Amid heightened tensions with the EU, Georgia is reforming its immigration system to formalize the shadow economy, while simultaneously raising the real estate investment threshold by 50%.

Starting March 1, 2026, when the revised threshold for real estate investor visas officially comes into effect, foreign investors seeking residency in Georgia through real estate ownership will face higher entry requirements.

Georgia's short-term residency permit, which provides renewable one-year permits to foreigners purchasing real estate in the country, will require ownership of real estate valued at or above $150,000, a 50% increase from the previous threshold of $100,000 in effect since 2019.

The real estate value threshold applies to the total value of ownership, not to the purchase of individual properties. Investors can combine multiple properties to reach a minimum value of $150,000, provided all properties are properly registered and appraised by accredited appraisers.

Georgia also offers a separate investor visa for $300,000, granting immediate temporary residency for five years to the main applicant, spouse, and minor children. This pathway allows for various types of investments beyond real estate and leads to permanent residency after five years, rather than the standard ten years.

In September 2025, the government also introduced a specialized three-year residency permit for IT specialists, targeting technology professionals with at least two years of industry experience and an annual income exceeding $25,000.

The increase in the property threshold is part of larger changes to Georgia's immigration system that began in September 2025.

The reforms introduced new requirements for foreign workers and entrepreneurs, including mandatory work permits and stricter documentation requirements for all categories of citizens.

An investor visa, issued based on real estate ownership, remains one of the simplest options for obtaining a residence permit in Georgia. Applicants must provide certified appraisals from organizations accredited by the Unified National Accreditation Body of Georgia. The permit applies to the property owner and members of their immediate family.

Unlike work permits, which require extensive documentation including employment contracts and company turnover, a residence permit based on real estate ownership has no income requirements other than proof of ownership.

Authorities may revoke the permit if the property is sold or its total market value falls below a threshold.

Real estate investors must obtain official appraisals from organizations accredited by the National Accreditation Body of Georgia. Market value, not the purchase price, determines visa eligibility. This requirement is intended to prevent property price inflation.

If you're planning to obtain a residence permit, invest in a country's economy, or purchase foreign real estate, we invite you to a consultation with our company. During a personal online meeting, we'll discuss your questions in detail and create a step-by-step action plan for you.

On June 25, 2025, the Portuguese Government presented proposed amendments to the Immigration Law and the Nationality Law. The main changes concern the process of acquiring citizenship based on legal residence (naturalization) and include the following:

1. Duration of Residence for Citizenship:

It is proposed to increase the minimum period of legal residence from 5 to 7 years for citizens of Portuguese-speaking countries and to 10 years for all others.

2. New starting point for calculating this period:

It is proposed to calculate the period of residence not from the date of application, but from the date of issue of the first residence permit.

3. Additional Requirements:

In addition to knowledge of the Portuguese language, applicants are also proposed to demonstrate:

– knowledge of Portuguese culture,

– knowledge of the fundamental rights and obligations inherent in Portuguese citizenship,

– knowledge of the political structure of the Portuguese state,

– and to sign a declaration of commitment to the fundamental principles of a democratic state governed by the rule of law.

4. Tightening the criminal record requirements:

It is proposed to deny citizenship to individuals convicted by a final court decision to a term of imprisonment for crimes punishable under Portuguese law.

5. Application of the new rules:

The new rules will apply to all citizenship applications submitted after June 19, 2025.

Attached is a more detailed summary of the proposed amendments, information on the legislative process, and a short "Questions and Answers" section.

Natlan, like the entire legal community, expresses serious concern about a number of proposals that may violate legal and constitutional standards.

It is important to emphasize that these are currently only proposals and have no legal force. The amendments still require parliamentary hearings and a vote (which have not yet been scheduled). The current government does not have a majority in Parliament, meaning that a broad consensus of at least two-thirds will be required to adopt the new version. Political discussions are currently underway, and the final text of the law may change significantly.

At the same time, we want to assure you that we are closely monitoring the situation and will consider all available legal measures to protect your rights and interests should they be affected.

It is also important to note that the current proposals do not mention the Golden Visa (GV) program. The government's promised improvements to this program have not yet been specified. For now, the Golden Visa program remains in effect under existing legislation.

As a reminder, the Golden Visa continues to provide the opportunity to obtain permanent residency after five years, without the need to relocate or maintain an investment. The Golden Permanent Residency program requires no continued investment, physical residence in the country, or tax obligations. It remains a reliable legal pathway for long-term residence in Portugal and citizenship—should you wish to pursue it.

We will keep you informed of any significant changes and are already working to ensure that the final draft law includes transitional provisions to ensure the protection of applicants with ongoing or approved residence permit processes.

If you're planning to obtain a residence permit, invest in a country's economy, or purchase foreign real estate, we invite you to a consultation with our company. During a personal online meeting, we'll discuss your questions in detail and create a step-by-step action plan for you.

South Korea has imposed restrictions on foreigners purchasing real estate throughout the Seoul metropolitan area, requiring government approval and mandatory residency status, as foreign investors increasingly exploit loopholes in domestic mortgage regulations.

The Ministry of Land, Infrastructure, and Transport announced that foreign buyers must now obtain permits to purchase homes in Seoul, 23 cities and counties in Gyeonggi Province, and seven districts in Incheon. The new decision takes effect today.

The restrictions require foreign buyers to move into their properties within four months and reside there for at least two years. Violations carry a fine of up to 10% of the property's value, as well as possible contract cancellation if the requirements are not met.

This policy is directly aimed at curbing speculative purchases, which intensified after South Korea imposed mortgage restrictions in June, limiting domestic household loans to 600 million won (US$439,000). While South Korean buyers face stricter lending restrictions, foreign investors continue to purchase luxury apartments through foreign financing, creating market distortions that authorities have deemed unsustainable.

It is emphasized that this measure is aimed at preventing speculative foreign capital inflows and stabilizing housing prices, thereby contributing to the housing well-being of our citizens. The government has promised to strengthen oversight of financing sources and conduct detailed audits of financial documents.

According to government data, Chinese citizens own 56,301 residential units nationwide, the highest proportion among foreign nationals. They are followed by Americans with 22,031 properties, Canadians with 6,315, and Taiwanese with 3,360 properties.

Global Trend Toward Restricting Foreign Home Ownership

South Korea's restrictions are consistent with a growing global trend, as countries impose increasingly stringent controls on foreign home ownership.

Canada maintains a complete ban on foreign home purchases from 2023, recently extending the ban until January 2027 after evidence emerged that foreign money has increased concerns about housing affordability in major urban centers.

In April 2025, Australia imposed a two-year moratorium on foreign investor purchases of existing homes, which will last until March 2027. This policy allows foreign investors to invest in new construction but prohibits the purchase of existing homes, reflecting concerns about housing market constraints.

However, it is claimed that with New Zealand's partial lifting of the ban and South Korea's partial ban, the number of countries with bans will remain the same. New Zealand has indeed decided to partially lift restrictions on foreign buyers in an effort to attract successful foreign residents and investment.

The United States is experiencing an unprecedented surge in state-level restrictions on foreign property ownership. Since 2021, 30 states have passed 54 bills restricting foreign property ownership, with 17 of these bills not taking effect until 2024. Of the 414 bills introduced by states and Congress since 2021, 266 contain provisions specifically restricting property ownership by Chinese nationals.

Chinese companies and individuals own 0.6% of all privately owned foreign agricultural property in the United States, representing approximately 0.021% of the total privately owned farmland nationwide.

