Portugal is not the only EU state that offers golden visas but is undoubtedly the most popular residency program among foreign investors. On 16th February 2023, the Portuguese Prime Minister made an announcement that the government is planning to end the Portugal Residency Program. The reason behind this abrupt move was the sore real estate prices in the country. He also mentioned that we feel that the program has served its purpose and it’s better to put an end to it. The popularity of the program is the reason for retaliation for this announcement. Foreign investors are not ready to bid farewell to the incredible golden visa program.
Considering the global response, the Portuguese government put a hold on the decision. Until 16th March 2023, the decision was in public discussion, and authorities like assemblies and parliament are reconsidering the decision to end the program. On 16th March, the authorities extended the date for public discussion till the end of March. The closing of Portugal Residency by Investment is no less than a shock to the immigration industry. Senior immigration advisors and consultancy firms are also suggesting to the Portuguese government to somehow sustain the program.
Amid all this chaos, Investors are still rushing to apply for a golden visa more than ever before. The statistics of major immigration firms show that the number of golden visa applications has increased to an unexpected level.
We have mentioned all the benefits and stats of the Portugal Residency Program in this article, Click here to read it.
The closing of the golden visa is still doubtful. Certainly, many aspects of the program will be changed if it stays. In case the program is not ending, investors, partner firms, and existing applicants expect a surge in investment prices.
Note that the minimum investment for Portugal Golden Visa was EUR 280,000, which goes up to EUR 500,000. The investment amount for Portugal Residency depends on the type of property (Commercial or Residential). Also, The investment amount for old properties and regional areas differs from new properties in the capital city. Various aspects are still in discussion, and everyone has their eyes on the final call from the Portuguese golden visa.
Immigration through real estate investment is taking many twists and turns in Europe. After Ireland’s abrupt closing of its Golden visa program and Portugal’s Residency uncertainty, Other European countries are making efforts to revive their residency programs. Malta and Cyprus are two noticeable programs trying to grab the attention of global investors. Making any firm statement about the future of European Residency will be unfair. There will be more clarity and certainty by the end of this month.
