New Changes in Portugal Golden Visa Scheme
Portugal being the 6th strongest passport in the world has become a favorite choice for investors in the year 2020. The news has confirmed that the government of Portugal is all set to make some major changes to Portugal Golden Visa Scheme. These changes can affect the overall interest of investors in property purchase options in the Portuguese region.
Portugal Golden Visa Scheme is one of the most successful and desired programs for investors interested in EU residency through investment. The major reason why people are more inclined towards this program is the minimum residency requirement. Another factor that makes this program desirable is global access towards the entire EU and Schengen region. Holding a Portuguese Residence Permit allows investors to live & work in Portugal. This is a great opportunity to become an active part of one of the world’s strongest economies.
Changes in the Portugal Golden Visa Scheme
The government of Portugal is planning to implement some major changes in its Golden Visa Program very soon. They made a decision to remove their capital city Lisbon & Porto from Portugal Golden Visa Scheme. Lisbon is one of the most revenue-generating cities in Portugal. The majority of investors give priority to buying a property in Lisbon to maintain their value of money. Now, as per the government’s decision, Investors cannot make a real estate property purchase in these two cities which can impact the demand for the Portuguese Golden Visa among investors.
The news about the removal of Lisbon and Porto is confirmed and the implementation happens soon. Portugal offers multiple options to the investors to maintain their interest in getting the residency of the country but this decision can make investors lose their interest. These new changes will be implemented from January 2021 and applicants are advised to start their application process now. Everyone wants to invest in a country’s capital keeping the value of real estate property in mind.
How do these Changes Impact Investors’ Decisions?
Keeping all the benefits aside, this is a huge amendment in the Portugal Golden Visa Scheme. This change means that investors are no more eligible to purchase real estate properties in Lisbon and Porto. During the Pandemic, while everything is on hold, investors were least expecting this news to be true. But now as the government gave confirmation, these changes can be implemented anytime soon, Investors have to start their applications right away. They now have no time to wait for the COVID’19 wave to end to start the process.
This can minimize the demand for a Portuguese golden visa. But investors need to understand that this golden visa scheme still offers all the residency benefits like before. There are still multiple options for applicants to invest in the country. The removal of Lisbon and Porto from the Golden Visa Scheme would never affect the overall significance of this program. The government of Portugal will assure the applicants that they can still enjoy the same benefits in return for their investment in the country.