Portugal should become the second European Union (EU) country to scrap the “golden visa” for wealthy non-Europeans, joining Ireland in the controversial scheme that helped attract foreign investment. With this, foreigners seeking immigration for investment will seek other options.
Portugal’s Prime Minister, Antonio Costa, pointed out that the government will stop issuing new “golden visas” to ” fight price speculation in the real estate sector.
Portugal’s decision to end the program was prompted by concerns over rising property prices, especially in the large cities of Lisbon and Porto, where many locals were struggling to find adequate housing.
This is part of a series of measures to address the Costa government’s most pressing problem, which at the moment is the housing crisis.
Property prices have soared in recent years as foreigners buy second homes and apartments to rent to tourists through online platforms like Airbnb.
Golden visas offer the wealthy a residence permit and access to the EU’s border-free tourist areas in exchange for investment. The programs in Portugal and Ireland, launched a decade ago to help with the recovery from the financial crisis, have proven particularly popular with Chinese citizens who want to invest.
Written by Marcos Ferreira, Content Assistant to Drummond Advisors
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