As a Portugal real estate agent, I have dealt with countless international clients who have been attracted by the country’s golden visa program. This program gave investors the opportunity to obtain residency in Portugal by investing in the country’s real estate market or starting a business. It was a win-win situation: investors could benefit from a stable and prosperous economy, while Portugal could attract new capital and create jobs.
However, as of July 2021, the Portuguese government has suspended the golden visa program for investments in Lisbon, Porto, and other coastal areas. This decision was made after concerns were raised that the program was contributing to the overheating of the real estate market and exacerbating the housing crisis in some areas.
As someone who has helped many clients navigate the golden visa program, I understand the disappointment and frustration that this news may bring. However, I also believe that this decision reflects Portugal’s commitment to sustainable growth and responsible investment.
In this guide, I will provide you with an overview of the current status of the golden visa program in Portugal, as well as some alternative options for those who are still interested in investing in the country. While the suspension of the program may seem like a setback, I believe that it presents an opportunity to explore new avenues for investment and growth in Portugal. So, let’s dive in and discover what the future holds for those who are considering investing in this beautiful country.
Is Portugal Golden Visa Cancelled?
Many individuals considering residency or citizenship by investment options have been asking whether the Portugal Golden Visa program has been cancelled.
What is the Portugal Golden Visa Program?
The Portugal Golden Visa program was launched in 2012 and has been a popular residency by investment option for many individuals. The program offers a fast-track process for obtaining residency in Portugal by investing in the country. The investment can be made in various forms, including real estate, capital transfer, or job creation. The program has been particularly popular with non-EU citizens looking for a way to enter the EU and obtain residency rights.
Why was the Program Suspended?
In December 2020, the government announced that the Portugal Golden Visa program would be suspended for certain areas of the country, including Lisbon, Porto, and the Algarve, from July 2021. The decision to suspend the program was made due to concerns over rising real estate prices in these areas and the impact it was having on the local population.
What Does the Suspension Mean?
The suspension of the Portugal Golden Visa program means that individuals will not be able to apply for residency through the program in the suspended areas from July 2021. However, the program will still be available in other parts of the country.
What Are the Alternatives?
If you are considering residency or citizenship by investment options, there are still many alternatives available. Some popular options include:
- The Malta Individual Investor Programme
- The Cyprus Investment Programme
- The Greece Golden Visa Program
- The Spain Golden Visa Program
The suspension of the Portugal Golden Visa program may come as a disappointment to many individuals looking for a fast-track option to residency in the country. However, it is important to remember that there are many other options available. If you are considering residency or citizenship by investment, it is important to do your research and choose the option that best suits your needs and goals.
Why is the Portugal Golden Visa ending?
If you’re considering citizenship and residency by investment options around the world, you’ve likely heard of the Portugal Golden Visa program. It’s been a popular choice for investors seeking a new life in the European Union, offering a path to permanent residency and ultimately citizenship for those who invest in Portuguese real estate or businesses.
Unfortunately, recent developments have led to the suspension of the Portugal Golden Visa program. In this article, we’ll explore why the program is ending, what it means for current expats and investors, and what other options are available for those seeking residency or citizenship in Europe.
Why is the Portugal Golden Visa ending?
The Portugal Golden Visa program was originally launched in 2012 as a way to stimulate investment in the country’s struggling real estate market. The program allowed foreign investors to obtain residency in Portugal by purchasing property or investing in businesses, with the promise of permanent residency after five years and citizenship after six years.
However, concerns have been raised about the program’s impact on the Portuguese real estate market and the potential for money laundering and tax evasion. In response, the government has announced that the program will be suspended from 1st July 2021 to allow for reforms to be implemented.
It’s important to note that the suspension is not permanent and the government has stated that the program will be relaunched in 2022 with stricter regulations to prevent abuse and improve transparency.
What does the suspension mean for current expats and investors?
If you’re currently a Golden Visa holder, the suspension will not affect your residency status. You will still be able to reside in Portugal and apply for permanent residency after five years.
However, the suspension means that no new Golden Visas will be granted after 1st July 2021. This may cause issues for investors who were in the process of applying for a Golden Visa or who were considering the program as an option for residency or citizenship.
If you’re in this situation, don’t worry. There are still other options available for residency and citizenship in Portugal and the EU.
What are the other options for residency and citizenship in Portugal and the EU?
One option is the D7 visa, which is designed for retirees and those with passive income. The D7 visa allows for residency in Portugal and the opportunity to apply for permanent residency after five years.
Another option is the Non-Habitual Resident (NHR) program, which is designed for those who wish to live in Portugal while retaining their tax residency in another country. The NHR program offers a range of tax benefits, including a 10-year tax exemption on foreign income and pensions.
For those seeking citizenship in the EU, there are several other Golden Visa programs available in countries such as Spain, Greece, and Malta. These programs offer similar benefits to the Portugal Golden Visa program and may be worth considering.
What is the problem with the Portuguese golden visa?
