Created in 2012, the program allowed citizens of countries outside the EU to obtain a residence visa
The Prime Minister of Portugal, António Costa, announced this Thursday (02/16/2023) a package of measures that includes the end of the Golden Visa program and the ban on new registrations in the Airbnb hosting application. The aim is to solve the real estate crisis and the increase in real estate prices that the country is facing.
Created in 2012, the Golden Visa allows citizens of countries that are not part of the European Union to obtain a residency visa in Portugal in exchange for a “qualified investment” in the country. The government considers investments of this profile as: the purchase of real estate with a minimum value of €500,000 (approx. for deposits in the country’s credit institutions.
According to 2019 data from Global Citizen Solutions, Brazil is one of the top 5 nationalities investing in Golden Visa. China, South Africa, Turkey and Russia complete the list. The program has already attracted 5.5 billion euros in investments to Portugal.
Accordingly, new accommodation offers on Airbnb and other accommodation requests are prohibited. The only exception applies to less populated rural locations.
The Portuguese government “also intends to create a general regime that will guarantee the full implementation of the Portugal 2030 Funds and continue the strategic path of asserting Portugal as a more equitable, sustainable, coherent and competitive country,” the statement said. Here is the full measure of the Council of Ministers.
Prime Minister António Costa named 5 problem areas and solutions for the real estate crisis:
- increase in housing supply;
- Simplify licensing;
- larger rental market;
- combat speculation;
- support families.
“Housing is a central and crosssectoral concern of Portuguese society because it affects all families and not just those most in need. But also for young people, the elderly and middleclass families,” said António Costa in a post on his profile chirp.
The measures adopted will be open to public discussion for a month. They will then be voted on by the draft law in the Council of Ministers on March 16.