Portugal is shutting down its golden visa program, under which foreigners could obtain residence permits in the country in exchange for investments, buying property or creating new jobs, Prime Minister António Costa said.
According to the EFE agency, the validity of documents already issued will be extended only if foreign buyers use the property as permanent housing for themselves and their descendants or rent it out for a long-term lease. The prime minister added that the goal of closing the program is to overcome the housing crisis and “fight against speculation” in the real estate market.
According to the country’s immigration and border service, since 2012, when the program began to operate, 11,535 foreigners have received a residence permit thanks to it. At the same time, almost half of the “golden visas” fell on citizens of China, followed by citizens of Brazil and the United States. Portugal stopped issuing “golden visas” to Russians in February 2022, after the outbreak of hostilities in Ukraine and the imposition of EU sanctions. At that time, 431 Russians received a residence permit under the program.
Source: Rosbalt
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