The Portuguese government is reportedly considering shutting down its popular Golden Visa Program. The program allows wealthy individuals to obtain Portuguese citizenship in exchange for investing in the country.
Prime Minister Antonio Costa said this week that the Portuguese government is considering abolishing the popular but much-criticized 10-year-old program because it seems to have fulfilled its function.
The program was first launched in 2012 to help boost Portugal’s economy in the wake of the 2008 debt crisis and has helped resurrect the real estate market in Portugal. However, critics say that the program has led to a surge in property prices, and that it attracts wealthy investors who do not contribute much else to the Portuguese economy or society.
The Portuguese government in the past has defended the program, saying that it has brought in much-needed investment and has helped to boost the economy. However, the Prime Minister was recently quoted as saying “There are programs that we are currently re-evaluating and one of them is the gold visa which, probably, has already fulfilled the function it had to fulfill and which, at this moment, it is no longer justified to maintain”.
Another reason for the review of the program is that the European Commission is not a fan of Citizenship by Investment programs. The Commission has criticized Portugal and other EU countries that offer such programs and has called for an end to such national schemes.
The Portugal Golden visa has been extremely popular as it requires just 7 days of physical presence in the country each year, which is much lower than traditional immigration routes that require you to spend the majority of the year in Portugal.
The good news is that any changes to the Golden Visa will likely not go into effect until the end of 2023 so you still have a chance to take advantage of the program. Our Golden Visa Guide provides you with all the details about the program. With this guide, you will be able to learn about the benefits and requirements of the Golden Visa Program and find out if this program is a good fit for you.
In addition to the Golden visa, Portugal is also seeing a large number of people move to the country via its D7 Passive Income Visa which does not require a large financial commitment but requires holders to spend the majority of their time in Portugal. The D7 visa is a great opportunity for those who want to relocate to Portugal and immerse themselves in its culture and lifestyle. You can learn more about the D7 visa here.
If you would like more information about Portugal’s Golden Visa program or would like to explore available investment options in Portugal, please get in touch with us using the form below. We offer a wide array of investment options for this program ranging from direct purchase of real estate to turnkey projects.