If you’re considering citizenship and residency by investment options around the world, you may have heard of the Portuguese Golden Visa program. It’s one of the most popular investment immigration programs globally, allowing non-European Union citizens to obtain residency in Portugal and access Europe’s Schengen Area by investing in real estate or other assets in the country.
However, recent developments have put the program on hold, leaving many investors and expats in limbo. In this article, we will explore the problem with the Portuguese Golden Visa program and what it means for those considering investing in Portugal.
What is the Portuguese Golden Visa program?
The Portuguese Golden Visa program was launched in 2012 and has since become one of the most attractive residency-by-investment options globally. Under the program, investors could obtain residency in Portugal by investing in real estate, creating jobs, or transferring funds to Portugal.
Investors could benefit from Portugal’s favorable tax regime, low cost of living, and high quality of life, while gaining access to Europe’s Schengen Area. The program has brought significant investment to the country, particularly in the real estate sector, and has contributed to Portugal’s economic growth.
Why has the program been suspended?
The Portuguese government has recently suspended the Golden Visa program for real estate investments in Lisbon, Porto, and other coastal cities. The suspension came into effect on July 1, 2021, and will last for at least six months, as Portugal seeks to control the influx of foreign investment in these areas.
The suspension was announced following reports of rising real estate prices and concerns over social and economic inequality in these regions. The government hopes to redirect investment to less-developed areas of Portugal and promote balanced economic growth across the country.
What does this mean for investors and expats?
The suspension of the Golden Visa program has left many investors and expats uncertain about their future in Portugal. Those who have already applied for the program or have permanent residency are unaffected by the suspension and can continue to enjoy the program’s benefits.
However, those considering investing in Lisbon, Porto, or other coastal cities will have to wait until the program is reinstated or consider alternative investment opportunities. Investors can still apply for the Golden Visa program under other investment options, such as creating jobs or transferring funds to Portugal.
While the suspension may cause some inconvenience, it’s important to note that the Portuguese Golden Visa program is still one of the most attractive residency-by-investment options globally. Portugal’s favorable tax regime, high quality of life, and excellent healthcare and education systems make it an attractive destination for expats and investors.
Is Portugal going to stop golden visas and new Airbnbs?
“Golden visa Portugal suspended” – the headline that has been circulating in the news recently has sparked concerns and questions among individuals considering citizenship and residency by investment options around the world, current expats, and investors alike. If you are one of them, you might be wondering: Is Portugal going to stop golden visas and new Airbnbs?
Understanding the Golden Visa Program in Portugal
First, let’s get into the basics. The golden visa program in Portugal was launched in 2012 and has since then attracted thousands of investors from all over the world. It is a residency by investment program that enables individuals to obtain Portuguese residency and, eventually, citizenship by investing in the country. The program was created to stimulate the Portuguese economy by attracting foreign investment, creating jobs, and boosting the real estate market.
To be eligible for the program, investors must meet certain requirements, such as investing a minimum of €500,000 in Portuguese real estate, creating a minimum of 10 jobs or investing a minimum of €350,000 in research activities, among others. Once an investor has fulfilled the requirements, they are granted a residency permit that is valid for two years and can be renewed for another two years. After five years, the investor can apply for citizenship.
Golden Visa Portugal Suspended: What Does it Mean?
On December 2020, the Portuguese government announced the suspension of the golden visa program for certain regions in Portugal, including Lisbon, Porto, and the coastal areas. This means that new applications for the program will not be accepted in these regions until at least July 2021. The reason behind this suspension is to alleviate the pressure on the real estate market, which has been rising notably due to the high demand created by the program.
It’s important to note that the program has not been canceled entirely, and applications for the golden visa program are still being accepted in other regions of Portugal, such as the Algarve, which remains a popular destination for investors.
What About New Airbnbs?
Another concern that has been raised is whether Portugal is going to stop new Airbnbs. While there have been talks about regulating the short-term rental market in Portugal, there is currently no indication that new Airbnb properties will be banned in the country. The government has, however, implemented stricter regulations regarding the registration of short-term rental properties, and non-compliance with these regulations can result in hefty fines.
Investing in Portugal: What You Need to Know
If you are considering investing in Portugal, it’s important to understand the local bureaucracy and regulations that come with it. While the golden visa program remains a viable option for investors, it’s essential to keep track of any changes or suspensions in the program. Additionally, it’s recommended to work with a reputable real estate agent who can guide you through the process and provide you with insights on the market.
With proper research and guidance, investing in Portugal can be a profitable and rewarding experience.
Both Spain and Portugal offer golden visa programs that provide a pathway to residency for investors. However, it’s clear that Portugal’s program is more streamlined and offers more attractive investment opportunities, particularly in its real estate sector. With a deep understanding of local bureaucracy and immigration processes, Portugal’s program stands out as a top choice for those looking to invest in a country with a stable economy, favorable tax policies, and a high quality of life. As a real estate agent with experience in assisting international clients, I highly recommend Portugal’s golden visa program for those looking to make a sound investment and enjoy the benefits of living in a beautiful and welcoming country.
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