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In Greece, an unlikely economic star since the pandemic, as many as 44% of all jobs are connected to tourism. 

Can Europe’s emerging “museum economy” support sustained wealth creation and the expansive welfare systems Europeans have become accustomed to since the end of World War II? And what happens if the dollar falls and the tourists leave?

Rent and other living expenses are rising in hot spots, making it harder for many locals to make ends meet. A heightened focus on tourism, which turns a quick profit but remains a low-productivity activity, tethers these economies to a highly cyclical industry

It also risks keeping workers and capital from more profitable areas, like tech and high-end manufacturing. 

some economists, residents and politicians are concerned about the boom’s long-term implications.

“It is literally, for Americans right now, the place to go,”

The strong dollar—and a powerful post-Covid recovery—has empowered millions of Americans who would have vacationed in the U.S. before the pandemic. They are now finding they can afford a lavish European holiday.

One reason is the brutal sovereign debt crisis that hit the continent’s south especially hard just over a decade ago. Unable to stimulate demand with public spending or to energize exports by devaluing their currency—the euro, which is shared by 20 states—those countries could only boost their competitiveness by lowering wages.

“Your dollar goes a lot further,” Cross said over coffee in the lobby of her five-star hotel. “You don’t feel you’re scrounging as much.”

Tourism now generates one-fifth of economic output in Lisbon and supports one in four jobs. That boom has reverberated far beyond the capital.

Portugal’s gross domestic product grew nearly 8% between 2019 and 2024, compared with less than 1% for Germany,

The government recorded a rare 1.2% of GDP budget surplus last year, and its debt-to-GDP ratio is expected to fall to 95% this year, the lowest since 2009

Portugal’s population is growing again after years of decline, thanks in part to an influx of migrant workers and to various tax incentives and investor visas that have attracted high-income workers. 

Moedas, Lisbon’s mayor, says there’s room for further growth. For a city that doubles in size to around one million every day, including commuters, only around 35,000 are tourists, he said. “We are very far from a situation of so-called overtourism.”

The trend is part of a global readjustment following the Covid-19 lockdowns. Spending on travel and hospitality worldwide grew roughly seven times faster than the global economy over the past two years, according to Oxford Economics. That pattern is expected to continue for the next decade, though to a lesser degree.

Europe, especially southern Europe, has benefited more than many other regions. Though it is home to just 5% of the world’s population, the European Union received around one-third of all international tourist dollars—more than half a trillion dollars—last year. This is up roughly threefold over two decades, and compares with about $150 billion for the U.S., where tourism has been slower to rebound.

In Portugal, a country of 10 million that juts out into the North Atlantic from Spain, Americans recently surpassed Spaniards as the biggest group of foreign tourists. 

This and a real estate collapse that left hundreds of thousands of workers suddenly available made the region’s tourist industry ultracompetitive, much cheaper than Caribbean beach destinations and on a par with Latin American destinations like Mexico. 

Once an owner of TAP, Neeleman increased the number of direct flights to the U.S. eightfold between 2015 and 2020, adding major hubs such as JFK and Boston Logan, betting that would open up an untapped market. As bookings soared, other U.S. airlines followed. 

“It was actually comical, because I went from knowing no one who had been to Portugal to everyone telling me they were going to Portugal,”

For Gonçalo Hall, a 36-year-old tech worker, the influx of foreign cash that has transformed Lisbon has been overwhelmingly beneficial for the city. When he lived in the capital 15 years ago, he wouldn’t walk in the historic downtown after 8 p.m. It was “full of homeless people, not safe. Lots of empty and abandoned buildings,” he said. 

“The quality of life in Lisbon doesn’t match the prices. Even expats are leaving,” said Hall, who moved to the Atlantic island of Madeira during the pandemic and continues to work remotely.  

The average Portuguese employee earns around €1,000 a month after tax, or around $1,100 a month, and only 2% earn more than €2,000. A one-bedroom apartment in Lisbon can easily cost more than €500,000 to buy, or over €1,200 a month to rent. Rents in nearby cities are also climbing as people leave the capital, squeezed out as lucrative short-term rentals transform the housing market. 

Jessica Ribeiro, a 35-year-old sociologist, pays around €490 a month for an apartment that she shares with her ex-husband in a town close to Lisbon. Neither can afford to leave. Both make a little more than the minimum wage of €820 a month, and soaring rents mean it is impossible to find an apartment in the neighborhood for less than €700, Ribeiro said. 

