Portugal's 'Golden visa' is facing a threat of being scraped. Prime Minister Antonio Costa says the scheme has "fulfilled its role". @MollyGambhir tells you more

Gravitas: Portugal likely to scrap 'Golden Visa' scheme

Portugal is all set to introduce a new digital nomad visa which can be perfect for individuals who are currently working remotely. In the aftermath of the COVID-19 pandemic, a huge number of people have stopped going to the office and the new visa can be the perfect choice for such individuals.&nbsp;

According to the notification released by the Portuguese government, the visa will go into effect on October 30, and it will allow holders to stay in the country for up to a year. They can apply for an extension at the end of the period, but it will be judged according to normal visa regulations.&nbsp;

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The country also has a golden visa program which is a “pathway&nbsp;to European citizenship” and according to Reuters, several Americans have moved to Portugal in recent years due to lax tax rules. &nbsp;

“Digital nomadism is a trend that has been gaining traction since the early 2020s and with the Covid-19 pandemic,&nbsp;remote working became a reality for many workers,” Patricia Casaburi, managing director of Global Citizen Solutions, an investment migration company, told Bloomberg.&nbsp;

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However, the government has announced some rules and regulations when it comes to digital nomad visa. In order to apply for the visa, individuals will have to submit proof of tax residency along with employment contracts or documents which officially prove that they are self-employed.&nbsp;

&nbsp;The other main criterion for the visa is proof of income which needs to show that the earnings of the individual over the last three months are more than at least four times the national minimum wage in Portugal, which is currently €705 ($689) a month.&nbsp;&nbsp;

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Portugal is all set to introduce a new digital nomad visa which can be perfect for individuals who are currently working remotely. In the aftermath of the COVID-19 pandemic, a huge number of people have stopped going to the office and the new visa can be the perfect choice for such individuals.

Portugal is all set to introduce a new digital nomad visa which can be perfect for individuals who are currently working remotely. In the aftermath of the COVID-19 pandemic, a huge number of people have stopped going to the office and the new visa can be the perfect choice for such individuals. According to the notification released by the Portuguese government, the visa will go into effect on October 30, and it will allow holders to stay in the country for up to a year. They can apply for an extension at the end of the period, but it will be judged according to normal visa regulations. Also read | Blasts and gunshots heard at protest over Mahsa Amini's death in Iran The country also has a golden visa program which is a “pathway to European citizenship” and according to Reuters, several Americans have moved to Portugal in recent years due to lax tax rules. “Digital nomadism is a trend that has been gaining traction since the early 2020s and with the Covid-19 pandemic, remote working became a reality for many workers,” Patricia Casaburi, managing director of Global Citizen Solutions, an investment migration company, told Bloomberg. Also read | Global economy LIVE | China extends currency swaps with European Central Bank However, the government has announced some rules and regulations when it comes to digital nomad visa. In order to apply for the visa, individuals will have to submit proof of tax residency along with employment contracts or documents which officially prove that they are self-employed. The other main criterion for the visa is proof of income which needs to show that the earnings of the individual over the last three months are more than at least four times the national minimum wage in Portugal, which is currently €705 ($689) a month.

Portugal launches digital nomad visa allowing one-year stay for remote workers

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Gravitas: Portugal likely to scrap 'Golden Visa' scheme

Portugal launches digital nomad visa allowing one-year stay for remote workers