Previously, the Government of Portugal announced that it approved the ending of two Golden Visa routes as part of the “More Housing Program”; the termination of new residence permits for investment in housing and the option to transfer at least €1.5 million into a Portuguese bank account.
However, the program has not been put completely to an end, as there are still ways to get a Portuguese residence permit by simply investing in Portugal.
Upon the implementation of the new changes to the Golden visa scheme, there remain four routes of investment for getting residency in the country, as follows:
- Investment amounts required Investment in a fund – half a million euros
- A capital investment- €1.5 million
- For Science and Research – half a million euros
- Persons looking to create jobs will be required to invest half a million euros and also guarantee at least five new jobs
The proposal for new changes to the Golden Visa Program was introduced earlier this month by the Government of Portugal, and it was backed by the Assembly of the Portuguese Republic, with votes in favour of the Socialist Party, Bloque de Izquierda, as well as the Portuguese Communist Party.
The new amendments applied to the Residency by Investment Schemes of Portugal mean that real estate investment in the residential sector of Porto, Lisbon and Braga is banned. However, the autonomous regions of the Azores and Madeira opposed such proposals.
In addition to considering it unilateral, the President of the Government of the Azores, Jose Manuel Bolieiro, condemned Portugal’s decision to terminate new residence permits for investments in housing.
Besides, Bolieiro said that the measures had relevance for the economic ties of the Azores.
“I will not be a commentator on the decisions. What I can say is the position of the Government of the Azores, which was favourable 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,” he told Lusa agency.
At the same time, the President of the Autonomous Region of Madeira, Miguel Albuquerque, considered such changes counterproductive. He said that the project makes Local Accommodation a meaningless scapegoat in terms of housing problems, emphasising that it defrauds the confidence of the investors.
Authorities in Portugal announced that they would terminate their Golden Visa Scheme, as part of the More Housing Program, on February 16, due to the housing crisis with which the country is dealing.
The Golden Visa Program has permitted wealthy foreign investors for more than ten years now to acquire residency in Portugal, provided they met specific conditions and contributed to the country by making a financial investment.
