Investment Migration in the Week’s Headlines: Argentina’s “Golden Passports,” Portugal Golden Visa Disputes, and the Shift Toward “Value Over Capital”

This week, investment migration, citizenship by investment, and “golden visas” were once again front and center. Coverage featured lawyers, consulting firms, and global mobility experts commenting on regulatory changes, program risks, and a new approach to investor screening—moving from “passive investment” toward a “real contribution.”

The news also highlighted:

• Madalena Monteiro (Liberty Legal)
• Gilda Pereira (EI Migration Agency)
• Armand Arton and Mo Bennis (Arton Capital)
• Eric Majjor (Latitude Group)
• David Lincoln (Lincoln Global Partners)
• Paulo Carello
• Stephen Bostock (Mishcon de Reya)
• Alaatin Kilic (Visa Franchise)
• Joe Rice and Liana Simonyan (Global Citizen Solutions)
• Isobel Neilson (Fragomen)
• David Lesperance (Lesperance & Associates)

DW News: Portugal’s “Golden Visa” delays spark a legal dispute

As Madalena Monteiro notes, around 12,000 applicants for Portugal’s “golden visas” face a similar situation. She says many participants believe they were effectively “misled” after legal rule changes, and they intend to pursue protection of their interests in court.

Meanwhile, Gilda Pereira, head of the agency that promotes golden visas, argues that claims about the market and the rationale behind the accusations do not reflect reality. She points out that the Portuguese government itself publicly promoted the prospect of citizenship for visa holders at consulates, using information materials and posters. Later, she says, those materials were removed—and responsibility is now being shifted onto intermediaries.

Financial Times: Argentina is designing a “golden passport” scheme to reduce debt

In discussions about Argentina, Armand Arton, founder of Arton Capital, said he advised the government while the initiative was being developed, while also promoting a program for clients in parallel. He specifically highlighted the potential for “trust” in the project even before its official launch.

At the same time, Eric Majjor (CEO of Latitude Group) said that among citizenship by investment destinations, Argentina is, in effect, “without a peer.” As a comparison, he cited models from small island nations in the Caribbean and in the South Pacific.

David Lincoln (Lincoln Global Partners) added that wealthy clients are drawn to Argentina due to the country’s strategic location and its distance from conflict zones. He also noted that demand in the industry is strengthening amid rising geopolitical uncertainty: people are seeking more “options” for the future. According to Lincoln, Argentina’s scheme could end up cheaper than New Zealand’s investor visa—often described as a “safe haven”—where the benchmark is in the range of several million dollars.

However, Paulo Carello, an immigration lawyer and former employee of the authority responsible for granting citizenship, warns of “many risks.” In her view, in terms of security and the country’s reputation, these risks may outweigh the benefits—especially for a state with a certain scale and international profile.

Carello also stressed that launching an initiative at this level raises questions: because it concerns core aspects of citizenship and national belonging, the project is being promoted without sufficiently broad political, academic, and institutional debate.

UPI: Argentina bets on a citizenship-by-investment program

According to UPI, Paulo Carello (president of Migration Law Institute in Rosario-Bar) explained that the so-called “golden passport” could create a pathway for foreign nationals who make significant investments in Argentina to obtain citizenship through naturalization without the usually required two-year residency period.

At the same time, the expert emphasized that for the program to produce a positive impact, it should not be limited to merely transferring funds or “passive” investment. Ideally, the initiative should be tied to real investments, employment, innovation, regional development, and strengthening strategic industries.

Financial Times: UK disagreements over a new “golden visa” to attract ultra-wealthy investors

Stephen Bostock (partner at Mishcon de Reya) said the firm has seen steady client interest in investor visas since the previous scheme ended. This, he said, increases expectations that demand could return under the new program design.

Kiplinger: Want to get ahead of the “golden visa” trend? Here’s how it works

A branding expert in Investor Migration, Alaatin Kilic (Visa Franchise), warns that the price of participation is only the starting point of the budget. In addition to the official investment contribution, he says, applicants may need to account for legal fees, taxes, and in some cases property registration and VAT.

As a practical rule of thumb, he recommends setting aside an additional 10–20% on top of the official requirements to cover related costs.

Business Standard: “Greening” programs—how investor motivation is changing

The industry is shifting the value proposition: “from capital to contribution”, says Joe Rice, head of citizenship programs at Global Citizen Solutions.

According to Liana Simonyan (researcher at the Global Intelligence Unit within GCS), the analyzed programs can be roughly divided into two nearly equal groups: those built around sustainability and measurable development outcomes, and those that are essentially purely fiscal tools. In her view, this split is what currently shapes market logic.

The New York Times: Want to live abroad? “Golden visas” still offer choices

Mo Bennis (senior vice president at Arton Capital) said micro-states are becoming especially attractive to Americans thanks to lower costs and a clear route to citizenship.

He also noted that for investors looking at the next 20 years, “mobility and route diversification” matters—not only in familiar destinations such as the Caribbean region. As a supporting point, he cited the peaceful environment and the strategic positioning of the island country.

Wealth Briefing: “The end of the golden visa era”?

In a Wealth Briefing piece, Isobel Neilson from Fragomen reviews the changes. She says the market is gradually moving away from passive scenarios—where simply buying property or holding a deposit is enough—toward expectations of active and meaningful participation.

Where “golden visas” disappear or become stricter, applicants more often turn to alternatives: passive income, routes for digital nomads, and visas tied to talent and entrepreneurship. As an example, the UK’s Global Talent visa has gained interest after the closure of the Tier 1 Investor visa. Similar approaches exist, according to the article, in France and Australia—where expertise and achievements are valued more than capital injections alone.

For citizenship by investment, demand remains steady: affluent individuals are seeking additional options amid geopolitical uncertainty. Meanwhile, the author reports that government control and scrutiny continue to intensify.

New York Post: a tax scheme for billionaires in California—and controversial claims

David Lesperance previously said he personally helped four billionaires end their California residency before the January 1 deadline. At the same time, he noted that wealth managers warned it could involve another 15–20 billionaire families if voters approve the proposed measure.

Bloomberg: London braces for political fallout—and rising tax pressure

In Bloomberg commentary, David Lesperance, who works as a tax and immigration consultant for the ultra-wealthy in Poland, also discussed the risk of higher taxes in the UK. He suggested the chosen chancellor could act even more harshly than in previous budgets, potentially increasing pressure on affluent residents.

Business Insider: a tax on California billionaires goes to a vote

In a Business Insider report, Lesperance called the situation predictable: “the secret is out.” He said he advises on immigration, tax, and civil matters and that seven of his clients moved out of California before January 1, 2026.

The expert also said the wording of the measure could have retroactive effect for billionaires who lived in the state on the specified date. Among publicly known cases, he mentioned moves and reduced ties to California by figures such as Google co-founders Sergey Brin and Larry Page.

Wondering how changes in the Portugal Golden Visa rules affect applicants—and what lawyers consider when disputes arise? At Digital Nomad, we break down the shift toward “value instead of capital”, assess risks, and help you choose the right path toward an investment residence permit and citizenship-by-investment. Learn more about Golden Visa and make decisions based on evidence.

Our Telegram channel about various types of Greek residence permits, digital nomad programs, and the Greek Golden Visa: @digitalnomadgr