“The harm that tourism has brought is infinitely bigger than the benefits,” Ribeiro said. “It sends people away from their place of work, making their lives much harder.” 

A frequent complaint from residents and housing advocates is that some of the boom’s biggest winners are American companies, from Airbnb to Uber, which often pay little tax in the places where they do most of their business.

Lisbon is cracking down on Airbnbs and increasing taxes on tourists, doubling the nightly city tax from €2 to €4, which should raise €80 million a year. Airbnb has paid Lisbon and Porto, Portugal’s two biggest cities, more than €63 million after entering into voluntary tax collection agreements with local officials. Moedas said he is considering “a bit more regulation” of the city’s many Ubers, whose drivers he said don’t always respect traffic rules. 

Around nine in 10 Airbnb hosts in Portugal rent their family home and almost half say the extra income helps them afford to stay in their homes, according to a spokesperson for the company. “Guests using our platform account for just 10% of total nights booked in Portugal, and we follow the rules and only allow listings that are registered with local authorities,”

Higher rents are forcing many businesses and cultural and social spaces catering to locals to close, according to Silva. “This is not an economy that is serving the needs of the majority of people,” she said.

Signs of discontent are bubbling up across the region. Tens of thousands of local residents marched in Spain’s Balearic and Canary islands in recent months to protest mass tourism and overcrowding. On Mallorca, activists have put up fake signs at some popular beaches warning in English of the risk of falling rocks or dangerous jellyfish to deter tourists, according to social-media posts.

Serving foreigners is difficult to scale up and is more exposed to economic headwinds. Like the discovery of oil, southern Europe’s new focus on tourism can crowd out higher-value activities by hogging capital and workers, a phenomenon some economists have dubbed the “beach disease.”

“Portugal isn’t an industrialized country. It’s just the playground of the EU,” said Priscila Valadão, a 43-year-old administrative assistant in Lisbon. She makes €905 a month and rents a room from a friend for €250 a month. “The type of jobs being offered…are restricted to a type of activity that really doesn’t enrich the country,”

For Europe’s policymakers, having people open hotels or restaurants is easier than incentivizing them to build up advanced manufacturing, which is capital intensive and takes a long time to pay off, said Marcos Carias, an economist with French insurer Coface. 

“Tourism is the easy way out,” Carias said. “What is the incentive to look for ingenuity and go through the pain of creating new economic value if tourism works as a short-term solution?”

Proponents say tourism attracts capital to poor regions, and can serve as a base to build a more diversified economy. Lisbon’s Moedas said he is trying to leverage the influx of foreign visitors to build up sectors such as culture and technology, including by developing conferences and cultural events. 

“Some extreme left parties basically say we need to reduce tourism,” Moedas said, but that is the wrong approach. “What we have to do is to increase other sectors like innovation, technology…. We should still invest in tourism, but we should go up the ladder.”

While Dias, the hotel owner, is diversifying into nightlife, he refuses to envisage a future where the sector would have to rely heavily on visitors from elsewhere.

More than one-third of highly qualified Portuguese students leave the country after graduating,

Even higher-paid technology workers have started decamping to cheaper places. 

Tiago Araújo, chief executive of tourism tech startup HiJiffy, has held on to his employees but says many of them have been moving out of Lisbon. The trend, which started during Covid, is now being primarily driven by the housing crisis.

In Athens, Mayor Haris Doukas says he is working on extending the tourist season, increasing the average length of stay and promoting specific types of tourism, such as organizing conferences and business meetings, to attract visitors with higher purchasing power. He’s also called for new taxes to help the city accommodate the millions of additional tourists thronging to the ancient capital.

If Americans stop coming to Lisbon, he said, “I don’t think we can charge this kind of [price] because we will have to go to Europeans, and the Europeans, they don’t have money.”

So they modified the website to make it something where anyone, anywhere could play around and try to best recreate the bar they miss the most.It worked.

So Romo decided to do something about it, and this is where things got interesting.Romo enlisted the help of René Cárdenas, in charge of marketing at Maverick. Cárdenas thought of the silence of the pandemic and he soon came to a realization: It was the sounds of the bar that really brought the sense of community home.

And they put all the sounds on a website, called IMissMyBar.com. The idea was customers could put all the sounds together, and feel like they were in Maverick, while sitting around their homes, drinking their cocktails (preferably bought to-go from the bar, of course). This is wat it sounded like.

