on an expired visa, etc…
Also remember Portugal is showing that it can and will change the rules of the game, retroactively. So what’s next? Requiring more time in-country? Not counting gaps during expired visas? We’ve seen such unfair moves are totally within their purview.
Well I can’t say I have an answer @PTbound Anything is indeed possible. I was just pointing out that I don’t think any of this is unique to PT as many other countries have alas also made things much tougher for migrants. The migration issue has reached fever pitch in recent years and many governments have been responding with harsher laws on migration, often in an attempt to head off the far right parties that are rising in the polls and threaten even harsher measures if they’re voted in. I don’t agree with it but this has been the trend and not only in PT. All said I still struggle to find any country that offers a better deal and a pathway for obtaining an EU passport than PT. I’m at least reassured to see their constitutional court provide a bulwark against the worst excesses and uphold a constitution that appears to value rights and freedoms. PT has been struggling with administrative inefficiencies certainly, but speaking from the UK there have been so many bureaucratic horror stories here too.
Except being trapped in the country for 1.5 years every 2 years as AIMA doesn’t process your renewal.