The effectiveness of such measures remains questionable. It has been noted that there has never been a single case where bans on foreign buyers have resolved housing affordability and supply crises, as foreign buyers are never the primary cause.

The restrictions imposed by South Korea mark the first time the government has introduced such rules specifically to stabilize real estate markets, as previous restrictions on foreign ownership were primarily focused on national security concerns.

The one-year designation period allows policymakers to assess the market impact before deciding to extend or modify the program beyond August 2026.

It is anticipated that some restrictions on foreign buyers will be lifted as countries compete to attract capital and stimulate their economies, suggesting the temporary nature of the policy changes.

If you are planning to obtain a residence permit, invest in a country's economy, or purchase foreign real estate, we invite you to a consultation with our firm. During a personal online meeting, we will thoroughly examine your questions and develop a step-by-step plan action for you.

Qatar is launching an expanded residency program for entrepreneurs, bringing it in line with competitors in the Persian Gulf countries.

Prime Minister of Qatar Sheikh Mohammed bin Abdulrahman Al Thani announced on Sunday the introduction of a 10-year residency program for entrepreneurs and senior executives.

This initiative extends the existing five-year program for entrepreneurs and brings Qatar closer to long-term residency standards for entrepreneurs and businesses in other Gulf monarchies.

The prime minister announced the residency program for entrepreneurs at the Qatar Web Summit on Sunday, while the Qatar Investment Authority also announced plans to expand its venture capital program by $2 billion.

Prior to the program's launch, officials will issue additional circulars to clarify documentation requirements and eligible investor categories.

Expanding the Existing Entrepreneur Support Program

The current residency program for entrepreneurs in Qatar requires applicants to obtain approval from recognized business incubators and make a minimum investment of 250,000 Qatari riyals (approximately US$68,670).

Entrepreneurs must submit a compelling business plan for the investment opportunity and retain at least a 20% stake in their businesses. Under this system, authorities issue five-year renewable residency permits.

For skilled professionals in Qatar, there is a "talented professionals" category, for which the relevant government authorities must approve applications and recognize their expertise in 13 fields, covering arts, entertainment, sports, education, and scientific research.

The Qatari residency system also includes the opportunity to invest in real estate. Foreign nationals who invest QAR 730,000 (approximately US$200,000) or more in freehold real estate in designated residential zones can obtain a residence permit without a sponsor. Higher-tier investors who invest QAR 3.65 million (approximately US$1 million) or more are eligible for permanent residency.

The government has not specified a start date for the 10-year residency program for entrepreneurs or specified whether holders of five-year permits will have the opportunity to upgrade their status.

If you are planning to obtain a residence permit, invest in a country's economy, or purchase real estate abroad, we invite you to a consultation with our company. During a personal online meeting, we will thoroughly discuss your questions and create a step-by-step action plan for you.

Greece's Golden Visa program set another record in 2024, receiving 9,289 new applications from principal applicants, a 10% increase compared to 2023.

The program's growth trajectory remains robust, registering a compound annual growth rate of 25% from 2018 to 2024.

However, the total backlog of applications, including both new applications and extensions for principal applicants and dependents, continued to increase, reaching 49,301 by December 2024, a 76% increase from the 27,964 backlog in December 2023.

The last quarter of 2024 saw an unprecedented surge in applications, directly impacting processing capacity. While the average number of applications in the first three quarters of 2024 was 683 per month, this figure rose to 1,048 in the final quarter. December 2024 was particularly noteworthy, recording the highest monthly application volume in two years. The program maintains a low refusal rate of approximately 2%.

On average, authorities processed 378 applications monthly, receiving 774 new ones. Monthly processing volumes ranged from 246 to 537 applications, never matching the rate of application receipt, which ranged from 550 to 1,137 per month.

The overwhelming majority of applications processed in 2024 were applications submitted in previous years, due to the large backlog of applications under the program.

Greek authorities extended the deadline for real estate purchases under the old rules until February 28, 2025, seeking to protect approximately $750 million in investments already in the pipeline.

Chinese investors continue to dominate the program, accounting for 56% of both initial visas and extensions. Turkish investors rank second, accounting for 8% of initial visas and 5% of extensions, followed by Lebanese investors with 5% in both categories.

If you are planning to obtain a residence permit, invest in a country's economy, or purchase foreign real estate, we invite you to a consultation with our company. During a personal online meeting, we will thoroughly examine your questions and create a step-by-step action plan for you.

The Vietnam Tourism Advisory Council has proposed introducing a golden visa program valid for 5 to 10 years, as this would allow Vietnam to compete with offers from neighboring countries.

This proposal was sent to the country's Prime Minister, warning that Vietnam's tourism and immigration sectors risk falling significantly behind those of Thailand and Malaysia, despite a gradual return to pre-pandemic levels. Both neighboring countries currently offer long-term visa options for foreign citizens.

The proposal includes three visa options:

a standard 10-year golden visa;

a 10-year golden visa, which provides the opportunity to obtain permanent residence after 5 years if the applicant maintains their investment;

a ​​5-year "talent visa" with a simplified renewal procedure.

The government plans to pilot these programs in tourist destinations including Phu Quoc, Ho Chi Minh City, Hanoi, and Da Nang.

It should be noted that the golden visa will differ from Vietnam's current investor visa system.

Existing DT visas (DT1-DT4) require investments ranging from VND 3 billion (US$120,000) for a one-year DT4 visa to VND 100 billion (US$4 million) for a five-year renewable DT1 visa.

Unlike Golden Visas, which allow passive investment, current DT visas require active participation in business operations in Vietnam.

Vietnam's Asian competitors have already made progress in this area. Thailand, Indonesia, and Malaysia offer residency programs through capital investment. The expansion of Vietnam's visa policy aims to attract more foreign tourists and immigrants and build the country's reputation as a welcoming destination.

The government also extended visa-free travel for citizens of 12 countries until 2028, and the Prime Minister instructed ministries to consider introducing visa-free travel for visitors from Europe, the Middle East, and Latin America.

Specific investment thresholds for the new Golden Visa have not yet been announced, but the initiative is clearly aimed at creating a more accessible path to long-term residency than the current DT visa system.

The current path to permanent residency takes three years, followed by the possibility of naturalization after five years if applicants demonstrate proficiency in the Vietnamese language and renounce other citizenships.

If you are planning to obtain a residence permit, invest in a country's economy, or purchase foreign real estate, we invite you to a consultation with our company. During a personal online meeting, we will thoroughly examine your questions and create a step-by-step action plan for you.

An EU candidate country is introducing a structured system for obtaining residence permits based on real estate and a minimum tax threshold for foreign business owners.

Montenegro has overhauled its immigration system by amending the Law on Foreigners, effectively creating a structured pathway for obtaining residence permits based on real estate and imposing new tax obligations on foreign business owners.

The main change is a new minimum value threshold. Third-country nationals seeking temporary residence permits based on real estate ownership must now prove that their property has a taxable value of at least EUR 150,000, as determined by the tax office when assessing the property transfer tax.

This requirement formalizes the previously loosely regulated pathway that allowed foreigners to obtain residence permits through the purchase of real estate without a minimum value, giving it the characteristics of a genuine residence permit-by-investment program.

Under the new law, applicants must prove both ownership and actual use of the property, as well as payment of all property taxes. A residence permit granted on this basis is temporary, valid for one year and renewable, and does not grant the right to work or conduct business in Montenegro.

