Portugal’s «Golden Visa» program is likely to be cancelled. It has been heavily criticized recently.

Portuguese Prime Minister Antonio Costa said that the residence permit for investment scheme (which exists for 10 years) has already fulfilled its role and should be abolished. Thus, wealthy foreigners will soon not be able to benefit from the Golden Visa program.

«There are programs that we are now reviewing, and one of them is the Golden Visa. It has already fulfilled its function, and it is no longer advisable to support it», the minister stressed.

What is the point of Portugal’s Golden Visa program: it allows foreigners to obtain a residence permit in Portugal, if they invest 500,000 euros or more in real estate.

In September 2022 alone, 120 golden visas were issued — twice as many as a year ago. In total, foreigners have invested €6.5 billion in the program over these 10 years. Chinese, Brazilian, and South African nationals are among the largest investors.

What are the reasons for abolishing it? The program has recently been strongly criticized, as it increases housing prices and rents, as well as, according to the public, this scheme promotes corruption and money laundering; in addition, the European Commission calls for the abolition of such national schemes.

According to the Prime Minister, the official decision will be made soon. At the same time, he noted that Portugal will continue to attract foreigners, but in other ways. As an example, he cited the recently adopted law on the visa for «digital nomads».

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