The bar was hurting. Financially, obviously, but also because that sense of community that they had worked so hard to build had evaporated overnight. Romo says it was really painful.

The website has been getting noticed — Maverick has been getting calls from everywhere: India, Greece, Germany, the United Kingdom. Thousands of miles away, Max Wolff, the general manager of a cozy cocktail bar called Swift in London, was going through the same feelings of loss as his counterparts in Maverick.

He shared the site with his customers. London is still in total lockdown, and bars like Swift are completely empty. Wolff says the city has lost part of its spirit — and sharing the sounds created by the Maverick team was about taking some of it back.

It isn't just those chaotic and surprising interactions that are missing. Bars all over the world are in danger of disappearing. Just in the United States, an estimated 100,000 bars and restaurants have closed during the pandemic, according to the National Restaurant Association.

Marcio Duarte is one of those struggling bar owners around the world. He runs a small bar named Machimbombo in Lisbon, Portugal.

Like in many cities around the world, nightlife has been largely banned in Lisbon, though the restrictions are finally starting to lift.Duarte's bar has been hanging on by pivoting to selling food during the day, but it's been tough.So when he came across IMissMyBar.com, he put it on surround sound speakers. It gave him hope.

Oscar Romo, at Maverick in Mexico, says he's been surprised at how the website he helped create has taken off around the world.To him, it speaks to the importance of bars like his in the social fabric – and how IMissMyBar.com helped bring that reality home.

Consumption remains technically against the law, but instead of jail, people who misuse drugs are registered by police and referred to “dissuasion commissions.” For the most troubled people, authorities can impose sanctions including fines and recommend treatment. The decision to attend is voluntary.

Other countries have moved to channel drug offenses out of the penal system too. But none in Europe institutionalized that route more than Portugal. Within a few years, HIV transmission rates via syringes — one the biggest arguments for decriminalization — had plummeted. From 2000 to 2008, prison populations fell by 16.5 percent. Overdose rates dropped as public funds flowed from jails to rehabilitation. There was no evidence of a feared surge in use.

None of the parade of horrors that decriminalization opponents in Portugal predicted, and that decriminalization opponents around the world typically invoke, has come to pass,” a landmark Cato Institute report stated in 2009.

But in the first substantial way since decriminalization passed, some Portuguese voices are now calling for a rethink of a policy that was long a proud point of national consensus. Urban visibility of the drug problem, police say, is at its worst point in decades and the state-funded nongovernmental organizations that have largely taken over responding to the people with addiction seem less concerned with treatment than affirming that lifetime drug use should be seen as a human right.

“At the end of the day, the police have their hands tied,” said António Leitão da Silva, chief of Municipal Police of Porto, adding the situation now is comparable to the years before decriminalization was implemented.

the percent of adults who have used illicit drugs increased to 12.8 percent in 2022, up from 7.8 in 2001, though still below European averages

Overdose rates have hit 12-year highs and almost doubled in Lisbon from 2019 to 2023. Sewage samples in Lisbon show cocaine and ketamine detection is now among the highest in Europe, with elevated weekend rates suggesting party-heavy usage

even proponents of decriminalization here admit that something is going wrong.

In Porto, the collection of drug-related debris from city streets surged 24 percent between 2021 and 2022, with this year on track to far outpace the last.

Crime — including robbery in public spaces — spiked 14 percent from 2021 to 2022, a rise police blame partly on increased drug use

When crack pipes are available, the social workers give them out. There’s no judgment, few questions, and no pressure to embrace change.

Summing up the philosophy, Luísa Neves, SAOM’s president, said: “You have to respect the user. If they want to use, it is their right.”

Police deployed in force to the area three months ago to crack down on dealers, who can be and are being arrested. Patrol cars are now stationed in the neighborhood 24 hours a day, scattering people using drug

overdoses this year in Portland, the state’s largest city, have surged 46 percent.

“When you first back off enforcement, there are not many people walking over the line that you’ve removed. And the public think it’s working really well,

“Then word gets out that there’s an open market, limits to penalties, and you start drawing in more drug users. Then you’ve got a more stable drug culture, and, frankly, it doesn’t look as good anymore.”

An eight-minute walk uphill from Porto’s safe drug-use center, in a neighborhood of elegant two-story homes with hedgerows of roses and hibiscus, neighbors talk of an “invasion” of people using drugs since the pandemic

In Oregon — where the policy took effect in early 2021 openly citing Portugal as a model — attempts to funnel people with addiction from jail to rehabilitation have had a rough start. Police have shown little interest in handing out toothless citations for drug use, grants for treatment have lagged, and extremely few people are seeking voluntary rehabilitation

We have to do something with the law. We know they can’t stay here forever. What happens when the police leave?”

