The End of the Portugal Golden Visa is near!
Published at: 13/02/2023 03:15 pm
According to Expresso, the Portuguese government will announce the end of the Portugal Golden Visa residency by investment program on 16 February 2023.
The Portuguese legislators from different parties surged to end the well-working residency by investment program for years. During the summer of 2022, the parliament voted on the faith of the program, but then the parliament members rejected the law amendment.
Interestingly, the Portuguese Golden Visa Program (ARI - Residência para Atividade de Investimento) followed the changes and needs of the country. The necessary investment threshold increased, and the investors could not purchase properties under the real estate options in the most preferred centers of Lisbon, Porto and Algarve.
Why does the Portugal Golden Visa end?
We must consider that the residency scheme immensely helped refurbish the historical cities. At the beginning of the 2010s, almost half of Lisbon's downtown properties were empty! Renovating beautiful and charming towns was one of the main objectives of the governments following the economic crisis in 2007.
However, the inflow of foreign investors created the housing crisis, and the electorate had enough of rising real estate prices. Portuguese people do not have enough money to buy or rent homes in their own country. Investors and tens of thousands of digital nomads moved to the cities. To understand the difficulty, if, for example, three well-paid young people rent three rooms. They can quickly pay 6-700 euros per person, which is double or more than the monthly income of an average employed person in Portugal.
The Portuguese ARI has attracted countless investors since 2012. The number of successful applicants reached 11,000 last year, and almost two-thirds arrived from China.
However, the legislators have yet to determine the exact text of the new law amendment, but it looks like only the most popular real estate option closes. Stay tuned, we will deliver the details of The Portugal Golden Visa Saga! Moreover, you still have time to apply for Portuguese residency through investment, which can lead to citizenship after five years. Read here all the details or ask for a consultation!