The new property value threshold is lower than the government's initial target of €200,000, set in the November 2025 amendments to the citizenship law. Following parliamentary debate, the final threshold was set at €150,000, potentially expanding the pool of potential investors.

Foreign citizens who received a residence permit based on real estate before the law came into force retain their rights and can renew their permits without meeting the new valuation requirement.

The standard path to Montenegrin citizenship requires 10 years of continuous legal residence: five years with a temporary permit, followed by five years with a permanent permit. However, Montenegro does not recognize dual citizenship.

The Pitfalls of Montenegro's Citizenship by Investment Program

A new pathway to residency for investors in Montenegro emerged following the closure of the now-defunct Citizenship by Investment Program (CIP).

Launched in 2019, the CIP offered Montenegrin citizenship in exchange for a combination of government donations and real estate investments: €450,000 for the development of coastal areas or capital projects, or €250,000 for the development of less-developed northern regions of the country, plus a €200,000 donation split between the state budget and the regional development fund.

By the end of 2022, the program had attracted approximately 1,100 applications, representing over €400 million in direct investment and budget contributions.

However, it quickly came under sustained pressure from the European Union, which has long been suspicious of citizenship by investment schemes, particularly in candidate countries. Ultimately, the program was closed at the end of 2022.

EU Membership Issue

Montenegro has been participating in EU accession negotiations since 2012 and is considered the front-runner among Western Balkan candidates.

Prime Minister Milojko Spajić recently stated that Montenegro expects to join the Union by 2028, opposing Serbian President Aleksandar Vučić's proposal to simultaneously admit all Western Balkan countries.

Therefore, the new mechanism for acquiring real estate in Montenegro could offer a relatively affordable entry point into what could soon become the EU's newest member state.

If you are planning to obtain a residence permit, invest in the economy of any country, open a business in the EU, or purchase real estate abroad, we invite you to a consultation with our company. During a personal online meeting, we will thoroughly examine your questions and create a step-by-step action plan for you.

Most digital nomad visas are temporary, but some offer a structured path from an initial remote work permit to permanent residence and, ultimately, citizenship.

This article explains the important details of planning a long-term move with a digital nomad visa: application mechanics, income requirements, rules for including family members, tax regime, as well as specific timelines and steps from the initial permit to permanent residence and naturalization.

Residence Permit for Freelancers in Germany

Residence permits for freelancers in Germany have been around for decades, but became the de facto route for digital nomads in the late 2010s, when remote work became widespread.

Unlike specially designed nomad visas, this is a standard self-employment category that is well suited for professionals working remotely.

The residence permit is renewable indefinitely as long as you continue freelancing, making it one of the most reliable routes to permanent residency for remote workers in Europe.

Path to permanent residency/citizenship: Permanent residency after approximately 5 years of continuous residence in accordance with the requirements. Citizenship after 8 years, reduced to 6 years upon completion of an integration course.

D8 Visa for Digital Nomads in Portugal

Portugal launched the D8 visa for digital nomads in October 2022, creating a formal remote work category within its residency system.

The program is targeted at employees with contracts of at least one year and self-employed professionals with ongoing client relationships.

It fits into Portugal's existing five-year residency-to-citizenship program, making it one of the simplest European residency pathways for remote workers.

Path to Residence/Citizenship: Permanent residency after 5 years. Citizenship thereafter with an A2 level of Portuguese language proficiency. Parliament is currently reviewing some aspects of the citizenship law; the timeframe may change.

Digital Nomad Visa in Greece

Greece introduced a digital nomad visa in 2021 to attract remote workers and self-employed professionals working for non-Greek clients.

The program requires relatively high income thresholds compared to other European options, but fits seamlessly into the standard Greek residency and naturalization system.

It is positioned as a separate category for remote work, rather than an adaptation of existing permits.

Path to Permanent Residency/Citizenship: Permanent residency after 5 years of continuous legal residence. Citizenship after approximately 7 years, subject to language and integration requirements.

Spanish Digital Nomad Visa

The Spanish digital nomad visa came into effect in January 2023 as part of the broader Startup Law.

It applies to both remote workers and self-employed professionals, with the possibility of a special tax regime for eligible applicants during the first few years.

The program allows an initial stay of up to three years and is part of Spain's standard long-term residency and naturalization program, although the timeframe for obtaining citizenship varies significantly depending on the country of origin.

Path to residency/citizenship: permanent residency after five years. Citizenship after ten years for most, two years for many Latin American citizens.

Italian Digital Nomad or Self-Employment

Italy built its digital nomad system in 2024, building on long-standing visa routes for the self-employed, which remote workers had previously used informally.

The program emphasizes professional qualifications and financial solvency, with relatively high documentation requirements even by European standards.

This is integrated into Italy's ten-year naturalization period and the EU's long-term residence system.

Path to residence/citizenship: Permanent residence in the EU after five years of continuous legal residence. Citizenship after ten years.

Digital Nomad Visa in Latvia

Latvia launched a digital nomad visa in 2021, targeting remote workers employed or contracted by organizations in OECD countries.

The program is unique in that it provides only a two-year general validity with limited extension options, making it a less straightforward path to permanent residence than other European options.

As a rule, visa holders must switch into a different residence permit category to continue accumulating time toward permanent residency.

Path to permanent residency/citizenship: Achieved by transferring and accumulating five years of residency. Citizenship is achieved approximately 10 years after passing the language and integration exams.

Taiwan Employment Gold Card

Taiwan launched the Employment Gold Card in 2018 to attract highly skilled professionals in technology, finance, engineering, and other priority fields.

Unlike most digital nomad programs, eligibility for the card is based on professional achievements, qualifications, or salary history, not simply proof of remote work.

The card provides immediate work authorization and fits into Taiwan's two-stage, five-year program: five years to permanent residency, followed by another five years to citizenship.

Path to permanent residency/citizenship: Permanent residency after 5 years. Citizenship after an additional 5 years.

Important Aspects

Renewal of citizenship under most of these programs is heavily dependent on meeting physical presence requirements. European countries typically expect at least 183 days per year to maintain residency, with some countries carefully reviewing travel itineraries when reviewing renewal applications.

In Latin American countries, compliance requirements are generally more flexible, although practices vary greatly between countries and even between regional offices within a single country.

The timeframe for obtaining citizenship ultimately depends on language proficiency and the results of integration exams, which represent the most significant hurdle for many applicants.

If you are planning to obtain a residence permit, invest in a country's economy, or purchase real estate abroad, we invite you to a consultation with our firm. During a personal online meeting, we will discuss your questions in detail and create a step-by-step action plan for you.

We would like to update you on the current legislative process regarding the Portuguese Nationality Law.

A general vote in Parliament on the government's proposed amendments was scheduled for today.

As expected, the debate ended in controversy after several MPs expressed concerns about the unconstitutionality of some provisions of the bill, including its retroactive effect and violation of legitimate expectations. This view is shared by prominent academics, including the so-called "father" of the Portuguese Constitution.

Consequently, the government withdrew its proposal from the general vote and requested that the amendments to the Nationality Law and the Immigration Law be returned to parliamentary committees for more detailed discussion, without a vote at this stage, in order to ensure broader consensus with opposition parties.

During the committee stage, various political parties can discuss the proposed amendments, reach consensus, and propose alternative formulations. The government has stated its intention to conduct this discussion within a compressed timeframe, but with the aim of adopting a final text that will "unite the country and make it more cohesive."