Porto’s mayor and other critics, including neighborhood activist groups, are not calling for a wholesale repeal of decriminalization — but rather, a limited re-criminalization in urban areas and near schools and hospitals to address rising numbers of people misusing drugs.

In a country where the drug policy is seen as sacred, even that has generated pushback — with nearly 200 experts signing an opposition letter after Porto’s city commission in January passed a resolution seeking national-level changes.

ave today no longer serves as an example to anyone.” Rather than fault the policy, however, he blames a lack of funding.

After years of economic crisis, Portugal decentralized its drug oversight operation in 2012. A funding drop from 76 million euros ($82.7 million) to 16 million euros ($17.4 million) forced Portugal’s main institution to outsource work previously done by the state to nonprofit groups, including the street teams that engage with people who use drugs. The country is now moving to create a new institute aimed at reinvigorating its drug prevention programs.

Twenty years ago, “we were quite successful in dealing with the big problem, the epidemic of heroin use and all the related effects,” Goulão said in an interview with The Washington Post. “But we have had a kind of disinvestment, a freezing in our response … and we lost some efficacy.”

Of two dozen street people who use drugs and were asked by The Post, not one said they’d ever appeared before one of Portugal’s Dissuasion Commissions, envisioned as conduits to funnel people with addiction into rehab

“Why?”

“Because we know most of them. We’ve registered them before. Nothing changes if we take them in.”

The history of capitals, as well as countries, confirms the importance of courts. The rise of Berlin, Vienna, Madrid (often called Corte), St Petersburg and Istanbul cannot be understood except as court cities, apparent in the appearance of their streets and squares or, in Istanbul, mosques. A final, fatal expression of that role occurred in July 1914. Thousands, eager for war, gathered in front of palaces in London, Berlin, Munich (where, in a photograph, the young Hitler can be seen in the crowd) and St Petersburg, to wave hands, flags and hats, cheer and sing the national anthem as their monarch appeared on the palace balcony

The Louvre was a royal palace before it became an art gallery, founded by Francis I and principal residence of Louis XIV from 1652 to 1671. After the Revolution Paris again became a court city and remained one from 1804 to 1870.

The development of constitutions also owed much to courts. The rise of the House of Commons was helped by disputed royal successions – no monarchy had more of them than England – as well as the needs of royal finances. The founding document of constitutional monarchy in 19th-century Europe was the Charte constitutionelle des francais, promulgated by Louis XVIII (who was one of its authors) on June 4th, 1814. The Charte became the principal model for other constitutions in Europe, including those of Bavaria (1818), Belgium (1831), Spain (1834), Prussia (1850), Piedmont(1848) and the Ottoman Empire (1876). Britain could not have a comparable influence, since it did not have a written constitution to copy

A constitution was a royal life insurance policy: when Louis XVIII’s brother Charles X violated it in July 1830 the dynasty was deposed. Nevertheless France finally became a republic, after 1870, only after three dynasties – the Bourbons, Orléans and Bonapartes  – had been tried and found wanting

Having helped to finance the struggle against the French Empire, the Rothschilds became financiers to the Holy Alliance. They financed Louis XVIII’s return to France in 1814, Charles X’s departure in 1830, the Neapolitan Bourbons both before and after their exile in 1861 and the Austrian monarchy. As one Rothschild wrote to another, on February 8th, 1816: ‘A court is always a court and it always leads to something.

Under Edward VII public ceremonial increased in splendour, the court entertained more frequently than before and there were more royal warrant-holders

He wrote admiringly about monarchs, from Henri IV and Louis XIV to Charles XII. In the 19th century Walter Scott was an admirer of George IV, whose visit to Edinburgh he arranged; Chateaubriand was a brilliant royalist pamphleteer and memorialist; Stendhal and Mérimée were convinced Bonapartists

Court history also subverts national boundaries. The Tudors came to power with French help: Henry VII, after 14 years of exile in Brittany and France, had French as well as English troops in his victorious army at Bosworth. One aspect of Anne Boleyn’s appeal to Henry VIII was her French education and the skills she had acquired while serving at the French court. The House of Orange was both German and Dutch (and partly English), the Bourbons acquired Spanish, Neapolitan and Parmesan branches. The Habsburgs were  able to switch nationalities and capitals between Prague, Vienna, Budapest, Brussels, Barcelona, Madrid, Lisbon and, in the brief reign of Philip I, London

