Portugal calls it quits: bravely ending golden visas and hitting the housing crisis head on
Since news broke that the EU intended to suspend the Golden Status program for all Member States.Cyprus,MaltaBulgaria, this year has been a succession of Ireland have suspended the golden status program. Under the decisive leadership of Prime Minister António Costa, the Portuguese government has stepped up to the plate to combat the growing housing crisis. Recently, the government submitted a draft "More Housing" bill to officially end the controversial Golden Visa program. Since its inception in 2012, the Golden Visa has generated €6.8 billion in investment in Portugal, about 90% of which has gone to the real estate market. Housing prices and rents soared, local residents can hardly afford. In addition to ending the Golden Visa program, the government has banned the issuance of new short-term vacation rental licenses, such as Airbnb.
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Several important updates before terminating the Golden Visa Program
Over the past few years, the shifting landscape of global immigration policy has caused many people to reexamine their identity planning. Since 2022, theNearly 20 countries announce higher immigration thresholds, even shutting down the immigration program outright. Prime Minister Antonio Costa emphasized that "two particularly important measures have been taken to combat real estate speculation - first, the cancellation of the Golden Visa ...... or rather, the cancellation of the issuance of new golden visas... ...
- Feb. 20: Two supplemental documents are released that reiterate what the proposal said when it was announced, without providing clarity.
- March 4: The preliminary draft law is published, and applications submitted before February 16 will be considered under the current provisions. The draft does not specify the follow-up process, nor does it mention a transition period. Portuguese lawyers say the key is the law that was applicable at the time the application was submitted. Laws with retroactive effect would face problems of unconstitutionality.
- March 9: The public feedback period is extended to March 24, and the Council of Ministers will vote on the draft on March 30th. The new draft will be sent to Parliament for discussion.
Housing crisis looms! Portugal Ends Golden Visa Program and Adjusts Immigration Policy
The Portuguese government has terminated its Golden Visa program, demonstrating the country's firm action to address the real estate crisis. This decision will have far-reaching implications for global immigration policy, providing lessons for other countries to address similar challenges. The EU's naturalization by investment program (e.g.GreeceSpain,Irelandand Portugal) and Caribbean countries (such asCommonwealth of DominicawithSt Kitts and Nevis) have different naturalization policies. While the EU's Golden Residency program was launched with no strict restrictions on the purchase of property by investors, Caribbean countries have mandatory requirements for investors to invest inGovernment-designated projectsIn exchange for passports, these programs are usually considered to be of great economic benefit to the country.
Highlights of Portugal's Golden Visa Policy Change
- Effective February 16, 2023, the issuance of new golden visas will cease.
- Approved golden visas will be converted to ordinary residence permits subject to conditions.
- Proof of the applicant's contribution in the economic, scientific or cultural fields is required for application or renewal.
- The Portuguese government plans to reinstate immigration supervision, requiring applicants to meet a residency requirement of 183 days per year in order to obtain permanent residence in Portugal.
- Prohibit the issuance of new short-term vacation rental licenses and restrict Airbnb-like economic activity.
The game of national interest versus individual well-being: investors should gain insight into the optimal balance between national interest and immigration programs
Netizens have mixed reactions to the government's decision. Some think it is the right decision because the Golden Visa has led to an increase in house prices and rents, making it unaffordable for local residents. Others think it was the wrong decision because the Golden Visa brings foreign investment, job opportunities to Portugal, which is good for the economy and tourism. Others think the decision was not thorough enough because the government introduced other policies to attract wealthy foreigners such as thedigital nomad visathe brochure freely.
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