To date, no date has been set for the next discussion, and no other events have occurred that could impact the routine processing of current or new applications under current legislation. An agreement was reached this morning, September 9, in the Committee on Rights, Freedoms, and Guarantees. The government party has agreed to hold a hearing to hear experts on this issue if it takes place before the third week of September.

The goal is to resolve this issue before the start of the State Budget Law debate and avoid adopting a final formulation that could lead to unconstitutional provisions.

According to parliamentary reports, the delay, as expected, was caused by controversy surrounding the initial draft law, as well as opinions expressed by several constitutional law professors and immigration lawyers who deemed parts of the proposal unconstitutional, as well as lobbying and pressure from various stakeholders.

Please note that parliament will recess on July 17 and resume in September, making it particularly challenging to complete the legislative process before the end of the current parliamentary session given the particular importance of the law under consideration.

We would also like to remind you that Natlan Invest, together with the entire legal community and industry representatives, continues to actively participate in various initiatives to protect the interests of clients and their rights. We are confident that the final version of the new law will differ significantly from the current draft and will respect applicants and their fundamental rights under the Portuguese Constitution.

If you're planning to obtain a residence permit, invest in a country's economy, or purchase foreign real estate, we invite you to a consultation with our company. During a personal online meeting, we'll discuss your questions in detail and create a step-by-step action plan for you.

On December 15, 2025, the Portuguese Constitutional Court issued a ruling reviewing the constitutionality of several provisions the government intends to introduce into the Citizenship Law.

Of the seven provisions submitted for review, the court found four unconstitutional.

As a result, the draft law must be returned to Parliament for review and a new vote. Several aspects should be considered when considering further review and decision-making:

Parliamentary sessions will resume on January 7.

After the revised version is drafted and approved by Parliament (which may depend on an agreement between the minority government and the opposition), the text must be sent back to the President of the Republic for review or veto.

Presidential elections are scheduled for January 18. Current polls suggest a second round in February.

These events are extremely important, as they require a review and amendment of the legislative proposal. While the matter is not closed and may be considered for several weeks or months, the decision provides important guidance, particularly for applicants currently in the process of obtaining a residence permit.

Nevertheless, and according to a preliminary analysis of this decision, for clients whose residence permit procedures are ongoing, the following key points were addressed:

The rule that states: "...for the purposes of calculating the periods of lawful residence provided for in this Act, the time elapsed since the application for a temporary residence permit, subject to its granting, shall also be taken into account" will be repealed.

This means that, under the new approach, the qualifying period for citizenship will be calculated from the date the residence permit is granted, not from the date it is requested.

Rationale: The Court noted that this calculation of waiting times was introduced in the context of significant delays and to mitigate the impact of these delays on applicants. In the Court's view, as delays are being reduced, foreign nationals should not assume that this rule will remain in effect indefinitely.

Lack of a minimum transitional regime: The Court did not deem it necessary to introduce a period protecting applicants with pending residence permit procedures who are not yet able to apply for citizenship because they do not meet all the legal requirements.

The Court also emphasized the need to balance legitimate expectations with public interest considerations supporting legislative changes.

Rationale: The Court considered that the article establishing that current legislation applies to administrative procedures pending on the date of entry into force of the new Citizenship Law operates as a rule preventing retrospective effect and, in practice, serves a transitional purpose.

Unconstitutional: Sections 3 and 4 of Article 7 of the proposed amendment, which provide the following: "3 - Granting the right to obtain or acquire [citizenship] provided for in the preceding paragraph is conditional on fulfilling, on the date of their submission, the requirements of Law No. 37/81 of 3 October, in its version preceding this Law. 4 — The provision of the preceding paragraph is interpretative in nature," were found to violate the principle of protection of legitimate expectations inherent in the rule of law, as they impose excessive sacrifices on foreign nationals.

Rationale: The Court found that the legislature had failed to provide sufficient justification for this interpretation, and that the wording of sections 3 and 4 of Article 7 would effectively give the new law retrospective effect to pending citizenship cases, since its current wording would establish that the relevant moment for the application of the law and its requirements would be the filing of the citizenship application, rather than the decision taken in the proceedings. In the Court's view, this would be detrimental to pending citizenship cases, contradicting the regime deriving from Article 15(4), since the granting of a residence permit could occur even after the filing of the citizenship application.

While the court's position may raise concerns among applicants pursuing the case, we emphasize that the legislative process is still ongoing, and it is inappropriate to draw definitive conclusions at this time, especially given that current practice and interpretation of the Citizenship Law and the Civil Registry Law appear to have been overlooked, as are ongoing residence permit cases.

What are the next steps? A revised text of the citizenship law must be prepared, approved (taking into account parliamentary dynamics and agreements between the government and the opposition), and resubmitted to the President of the Republic for consideration. It is important to note that the final wording of the revised text may also not be adopted and sent for further review.

Currently, the legal framework remains unchanged, and current residence permit programs continue without any changes.

NATLAN will continue to closely monitor the proceedings before the Constitutional Court and provide timely practical updates, helping all applicants move forward with clarity and confidence in Portugal's long-term legal and investment framework.

If you are planning to obtain a residence permit, invest in a country's economy, or purchase foreign real estate, we invite you to a consultation with our firm. During a personal online meeting, we will thoroughly examine your questions and develop a step-by-step action plan for you.

Taxation is a crucial part of the immigration process, as ignorance of the tax system often leads to a high tax burden.

An immigrant's tax residency is a key aspect of how and to what extent their activities are taxed. Tax residency reflects the country with which an individual has the closest tax relationship. This concept is not the same as citizenship, but citizenship can also influence residency.

Today we'll discuss tax residency in Hungary—who is considered a tax resident in the country and how much it costs.

What is the significance of tax residency in Hungary?

If you are a tax resident in Hungary, you are subject to tax on all your income, regardless of the country from which it is derived. Therefore, Hungary taxes the income of its tax residents from both domestic and foreign sources.

Hungary has different rules depending on whether you have a temporary residence permit, permanent residence, or citizenship. We'll look at each option in more detail below.

Temporary Residence Permit

Hungary offers several types of residence permits, including the Visitor Investor Program (Golden Visa), the Hungarian Card, the EU Blue Card, and the National Residence Card.

Having a residence permit does not automatically make you a Hungarian taxpayer. In such cases, you must first check whether Hungary has a tax treaty with the residence permit holder's country of origin. Hungary currently maintains treaties with over 80 countries, including all EU member states.

If a tax treaty exists between countries, the standard rules apply; typically, the location of your permanent residence determines your tax residency. This refers not to your formal address, but to your actual place of residence.

In Hungary, an address card serves as an official document proving your address and is often considered the most important evidence when determining permanent residence.

If you reside permanently in both countries, the authorities will need to assess your center of vital interests. If the authorities cannot clearly determine your country of permanent residence, your citizenship will be used to determine your tax residency.

If you reside in Hungary for more than 183 days per year, but your permanent home and center of vital interests remain abroad, you may be able to avoid Hungarian tax residency. However, even in such cases, Hungarian tax authorities may make a different decision if circumstances indicate a close connection with Hungary.

For this reason, caution is advised if your goal is to avoid Hungarian tax residency.

If there is no tax treaty between Hungary and your country of origin, Hungarian tax residency will be determined by domestic rules. It should be noted that Hungarian tax law applies different rules to permanent residents and citizens—we will discuss this later.

To extend any temporary residence permit, except for the Golden Visa (which has simplified requirements), applicants must list a valid home address as their Hungarian residence and spend at least 90 days in Hungary within any 180-day period. These conditions allow for Hungarian tax residency, as the holder of a temporary residence permit can prove their permanent residence in Hungary (using their actual residential address) and is not dependent on the existence of a tax treaty between the countries.

