Portugal Announces end of Golden Visa Program
Prime-Minister Antonio Costa announced the end of the Golden visa program in Portugal. Other countries announcing the end are Ireland and Spain. The termination of accepting applications for the Golden Visa program in Portugal is effective immediately. It is not clear what will happen to open applications.
The decision was made due to political pressure on the rapid rise and speculation of real estate prices due to the influx of foreigners via the Golden Visa program.
What is Portugal Golden Visa
The Portugal Golden Visa is a residency-by-investment program that was launched by the Portuguese government in 2012 to encourage foreign investment in the country. It is a fast-track way for non-European Union (EU) citizens to obtain a Portuguese residence permit, which enables them to live and work in Portugal and travel throughout the Schengen Area of Europe.
The program requires applicants to make a minimum investment in Portugal, which can take several forms such as purchasing real estate, creating jobs, or investing in a local business. The amount of investment required varies depending on the type of investment, but the minimum is usually around €350,000.
In addition to the residency permit, the Golden Visa program also allows its recipients to apply for Portuguese citizenship after a period of time, which can give them access to the benefits of EU citizenship, such as the ability to travel, live, and work freely within the EU.
The Golden Visa program has been popular among wealthy investors, particularly from China, Brazil, and Russia, and has helped to boost Portugal’s economy and real estate market in recent years.
The minimum investment for the Portugal Golden Visa program depends on the type of investment that is made. Here are the current minimum investment amounts for each category:
Real Estate: The minimum investment amount is €500,000 for the purchase of a property in Portugal. However, there are some exceptions to this rule. For example, if the property is more than 30 years old or located in a low-density area, the minimum investment amount is reduced to €350,000.
Capital transfer: The minimum investment amount is €1 million in capital transfer to a Portuguese bank account.
Job creation: The minimum investment amount is €350,000 for the creation of at least 10 jobs in Portugal.
Research activities: The minimum investment amount is €350,000 for investment in scientific research conducted by public or private scientific research institutions in Portugal.
Cultural heritage: The minimum investment amount is €250,000 for the preservation of national heritage.
Small and medium-sized enterprises: The minimum investment amount is €350,000 for investment in Portuguese companies that are small or medium-sized.