But, just make sure that you have this written "Schengen Estate" on the visa. It means that all Schengen countries are included in the visa. Anyway, once you enter Europe, nobody asks you about your visa or passport.
The Authorisation of Residence for Investment Activity for people from non-EU countries, commonly known as the golden visa programme, has been heavily criticised at home for sending house prices and rents up, and the European Commission has called for the end of such national schemes.
But a decade on, she still lives in a tiny, rented room - one of tens of thousands of young Portuguese hit by a housing crisis exacerbated by the arrival of richer foreigners lured in by incentives pushed by her own government.
But even some of those remote workers are becoming increasingly aware of the housing crisis. Esmee, a 28-year-old from the Netherlands, lives in the coastal town of Costa da Caparica, across the Tagus, and pays 825 euros per month for her flat.
'In the very strict lockdowns there was a point where if you only had an American passport, you could not enter Europe,' Volek said. 'I think that made a lot of particularly ultra-high net worth individuals realize that they're potentially a little bit more fragile than they thought.'
The most popular destination for these wealthy expats is expected to be the United Arab Emirates (UAE) - who have taken the millionaire's playground title from traditional destinations like the US and UK.
In Portugal, it 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. Rules have changed this year to redirect investments from a red-hot property market in big cities to depopulated areas.
Malta offers EU citizenship to those who contribute more than $740,000 to the national development fund, more than $860,000 into real estate investment, more than $12,000 to charity, and provide proof of at least 36 months of residency in the country.
Some leave the city. Some stay with their parents. The average age people leave the parental home in Portugal is 33.6, the highest in the European Union, according to data from the bloc's statistics office.
Britain scrapped golden visas for rich investors in February amid concerns about the inflow of illicit Russian money, just before Russia's invasion of Ukraine that brought on unprecedented Western sanctions against Moscow. (Reporting by Catarina Demony; Additional reporting by Patricia Rua; Editing by Andrei Khalip and Angus MacSwan)
Latitude Residency & Citizenship and Dasein Advisors, two other citizenship firms, said they too have seen more inquiries from American clients over the past three years than in the previous 20 combined.
"Even for me - having an income from another country - it's a lot of money," Esmee said. "If housing stays this expensive or gets worse, (foreign) people earning a Portuguese income ... will start moving back to their own countries."
The 30-year-old, who has two degrees in tourism, shares a flat with five others, pays 450 euros ($475) per month for a 13 square-meter mezzanine room, but makes as little as 800 euros a month during the low tourism season.
Since then, critics say those schemes have come back to bite the economy by ramping up competition for scarce housing - fueling inflation and piling pressure particularly onto young, local, entry-level workers.
Andrew Amoils, the head of research at New World Wealth, which compiled the data, said: 'Affluent individuals have been emigrating from Russia in steadily rising numbers every year over the past decade, an early warning sign of the current problems the country is facing.
LISBON, Nov 2 (Reuters) - Portugal is likely to scrap its "golden visa" programme giving wealthy foreigners residence rights, Prime Minister Antonio Costa said on Wednesday, saying that the 10-year-old scheme had already fulfilled its role.
Costa said Portugal wanted to continue to be attractive, with one example being its recent law, enacted on Monday, that created the so-called digital nomads visa. It gives foreigners with high monthly income from remote work to live and work from Portugal for a year.
Henley wrote in its report: 'UK has lost its wealth hub crown, and the US is fading fast as a magnet for the world's wealthy, with the UAE expected to overtake it by attracting the largest net inflows of millionaires globally in 2022'.
Other issues said to have seen the demand for foreign passports spike include the likely end of Roe V Wade, which legalized abortion across the US, Florida's Parental Rights in Education Bill - better known as the Don't Say Gay Bill, as well as fears for the future of America's democracy following the Black Lives Matter and January 6 riots.
Portugal ranks as one of western Europe's poorest nations. But its capital was last year ranked the world's third least financially viable city, thanks to its punishing combination of low wages and high rents.
The Authorisation of Residence for Investment Activity for people from non-EU countries, commonly known as the golden visa programme, has been heavily criticised at home for sending house prices and rents up, and the European Commission has called for the end of such national schemes.
But a decade on, she still lives in a tiny, rented room - one of tens of thousands of young Portuguese hit by a housing crisis exacerbated by the arrival of richer foreigners lured in by incentives pushed by her own government.
But even some of those remote workers are becoming increasingly aware of the housing crisis. Esmee, a 28-year-old from the Netherlands, lives in the coastal town of Costa da Caparica, across the Tagus, and pays 825 euros per month for her flat.
'In the very strict lockdowns there was a point where if you only had an American passport, you could not enter Europe,' Volek said. 'I think that made a lot of particularly ultra-high net worth individuals realize that they're potentially a little bit more fragile than they thought.'
The most popular destination for these wealthy expats is expected to be the United Arab Emirates (UAE) - who have taken the millionaire's playground title from traditional destinations like the US and UK.
In Portugal, it 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. Rules have changed this year to redirect investments from a red-hot property market in big cities to depopulated areas.
Malta offers EU citizenship to those who contribute more than $740,000 to the national development fund, more than $860,000 into real estate investment, more than $12,000 to charity, and provide proof of at least 36 months of residency in the country.
Some leave the city. Some stay with their parents. The average age people leave the parental home in Portugal is 33.6, the highest in the European Union, according to data from the bloc's statistics office.
Britain scrapped golden visas for rich investors in February amid concerns about the inflow of illicit Russian money, just before Russia's invasion of Ukraine that brought on unprecedented Western sanctions against Moscow. (Reporting by Catarina Demony; Additional reporting by Patricia Rua; Editing by Andrei Khalip and Angus MacSwan)
Latitude Residency & Citizenship and Dasein Advisors, two other citizenship firms, said they too have seen more inquiries from American clients over the past three years than in the previous 20 combined.
"Even for me - having an income from another country - it's a lot of money," Esmee said. "If housing stays this expensive or gets worse, (foreign) people earning a Portuguese income ... will start moving back to their own countries."
The 30-year-old, who has two degrees in tourism, shares a flat with five others, pays 450 euros ($475) per month for a 13 square-meter mezzanine room, but makes as little as 800 euros a month during the low tourism season.
Since then, critics say those schemes have come back to bite the economy by ramping up competition for scarce housing - fueling inflation and piling pressure particularly onto young, local, entry-level workers.
Andrew Amoils, the head of research at New World Wealth, which compiled the data, said: 'Affluent individuals have been emigrating from Russia in steadily rising numbers every year over the past decade, an early warning sign of the current problems the country is facing.
LISBON, Nov 2 (Reuters) - Portugal is likely to scrap its "golden visa" programme giving wealthy foreigners residence rights, Prime Minister Antonio Costa said on Wednesday, saying that the 10-year-old scheme had already fulfilled its role.
Costa said Portugal wanted to continue to be attractive, with one example being its recent law, enacted on Monday, that created the so-called digital nomads visa. It gives foreigners with high monthly income from remote work to live and work from Portugal for a year.
Henley wrote in its report: 'UK has lost its wealth hub crown, and the US is fading fast as a magnet for the world's wealthy, with the UAE expected to overtake it by attracting the largest net inflows of millionaires globally in 2022'.
Other issues said to have seen the demand for foreign passports spike include the likely end of Roe V Wade, which legalized abortion across the US, Florida's Parental Rights in Education Bill - better known as the Don't Say Gay Bill, as well as fears for the future of America's democracy following the Black Lives Matter and January 6 riots.
Portugal ranks as one of western Europe's poorest nations. But its capital was last year ranked the world's third least financially viable city, thanks to its punishing combination of low wages and high rents.