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Government to stop golden visas

The Prime Minister, António Costa, has announced today that, as part of measures to combat real estate speculation, the Government will no longer grant golden visas.

By TPN/Lusa, in News, Portugal, Property, Politics · 16 Feb 2023, 17:13 · 10 Comments

Speaking to journalists at the Palácio Nacional da Ajuda, in Lisbon, after a Council of Ministers exclusively dedicated to housing, António Costa announced that the Government will eliminate the “granting of new golden visas”.

"As for the golden visas already granted, (...) there will only be renewal if they are the owner's own and permanent home and his descendant, or if the property is placed on the rental market for a long time", announced the prime minister.

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Comments

Not before time. !!!!!!!!!!!!!

By J from Lisbon on 16 Feb 2023, 17:32

How does this affect the autonomous Azores and Madeira. Important information for many of your resders! You need to be MUCH more sensitive to our needs.

By Peter Weeren from Açores on 16 Feb 2023, 23:36

It's about time! Real estate market has been a mess in Portugal these last few years and I feel for many of the locals. Most of my cousins who are raised througout Portugal cannot afford buying their own homes anymore. Rich countries like parts of USA and Canada can somewhat afford to absorb these foreign ownership schemes but the vast majority of the Portuguese locals cannot with their much lower salaries. This was long over due!

By Manuel Branco from Other on 17 Feb 2023, 00:00

"The damage is done so I guess I'll be leaving..."

By Quentin Ferreira from Lisbon on 17 Feb 2023, 07:17

so this is the only reason? how about the unfairness of residency based on special allowances, spend a few days in Portugal and be a resident. should have been ended years ago.

By Ian from Beiras on 17 Feb 2023, 08:11

Another grubby knee-jerk reaction for tokenism. We shall soon see that this will make no difference to prices in Lisbon/Porto. Freeing up available property - buildings abandoned because squabbling inheritors cannot agree on a fair price, buildings rotting for want of redevelopment because a remaining single tenant has "rights", rampant Airbnb bastardry, are where the true opportunities lie for reformation... Sleepers wake !

By Prinz Eugen from Lisbon on 17 Feb 2023, 11:10

More Socialist dogma derived from hatred of the rich, and jealousy of those who can't afford to buy. Society will never progress if the govt applies the politics of the lowest common denominator, which this is. Should we also ban the sale of cars, since many people can't afford to buy one?

Too bad for those who can't afford to buy. Ever heard of training for a better career, working harder and doing all you can to get ahead? Socialists don't believe in people taking personal responsibility for their lives, but hope they become dependent on the State.

The Golden visa brings foreigners to Portugal with money to spend - in supermarkets, restaurants and on tradespeople. So Costa's govt would apparently prefer them to leave and cause people to lose their jobs. Trust govt interference to make us less happy and destroy what we once cherished

By Billy Bissett from Porto on 17 Feb 2023, 12:25

I understand why this is necessary for the Portuguese people, but I literally sold my home in America in hopes of moving to Portugal and am flying out today to scout housing.

In my case, I have children who will be staying in the USA till they’re older and wanted a way of starting the citizenship process while I was able to finish seeing them grow up.

So while I sincerely sympathize about the price of housing, the abruptness of this announcement basically ripped my life plan apart.

I wish the government would have just adjusted the rules and taxes to deter speculation instead of just ending the program overnight without warning.

By Colin from USA on 17 Feb 2023, 13:42

@Colin, it may be worth exploring other visa types which remain available in Portugal. A suitable alternative may be the D7 visa, which requires you to have a minimum yearly income of about €9,000.

By Alex from Algarve on 18 Feb 2023, 15:51

The Golden Visa system has been poorly managed, allowing individuals to purchase investment property (apartments and homes) and not having to live in Portugal. These people do not contribute to the local economy in any way nor do the participate in the local culture. They are in it for the money and the ability to travel elsewhere within the EU without the need of a visa. If you've ever been to Vancouver B.C. you would see the results of foreign (Chinese) investment in apartments and homes. Those areas remain dark and lifeless at night. Thankfully Canada has stopped allowing such investments unless you are a permanent residents. Portugal should do the same.

By Philip from USA on 18 Feb 2023, 16:49