Portugal has joined Ireland this week with its decision on 16 February to scrap golden visas for non-EU nationals.
According to the country's Prime Minister António Costa yesterday (16 February), he said in a briefing that it was "a measure to combat real estate speculation".
While full details have not yet been released, the headlines points are that Portugal will not grant investors any new golden visas from now on, with existing scheme holders only able to renew if they or their children use the property they invested in as their own home.
Another option to qualify for the renewal is to rent out the property.
Out of a total of 11,535 Golden Visas granted in Portugal by the end of 2022, 10,593 were received through real estate investment.
The total investment in the Portuguese real estate market by foreign investors since the launch of the program in 2012 reached €6,041m, of which €534.1m (1,485 Golden Visas) correspond to the purchase of urban rehabilitation projects.
The golden visas, known officially as residence permits for investment, were issued in exchange for property purchases of €500,000 or more. Holders gain the right to live in Portugal for five years, after which they can apply for permanent residence even though the minimum required stay in the country is only a few days a year.
Local news reports said this change and other measures were announced as part of a new government programme called ‘More Housing' which will be subject to a 30-day public scrutiny period before being re-evaluated by the government in a ministers' council meeting on 16 March.
Costa did not refer to any other types of visas currently offered in Portugal, including one for Digital Nomads which gives the opportunity to apply for Portuguese citizenship in five years only if living in Portugal for at least six months a year.
International Investment reported earlier this week on Ireland's closure of its golden visa.
