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Portugal may announce the closure of the highly demanded Golden Visa

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Portugal Considers Closing Demanded Golden Visa

According to statements by the Portuguese government, it is considering the possibility of ending the sought-after Golden Visa program. Prime Minister Antonio Costa argues that it has already served its purpose and has lost relevance. Recall that in 2012, the Golden Visa was developed to support the real estate market and the Portuguese economy after the tangible crisis in 2009. Currently, according to the Prime Minister, the government is weighing the pros and cons of continuing the visa program.

Features of the Portuguese Golden Visa

Every year more than a thousand applicants become Golden Visa holders. The program has flexible conditions and a large number of advantages. In addition, the Portuguese passport is ranked 6th in the world in terms of strength and allows visa-free visits to 187 countries.

According to Thiago Gali Macedo, manager of NEXT/Gali Macedo & Associados, the program will not close, but will be streamlined. Fewer applicants - owners of funds, as well as those involved in the hotel, tourism, industry and services sectors - will be issued visas. Now the owners of start-ups and new technologies will have the advantage, and real estate investments will step aside.

According to the Portuguese Immigration and Border Service (SEF), 120 gold visas were issued in September 2022. This figure is double that of the same period last year. Also, Portugal on October 31 adopted a law that freelancers who have a significant monthly income can get a visa - with its help they will be able to live and work in the country for a year.

The Portugal Golden Visa is in demand among investors from the USA, China, Brazil, South Africa and Australia. Through this program residents from non-EU countries can obtain a residence permit, provided that they invest more than 280,000 EUR in real estate or at least 250,000 EUR in art. Over the past 10 years, Portugal has granted 11,180 residence permit cards to foreigners, bringing in about 6.5 billion EUR of investment.

The program has been criticized for rising prices to buy and rent real estate in the country. Because of this changed the conditions for investment in real estate - funds have been redirected to less populated areas of the country. According to the Prime Minister, a possible decision to end the program «Golden Visa» will be announced after a thorough analysis of the situation.

Source: Uglobal

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