Portugal’s Parliament has recently given the green light to a government proposal that seeks to overhaul the country’s popular Golden Visa Program. The proposal, which is expected to be approved in the final vote on the 19th of July, will eliminate most of the investment options currently available, including real estate investments.
The Golden Visa Program, which has been a significant driver of foreign investment in Portugal, allows non-EU investors to obtain a residence permit in exchange for a substantial investment in the country. The program has been particularly popular among investors seeking to purchase real estate in Portugal, contributing to a boom in the country’s property market.
However, the government’s new proposal aims to redirect these investments towards other sectors, such as cultural heritage, environmental projects, and social entrepreneurship. The move is seen as an attempt to address concerns about the impact of the program on the housing market, as well as to promote more sustainable and socially beneficial forms of investment.
The final date for submitting new applications under the current rules is expected to be the 10th of August. After this date, potential investors will need to comply with the new investment criteria.
Once the proposal is approved by the Parliament, it will be sent to the President of the Republic, who holds veto power. However, given the broad support for the proposal in the Parliament, it is expected that the President will sign the new law into effect.
The proposed changes to the Golden Visa Program have been met with mixed reactions. While some welcome the shift towards more sustainable and socially beneficial investments, others worry about the potential impact on the real estate market and the wider economy.
Regardless of the outcome, the proposed changes signal a significant shift in Portugal’s approach to attracting foreign investment. As the country seeks to balance economic growth with social and environmental concerns, the Golden Visa Program is set to play a key role in shaping the future of investment in Portugal.
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