According to a report published by El Pais, Portugal’s authorities granted 11,758 Golden Visas between October 2012 and February 2023.
As per the same report, approximately 31,000 non-EU foreigners were granted a Portuguese residence permit, including family members. The report emphasized that the identities of the recipients of these visas remain anonymous, so no one knows who they are.
In addition to a large number of beneficiaries from the United States, Turkey, and South Africa, these kinds of visas were primarily used by nationals of China (45 percent) and Brazil (10 percent).
According to a report published by SchengenVisaInfo.com, wealthy foreign nationals were eligible for Portugal’s nationality after five years if they spent 14 days in the country.
Wealthy foreign investors could qualify for residency under Portugal’s Golden Visa Program if they met certain requirements and made a financial investment.
To obtain residency, internationals were expected to contribute €6,852 million, 89 percent in the acquisition of houses which prompted a move towards them as one of the principal factors that influence real estate prices.
In an effort to address Portugal’s housing crisis, the Council of Ministers made the decision to end the Golden Visa Program in February 2023. This decision was part of a larger package of measures.
The Council presented all six of the package’s measures at a press conference. The fourth measure also included the decision to end the Residency by Investment Scheme and allow “the existing ones to be renewed, if they are real estate investments, only for own and permanent housing or if it is placed on the rental market for a long time,” while simultaneously allowing “the existing ones to be renewed”
Despite Portugal’s decision, the President of Madeira, Miguel Albuquerque, rejected the prerequisite to nullify such a program. What’s more, he thought about such a decision terrible for the economy.
He made the point that:
“Nothing justifies Madeira being covered by this set of measures that are fundamentally aimed at Lisbon as well as Porto”
Ireland also announced last month that its Golden Visa program would no longer be available to wealthy foreigners in response to reports that it is involved in numerous illegal activities.
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