Through the prism of courts and monarchy, Cortes could communicate with Montezuma. The Sunni-Shi’a struggle now destroying Syria and Iraq is another war of succession. It began as a dynastic dispute, between the prophet Muhammad’s Umayyad cousins and his son-in-law Ali over succession to the caliphate: from the start Islam was a state as well as a religion. In 680 the struggle culminated in the murder of Ali’s son, the Imam Hussein, in Kerbela in Iraq. Every year, on the Day of Ashura, this murder is commemorated by Shi’a in mournful flagellatory processions

Above all, courts subvert boundaries between the sexes. Because of a European consort’s role in assuring the succession and enhancing dynastic prestige, her household and apartments could rival in size and splendour those of the monarch. Sometimes she controlled her own finances. The court of France was called ‘a paradise of women’. A court was therefore the only arena where women could compete with men, on near equal terms, for power and influence. Hence the decisive impact on national and international politics of, to name only a few consorts, Anne Boleyn, Catherine the Great and Marie Antoinette. Or, among rulers’ mothers: Catherine de’ Medici and Anne of Austria in France; 17th-century Valide Sultans in the Ottoman Empire; and the Empress Dowager in China

The war in Spain, which began in 1705, continued until the end of 1710. By then the Bourbon forces had defeated the second Allied attempt to establish Charles III in Madrid.

Twice Philip V had to abandon his capital precipitately, and once Charles III actually entered Madrid in triumph

When Peterborough reached Lisbon, he concerted plans with Charles III and Prince George of Hesse, fresh from his heroic defence of Gibraltar.

Charles III and his German ministers seized this opportunity to leave Portugal where it seemed unlikely that anything would be achieved, since the Portuguese were remarkably reluctant to take the offensive against the Bourbon forces

The first landing on Bourbon territory took place at Altea, where the local population flocked to recognize the new King of Spain

Though many citizens were said to be favourably disposed towards the Austrian cause, the Governor, Velasco, remained loyal to Philip V

Certainly, the King and his ministers believed the Earl had deceived them as to his real intentions

Pressure from Charles III, Hesse and Shovell, seemed to have some effect, and a plan to re-embark for Italy was dropped. Instead, “my Lord Peterborough hath been at last disposed to offer to the King, for an expedient, the march to Tarragona, and from thence to extend our quarters to Tortosa, and even into Valencia; which the King willingly accepted, as the only hope left for him that might conduct him to the throne.

On September 11th, it had been unanimously decided to march to Tarragona, yet on the 13th a small Allied force attacked the citadel of Montjuich, a decision that was to result in the capture of Barcelona and almost placed Charles III on the throne of Spain

the Prince of Hesse went thither as a volunteer

Peterborough had another piece of luck when the Marquis de Risburg, on his way to Montjuich with 3,000 reinforcements from Barcelona, questioned Colonel Allan and the other prisoners who were being escorted from the citadel to the city

The surviving 300 defenders quickly surrendered and Colonel Southwell, with the consent of the King, was made Governor of Montjuich as a reward for his services in capturing it

There appeared no possibility of relief and Velasco feared the horrors of a sack and the hostility of the populace, who were disposed to recognize Charles III

The Allies were given an enthusiastic welcome by the citizens of Barcelona and, indeed, many of the garrison volunteered to serve under Charles III. On October 23rd, the Austrian claimant made his formal entry into the city and, amid great rejoicing, was proclaimed King of Spain. The submission of the rest of Catalonia, except Rosas in the far north, quickly followed and the leading cities of Gerona, Tarragona, Tortosa and Lerida were either seized by the Miquelets or spontaneously declared their support for the Austrian cause

Charles III wrote to Queen Anne praising the conduct of Peterborough, while the Earl declared his debt to all the members of the expedition.

His gallantry and audacity were to win Valencia for Charles III

The revolt of Catalonia gave the Portuguese their opportunity. The lower classes and the clergy had always hated the Castilians, and the Portuguese aristocracy and the commercial classes—previously content with the patronage and the economic opportunities that the union with Spain had provided—had become dissatisfied during the preceding 20 years.

