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Portugal will no longer offer golden visas

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Members of Portugal’s unicameral parliament approved legislation abolishing the so-called golden visas granted to citizens of countries outside the Schengen area. They could stay in its territory thanks to the status of a permanent resident of Portugal. The golden visa could be obtained thanks to investments in the purchase of real estate, their renovation or creation of jobs in the territory of Portugal.

The parliamentary majority that voted in favor of the abolition of golden visas during the vote on Thursday were Prime Minister Antonio Costa’s ruling socialists, as well as extreme left-wing parties: the Left Bloc and the Portuguese Communist Party. Under the new law, people who received a golden visa in the past will still be able to enjoy the status of resident in Portugal. Golden visas appeared in Portuguese law in October 2012. Over the next 10 years, thanks to their granting, more than 6.8 billion euros flowed into the Portuguese economy, mainly from citizens ChinaUSA, UK and Brazil and Russia.

Most received golden visas for real estate purchases

According to statistics from the Costa government, in Portugal, a population of 10 million, the vast majority of buyers of golden visas, which were issued to over 11,000 foreigners, received them in exchange for the purchase of real estate worth not less than PLN 500,000. euro. From estimates Ministry of the Interior Portugal shows that among the buyers of golden visas there were also over half a thousand people who invested at least PLN 350,000. euros in the renovation of houses.

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Main photo source: Shutterstock

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