Portugal confirms termination of Golden Visa program

Portugal confirms termination of Golden Visa Program

According to local media, all applications for new Golden Visas submitted after February 16 are no longer valid and will not be considered. At the same time, issued residence permits remain valid.

Interestingly, between 2012 and 2023, 89 percent of residence permits were issued solely for the purchase of real estate, and only in 22 cases, investors created new jobs. places.

According to the statement of the authorities, the “golden” residence permits will be converted to regular residence permits so that everyone is equal under national law.

However, obtaining Golden Entrepreneurship Visas will remain available to foreign entrepreneurs wishing to develop projects in Portugal. These new visa applications are judged on the economic, social, scientific, technological or cultural significance of the investment.

According to official records, between October 2019 and February 2023, a total of 11,758 visas were issued by the Portuguese authorities “Golden Visas”. The total number of foreigners and their family members who have received a Portuguese residence permit has reached approximately 31,000.

Chinese citizens remain top recipients of Golden Visas — they are 45 percent. They are followed by Brazilians with ten percent, followed by citizens of the United States, South Africa and Turkey.

As part of the Portuguese Golden Visa program, Wealthy foreign investors obtained residence permits in the country by making financial investments in real estate. The decision to terminate this program was largely due to the housing crisis that Portugal is currently facing.

By terminating the residence permit program by investment, Portugal risks losing digital nomads as they are concerned about their future in the country. Currently, digital nomads are mainly heading to Dubai, Singapore, Turkey, Germany and Hong Kong.

According to the Immigration and Asylum Service, investment in real estate under the Golden Visa program over the past decade brought Portugal 5.9 billion euros.

Leave a Reply

Your email address will not be published. Required fields are marked *