In December 2010, the US House of Representatives passed the Advancing Mutual Interests and Growing Our Success (AMIGOS) Act which enables the Portuguese to receive E2 visas. The bill aims to facilitate business travel, boost economic relations between the two countries and give an impetus to the Portuguese-American trade.
The Act is also great news for HNWIs looking to participate in the Portuguese Residency by Investment Programme. Investor migrants who hold their funds in Portugal for five years and adhere to the 35-day physical presence rule can further apply for Portuguese citizenship.
As Portugal joins the E2 Treaty country, Portuguese nationals will be granted an opportunity to live and work in the US.
The predominant applicant group for the Portuguese RIP is the Chinese. Investors from mainland China find it practically impossible to get US EB-5 visas due to decades-long waiting times. For this group of investors, Portuguese citizenship would be a shortcut to the US.
Other affluent individuals have already benefited from Citizenship by Investment Programs of E2 Treaty countries Turkey and Grenada. Portugal now steps in with a route that blends EU residency with an opportunity to set up business across the Atlantic.
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