Portugal Golden Visa Program to End: Prime Minister Announces Measures to Combat Real Estate Speculation
On March 16th, the Portugal Golden Visa program will officially come to an end. This news comes as a shock to many investors who were planning to take advantage of the program, which offered residency permits to those who invested in Portuguese real estate.
The Portugal Golden Visa program was launched in 2012 as a way to attract foreign investment and boost the country’s struggling economy.
Under the program, investors could obtain residency permits by investing at least €280,000 in Portuguese real estate or creating jobs there.
However, in recent years, the program has been criticized for fueling real estate speculation and driving up housing prices in Lisbon and other major cities.
In response, the Portuguese government has decided to put an end to the program.
The Prime Minister, António Costa, announced the decision earlier this week, stating that the government was committed to combatting real estate speculation and ensuring that housing remains affordable for all Portuguese citizens.
Costa also noted that the government would implement other measures to address the issue, such as limiting short-term rentals.
While the news may disappoint some investors, the government’s decision is likely to be welcomed by many Portuguese citizens who have been struggling to find affordable housing in the face of rising prices.
It is also expected to positively impact the country’s real estate market, which has characterized high levels of speculation in recent years.
Overall, the end of the Portugal Golden Visa program represents a significant shift in the country’s approach to foreign investment and real estate.
While it remains to be seen what impact this will have on the economy and the housing market, it is clear that the government is committed to addressing the issue of real estate speculation and ensuring that housing remains affordable for all Portuguese citizens.
In conclusion, the Portugal Golden Visa program will no longer be available after March 16th as part of the government’s efforts to combat real estate speculation.
The decision will likely impact the country’s real estate market significantly, and it remains to be seen what the long-term effects will be.
However, it is clear that the government is committed to addressing the issue of housing affordability and ensuring that all Portuguese citizens have access to safe and affordable housing.
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