Patricia Casaburi has global citizenship in her DNA. As a Brazilian national with Italian and Lebanese grandparents, Patricia has hopped the globe before settling down in Lisbon, Portugal, and founding Global Citizen Solutions. With a background in commercial and immigration law, and extensive experience in operations and journalism, Patricia works behind the scenes, advising clients on a range of travel mobility and investment migration solutions.
We sat down with Patricia to hear her thoughts on the recent mainstream narratives surrounding Golden Visas. She shares her perspective on why the media gets it wrong sometimes and why the future of investment migration is hopeful.
Global demand for investor visas is at an all-time high
The world is experiencing increased volatility. Civil unrest is on the rise. The climate crisis is deepening. The global economy is in a slump, and political instability has been at an all-time high since World War II.
Yet the global market for investment‐based migration is booming. A growing number of countries—over thirty, to date, offer residence visas or second citizenship in exchange for a passive or active investment. Recent data by the Global Intelligence Unit indicates that there’s been a 45% increase in applications for investor visas since the COVID-19 pandemic began.
What are investors looking for? According to research by Yossi Harpaz, investor visas belong to a broader category of foothold strategies, meaning practices that high-net-worth individuals use to secure a safe haven in a stable and democratic country. Such strategies include transnational investment, offshore banking, and dual citizenship.
“The trade-off is basically that people invest into the economy, whatever the government from a particular country has identified as areas to bring capital in. Then the money is deployed into the local economy. There is a trade-off for both parties. What we’ve seen from our broad client pool is that most are not looking to move right away or are not able to, with the country they’ve selected. Most want to just spend time there or send their kids to school there. They want to give that opportunity to their family,” Patricia explains.
Rather than downsizing, countries are amplifying their efforts into optimizing these schemes for maximum success, exploring new ways to bring capital into the economy.
What media coverage gets wrong about Golden Visas
Why does the media often band residency by investment schemes together with citizenship by investment? These are two distinct programs, with the first offering residency cards in exchange for a qualifying investment, and the latter offering second citizenship.
Part of it is lack of information. Another part of it is confusing tax residence with civil residence. A third part of it is to do with political agendas. What is going on behind-the-scenes?
“I think it’s lack of information for one. Also, these programs end up being easy targets… used as political scapegoats of sorts. It’s important to make the distinction between a residency program and citizenship program. The truth is media outlets put these programs out there as being very transactional – you know – invest and buy a passport. That’s not what people working in the industry are finding to be true,” Patricia comments, adding that, “For a lot of our clients, there is a social aspect to these programs that often doesn’t get talked about. It is not transactional; they are looking to really invest into the country”
Investment migration is a two-way street
The research is clear and compelling. Investment migration offers a reciprocal arrangement between the country and investor.
For states seeking to plug economic gaps, foreign direct investment enables a clear path forward, countering the narrative that states have a ulterior motive of crafting a middle-class national identity. In fact, research has repeatedly shown that states continue to harness mobility policies in service of economic objectives, with the Portugal Golden Visa as a prime example.
Launched in October 2012, the Portugal Golden Visa was created to bolster the Portuguese economy. The Golden Visa has proved extremely popular among investors, seeing a whopping €70,895,742.39 in investments to date. The program has helped the economy recover in part.
Since 2022, Portugal has turned its passive real estate investment options into active streams, reinforcing investment funds as a viable pathway to secure residency, as well as approving more cultural projects at reputable Foundations.
“For Portugal, it’s about bringing both monetary capital as well as talent, social capital, and new companies to the agenda. That’s where the Portuguese Golden Visa has evolved the most,” Patricia explains.
Previously, Portugal didn’t have private equity or capital markets. Now it’s matured with funds that have raised billions of Euros, with 60% of the deployed capital raised in Portugal. In turn, that has brought jobs, revitalized industries like the sustainability sector, and has brought in new industries.
Recent data by the Portuguese government showcases just how much these programs have contributed to economic growth. The option to invest in the sustainability sector for instance, has led to an influx of foreign direct investments into environmentally friendly practices. Investors have the option to invest in the development of solar and batteries storage projects across Portugal, with the added advantage of generating annual cash returns.
These are just some of the many opportunities‘ investors can tap into to do social and environmental good.
Golden Visas are not shutting down - They are evolving
Rather than describe Golden Visas as “ending”, Patricia argues that they are ever evolving.
Just as Portugal has adjusted its Golden Visa scheme, so has Greece. Recently, the real estate investment threshold has changed, with many reporting it as the end of a Golden Visa era. But rather, what Greece has done is create thresholds of investments in real estate across multiple locations, rather than concentrating investments in one aggregated area.
“Greece has been analyzing the needs of the country, and then they’ve reorganized their Golden Visa program. You can still buy villas and apartments for €800,000 plus. Now you can also boost the startup economy. You can also invest in commercial properties that must be used to generate business. And that’s very clever. I think it’s a good opportunity for other countries to look at that kind of model. The US has been doing it successfully with their EB5 Visa model.”
And what of Spain? With news on the horizon that Spain will “end” its Golden Visa Program, Patricia thinks differently.
“The Spanish government said they would end the program altogether- just like Portugal threatened to do the same. But I’m willing to bet that that’s not going to happen. They are probably going to find alternatives to better serve the economy. I don’t see it as an end,” Patricia asserts.
What’s next for investment migration?
For Patricia, the future of investment migration looks promising. “If you have capital willing to be actively invested in a country, the doors will always be open,” she explains. It all depends on which part of the world you’re looking at and the economic cycle that country is in. What’s clear is that countries are continuously adapting, finding ways to attract active investment that fuels local industries, creates jobs, and revitalizes economies.
Another area where Patricia sees a shift is in the harmonization of these programs across Europe. As more governments fine-tune their visa schemes, with programs in Malaysia and Uruguay gaining popularity, countries are upping their game in terms of transparency and due diligence. “There’s this misconception that these programs are rife with money laundering and corruption, but that’s just not the case,” Patricia explains.
The reality is altogether different. Investors go through an intense vetting process. “They’re scrutinized at every level—background checks, source of wealth, and then there’s our internal due diligence, the fund’s checks, and finally, the government’s own layers of scrutiny with Europol, Interpol, and all the major agencies involved before a visa is even granted.”
Securing an investor visa is anything but easy. In fact, Patricia points out that getting residency or citizenship through these programs often involves far more scrutiny than other visa routes. “There’s this idea that you can just buy a passport, but it’s a lot more rigorous than people think.” The investors who do make it through are adding to the fabric of the country, whether by boosting the economy, bringing in new talent, or fostering industry growth.
So, what’s the bottom line? Despite the media’s often critical stance, Patricia believes investment migration is here to stay—and evolve. “The industry isn’t stopping,” she says with confidence. “It’s just changing. As long as people are willing to invest in a country’s growth, there will be space for these programs.”