Permanent Residence

Hungary does not officially issue permanent residence permits, but long-term residence permits serve a similar function and are often referred to as permanent residence permits.

In most cases, an immigrant can apply for this status after residing in Hungary for at least three consecutive years, during which time they may spend no more than 90 days abroad per year.

Once you receive a permanent residence permit, Hungarian tax regulations automatically classify you as a tax resident. Therefore, permanent residence status confers Hungarian tax residency.

If you move abroad after receiving permanent residence, your tax residency in Hungary may cease, but only if your new country has a tax treaty with Hungary.

Citizenship

You can obtain Hungarian citizenship after living in the country for eight years. This period may be shorter in some cases, such as if you are married to a Hungarian citizen, but the general requirement is that eight years must pass to obtain a passport.

This also means that applicants must maintain their Hungarian tax residency for the full eight years.

Once you obtain Hungarian citizenship, you generally retain your Hungarian tax residency indefinitely.

The approach is similar to the US citizenship-based tax system.

However, there are two key exceptions. One exception applies if you also hold another citizenship and do not have a permanent residence in Hungary.

The second exception concerns tax treaties. Moving to a country with a treaty may terminate your Hungarian tax residency. Without such a treaty, you may still be liable for Hungarian taxes on your foreign income.

Amount of Taxation in Hungary

Tax residency and having taxable income in Hungary are different concepts. Not being a tax resident does not mean you will never have to pay taxes in Hungary.

If you have income from Hungarian sources, such as from renting out real estate, Hungary may still claim the right to tax this income.

The Hungarian tax system includes a corporate tax rate of 9% and a flat personal income tax rate of 15%. This structure provides a certain degree of predictability, especially for individuals with direct sources of income.

Currently, pensions are not taxed, and in some cases, individuals can offset previous losses with capital gains, including from stock market activities or cryptocurrencies.

Whether Hungarian tax residency is more advantageous than taxpayer status in another country depends on each individual's specific financial situation.

If you are planning to obtain a residence permit, invest in a country's economy, or purchase foreign real estate, we invite you to a consultation with our firm. During a personal online meeting, we will thoroughly examine your questions and create a step-by-step action plan for you.

Decree DNU 366/2025 has come into force in Argentina, significantly tightening immigration laws. The main changes concern the length of residency and the citizenship application process. Now, obtaining citizenship requires at least two years of continuous legal residence in the country, and any travel abroad during this period will invalidate the requirement. Furthermore, citizenship applications must be submitted through the National Migration Directorate.

Key Points

1. Tighter residency requirements

Two years of continuous, legal residence in Argentina without travel (previously, there were exceptions).

2. New application authority

Citizenship applications are submitted to the National Migration Directorate.

3. Impact on citizenship acquisition

The decree significantly complicates the process of obtaining citizenship.

4. Consolidation of laws

DNU 366/2025 combines the Migration Law and the Nationality Law under the auspices of the National Migration Directorate.

If you're planning to obtain a residence permit, invest in a country's economy, or purchase foreign real estate, we invite you to a consultation with our company. During a personal online meeting, we'll discuss your questions in detail and create a step-by-step action plan for you.

US authorities have announced the suspension of the Green Card Lottery Program. This decision is related to the recent shooting at Brown University. According to US Secretary of Homeland Security Kristi Noem, the suspect in the attack, Claudio Manuel Neves Valente, entered the country in 2017 through this program, having won a green card in the annual lottery.

This is not the first such initiative by the Donald Trump administration. In 2017, during his first term, he already advocated for the repeal of this visa following the October 31 terrorist attack in New York City. The perpetrator, 29-year-old Uzbek native Sayfullo Saipov, drove his car onto a Manhattan bike path and rammed a school bus, killing eight people. Police classified the incident as a terrorist attack linked to the Islamic State, a terrorist group banned in Russia. The US President announced that Saipov also arrived in the US by winning a green card lottery.

The Diversity Immigrant Visa Program, which awards 50,000 green cards annually, was established in 1990 and is administered by the US Department of State. It is designed for residents of countries with low rates of immigration to the US. According to US media, Sayfullo Saipov was granted entry in 2010 through this program. The lottery is open to citizens of all countries, with the exception of those countries from which more than 50,000 people have immigrated to the US in the past five years.

If you are planning to obtain a residence permit, invest in the economy of a country, open a business in the EU, or purchase real estate abroad, we invite you to a consultation with our firm. During a personal online meeting, we will thoroughly examine your questions and create a step-by-step action plan for you.

EU interior ministers approved a revised implementation schedule for the European Travel Information and Authorization System (ETIAS), postponing its implementation until the last quarter of 2026.

The digital border management initiative will become fully mandatory for travelers only in April 2027.

The implementation timeline includes several transition periods. ETIAS will launch in late 2026, but the system will remain optional for the first six months, until approximately April 2027. During the transition period, visa-exempt travelers will be invited to apply, but the EU will not refuse them entry if they meet other entry criteria.

From April 2027, the system will become mandatory for most travelers. Only first-time travelers will be exempt for another six months. In October 2027, after the system has been approved for almost 10 years, ETIAS will become fully mandatory for everyone.

According to the EU Directorate-General for Migration and Home Affairs, the gradual approach to introducing the system will give border authorities and the transport industry more time to adapt to the new procedures.

ETIAS will require travelers from 59 visa-exempt countries, including the UK and the US, to complete an online application and pay a €7 fee before entering the Schengen area for a short stay.

If you are planning to obtain a residence permit, invest in a country's economy, or purchase foreign real estate, we invite you to a consultation with our company. During a personal online meeting, we will thoroughly examine your questions and develop a step-by-step action plan for you.

The Parliament of the Principality of Andorra has approved a legislative initiative introducing significant adjustments to the conditions for obtaining a residence permit without the right to engage in professional activity (passive residence permit). The main change is an increase in the minimum investment threshold from €600,000 to €1,000,000. The law, approved on January 22, also transforms the program's financial terms, replacing the refundable deposit with a non-refundable government fee and introducing an alternative investment option through the Housing Fund of €400,000.

The regulation will enter into force the day after its official publication in the Official Gazette of the Principality, the date of which has not yet been announced. Before the final vote in parliament, the document underwent a review stage in the relevant committee from January 9 to 19, during which 43 amendments were considered. Following the commission's deliberations, nine amendments received unanimous support, twelve were adopted by a majority vote, and fourteen were rejected.

Key Aspects of the New Financial Model

The previous system required a refundable deposit of €48,500 to the Andorran Financial Authority (AFA) for the main applicant plus €10,000 for each dependent. These funds were fully refundable upon relinquishing residency status or obtaining citizenship.

Under the new regulations, applicants are required to make a one-time, non-refundable payment to the state of €50,000 for the main applicant and €12,000 for each dependent. The legislation clearly states the final nature of these payments. They are refundable only if the authorities refuse to issue the initial immigration permit. After notification of a positive decision, the funds are transferred to the Ministry of Finance, where they are retained for the benefit of the state.

Investment Requirements and Eligible Assets

The investment of €1,000,000 must be made on a permanent basis in assets related to the Andorran economy. The law provides the following list of eligible instruments:

non-refundable deposits;

real estate in the Principality;

equity shares in Andorran companies;

debt or other financial instruments issued by Andorran entities;

collective investment funds regulated by local law;

government bonds;

life insurance products issued by Andorran insurers.

