Portugals Government Working to Ease Effects of Golden Visa Termination on Foreign Investment

The Minister of Infrastructure and Housing of Portugal, Marina Gonçalves, said that with the Government’s proposal under discussion in parliament, this is a phase of listening to all proposals, AtoZSerwisPlus.pt reports.

She noted that over 90 per cent of the golden visa investments are in real estate, which shows that it has an indirect effect on the housing market after it increases the cost of housing.

“With this, we do not want to discourage investment in the country, on the contrary, we already have a general visa policy, a general regime for granting visas that are also based on investment,” the Minister stressed, noting that this is a discussion present in all European countries, according to the Portugal news report.

Authorities in Canada earlier this year announced that they would prohibit foreign investors who want to purchase homes in this territory after home prices increased.

Taking about such measures introduced in Canada, as well as the impact the attraction of digital nomads is also having on house prices, Gonçalves, emphasized that this will have some indirect impact, but stressed that it has no dimension.

“[The impact of digital nomads] does not have a dimension per se, seen individually, an indirect dimension in the price of housing,” she pointed out considering that, with this, it does not mean that “this debate should not be held in the future” according to the Portugal News.

On February 16, Portugal abolished the Golden Visa Program, through which, third-country nationals were eligible to acquire residency in Portugal by investing. But the scheme was often in the spotlight of criticism over its involvement in unlawful affairs.

However, authorities in Portugal said that the decision was taken in order to tackle the problem of housing.

A previous report of the Portugal News showed that the lifting of the Golden Visa scheme led to the cancellation of a residential tourism project worth a total of €800 million that would have an impact of 4.8 billion on Portugal’s economy.

In addition, according to a Bloomberg news report, following the termination of the Residency by Investment scheme, some ex-pats are leaving Portugal, especially citizens from the United States.

The same source found that in the first half of this year, there was a total of 18 per cent decrease in demand for residency by internationals under the Golden Visa scheme.

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