Home Travel & Adventure Portugal Ends 2 Golden Visa Routes in a Final Approval of More...

Portugal Ends 2 Golden Visa Routes in a Final Approval of More Housing Program

0

The Government of Portugal has approved the new changes to the Golden Visa Program, part of the More Housing Program, which includes the termination of new residence permits for investments in housing, and the option to transfer at least €1.5 million into a Portuguese bank account.

However, the new changes still need to be approved by the President, and he needs a total of 20 days to make his decision.

The proposal was unfolded earlier this month by Portugal’s government, and it was supported in the Assembly of the Portuguese Republic, with votes in favor by Socialist Party (Partido Socialista), Bloque de Izquierda- a left-wing political party- and the Portuguese Communist Party.

In spite of the fact that the country decided to end the real state investment as a pathway to residency in this country, other golden visa pathways, such as those where applicants can create at least ten jobs, and donate to cultural institutions, continue to remain valid.

The current changes mean that foreign nationals are eligible to invest a total of €500,000 or more in qualifying funds, also taking into account venture capital funds. They can also invest up to €500,000 into a company that creates five jobs or maintains ten jobs.

In addition, other options, including transferring €500,000 to public or private scientific research institutions or transferring €250,000 to projects supporting artistic production, are effective.

Besides, the renewal of such residence permits continues to remain effective, according to local media reports.

The proposal to end new residence permits for investment in housing was included in the More Housing Program, which was previously announced by the country’s government in order to tackle the housing crisis and also regulate the real estate market.

But the new changes applied to the Golden Visa Program were opposed and considered counterproductive by the President of the Autonomous Region of Madeira, Miguel Albuquerque.

He considered that the project makes Local Accommodation a meaningless scapegoat for housing problems, emphasizing that it defrauds investors’ confidence.

Portugal’s decision to terminate new residence permits for investment in housing was condemned and considered unilateral by the President of the Government of the Azores, Jose Manuel Bolieiro.

“What I can say is the position of the Government of the Azores, which was favorable to the continuity of the golden visas and, taking into account their purpose, to express our disagreement and protest for the unilaterality of the decision,” Bolieiro pointed out in this regard.

In spite of such changes announced by authorities in Portugal, investments through the Residency by Investment Schemes increased significantly in the first half of this year, based on the figures from the Portuguese Immigration and Border Service (SEF).

The same noted that a total of 27.5 per cent year-on-year increase was marked during the same period, thus amounting to a total of €403 million.

Facebook Comments Box
Previous articleTop Schengen Destinations to Escape the Heatwave
Next articleHow to Get the Best Affordable Flight for Your Summer Schengen Journey
Monte OZ is a highly accomplished and respected international freelance journalist, travel and active adventure reporter, and leading entertainment & lifestyle blogger based in Africa. With a passion for storytelling, a sense of adventure, and an eye for all things captivating, Monte has become a prominent figure in the world of travel, entertainment, and lifestyle journalism. Born and raised in Africa, Monte developed a deep appreciation for the continent's diverse cultures, rich heritage, and vibrant entertainment scene. His upbringing fueled his desire to share Africa's untold stories and showcase its dynamic lifestyle to a global audience. Monte's extensive experience and expertise have made him a sought-after authority on all things related to travel, adventure, entertainment, and lifestyle in Africa. As an international freelance journalist, Monte has made significant contributions to various prestigious publications worldwide. His captivating articles, insightful interviews, and engaging features have graced the pages of leading entertainment magazines, lifestyle publications, and reputable news outlets. Monte's unique ability to capture the essence of Africa's entertainment and lifestyle scene has garnered widespread acclaim and recognition. With a love for exploration and a thirst for adrenaline, Monte also thrives as an active adventure reporter. He has embarked on daring expeditions, immersing himself in Africa's wild landscapes, and documenting his adrenaline-pumping experiences. Whether it's conquering treacherous peaks, exploring remote jungles, or engaging in heart-pounding activities, Monte's adventurous spirit and daring escapades inspire readers to embrace their own sense of adventure. In addition to his work in journalism and adventure reporting, Monte is a leading entertainment & lifestyle blogger in Africa. Through his influential blog, he offers readers an insider's view of the continent's vibrant entertainment scene, trendy hotspots, fashion trends, culinary delights, and cultural experiences. Monte's unique blend of storytelling, personal insights, and expert recommendations has made his blog a go-to resource for entertainment and lifestyle enthusiasts seeking the pulse of Africa's dynamic culture. Beyond his professional pursuits, Monte is a passionate advocate for promoting Africa's talent, creativity, and cultural diversity. He actively supports and champions emerging artists, musicians, designers, and entrepreneurs, helping to showcase their work to a broader audience. Monte's dedication to promoting Africa's vibrant entertainment and lifestyle industry has positioned him as a respected influencer and tastemaker within the African and global entertainment communities. With a commitment to excellence, a passion for exploration, and a talent for captivating storytelling, Monte Oz continues to captivate audiences worldwide. As an international freelance journalist, travel and active adventure reporter, and leading entertainment & lifestyle blogger, his work has left an indelible mark on the world of journalism, travel, and entertainment, solidifying his position as a trusted authority and go-to resource for all things related to African travel, adventure, and lifestyle.