The ‘economic miracle’ of Portugal, according to economist Paul Krugman.

In recent years, Portugal has stood out for its positive figures in terms of quality of life, tranquility, and overall well-being.

But what about the economy? According to American economist Paul Krugman, the 2008 Nobel Prize winner in Economics, Portugal is experiencing a true “economic miracle,” being among the least indebted countries in the European Union.

He stated this in an interview with the newspaper Jornal de Negocios, late last year, where he emphasized that the past decade “has been a good period” for the country.

Krugman recalled how Portugal and Spain faced the 2009 debt crisis. “Both had massive capital inflows, were seriously overvalued in terms of labor costs, had high levels of debt, and were facing a period of austerity,” he points out.

“But while Spain managed to economically recover after years of ‘high unemployment, internal devaluation, and falling costs,'” the economist indicates, “Portugal had a recovery without that.”

And that’s the “miraculous” part. Krugman recalled his conversations with former International Monetary Fund (IMF) chief economist Olivier Blanchard, who held the position between 2008 and 2015, and how they couldn’t explain how Portugal had achieved it.

“There are things that can be pointed out, some of them attractive about Portugal, obviously. Tourism is not insignificant, but exports are also part of the story,” said the expert, who also highlights advances in infrastructure, living standards, and education over the past 10 years.

Under these conditions, it is clear that Portugal is an attractive destination for investors worldwide. And even more so if this allows access to residency and, eventually, citizenship.

You can access the Portuguese Golden Visa program starting from an investment of €500,000 in private equity funds, venture capital, or others. Or, through a contribution to cultural projects ranging from €200,000.

An advantage is that you don’t need to permanently relocate to maintain the visa: visiting the country for 14 days every two years is enough to renew it. And after five years of residence, you can apply for citizenship and a passport, a document that allows you to travel without restrictions throughout the Schengen Area countries (European Union).

Furthermore, you can include your family in these plans, as your spouse, dependent children, and elderly parents can join your application simultaneously.

If you’re interested in the topic, schedule a meeting with our team. At AIM Global, we are experts in international mobility, and our goal is to help you realize your projects for yourself and your family, with the least possible risk and under the best conditions for you.

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