After having threatened in November, and despite requests from the real estate sector to only make adjustments to the programme, António Costa will put an end to golden visas in Portugal. The prime minister announced in February that this regime of residence permits for foreigners (known as ARI) will cease to be in force, in his words, with the "aim of ending real estate speculation". Speaking to journalists at the National Palace of Ajuda, in Lisbon, after a parliamentary meeting exclusively dedicated to housing, the leader of the Socialist Government clarified that at stake is the end of the "concession of new golden visas" in Portugal. This is everything you need to know about the end of golden visas in Portugal.
In the case of the visas that already exist, a limited renewal will be maintained, according to certain conditions. "As for the 'golden' visas already granted, (...) there will only be room for renewal if real estate investments are made in the owner's own and permanent home or for descendants, or if it is guaranteed that the property will be placed durably on the rental market," detailed António Costa.
Last November, António Costa admitted his desire to end the golden visa regime in Portugal, arguing that the programme launched in 2012, by the PSD government of Pedros Passos Coelho, may have already fulfilled its function. Costa says he has asked an inter-ministerial working group to study the issue, and has now decided to move in this direction, without however publicly revealing the results of this work.
A year ago golden visas already became more limited
This decision by the government to put an almost definitive end to the golden visa programme in Portugal - which has helped to boost the country's economy and give strength to the real estate sector over the last decade - comes after it had already applied restrictive measures to the benefits of the programme last year. Since January 2022, the awarding of ARIs was only allowed on the purchase of housing outside major cities.
Since then, the purchase of homes has only remained eligible for residence visas in inland territories or in the Autonomous Regions of the Azores and Madeira, leaving out Lisbon and Porto where the scheme ended in 2021, the areas traditionally most attractive to foreign investors.
The Portuguese golden visa programme has been appealing because, in addition to the country's attractive conditions, it also allows for movement within the Schengen area and the possibility of bringing one's family. To obtain it, the candidate must make an investment in Portugal that meets certain conditions, such as the transfer of capital in an amount equal to or greater than 1.5 million euros or the purchase of property valued at over half a million euros, for example.
SEF data sent to Lusa reports that, between October 2012 and January 2023, Portugal granted 11,628 gold visas, most of them to citizens from:
- China (5,258)
- Brazil (1,178)
- United States (558)
- Turkey (547)
- South Africa (508).
According to SEF, under the scope of golden visas 18,962 residence visas were granted for family reunion, given to family members of a residence permit holder so that they can live legally in Portugal.
SEF says that in 10 years around six billion euros were invested in the acquisition of real estate, which allowed 10,668 foreigners to acquire an Investment Residence Permit by buying a house. Between October 2012 and January this year, 938 foreigners obtained a golden visa in Portugal through money transfers and 22 with the creation of jobs.
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