From 1630, when Sweden and France actively intervened in the war, Spain rapidly lost the initiative. The war was fought on a global scale

In the autumn of 1640 Olivares scraped together the last available troops and sent them against the Catalan rebels. Claris countered by transferring Catalan allegiance to the king of France, “as in the time of Charlemagne” (January 1641). French troops now entered Catalonia, and only after French forces withdrew with the renewed outbreak of the French civil wars (the Fronde) were the Castilians able to reconquer Catalonia (1652)

The first objective led Spain to build up a naval force in the Spanish Netherlands (Belgium) that preyed on Dutch shipping in the North Sea and, on the diplomatic front, to cultivate the friendship of James I of England and even to contemplate the restoration of Frederick V to the Palatinate and the marriage of Philip IV’s devoutly Roman Catholic sister to the heretic prince of Wales (later Charles I).

Rather than allow themselves to be sent to fight the Catalan rebels, the Portuguese nobility seized power in Lisbon and proclaimed the duque de Bragança as King John IV of Portugal (December 1640).

In 1643 the French king’s cousin, Louis II de Bourbon (the Great Condé), broke the Spanish tercios and their reputation for invincibility at the Battle of Rocroi in northeastern France.

When the emperor conceded French claims to Alsace and the Rhine bridgeheads, the “Spanish Road” to the Netherlands was irrevocably cut, and the close alliance between the Spanish and the Austrian branches of the house of Habsburg came to an end. With Portugal in revolt and Brazil no longer an issue between the Dutch and the Spaniards, Philip IV drew the only possible conclusion from this situation and rapidly came to terms with the United Provinces, recognizing their full independence

But Philip IV had not changed his basic policy. He wanted to have his hands free for a final effort against France, even after Catalonia had surrendered. Once again the temporary weakness of France during the Fronde confirmed the Spanish court in its disastrous military policy.

More important than these relatively minor territorial losses was the realization throughout Europe that Spain’s pretensions to hegemony had definitely and irremediably failed. The Spaniards themselves were slow to admit it. Philip IV had made concessions to France in order, once again, to have his hands free against the last unforgiven enemy, Portugal. There was no longer any rational basis for his hopes of success. All schemes for financial and tax reforms were still being blocked by vested interests, and the government again had declared bankruptcies in 1647 and 1653.

The first was Isabella, eldest daughter of cosovereigns Ferdinand and Isabella and widow of John II’s heir.

Manuel and Isabella became heirs to the Spanish crowns on her brother’s death. They visited Toledo and Saragossa to receive oaths of allegiance in 1498, but the possibility of the union of the crowns ended when Isabella died in the same year while giving birth to their son Miguel, who died in infancy.

Manuel married Eleanor of Austria, sister of the emperor Charles V, in 1518, and had one daughter by this marriage. He died at Lisbon in 1521 and was buried in the Jerónimos monastery.

For Maximilian I, the emperor at the heart of “The Last Knight,” armor was as much for propaganda as protection.

The concept is about 35 years old, Arton says. Today there are approximately 25 countries, including Portugal, Dominica and the United Kingdom, that offer forms of residency or citizenship-by-investment programs as a revenue source.

“We’ve had Americans contacting us and saying, ‘Listen, I cannot believe that my American super passport cannot get me into as many countries as it used to before. What can I do?’ ” Arton says. “That was never the case for us before.”

Arton’s new clients fear that if the pandemic carries on for another year or two, they will be trapped by their U.S. passports, so they’re seeking out second passports from countries with investment migration programs.

mid-pandemic, motivations have shifted. Some of Arton Capital’s American clients are in mixed-nationality relationships where couples have been separated because of pandemic travel bans. Others are worried about the impact of U.S. politics on their passport’s global standing.

The United States was an early adopter of the program. In 1990, the government created the EB-5 Immigrant Investor Visa Program, which has received nearly 80,000 applicants since. However, Arton says interest in the investment migration program has decreased drastically because of a recent cost increase, the program’s long approval process and the U.S. government’s fluctuating immigration legislation.

investment migration “is a way for sovereign states to raise debt-free capital and also to drive further foreign direct investment — and combine these programs with other policy areas — to really enhance investment in certain industries.”

The application takes months, if not years, to process, and it includes a thorough investigation into a person’s private and financial life.

On occasion, they may find incriminating information during an investigation, and advisers will contact a client to say, “‘Never, ever walk through our doors again. We’re burning all these files.’

part of the reason for the St. Lucia program’s intense vetting is to uphold the value of the country’s passport. It’s in St. Lucia’s best interest to stay in good standing with the 146 countries that allow St. Lucian passport holders visa-free travel.