Portugal Golden Visa Specialists

The Portugal Golden Visa is Changing⌛

Why is Portugal benefiting from the golden visa suspension?

golden visa suspension

Why is Portugal benefiting from the golden visa suspension? In this blog post, we will explore why Portugal is seeing positive effects from the suspension and what you can do to take advantage of this change.

Portugal has long been a popular destination for investors seeking a golden visa, allowing for residency and the ability to travel freely within the Schengen Area. 

However, the Portuguese Parliament announced at the beginning of 2023 the program would be suspended at some point this year, leaving many investors wondering what their next move should be. 

Considering the Parliament’s Agenda, the Golden Visa’s discussion will not start before May 10th and might conclude, in the best-case scenario, within 45 days.

Surprisingly, Portugal is benefiting from the golden visa suspension in many ways.

Impact of the Suspension on the Portuguese Economy

The program has attracted 6.8 billion euros since its launch in 2012, with the bulk of the money going into real estate. 

The Golden Visa has been heavily criticized in the country for raising house prices up, and the European Commission has called for the end of such programs.

A hot property market and policies encouraging wealthy foreigners to invest have made it hard for locals to rent or buy, Prime Minister Antonio Costa said this problem was affecting all families from Portugal.

The premier plans to stop issuing new licenses for short-term rentals through services such as Airbnb in high-density areas like Lisbon and Porto to increase the supply of affordable homes.

Portugal Golden Visa 2023 new Changes

Advantages of the Suspension

So, how exactly is Portugal benefiting from the Golden Visa program?

With the suspension of the program, the housing market is going to be able to stabilize and relieve some of the pressure it was experiencing. 

This is because the program allowed investors to purchase real estate for Golden Visa purposes, which led to an influx of buyers and increased demand for properties. 

The suspension of the program will put a halt to this trend and has allowed the housing market to reset to a more reasonable level. 

As a result, locals who are priced out of the market will be able to find affordable housing options, and the rental market has become more accessible. Additionally, this stabilization of the housing market can lead to more sustainable and long-term growth.

Currently, the applications for the Portugal Golden Visa are still open, but it is unclear when it is going to conclude. 

In conclusion, while the suspension announcement of the golden visa program has caused some uncertainty, it has also opened up opportunities for alternative investment options in Portugal.

Frequently Asked Questions - Portugal Golden Visa Suspension

Is there a deadline for the Portugal Golden Visa?

It has not yet been announced when the implementation of the amendments will take place or what the exact content of the final amendments to the legislation will be. However, the current legislation regarding the Golden Visa is expected to remain unchanged for the next 30-45 days at least.

The important takeaway is that there is still time to apply for the Portugal Golden Visa. If you are interested in applying, time is of the essence, and we advise you to begin your application now.

Regarding existing Golden Visa cases, the Portuguese government aims to renew these but add extra requirements that address the housing issue. This renewal proposal is also open for debate as it also has legitimate legality issues.

Leave a comment

Your email address will not be published. Required fields are marked *