What are the Pros and Cons of Pursuing a PhD after 5+ years in the Industry? I am sure this is a quite subjective topic, but I haven't been able to find clear advice or info about this particular situation. Also, I'm going to give some context; therefore, you could understand my dilemma.
I've been in the IT industry for a considerable amount of time, but I have always wanted to get a Ph.D. since this is a life goal.
For the last 4+ years (in Europe), I've been working in a technology company between a software engineer and a kind of IT consultant where I have developed software, introduced new technologies, good practices, and techniques that allowed me to promote a couple of times, but that feeling of getting a Ph.D. in a new country (kind of requirement, preferably Western Europe) is still there alive, I still would like to go beyond.
When I started to work I was more open to any Ph.D. since I was finishing my master, but 3+ years have passed and I have seen so many changes in IT from web development, desktop development to Robotic Process Automation and Machine Learning and many more (DARQ) that are coming that create thousands of doubts of this decision since I have no friends or relatives with a similar story who I can talk about it.
Also, most of the advice is connected to early studies, not after working for a considerable amount of time.
Pros &amp; Cons of a Ph.D. in Computer Science
Furthermore, I need to add an important point, I want to come back to the industry since I really enjoy it, but I'd like to read your opinions about this situation. What Pros and Cons do you see? Have you ever experienced something like this? Or maybe you know someone?
As Scott suggested about my personal goals (excellent reminder since we need goals in our lives):

To relocate to a new destination.
To establish my own business.
To develop new technologies.
To build a successful network of contacts.
To improve the lives of my fellows in Latin America.

I could have more goals that I'm working on them (I'm not waiting for them to happen, I take regular actions). Also, I would like highlight one point, I'm aware that for my goals, I don't need a Ph.D., I could go higher in my company without a Ph.D. since it's not a requirement in almost any organization, the only place that I have seen where they ask you for a Ph.D. is in the Academia that as I said I don't see myself as a lecturer, perhaps, per hour.
Thanks for any advice that you have.
As with most people asking such questions, your approach is exactly backwards.  You shouldn't be thinking about the pros and cons of going for a PhD -- you should be thinking about what your career goals and long term goals are, and whether you need a PhD to reach them or not.

Once you understand the answer to that, all your other questions will then be in context.  For example, If you long term goals are to retire at age 55 with $2M US in a retirement account, now you can actually do the math based on current salaries, starting salaries in a new position, living on a stipend, ....

Without us knowing your goals, because you haven't told them to us, there is zero context for answering this question.  Unless YOU know these goals, you can ask about pros and cons all you like, and not really understand the answers you get.