Portugal Approves End of New Golden Visa
The halting of resident permits in exchange for investment, also known as the golden visa, was included in the More Housing Program, introduced previously by the government in order to tackle the housing issues and also regulate the real estate market, AtoZSerwisPlus.pt reports.
The implementation of the new law means that new requests for granting of residence visas for investment activities will not be accepted, however, the possibility of renewing authorisations which have already been granted still exists.
Requests for granting and also renewing residence permits for investment activities are still effective, taking also into account those that are pending prior control procedures in Municipal Councils, at the date of entry into force of the law.
According to a report of Portugal News, the adopted limitation has also been excluded from the granting or renewal of residence permits for family reunification.
Portugal’s government’s initial proposal accepted new applications for residence permits for investments, but the Socialist Party proposed the elimination of this exception.
On February 16 this year, Portugal terminated its Golden Visa scheme, in order to deal with the housing problem. But the decision sparked controversies in this country.
The abolishment of this program that allowed wealthy foreign nationals to acquire residency if they made a financial contribution to Portugal and met specific requirements was considered to have a limited impact on the residential market.
Such estimations were published on the analysis of the financial services company DBRS.
“The end of granting new golden visas concludes a program that was developed in a difficult period for the country. The decision should have a limited impact on the residential market, as it was not a decisive driving force in terms of transactions, either in terms of volume or in terms of value for the country as a whole,” the report noted.
But a previous report of the Portugal News noted that the termination of Portugal’s Golden Visa scheme led to the cancellation of a residential tourism project worth €800 million that would bring to Portugal €4.8 billion.
For the Employer
Are you looking to Hire? Let us help you find the perfect candidates!
Step 1: Fill out the employer's questionnaire. Please provide us with the necessary details about your job requirements and company. We'll use this information to customise our services for you. Fill in the form.
Step 2: Choose the best offer. Once we receive your completed questionnaire, we'll prepare a tailored proposal for recruitment, employee leasing, or outsourcing services.
Step 3: Welcome your new employee. We'll utilise our extensive network and resources to find the ideal candidate for your business. Please don't worry; we'll ensure favourable conditions for you and the employee.
Take advantage of exceptional talent for your company. Complete the employer's questionnaire today, and let us handle your hiring needs.
For Job Seeker Registration
If you are looking for Truck Drivers, such as our guest today, we would like you to fill out the application form on our website. After reviewing the details of the completed offer, a representative of AtoZ Serwis Plus will contact you and tell you about all the details. Fill in the form.
Would you like some advice? So that you know, the information I've included here is for you to review. You'll always need to consult with your legal and tax advisor(s) and follow their guidance. AtoZ Serwis Plus cannot assist with legal or tax matters. The information presented is not specific to any particular company or workforce nor reflects how AtoZ Serwis Plus products are distributed in any jurisdiction. Instead, it is general. AtoZ Serwis Plus makes no representations or warranties regarding this information's accuracy, completeness, or timeliness. It shall not be liable for any losses from using or relying on it. It is your responsibility to exercise caution when using this information.
