The decision to end these two routes was made as part of the More Housing Program, which was launched in February 2023 to address the rising housing costs in Portugal. The program aims to increase the supply of affordable housing and make it more difficult for foreign investors to buy up property.
The termination of the investment in housing route will mean that foreign nationals can no longer qualify for a Golden Visa by purchasing property in Portugal. This route was the most popular Golden Visa route, accounting for over 70% of all Golden Visa applications in 2022.
The termination of the option to transfer €1.5 million into a Portuguese bank account will also make it more difficult for foreign nationals to obtain a Golden Visa. This route was less popular than the investment in housing route, but it was still used by a significant number of foreign nationals.
The new changes to the Golden Visa Program will take effect on August 1, 2023. However, applications that have already been submitted will still be processed under the old rules.
The decision to end two Golden Visa routes has been met with mixed reactions. Some people have welcomed the decision, arguing that it will help to cool the housing market and make it more affordable for Portuguese nationals. Others have criticized the decision, arguing that it will discourage foreign investment in Portugal.
However, it is clear that the government is serious about tackling the housing crisis in Portugal.
Via: Schengenvisa News
Last modified: August 11, 2023