Golden visa program in Portugal to continue
The Portuguese government is planning changes to its Golden Visa Program to attract more wealthy foreign investors, while emphasising that the scheme will not be terminated.
Minister of the Presidency, António Leitão Amaro, confirmed that the government aims to strengthen Portugal's reputation as a prime investment destination. These changes were announced following a Bloomberg report, and the government made it clear that ending the program is not part of the new plans. He stated that the government is now studying how to organise golden visas in a more effective and economically efficient way, ensuring that any change is economically and socially fair. What is out of the question is ending this program. There is no plan to end it. It is not on the agenda.
Portugal’s Golden Visa Program offers wealthy foreign nationals residency in exchange for financial investments. In 2024, the program reached a new record, issuing nearly 5,000 Golden Visas, though many applications are still pending approval.
Real estate investment, once the most popular option, was halted in 2023 due to the country’s ongoing housing crisis. Here are some key reasons behind this decision:
Rising Housing Prices: Real estate investment has become the most popular route for obtaining a Golden Visa. However, this increased demand for property, particularly in major cities like Lisbon and Porto, contributed to a significant rise in housing prices. The surge made it harder for residents, especially young people and families, to afford homes.
Strain on Affordable Housing: As foreign investors bought up properties, both for personal use and as rentals, it led to a reduction in available housing for locals. This created a growing shortage of affordable housing in urban areas, which intensified public concerns about inequality and accessibility.
Government Response: In response to mounting pressure, the government decided to end the real estate investment route to prioritise the housing needs of its citizens. The aim was to curb the impact of foreign capital inflows on the domestic real estate market, ensuring that local communities weren’t squeezed out of affordable housing.
While the processing of Golden Visa applications has resumed, the President of Portugal's Agency for Integration, Migration, and Asylum mentioned that it is happening at a slower pace than expected, causing frustration among applicants.
