Portugal Golden Visa: New Changes and Ongoing Opportunities
In recent news, the Government of Portugal has made significant changes to the Golden Visa program, bringing an end to two key routes as part of the “More Housing Program.” The terminated routes include new residence permits for investment in housing and the option to transfer a minimum of €1.5 million into a Portuguese bank account.
Despite these changes, the Golden Visa program has not been completely abolished, and there are still avenues to obtain a Portuguese residence permit through investment in the country, as reported by SchengenVisaInfo.com. The revised scheme now offers four investment routes for securing residency in Portugal:
1. Investment in a Fund: Requires a minimum investment of half a million euros.
2. Capital Investment: Demands an investment of €1.5 million.
3. Science and Research: Requires an investment of half a million euros.
4. Job Creation: Involves investing half a million euros and creating at least five new jobs.
The proposal for these changes was introduced earlier by the Portuguese government and received support from the Assembly of the Portuguese Republic, with votes in favor from the Socialist Party, Bloque de Izquierda, and the Portuguese Communist Party.
One significant amendment to the Residency by Investment Schemes pertains to real estate investment in the residential sectors of Porto, Lisbon, and Braga, which has now been banned. However, the autonomous regions of the Azores and Madeira opposed this proposal, considering it unilateral.
The President of the Government of the Azores, Jose Manuel Bolieiro, expressed his disagreement and protest over terminating new residence permits for housing investments, citing the relevance of these measures to the economic ties of the Azores.
Similarly, the President of the Autonomous Region of Madeira, Miguel Albuquerque, criticized the changes, arguing that the project unfairly blames Local Accommodation for housing problems and undermines investor confidence.
The decision to terminate the Golden Visa Scheme came as a response to the ongoing housing crisis in Portugal. For over a decade, the Golden Visa Program has allowed wealthy foreign investors to acquire residency in the country by making substantial financial investments and meeting specific conditions.
In conclusion, while certain routes of the Golden Visa program have been closed, there are still viable options for obtaining Portuguese residency through investment. As Portugal adapts its policies to address the housing crisis, the Golden Visa Program continues to provide opportunities for investors to contribute to the country’s growth and development.
Make an appointment today: Exodium.info