Bem-vindo! As a seasoned expat living in Portugal, I have some news that has been buzzing around the expat community and beyond. As you may know, the Portuguese Golden Visa program has been a popular route for foreign investors to obtain residency and citizenship in Portugal. However, as of December 2020, the government has suspended this program in certain regions of the country, sparking controversy and concern among those looking to invest and settle down in one of Europe’s most sought-after destinations.
As someone who has gone through the process of obtaining a Golden Visa myself, I understand the complexities and benefits that come with this program. From the ease of travel within the Schengen Area to the opportunities for real estate investment, the Golden Visa has been a game-changer for many expats like myself. However, with the recent suspension of the program in some regions – including the popular Lisbon and Porto areas – many are left wondering what this means for their future plans.
The reasons for the suspension are varied, from concerns about overcrowding in certain regions to a desire to promote investment in other parts of the country. Whatever the rationale may be, it’s clear that this development will have a significant impact on those looking to obtain residency or citizenship through this program.
Throughout this series, I will be exploring the implications of the Golden Visa suspension in Portugal, including what it means for those already in the program, what alternatives are available, and how this decision reflects the changing landscape of expat life in Portugal. Join me as we dive into this complex and timely issue, providing you with insights and first-hand experiences to help you navigate the world of expat life in Portugal.
Is Portugal Golden Visa Cancelled?
If you’re considering a move to Portugal or are already an expat in the country, you may have heard rumors about the suspension or cancellation of the country’s Golden Visa program. The Golden Visa program is a popular investment option among foreigners looking to obtain residency in Portugal and the European Union.
So, is the Portugal Golden Visa program actually cancelled? The short answer is no, but there have been some changes and temporary suspensions.
What is the Portugal Golden Visa program?
The Portugal Golden Visa program was launched in 2012 by the Portuguese government as a way to attract foreign investment to the country. The program offers residency permits to non-EU citizens who invest in Portugal, either through property purchases, capital transfers, job creation, or other forms of investment.
Golden Visa holders can live, work, and study in Portugal, as well as travel freely within the Schengen Area. After five years of residency, Golden Visa holders can apply for permanent residency or even Portuguese citizenship.
What are the recent changes to the program?
Despite some rumors about the cancellation of the program, the Portuguese government has only made some temporary suspensions and changes to the Golden Visa program. In April 2020, the government announced a temporary suspension of the program for property purchases in Lisbon, Porto, and other coastal cities, due to concerns about rising property prices and over-tourism in these areas. The suspension is expected to last until January 2022.
Additionally, the investment threshold for the Golden Visa program has been increased for certain investment options. For property purchases, the minimum investment amount has been increased from 500,000 euros to 1,000,000 euros for properties located in Lisbon, Porto, and other coastal cities. For capital transfers, the minimum investment amount has been increased from 1,000,000 euros to 1,500,000 euros.
What does this mean for investors?
If you’re considering the Golden Visa program as a way to obtain residency in Portugal, the recent changes may affect your investment options and timeline. The temporary suspension of the program for property purchases in certain areas means that you’ll need to look for alternative investment options, such as capital transfers or job creation.
The increased investment threshold for property purchases in certain areas may also make it more challenging to qualify for the program. However, it’s important to note that the program is still available for investment in other parts of Portugal, and the government has not indicated any plans to permanently cancel the program.
Why is the Portugal Golden Visa ending?
For years, the Portugal Golden Visa program has been a popular choice for investors looking to obtain residency in Europe. However, as of December 2020, the program has been suspended, leaving many wondering what happened and what the future holds for those seeking residency in Portugal.
What is the Portugal Golden Visa program?
The Portugal Golden Visa program was launched in 2012 and offered non-EU citizens the opportunity to obtain residency in Portugal by investing in the country. To qualify for the program, investors had to make a minimum investment of €500,000 in Portuguese real estate or €1 million in other types of investments, such as shares or bonds.
Once they obtained residency, investors and their families were able to live, work, and study in Portugal. After five years of residency, they could apply for Portuguese citizenship and a passport, which would give them access to all the benefits of being an EU citizen, including visa-free travel to other EU countries.
Why was the Portugal Golden Visa program suspended?
The Portuguese government announced the suspension of the Golden Visa program in December 2020, citing concerns about the overheating of the real estate market and the need to redirect investment to other areas of the economy.
The program has been criticized for driving up property prices in Lisbon and Porto, making it difficult for locals to afford housing in these cities. Additionally, there were concerns about the lack of transparency in the program and the possibility that it could be used for money laundering and tax evasion.
What does the future hold for the Portugal Golden Visa program?
The suspension of the Golden Visa program is expected to be temporary. The Portuguese government has announced that it will introduce a new program in 2022 that will focus on investment in low-density areas of the country, such as the interior and the islands.
The new program is expected to be more transparent and to have stricter eligibility requirements to ensure that it benefits the Portuguese economy and society as a whole.
What should investors and expats do?
