Portugal to Scrap Its Golden Visa Scheme, PM Says
Portugal’s Prime Minister, Antonio Costa, said that the country is considering abolishing its Golden Visa scheme, after, according to him, it has fulfilled the function it had to fulfil and it no longer needed to be maintained, AtoZSerwisPlus.pt reports.
“There are programs that we are currently re-evaluating and one of them is the Gold visa, which, probably, has already fulfilled the function it had to fulfil and which, at this moment, it is no longer justified to maintain,” Portugal’s Prime Minister stressed.
Costa said that the program is being evaluated whether it makes sense while emphasizing that it has probably already fulfilled its function and there is no justification for keeping it.
The Residency by Investment Program (RIP), also known as the Golden Visa scheme allows internationals to acquire residency in Portugal, provided they invest in properties worth €500,000 or more.
Recently it has been reported that authorities in Portugal introduced stricter requirements for Golden Visas.
Such conclusions were reached through the report for last year, “on Migration Prospects for 2022,” based on the Organization for Economic Co-operation and Development (OECD).
“Residence permits for investment will no longer be possible based on real estate investments in Lisbon, Porto, the Algarve, and on the coast. Once acquired, properties intended for housing only allow access to this regime if they are located in the Autonomous Region of the Azores and of Madeira or in territories in the interior of the country,” the report for Portugal notes.
The figures provided by the Portuguese Immigration and Border Service (SEF) revealed that in September this year, a total of 120 Golden Visas were granted.
The report notes that of the total of Golden Visas issued, 26 were granted to nationals of China, 17 to those from the United States, 16 to Britons, a total of 14 to those from Brazil and seven to citizens of India.
In addition, the figures provided by SEF reveal that the number of Golden Visas more than doubled in September this year compared to the figures for the same period last year.
Even though Portugal’s Golden Visa Program significantly contributed to the country’s economic sector, it has often been criticized for being involved in many unlawful affairs, such as corruption and money laundering, thus authorities in Portugal have been continuously urged to terminate such a program as soon as possible.
