Previously, the Government of Portugal announced that it had approved the end of two Golden Visa routes under the “More Housing Program”; the termination of new residence permits to invest in housing and the possibility of transferring at least 1.5 million euros to a Portuguese bank account.
However, the program has not completely ended, as there are still ways to obtain a Portuguese residence permit by simply investing in Portugal, SchengenVisaInfo.com reports.
After the implementation of the new changes to the Golden Visa program, four investment paths remain to obtain residency in the country, as follows:
- Required investment amounts Investment in a fund – half a million euros
- A capital investment – €1.5 million
- For Science and Research – half a million euros
- People looking to create jobs will need to invest half a million euros and also secure at least five new jobs
The proposal for new changes to the Golden Visa program was presented earlier this month by the Government of Portugal and was supported by the Assembly of the Portuguese Republic, with votes in favor of the Socialist Party, the Bloque de Izquierda, as well as the Portuguese Communist Party.
New amendments applied to Portugal’s residency by investment programs mean that real estate investment in the residential sector of Porto, Lisbon and Braga is prohibited. However, the autonomous regions of the Azores and Madeira have opposed such proposals.
In addition to considering it as unilateral, the The President of the Azores Government, José Manuel Bolieiro, condemned Portugal’s decision to put an end to new residence permits for investments in housing.
Furthermore, Bolieiro said the measures were relevant to the Azores’ economic ties.
“I will not be a commentator on decisions. What I can say is the position of the Azores Government, which has been in favor of maintaining the golden visas and, given their objective, express our disagreement and protest against the unilaterality of the decision. he told the Lusa agency.
At the same time, the The president of the autonomous region of Madeira, Miguel Albuquerque, said such changes were counterproductive. He said the project makes Local Accommodation an unnecessary scapegoat in terms of housing problems, stressing that it defrauds investors’ confidence.
The authorities in Portugal announced it would end its Golden Visa program, as part of the More Housing program, on February 16, due to the housing crisis facing the country.
The Golden Visa program For more than ten years, it has allowed wealthy foreign investors to acquire residency in Portugal, provided they meet specific conditions and contribute to the country by making a financial investment.