If you are currently in Portugal on a Golden Visa, there is no need to worry. The suspension of the program does not affect those who have already obtained residency and are in compliance with the program’s requirements.
For those who are considering a move to Portugal, it is still possible to obtain residency through other means, such as the D7 visa, which is designed for retirees and individuals with passive income, or the Non-Habitual Resident regime, which offers tax benefits to individuals who become tax residents in Portugal.
It is also important to keep an eye on developments in the new investment program that the Portuguese government will introduce in 2022. This program may offer new opportunities for investors and expats who are interested in obtaining residency in Portugal.
What is the problem with the Portuguese golden visa?
If you’re considering investing in Portugal or moving to this beautiful country, you may have heard about the golden visa program. This program was designed to attract foreign investors and boost the Portuguese economy by providing residency permits to individuals who invest in real estate or other approved assets. However, recent news has brought attention to some issues with the program.
The Portuguese government recently announced the suspension of the golden visa program in certain areas of the country. The suspension affects Lisbon, Porto, and some coastal regions, which have seen a surge in property prices and foreign investment in recent years. The government’s decision is aimed at controlling the housing market and preventing real estate speculation, which has led to soaring rents and unaffordable housing for locals.
While the suspension of the golden visa program may seem like a setback for investors and expats, it’s important to note that this is not the end of the program as a whole. The suspension is temporary and only affects certain areas of the country. Investors can still apply for golden visas in other regions of Portugal.
Another issue with the golden visa program is that it has been criticized for granting residency permits to individuals without sufficient background checks. This has led to concerns about money laundering and illegal activities. The Portuguese government has taken steps to address these issues by tightening the rules for the program and increasing due diligence measures.
Despite these challenges, the golden visa program still offers many benefits for investors and expats. Portugal is a safe and welcoming country with a high quality of life, beautiful scenery, and a rich cultural heritage. Investing in property in Portugal can provide a good return on investment and offer a chance to live in Europe without the need for a visa.
If you’re considering investing in Portugal or moving to the country, it’s important to do your research and understand the current state of the golden visa program. While there may be some challenges to navigate, Portugal remains a great destination for expats and investors alike.
Is Portugal going to stop golden visas and new Airbnbs?
Recently, there has been a lot of buzz surrounding Portugal’s Golden Visa program and the potential suspension of new Airbnbs. As an expat living in Portugal for the past few years, I wanted to provide some insights and information to those considering a move to this beautiful country.
Golden Visa Portugal Suspended
First and foremost, let’s address the concerns around the Golden Visa program. Portugal’s Golden Visa program, which grants residency to non-EU citizens who invest in the country, has been temporarily suspended in certain regions, including Lisbon and Porto.
The suspension is a response to the rapidly rising property prices in these areas, which have been fueled by demand from foreign investors. The government’s aim is to encourage investment in other regions of the country and prevent an unsustainable property bubble in Lisbon and Porto.
However, it’s important to note that the Golden Visa program has not been completely abolished. It’s still possible to apply for residency through investment in other regions of Portugal, such as the Algarve, which is a popular destination for expats and tourists alike.
New Airbnbs in Portugal
Another concern that has been circulating is the potential suspension of new Airbnbs in Portugal. While there has been some talk of tighter regulations on short-term rentals, there has been no official announcement of a ban on new Airbnbs.
As an expat who initially rented an Airbnb when I first moved to Portugal, I can attest to the convenience and affordability of this type of accommodation. It’s a great way to get a feel for different neighborhoods and find a more permanent place to live. Plus, it allows homeowners to make some extra income by renting out their properties when they’re not using them.
What Does This Mean for Expats and Investors?
While the temporary suspension of the Golden Visa program in certain regions may be disappointing for some, it’s important to remember that Portugal still offers many opportunities for investors and those seeking residency. The country’s relaxed lifestyle, beautiful scenery, and favorable tax policies continue to attract expats from all over the world.
As for the potential regulations on new Airbnbs, it’s important to stay informed and keep an eye on any developments. However, it’s unlikely that this would completely deter expats and tourists from visiting or living in Portugal.
As with any country, there will always be changes and challenges to navigate. However, I believe that Portugal will continue to be a popular destination for expats and investors alike. With its welcoming culture, stunning landscapes, and thriving business opportunities, Portugal is a country that truly has something for everyone.
If you’re considering a move to Portugal, I highly recommend doing your research and consulting with professionals who can guide you through the process of obtaining residency and investing in the country.
Both Spain and Portugal offer fantastic opportunities for those looking to obtain a Golden Visa and become expats in Europe. However, the decision ultimately comes down to personal preference and circumstances. Spain offers a more diverse range of investment options, while Portugal boasts a faster and more straightforward application process. Both countries also have unique cultural experiences and traditions that make expat life rewarding and enriching. It is crucial to thoroughly research and understand the legal aspects and requirements of each program before making a decision. Overall, obtaining a Golden Visa in either Spain or Portugal can be an excellent investment and a gateway to a new and exciting expat life.
I’ve written extensively about Golden visas. Explore more articles about it:
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