Is the Portugal golden visa ending? This article will cover the latest news about the Portuguese golden visa and what awaits for 2023.
Portuguese Prime Minister Antonio Costa announced Wednesday that the government plans to end its golden visa program.
The Golden Visa is a residency permit available to non-EU/EEA citizens who make a qualifying investment in Portugal. The visa allows holders to live and work in Portugal and travel freely within the Schengen Area.
You must stay seven days in the country, and holders can apply for permanent residency after five years.
The Golden Visa program was introduced in 2012 and has since been one of Europe’s most popular residency programs. SEF has issued over 6,000 permits since 2019.
The program has attracted investors from all over the world, including China, Brazil, Russia, and the United States.
The main requirements for the Golden Visa are a minimum investment of €280,000 in Portuguese real estate or a qualified Portugal golden visa investment option.
Is the Portugal golden visa ending?
According to the Prime Minister, the 10-year-old program had served its purpose. Several EU countries have closed their CBI programs (Cyprus, Bulgaria, and Malta are the following candidates).
The golden visa program was the only alternative for being granted an EU residence permit and making a real estate purchase or capital transfer.
Recent changes to Portugal's golden visa
Foreign investors have invested 6.5 billion euros in Portugal, mainly from China, Brazil, and South Africa. The majority of the capital went into real estate investments.
This year, the Portuguese government presented a new Portugal golden visa policy and adjusted the regulations to ensure capital would flow from Lisbon’s booming real estate market to less inhabited rural areas.
Learn more about Portugal’s golden visa 2023 changes.
The Golden Visa program, also known as a Portuguese visa, was one of the visa programs Costa referred to. However, the prime minister has yet to share with other programs, such as the D7 visa.
The Portugal D7 visa allows you to obtain a Portuguese passport after being in the country for five years. It entails more physical requirements than the Golden Visa.
Once the program’s evaluation is done, a formal decision will be made public, said the Prime Minister.
Who will be affected by the end of the golden visa?
The answer is simple: anyone planning on using the program to gain residency in Portugal.
If the program ends, those who didn’t start the process will no longer be able to use it to get residency in Portugal.
This means you’ll have to find another way to relocate temporarily to Portugal, or you may decide to stay in their country.
What are the alternatives to the golden visa in Portugal?
Antonio Costa claimed that Portugal intended to remain enticing people to come to Portugal. Therefore the digital nomads’ visa is going to be available.
Which allows you to live and work in the country for a year if you prove you earned enough money through remote employment.
In short, the Portugal golden visa is incredibly effective and well-managed. Many people who want a brighter future for themselves and their families can still take advantage of the opportunities it offers.
Thank you for the informative post.
You are most welcome Kylie! Please feel free to check our other Blog Posts for more Golden Visa Related info.
280000 € very high please low money inventmet permanent Radyance program
Hi Dhanpat, that value is a threshold set by the Portuguese Goverment to obtain the Golden Visa and thus cannot be changed.
let me know How much money investement?
Hi Gaman, we cover your exact question in the following page (link below), where you can calculate the overall price of the program based on your personal needs:
https://goldenportvisa.com/portugal-golden-visa-price/
We hope this answers your question. In case you need more details please feel free to contact us.
Thanks