Investments through collective funds are subject to a 36-month limit. After this period, the investor is required to reinvest the funds in other approved Andorran assets to meet the program requirements. Reinvestment must be documented in accordance with the regulations.

If real estate is part of the investment portfolio, the value of each acquired property must exceed €800,000.

Alternative Option through the Housing Fund

Alternatively, applicants have the right to reduce the total investment amount to €400,000 by directly or indirectly, but consistently and effectively, investing in the Housing Fund. According to the law, this fund is a public-private partnership focused on the development of affordable housing projects and operates under special regulations.

Procedural Deadlines and Consequences of Failure

Applicants have six months from the date of registration of their immigration permit application to implement the investment conditions. This period may be extended for an additional six months if the applicant proves that the investment was not completed due to force majeure or the actions of third parties. After this period, documents confirming the investment must be submitted.

The regulation stipulates that failure to provide evidence of investment or reinvestment of funds from collective funds within the established deadlines will result in the revocation of the non-profit residence permit.

Final and Transitional Provisions

It is important to note that all applications for foreign investment permits submitted prior to the parliamentary approval of the bill on January 22 will be processed in accordance with the provisions of the previous regulation. According to confirmed information, the authorities will process such pending applications, including quota reservations, under the old system.

A six-month transition period has been established for the provisions concerning the tax on foreign investment in real estate. Applicants who can prove a preliminary agreement to purchase real estate concluded prior to the adoption of this law will be subject to the previous tax rates. Documentation is required to confirm both the agreement itself and the economic basis of the transaction between the parties.

Within six months of the law's entry into force, the government is required to submit to parliament the consolidated texts of all legislative acts amended as part of this reform.

If you are planning to obtain a residence permit, invest in a country's economy, open a business in the EU, or purchase real estate abroad, we invite you to a consultation with our firm. During a personal online meeting, we will thoroughly examine your questions and create a step-by-step action plan for you.

Argentina's policy in recent years has been aimed at attracting foreign capital. As part of this effort, the Argentinian government announced plans to create a new agency tasked with offering citizenship to foreigners who invest at least US$500,000 in local projects.

This initiative will be the country's first official attempt to link citizenship to foreign direct investment and will continue recent steps to tighten enforcement of immigration regulations on other grounds.

According to government sources, the Ministry of Economy will create a specialized agency to oversee the evaluation and certification of investments. This agency will coordinate with the Ministry of the Internal Affairs, the Ministry of Foreign Affairs, and the National Directorate of Migration to ensure a simplified process for investors seeking citizenship.

Under this program, investors will be required to invest at least US$500,000 in projects that promote economic development and job creation.

Beyond confirming that investments should be directed toward promising projects, the government did not specify which economic sectors or regions would be prioritized. Analysts expect that sectors such as agribusiness, energy, technology, and tourism infrastructure could be among the key targets, given their potential for scalability.

If you are planning to obtain a residence permit, invest in a country's economy, or purchase foreign real estate, we invite you to a consultation with our company. During a personal online meeting, we will thoroughly examine your questions and develop a step-by-step action plan for you.

Following the introduction of a digital nomad visa in 2024, Italy is considering a new tax incentive specifically designed for digital nomads. This measure is currently being discussed by legislators as part of the 2026 Budget Law.

While this proposal has not yet been adopted, its discussion is no coincidence. It reflects a broader strategic shift in Italian immigration law.

Digital Nomad Visa in Italy

In 2024, Italy finally decided to issue residence permits for remote workers from non-EU countries. The digital nomad visa allows highly qualified professionals to reside in Italy while working online for a foreign employer or foreign clients as self-employed professionals.

This visa type is based on clear requirements: minimum income, health insurance, residency, proof of remote work, and at least six months of work experience.

Tax System 2025

In the country's tax plan, the main incentive for immigration to Italy is the recently reformed immigrant regime, which came into effect in 2025. This regime requires:

three years of tax residency abroad before moving to Italy;

higher education or a highly skilled worker qualification;

work performed primarily in Italy.

It should also be noted that the system applies only to income from employment and professional income, excluding business income.

The complexity of this regime lies in the fact that for many digital nomads, whose tax residency has frequently changed between countries, fulfilling the three-year requirement and the education/highly skilled requirements may be impossible.

New Tax Bonus for Digital Nomads in 2026

The Italian government is considering an amendment to the current Immigration Law. The amendment aims to create tax incentives specifically for individuals moving to Italy as digital nomads.

While legislators have not yet published the technical details (percentage reduction, duration, eligibility requirements), the fact that this innovation is even being considered is noteworthy.

Even before the final bill is published, the introduction of a special tax incentive for digital nomads signals several trends:

A shift toward individualized policies. Italy is increasingly moving away from focusing on traditional immigration incentives.

Alignment of immigration and tax systems. After the digital nomad visa came into effect, Italy lacked a corresponding tax instrument. Policymakers intend to close this gap.

Increasing competitiveness. Other jurisdictions have previously used the digital nomad visa in their economic strategies. Italy's current actions demonstrate a commitment to remaining competitive in this area.

Recognition of the limitations of the current immigration regime. The strict requirements of the 2025 immigration regime exclude a significant portion of remote professionals. The legislative amendment will allow Italy to expand its attractiveness without changing its recently reformed regime.

What digital nomads should consider before applying

Following the official publication of the draft, key aspects for application review will include:

Definition of program eligibility criteria (education, income, remote work requirements, etc.);

Duration of the benefit;

Availability of employment, self-employment income, or both;

Residence and physical presence requirements.

Until the authorities publish the final version of the legislative amendment, planning should continue within the framework of existing provisions, namely the digital nomad visa (for non-EU citizens) and the 2025 immigrant regime for those who meet the criteria of this program.

It is also important to note that the proposed tax bonus for digital nomads is not yet final.

NATLAN continues to closely monitor the legislative process in Italy. Further clarification of the details will determine how accessible and effective this initiative can be.

If you are planning to obtain a residence permit, invest in a country's economy, open a business in the EU, or purchase real estate abroad, we invite you to a consultation with our company. During a personal online meeting, we will thoroughly examine your questions and create a step-by-step action plan for you.

When considering investment migration, the "golden visa" programs of Caribbean and European countries often come to mind first, along with notable options like the US EB-5 program, Turkey's citizenship-by-investment program, and the UAE's "golden visa." Africa is often overlooked, despite its diverse residency and citizenship-by-investment programs offering a variety of opportunities that combine affordability with numerous long-term benefits.

From business residency in Mauritius for $35,000 to flexible citizenship pathways in Egypt starting at $250,000, African countries are continually creating competitive pathways for foreign investors seeking residency or citizenship.

Many programs also offer accelerated timelines, such as Sierra Leone's direct citizenship pathway, which can be completed in just 60 days, or Cape Verde's expedited residency process, which takes just four weeks.

In this article, we'll provide a comprehensive guide to all the active programs available in Africa and their offerings.

Sierra Leone

Sierra Leone (West Africa) offers one of the most affordable residency programs on the continent, including a fast-track investment migration program. The program is designed specifically for foreign investors and people of African descent.

Permanent Residence Program

Minimum investment: US$65,000 plus one kilogram of gold to obtain permanent residency.

Path to Citizenship: Available after five years.

Processing Time: 40 days.

Direct Citizenship Program

Naturalization by Descent: People of African descent can obtain citizenship within 60 days by donating US$100,000 and providing DNA evidence.

Fast-Track Naturalization: Under this accelerated process, individuals can obtain citizenship in 90 days by donating US$140,000.

