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 (Tw),MalteseBulgaria, 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.
- [Recommended ArticlesIdentity crisis! How much time do you have left?
- [Recommended ArticlesHuge changes in immigration policies around the world? Are you prepared before it's too late?
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 programs (such asGreeceSpain,Irishand Portugal) and Caribbean countries (such asDominican Republicrespond in singingSaint Kitts) 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 mandate that investors invest in aGovernment-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, jobs to Portugal and 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
Extended Reading
Dominica Passport Application Success Stories,Dominica Passport Application for U.S. Visa Success Stories,U.S. Student Visa Success Stories,Applying for a Certificate of No Criminal Conviction after Naturalization,Hague Certification Success Stories
Quickly learn about Dominica's Commonwealth passport, processing, materials, notarization, timing, visa-free countries, eligibility, advantages
Dominica Passport Visa-free Countries
2024 Biggest Election Year Ever, What Opportunities Remain on Your Immigration Path?
How to apply for a second citizenship if you cannot provide a certificate of no criminal record
Dominica passport to apply for a U.S. 10-year visa B1 B2 easier than you think Real experience sharing
Want to get away from high taxes and high inflation?The 10 best national cities to move to in 2024 (above)
Three Things You Should Do Immediately After Getting a Caribbean Passport
Ten-Year Passport Explained: The Strongest Visa-Free Increase and the Path to Freedom for High-Net-Worth Identities
comparisons
Bih Bih Channel
Click here to directSchedule a VIP ConsultationDominica Citizenship Program
- The Dominica Citizenship Naturalization Program was established in 1993 A.D. and is one of the oldest naturalization programs in the world.
- passport immigrationApplicants are not required to attend an interview
- Immigration can be processed quickly: the time it takes is about 2-3 months.
- The most cost-effective program for single applicants
- The status can be passed on permanently to the next generation in the direct line.
- Consultationreserve