The Portuguese Prime Minister Antonio Costa has this week announced the termination of the Portugal Golden Visa programme with the main aim to tackle the housing crisis in Portugal. As part of these housing measures, the cancellation of the Portugal Golden Visa programme is intended to eliminate the speculation in the real estate market and the increase in rents. The majority of applications submitted under the Portuguese Golden Visa Programme were done under the real estate option.
Renewals of the Existing golden visa Permits
Apart from cancelling the Portuguese Golden Visa programme, applicants who have obtained residency in Portugal may also be impacted. Renewals of existing golden visa permits will only be done if the investor or close family members reside in the property or else rent it out on a long-term basis, as opposed to tourism rental options or booking platforms such as Airbnb. Renewals for investors who applied under other investment options are still yet to be defined.
Specific details as to whether there will be a transition period remain unclear, however the decision to cancel the programme is final. The closure of the Portugal Golden Visa programme includes all the investment options and does not only target the real estate option. This therefore includes the fund investment option, the commercial real estate option and the job creation option, all of which are ending.
Options for Non-Eu Investors
Investors from outside the European Union who are interested in investing in permanent residency are now left with two options. Applicants can either apply for residency by investing €500,000 worth of real-estate in Greece. Alternatively applicants may apply for permanent residency in Malta through the Malta Permanent Residence Programme. The Malta Permanent Residence Programme is the only programme which allows investors the option to rent rather than buying a property. Apart from renting or buying a property, applicants are also required to make a donation to charity and pay government administrative fees.
The Portuguese Prime Minister Antonio Costa has this week announced the termination of the Portugal Golden Visa programme with the main aim to tackle the housing crisis in Portugal. As part of these housing measures, the cancellation of the Portugal Golden Visa programme is intended to eliminate the speculation in the real estate market and the increase in rents. The majority of applications submitted under the Portuguese Golden Visa Programme were done under the real estate option.
Renewals of the Existing golden visa Permits
Apart from cancelling the Portuguese Golden Visa programme, applicants who have obtained residency in Portugal may also be impacted. Renewals of existing golden visa permits will only be done if the investor or close family members reside in the property or else rent it out on a long-term basis, as opposed to tourism rental options or booking platforms such as Airbnb. Renewals for investors who applied under other investment options are still yet to be defined.
Specific details as to whether there will be a transition period remain unclear, however the decision to cancel the programme is final. The closure of the Portugal Golden Visa programme includes all the investment options and does not only target the real estate option. This therefore includes the fund investment option, the commercial real estate option and the job creation option, all of which are ending.
Options for Non-Eu Investors
Investors from outside the European Union who are interested in investing in permanent residency are now left with two options. Applicants can either apply for residency by investing €500,000 worth of real-estate in Greece. Alternatively applicants may apply for permanent residency in Malta through the Malta Permanent Residence Programme. The Malta Permanent Residence Programme is the only programme which allows investors the option to rent rather than buying a property. Apart from renting or buying a property, applicants are also required to make a donation to charity and pay government administrative fees.