Cape Verde

Cape Verde, an island nation in the Atlantic Ocean off the coast of West Africa, offers a Green Card program that provides a simple path to permanent residency through affordable real estate investments.

Green Card Program

Cape Verde offers permanent residency to individuals who invest at least €80,000 (approximately US$94,000) in real estate.

Path to Citizenship: Available after five years of permanent residence.

Processing Time: Two to four weeks.

Egypt

Egypt, one of Africa's largest and most dynamic economies, offers flexible citizenship options starting at US$250,000. Applicants can choose from donations, real estate purchases, business investments, or bank deposits.

Citizenship by Investment Program

Investment Options:

Donation: US$250,000 (non-refundable).

Real estate: $300,000 (payment plan available).

Business investment: $350,000 plus a $100,000 donation.

Bank deposit: $500,000, refundable after three years.

Citizenship time: six to nine months.

Residency by Investment Program

Minimum investment: $50,000

Real estate: $50,000 (one-year permit), $100,000 (three-year permit), or $200,000 (five-year permit)

Bank deposit: $50,000 (one-year permit) or $100,000 (three-year permit)

Physical presence requirement: none

Processing time: one to three months.

Namibia

Namibia offers a residency program for investment in luxury real estate. Successful applicants receive a renewable five-year residency permit with the option to obtain permanent residency and citizenship after ten years.

Residency by Investment Program

Minimum investment: US$316,000 in President's Links Estate, a luxury residential complex in Walvis Bay.

Path to citizenship: Available after ten years.

Physical presence requirement: None.

Processing time: Three months.

Mauritius

Mauritius, an island nation located off the east coast of Africa, offers a variety of investment migration options, from business visas to permanent residency through investment in luxury real estate.

1. 10-Year Active Investor Visa

Entrepreneurs can obtain a 10-year renewable visa by investing at least US$35,000 in a business. Residence permits are granted after three years, provided the required thresholds are met. Citizenship can be obtained after seven years (five for Commonwealth citizens).

Intended for: Business owners, technology investors, and self-employed professionals.

Physical presence requirement during the temporary visa process: None.

2. Permanent Residence for Real Estate Investors

Invest at least US$375,000 in approved real estate projects to become eligible for immediate permanent residency. Options include luxury resorts, eco-friendly residential complexes, and condominium projects.

Time to citizenship: two years (for investments over US$500,000), otherwise five to seven years.

Physical presence requirement: one day per year.

Processing time: two to three months.

Seychelles

The Seychelles, an archipelago of 115 islands located off the coast of East Africa, boasts one of the highest GDP per capita on the continent. It offers an exclusive and lucrative residency by investment program that can lead to permanent residency and citizenship.

Permanent Residence Program

Investors who invest US$1 million in a local business in the Seychelles may apply for permanent residency after five years of residence under a valid permit.

Path to Citizenship: Naturalization is possible after 11 years of continuous residency.

Physical Presence Requirement: One year of legal residence to qualify for permanent residency.

Processing Time: Up to three months.

Investing in Africa. Summary

While investment migration programs in Africa offer many benefits, particularly for investors seeking opportunities on the continent, global mobility is typically not among them. Many African passports have a low visa-free travel rating, limiting the travel flexibility that some investors may value when considering such programs.

However, some countries offer significant regional access. For example, citizens of member states of the Economic Community of West African States have the right to travel, reside, and work in 15 West African countries without visas or work permits. For investors focused on regional activities, this may be of functional value even in the absence of broader travel rights.

If you are planning to obtain a residence permit, invest in a country's economy, or purchase foreign real estate, we invite you to a consultation with our company. During a personal online meeting, we will thoroughly examine your questions and develop a step-by-step action plan for you.

Paraguay's National Tax Agency has approved new rules for reporting digital asset transactions. The corresponding resolution, signed on March 10 by the head of the agency, requires cryptocurrency platforms and individuals to provide detailed reports on their financial transactions. The first returns for the 2026 fiscal year must be filed through the national tax system in early 2027.

This decision marks a significant shift in the country's approach, which saw a record number of residency applications in 2025, largely due to liberal crypto regulations and the lack of automatic exchange of financial information with other countries.

What must be declared

The resolution applies to two categories of individuals:

Platform operators registered in Paraguay are required to report every transaction of their users, regardless of the amount. Resident individuals and local legal entities whose annual digital asset turnover exceeds the equivalent of USD 5,000 in aggregate must submit their own information declaration. This requirement applies to transactions conducted through foreign platforms or direct transactions between individuals without the involvement of an intermediary.

Disclosure Requirements

Disclosure requirements are as specific as possible. For each transaction, the following must be provided:

Date and time

Counterparty details (if identifiable) or crypto wallet addresses

Asset name, ticker symbol, and blockchain network

Asset quantity to ten decimal places

Value in USD before fees

All fees, including the network transaction fee

Unique transaction identifier with sender and recipient addresses

In cases where the counterparty is identified, their full name, citizenship, country of tax residence, and taxpayer identification number must be provided.

According to tax planners, this resolution is a signal to anyone who chose Paraguayan tax residency, believing that disclosure obligations are limited. While the country's territorial tax system has not formally changed, a new reporting infrastructure is being built around it, which is a harbinger of a potential fiscal burden.

Broad Regulatory Scope

The resolution broadly defines the term "cryptoasset" to include any cryptographically protected digital representation of value or rights on a distributed ledger. This regulation covers value tokens, utility tokens, stablecoins, and non-fungible tokens. An exception is made only for central bank digital currencies and instruments already regulated by securities law.

The term "platform" is similarly broadly defined. The resolution covers:

centralized exchanges;

decentralized exchanges and protocols;

Wallets, both those that store funds on the provider's behalf and those that allow the user to fully control their assets;

trading platforms for non-fungible tokens;

passive income and lending services;

smart contracts;

any other technological mechanisms facilitating crypto transactions, regardless of the availability of a financial license.

New Realities for Investors

Paraguay has historically not participated in the international system for the automatic exchange of financial information, which has attracted individuals interested in financial privacy. The new resolution does not change this status, but creates a national mechanism for monitoring crypto assets, similar to standards being developed internationally. It is worth noting that dozens of jurisdictions have already begun collecting data according to such standards since the beginning of 2026.

Experts note a pattern: a jurisdiction attracts capital with a favorable tax regime, the community of beneficiaries grows, and the government tightens regulations over time. Crypto investors are exploiting the structural features of the legislation, but the regulator is constantly adapting, providing only a temporary advantage.

The resolution does not introduce new taxes. The preamble to the document emphasizes that the measure is being implemented within the tax authority's existing authority to identify economic transactions involving cryptoassets due to their growing importance, and that adequate identification and tracking will strengthen control and compliance with tax obligations. According to industry publications, this resolution is considered the first stage of a broader program, which could be followed by phases related to direct taxation and enforcement during 2026.

A fixed penalty of approximately $130 is established for late filing of the tax return. Residents who meet the criteria but are not tax registered are required to register specifically for compliance with the new requirements.

Parallel Regulation and Implications for Advisors

The resolution complements the previously adopted securities market law, which assigns oversight of tokenized assets to a special securities department.

Thus, the two regulators operate in parallel: the tax department covers all crypto transactions, including decentralized assets used as a medium of exchange, while the securities department focuses on tokenized investment instruments.

