Portugal may become first European country to offer residency in exchange of Bitcoin investments
Newswire
Lisbon: Portugal may offer residency through a decentralised cryptocurrency such as Bitcoin, as part of its Golden Visa Program.
In this way, Portugal could become the first European country to offer residency through its Golden Visa Program, in exchange of investments made through Bitcoin.
According to co-founder and CEO of Unbound Fund, Alessandro Palombo holding Bitcoin worth €500,000 ($542,000) through the Unbound Fund could lead to a residency in Portugal.
Portugal may become the first European country to offer foreigners residency in exchange for an investment made through a decentralised cryptocurrency such as Bitcoin.
The new opportunity has been brought by the co-founder and CEO of Unbound Fund, Alessandro Palombo, in a post on his X account, Schengen.News reports.
Palombo claims that holding Bitcoin worth €500,000 ($542,000) through the Unbound Fund could lead to a residency in Portugal, through the Golden Visa Program.
He recommends using Bitcoin as a mechanism for reciprocal advantages and freedom of mobility in Portugal.
I believe it’s time to use Bitcoin as a tool for freedom of movement in a mutually beneficial way with Portugal, a country I have chosen to live in with my family.
Besides, Palombo considers European citizenship-by-investment programs strategically and technically the best option. Currently, he is holding discussions with complementary teams to enhance the fund’s offerings.
The Golden Visa Program of Portugal offers residency to internationals provided they contribute financially to this country and meet some specific requirements.
Internationals are eligible to acquire residency through several options offered through this scheme.
A large number of golden visas were granted through the real estate investment option, which was among the most sought-after options. However, in a bid to better manage the housing crisis, this route was terminated by the government of Portugal.
As a result, other options have now been brought into the spotlight, such as the following ones:
· Investment in research and developments
· Cultural Heritage Donation
· Investment in funds or venture capital funds
Besides, in a bid to expand the categories of investment for the Golden Visa Program, last month, authorities in Portugal unfolded plans to introduce the Residence Permits for Social Investment option.
Through this option, foreigners would be eligible to obtain residency through the Residency by Investment scheme, by investing in reception facilities and infrastructure and in immigrant integration projects.
“We want ARIs [Residence Permits for Investment] to be mobilised and used to finance investment in equipment and infrastructure to support the reception and integration of immigrants.”
The figures from Portugal’s Immigration and Borders Service (SEF) reveal that from 2012 until 2023, a total of 12,718 golden visas were granted. In addition, a total of 20,424 dependent family members accompanied them.
Among the main beneficiaries of this scheme are nationals from China, Brazil, the United States, Türkiye and South Africa.
