The Portuguese government is about to approve the end of the Golden Visa program. This decision will be made in an effort to remedy the country’s housing crisis.
According to the draft, even Golden Visa holders can only have their visas renewed if they or their family members live in the property they bought for the Portugal residency by investment. Renting out the property will also be an additional way to be eligible for the renewal.
On the other hand, those who received Golden Visas for reasons unrelated to real estate investment will be allowed to renew their residency in Portugal on the proper basis. For instance, you can renew your Portugal residence permit based on cultural patronage if you invest in cultural projects.
The decision will be “a move to prevent real estate speculation,” according to Prime Minister António Costa. He solely addressed real estate market issues in his speech, hinting that the government is considering canceling the program altogether. The government forecasts that as an outcome of this decision, more properties will be available on the market at more reasonable prices.
It will take between one and a half and two months for the president to sign a decree after the parliament has voted on it. The majority in the parliament is represented by the ruling party, which has the authority to pass amendments directly. However, the plan is expected to be detailed before it is approved.
So, we advise that you submit your applications during this time if you intend to apply for the Portugal residency program by investing in Golden Visa properties. At Tekce Visa, we follow the process carefully and make your Golden Visa applications as quickly as possible.
You can learn more about the process from our blog Portugal Golden Visa by Investment. Do not hesitate to get in touch with us to discuss the most recent developments about the decision or to get the process started right now.