As a reminder, Paraguay's territorial tax system only taxes locally sourced income at a flat rate of 10 percent, and its residency program requires an investment of just $70,000 in a local business for ten years. This combination has made the country a popular destination for crypto asset holders, especially after the modernization of its immigration laws late last year.

For investment migration specialists recommending Paraguay to clients with crypto assets, the new rules significantly increase their responsibilities in terms of compliance verification. Consulting on tax residency issues can no longer be limited to references to the zero rate, given that the IRS is clearly harmonizing its standards with international recommendations, and the global information exchange system is already operational in dozens of jurisdictions. The era of passive tax planning through territorial jurisdictions for cryptoasset owners is ending.

If you are planning to obtain a residence permit, invest in the economy of a country, open a business in the EU, or purchase foreign real estate, we invite you to a consultation with our firm. During a personal online meeting, we will thoroughly examine your questions and develop a step-by-step action plan for you.

Despite the closure of programs in a number of Western European countries, investment immigration in the European Union remains accessible. Currently, eight EU member states offer legal mechanisms for obtaining a residence permit through passive financial investment. In this article, "golden visa" refers to a residence permit that does not require the investor to permanently reside in the country or pay taxes on worldwide income.

Italy: Four Investment Routes

The Italian investor visa (Visto per Investitori) grants a residence permit upon choosing one of the following routes:

Investment in an innovative startup – from €250,000.

Investment in the share capital of an Italian company – from €500,000.

Purchase of government bonds – from €2 million.

Charitable donation – from €1 million.

Processing time is 3-4 months. There is no formal minimum period of residence, but the applicant must declare their intention to reside. Citizenship is generally available after 10 years of legal residence in the country.

Cyprus: Permanent Residence Permit for Real Estate Investment

The Republic of Cyprus grants permanent residence upon investment in new residential property worth €300,000 (plus VAT). Alternatives include commercial real estate for the same amount or the purchase of units in a Cyprus collective investment scheme. Additionally, the applicant must prove a guaranteed annual income from abroad (at least €50,000 for the main applicant, with additional amounts for family members).

The processing time is 2-3 months. To maintain status, visitors to Cyprus must visit every two years. The tax system for non-residents and persons with special status (non-doms) offers significant benefits: no capital gains, gift, or inheritance taxes, as well as 0% tax on dividends and interest for 17 years.

Malta: Permanent Residence Program

Following the closure of the Direct Citizenship by Investment Program (MIIP) in April 2025 following a ruling by the Court of Justice of the EU, Malta continues to offer the Permanent Residence Program (MPRP). This is a hybrid model that combines a non-refundable government contribution, the rental or purchase of real estate, and a charitable donation. The starting price for the rental scheme is approximately €150,000. A distinctive feature is the ability to include up to four generations of a family in the application. The program does not require residency on the island.

Bulgaria: A Unique Offer – Permanent Residence from Scratch

Bulgaria stands out from other EU countries by offering investors immediate permanent residence. The required investment is €512,000 and must be invested in licensed alternative investment funds or exchange-traded funds (ETFs). The funds must be held for a minimum of five years.

Key advantages: Bulgaria's accession to the Schengen area (January 2025) and the Eurozone (January 2026) has mitigated currency risks. Tax residents enjoy a low tax burden (a flat 10%). The path to citizenship opens after five years of permanent residence and requires proof of basic proficiency in Bulgarian (A1). It is important to note that there are only two funds on the market that fully meet these requirements. The full application process to obtain a permanent residence card takes 6-8 months.

Greece: Zonal System and New Restrictions

Since September 2024, Greece has had a differentiated minimum investment system depending on the location and type of asset:

€800,000 – for Athens, Thessaloniki, Mykonos, Santorini, and islands with a population of over 3,100. The property must be at least 120 square meters in size.

€400,000 – for all other regions. A similar minimum floor area requirement applies.

€250,000 – for converting commercial real estate into residential use or restoring architectural monuments throughout the country. There is no floor area requirement.

Alternative real estate options include: purchasing government bonds for €500,000 (with a maturity of at least 3 years), placing a bank deposit (€500,000), or investing in shares and corporate bonds (€800,000). Long-term leases of hotels or tourist residences for 10 years are also possible (investment amount: €250,000 to €500,000).

The program does not require residency in the country. Citizenship can be applied for after 7 years of tax residency and passing a Greek language exam. Among the innovations for 2026: a ban on short-term rentals (e.g., Airbnb) of properties acquired through the program (a €50,000 fine and revocation of the residence permit), as well as legislative initiatives to regulate the backlog, which reached 42,390 applications in November 2025.

Hungary: New Program with Pre-Approval

Launched in July 2024, Hungary's "Guest Investment Residence Permit" quickly gained popularity thanks to its transparent process and pre-approval of applications before the actual transfer of funds. Two main routes are available:

Investment in government-certified real estate funds – €250,000.

Donation to a higher educational institution – €1 million.

Direct purchase of real estate (€500,000) was cancelled in January 2025 due to concerns about market overheating. The program provides a 10-year residence permit with the possibility of renewal. There are no residency requirements. The family package includes a spouse, children under 18 (or up to 26 if studying and financially dependent), and parents over 65. Naturalization is possible after eight years of continuous residence in Hungary and requires passing a language and cultural proficiency exam.

Latvia: Budget Option

The Latvian program, in operation since 2010, remains one of the most affordable in Europe. Investors can choose one of three paths:

1. Investment in a business (fewer than 50 employees, turnover up to €10 million) – from €50,000.

2. Purchase of real estate worth at least €250,000, subject to a 5% state fee.

3. Bank deposit for 5 years – €280,000 + €25,000 state fee. This option provides for a full return of the capital at the end of the term.

In the first half of 2025, interest in real estate increased (45% of all approved applications). A total of 44 residence permits were issued to lead applicants during this period. The program does not require residency in Latvia.

Portugal: the most popular and problematic program

Portugal's ARI (Gold Visa) program remains the most discussed in the professional community. Following the abolition of the real estate investment route in October 2023, the following options are available: purchasing investment fund shares worth at least €500,000 (the most popular option today), investing in scientific research (€500,000), supporting culture or the arts (€250,000), and establishing a company that creates at least 10 jobs.

The physical presence requirement is only seven days per year. Permanent residence rights begin after five years. The key question of the naturalization timeframe remains uncertain. In October 2025, Parliament approved increasing the residency requirement for most foreigners to 10 years, but the Constitutional Court and presidential veto blocked this initiative. A final decision is expected in April 2026. Investors, fearing the rule change, have filed a constitutional complaint, arguing that the state is violating previously provided guarantees.

An additional challenge is the record processing time of 39.6 months. More than 20,000 applicants are awaiting an appointment with the AIMA Immigration Service. The situation was exacerbated by a scandal in which the agency offered a paid expedited processing service for €4,000, sparking sharp criticism from lawyers. Despite this, the program's core appeal—access to the Schengen zone and potential citizenship—remains.

Therefore, in 2026, eight different programs are available to investors considering obtaining a European residence permit. The optimal option depends on the applicant's priorities: Latvia offers the lowest entry threshold (from €50,000), Bulgaria offers immediate permanent residence (€512,000), and Hungary and Cyprus offer the fastest processing (2-3 months). It's important to remember that the regulatory environment continues to tighten, and some programs are facing administrative difficulties, such as Portugal's record-breaking application processing times.

If you're planning to obtain a residence permit, invest in a country's economy, open a business in the EU, or purchase real estate abroad, we invite you to a consultation with our company. During a personal online meeting, we'll thoroughly discuss your questions and create a step-by-step action plan for you.