The Assembly of the Portuguese Republic voted on 12 July in favour of its government's proposal to cancel new residence permits for housing investments.
As a result, under this new law, individuals will not be granted new residence visas for investment activities. However, existing authorisations can still be renewed.
Nuri Katz, founder of Apex Capital Partners, a boutique advisory firm specializing in investment consulting and wealth management for a multinational, high-net-worth clientele, said the Golden Visa program has brought significant investment and economic benefits to Portugal, making it a crucial component of the country's economic development strategy.
"Although the program has successfully attracted foreign investors and gained a positive global reputation, it is unlikely to be entirely abandoned and will likely continue in some form.
"I believe that golden visas for entrepreneurship will still be available for those interested, enabling foreign entrepreneurs to pursue projects in Portugal. However, new visa applications in this category will be assessed based on the economic, social, scientific, technological, or cultural relevance of the investment."
