Portugal Announces Golden Visa for Foreigners
The Portuguese government has announced that it will not entertain any applications for the Golden Visa programme submitted after February 16, due to concerns about the programme being exploited by wealthy foreigners for quick settlement in the country.
The deadline has caused a stir in the investment community, and the Portuguese Association of Residential Tourism and Resorts (APR) has warned that suspending the visa programme could result in the suspension of investments worth over €600 million.
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Although there were earlier speculations about the visa programme, the Portuguese Ministry of Housing confirmed that it will not accept petitions received after February 16.
Despite the programme attracting a total investment increase of 41.9% last year, Portugal has now become the second country after Ireland to scrap the Golden Visa programme, due to concerns about its impact on the local market. The Golden Visa programme, which has attracted a total investment of 6.8 billion euros since its introduction in 2012, seems to have influenced the decision-makers’ opinions.
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